Euro Chat with Joe Ross
Chat log from: Wednesday, April 9, 2008
| Lola joined. | |
| crosten joined. | |
| GregV joined. | |
| GregV | Hi all |
| Lola | hi |
| GregV | How u doing crosten? |
| GregV | How u doing Lola? |
| JoeRoss joined. | |
| GregV | Hey Joe! |
| JoeRoss | Hi All |
| crosten | hey joe |
| Lola | I'm ok, I struggle a lot with my trading recently. |
| GregV | Hope u have had a great day. |
| JoeRoss | Not really great. |
| GregV | If not we will try and make it better. |
| JoeRoss | My email is not working. |
| JoeRoss | And the mail is stacking up on our server. |
| GregV | *smiling* |
| JoeRoss | And I have had zendre here as a student. |
| JoeRoss | So i haven't had time to fix anything. |
| GregV | Zendre? |
| JoeRoss | But I don't complain. Just telling some facts of life.. |
| JoeRoss | zendre is often on the euro chat. |
| crosten | Joe, do you pay attention to last week usda report? |
| GregV | The joys of tech, but on the good side we are talking! |
| crosten | 111 for oil wow. |
| JoeRoss | What are you struggling with Lola? |
| JoeRoss | crosten: No I never look at it. |
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| GregV | and Joe should be planting lettuce. Or fishing....! |
| Lola | my trading spirits. |
| crosten | Joe, the chart scan u wrote about coming back is great. I see that u are a student of Adrienne Toghraie |
| JoeRoss | Hi quester. |
| JoeRoss | We watched it on and off all morning. Oil keeps going up. |
| SusanV joined. | |
| GregV | Sorry about the spirits Lola, does that mean confusion? |
| crosten | inventory report really pushed up oil. |
| quester123 | hello Joe and all got knocked out a lot last week hope tonight is different. |
| JoeRoss | I have my lettuce in, and radishes, peppers, and a whole bunch of other stuff. I'm already eating some things from the garden. |
| JoeRoss | Lola: How can we help? |
| GregV | Hi Susan. |
| crosten | peppers?? |
| JoeRoss | crosten: I am not a student of Adrienne Tograhie, but we are good friends. |
| Lola | Confusion, I should empty my head. |
| GregV | Good to hear Joe!!! |
| crosten | are u planning any option trades Joe? |
| GregV | *big smile* |
| crosten | when u are down by a lot, is the most suckiest feeling in the world ! |
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| JoeRoss | Lola: Bring your head here and I'll empty it for you :-D |
| JoeRoss | Hi Susan |
| martin28 | Hi All |
| GregV | Hi martin |
| JoeRoss | crosten: Red, yellow and green sweet peppers. |
| Lola | I like that idea, haven't been in the states 5 or more years. |
| JoeRoss | crosten: Yes, I'm planning some bond option trades and also looking at Canadian dollar. |
| JoeRoss | Hi martin. |
| crosten | yes yes cad is ranging for 2 months now. |
| JoeRoss | Lola: The States are cheap now. |
| martin28 |
I was reading quite interesting articles from trader ''bubble'' He trades almost the same way as you Joe, but you use momentum and he uses repulse from S/R, he enters early as you. These are the best techniques I have ever seen, |
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| JoeRoss | martin: You learn to do whatever works. |
| crosten | Joe, did u read about the former Nymex boss charged for fraud? He was front running customers orders. |
| JoeRoss | Hi zendre. |
| crosten | he is the father of sharks . |
| zendre | Hi, Just finished the Texmex lunch. |
| JoeRoss | crosten: New York is famous for crooked markets. |
| SusanV | Has anyone here attended any of Joe's Trading Seminars? |
| JoeRoss | zendre: Did you like TexMex? |
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| quester123 | yes susan i have--Spreads in Germany. |
| crosten | yes crooks. will CME get rid of the sharks Joe? |
| zendre | I visited the place that was closed on Monday. |
| JoeRoss | Hi Joy, I hope now you can see us. We see you. |
| SusanV | quester, You mean you took the Spread Seminars in Germany? |
| crosten | what's texmex? |
| zendre | A special daytrading setup :-) |
| quester123 | yes that right, susan. |
| Joy | Good afternoon to you Joe! I downloaded the latest Java as you recommended and hope not to crash your good chatting room again. |
| JoeRoss | crosten: I believe CME will help a lot with getting rid of them. But only if they follow Chicago rules. Chicago has stronger rules than New York. But you will never get rid of the market movers--they are the sharks. |
| JoeRoss | zendre: So you went to La Feria :-) |
| zendre | Works mainly during lunchtime. |
| zendre | Yes. |
| JoeRoss | crosten: Mexican food, Texas style. TEX_MEX. |
| Joy | Joe: What are you trading this week? Still Treasury Bond options? I heard some commentary about Bonds being overpriced. |
| SusanV | Mexican food here in Texas is good and you always get free chips and salsa :-) |
| JoeRoss | Joy: My main trading lately has been options. I like the bond options a lot, but I also trade currency options. Volatility is high and premiums are high. Good to be a seller. |
| crosten | do the Mexicans sell peperoni::biggrin |
| SusanV | Joe, which markets do you strictly avoid? |
| JoeRoss | crosten: No pepperoni. But they do have Chorizos, which is hotter than pepperoni. |
| crosten | got to love pepperoni. |
| JoeRoss | Susan: I avoid anything traded in New York. But I am keeping my attention on Crude Oil and Natural Gas to see if they will become tradable now that they trade at the CME. |
| Joy | Joe: I really need to learn more on writing options. Which currency options are you trading this week? Euro? CAD? |
| SusanV | Thanks Joe. |
| JoeRoss | Joy: I really like CAD lately. It is a very active option market. Also I look at Swiss franc. |
| Joy | Joe: Do you have a good book to recommend? A lot of the options books are waste of money - too high-level and generic. |
| JoeRoss | Joy: Well, there happens to be the option book I wrote called "Trading Optures and Futions." You might like that, because I did not write from the point of view of an option trader. |
| SusanV | Joy, you might want to look out for Joe's Options Seminars, one for basics and one for advanced. They are planned to be available summer/autumn this year. |
| SusanV | Joe, what kind of edge do you have when trading options? Do you have a strategy? |
| Joy |
Joe: Awesome! I will check out your book! By the way, I was reading your chart of the law and TTE books - thank you for being so generous to give beginners' free download. And I wondered if you ever thought of making the rules and logics into an automated trading system. I read more than 50% of trades are done by computers these days. |
| Joy | SusanV: THANK YOU! |
| JoeRoss | Susan: I have several strategies. But the one I try to do most often is to sell options when there are only 5 days until expiration. |
| quester123 | joy are you aware of the options matrix? |
| Joy | quester123: No, but thank you for the recommendation - I will add it to my education list! |
| SusanV | Thanks Joe. Do i need to pay attention to news events when trading options? |
| JoeRoss | Joy: The Law of Charts is not a method or a system. You must find ways to implement the Law. Traders Trick is just one of the many ways to implement the Law. |
| SusanV | or do I simply apply your "Trade What You See" philosophy? |
| JoeRoss | Susan: You should be generally aware of the news affecting the market you want to trade with options. |
| Joy | Joe: Wow! 5 days until expiration... isn't that too scary for less experienced traders like us (not you of course)? |
| quester123 | Joy just to clarify it's not a book it's software it's from joe's partner in South Africa. |
| JoeRoss | Joy: If you sell options on a Friday before they expire, you get 2 free days of time decay, and you are at risk for only a little bit of time. |
| SusanV | Joe, what are the signs that tell me when the market(s) I want to trade are uncertain? |
| Joy | quester123: Thank you :-) do you use the software? Can you share with me your experience to use it? |
| crosten | Joe, there is a riot going on in Panama, wish u was not there right? |
| JoeRoss |
Susan: There are many signs and they all can mean uncertainty. A sideway market is uncertain. High volatility can mean uncertainty but not necessarily so. Low volume can mean uncertainty. Poor liquidity can also point to uncertainty. |
| JoeRoss | crosten: Where did you read about it? |
| crosten | rice is going wild in my place joe, people are hoarding rice ! |
| SusanV | Thanks Joe. That's clear enough. Joe, what are your 3 main criteria for choosing to trade options in a certain market? |
| crosten | is in the news this week. |
| quester123 | joy, i would recommend it but the best thing to do is use the options forum and go directly to the South African affiliate of trading educators. But you buy the matrix directly from Joe's U.S. website. |
| JoeRoss | Susan: Just one > High premiums. |
| SusanV | Joe, would you comment on RISK when selling options, please! |
| Joy | quester123: Thank you so much for the tip! I will follow the advice today! |
| crosten | unlimited loss susan! |
| quester123 | Joe, what is the smallest account size of some one who visited you in Texas If you know Can you say? |
| JoeRoss | Susan: Options carry unlimited risk if you are a seller and limited risk if you are a buyer. But buyers lose 75-80% of the time so buying is also risky. |
| SusanV | thanks so much. |
| Joy | Joe: Following your and Susan's comments earlier... would you trade options for Crude Oil and Natural Gas or would you do spread/outright futures instead? |
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| SusanV | but in spite of the unlimited risk as an option seller, you still prefer to be one, right? |
| marco | hello |
| crosten | not if u buy options on bear stearns |
| nathan | hi everyone |
| JoeRoss | quester: The smallest account size of someone who visited me in Texas was $4,000. |
| JoeRoss | Today that man is a professional money manager. |
| nathan | marco: congratulations for your upgrade |
| JoeRoss | So, i must have done something right. |
| SusanV | Did he become a professional money manager because of your education, Joe? |
| JoeRoss | Hi Nathan |
| JoeRoss | Hi Marco |
| marco | nathan: what upgrade? ;-) |
| nathan | Joe: how long did it take until you got a feeling how a market is, beyond trading methods |
| nathan | marco: moderator upgrade |
| marco | nathan: ah, thank you! |
| JoeRoss | Joy: My trading platform does not yet carry Crude Oil and Natural gas options, so I am not able to trade them. |
| JoeRoss | Susan: I prefer to be a seller of options. |
| SusanV | Joe, can you recommend a good option broker? Is it important to have a good option broker or does it matter at all? |
| JoeRoss | Susan: Yes he became a professional because of what I taught him and he still asking me questions after 8 years. |
| SusanV | Wow Joe, that says something... |
| JoeRoss | nathan: I'm not really sure, maybe 5 years??? |
| crosten | who is your best student joe |
| quester123 | would you advise a person who's mental approach is completely inappropriate and needs the help of a pro to visit someone like adriane T before they come to see you ? or can you sort most people out. |
| Joy | Joe: I want to come and get tutored too :-) You are awesome - I am so grateful to read your words of wisdom like this. |
| SusanV | Joe, I need to have an honest answer from you! Where should one turn for Option Education? |
| crosten | Alan Parry is the king of options. |
| JoeRoss | Susan: I don't know any good option brokers. I trade options on Interactive Brokers but only because I have to. Some brokers today will not let you sell options at all. |
| JoeRoss | crosten: I thought it might be you!!! You are my best student, right? |
| marco | I heard thinkorswim are good with options. |
| Joy | Joe: Following SusanV's question too... I am using Interactive Brokers for futures and currencies. Do you use IB for those trades too or do you use someone else? |
| SusanV | i see, I didn't know that about options brokers. |
| JoeRoss | quester: I can usually sort traders out. I usually know within minutes what is wrong. |
| JoeRoss | Joy: I'm looking forward to your arrival. :-) |
| nathan | Do you have a hint how to get a feeling - some ideas? or just trading and watching? |
| SusanV | Joe, how do I determine how much I can make trading options within a year? |
| JoeRoss | Susan: I would say Trading Educators is as good a place as any and for most it is a lot easier because we teach options without all the Greek stuff and complicated strategies. |
| JoeRoss | Joy: I do 100% of my trading at IB these days. |
| SusanV | Joe, do you use specific management strategies when trading options? |
| Lola | what is IB? |
| SusanV | IB = Interactive Brokers |
| JoeRoss | nathan: If you have "Trading is a Business" it tells how to keep a diary of your feelings. |
| JoeRoss | Learning which feelings go with the winning trades makes you become intuitive. |
| nathan | Thanks. |
| JoeRoss | crosten: send the joke by email. |
| Joy | Joe: THANK YOU! These days I 'feel' more often than not 'seeing the ride go by and being on the sideline'. Not very good feeling :-) |
| JoeRoss | Susan: I don't know how much anyone can make trading options. There is no one-size-fits- all. |
| SusanV | I see. |
| JoeRoss | Susan: Yes I use specific management strategies when trading options. I never trade without a planned strategy. |
| Joy | Joe: That is a good comment you just gave. Do you have a regular mix of trading portfolio outside of options which you like right now? |
| JoeRoss | No, regular mix. Mostly bonds and currencies, but the currencies vary. |
| GregV | Can u say a little more about success without greeks? |
| GregV | at least about the overall strategy? |
| JoeRoss | Greg: There's not much to say other than that you really don't need them. |
| quester123 | joe you ever trade UK markets much through Liffe or shares? |
| JoeRoss | Greg: If you include futures in with the options you can have the best of both worlds, and you are able to avoid complicated option strategies. |
| GregV | *smiling* |
| JoeRoss | quester: I used to trade UK markets, but not any longer. |
| GregV | do u need lettuce, it is a serious question, because I liked your answer. |
| GregV | ? |
| JoeRoss | Greg: Eating lettuce or money lettuce? |
| Joy | Joe: Just to make sure I understand your answer to Greg... do you mean writing options on futures you already long? |
| SusanV | Joe, do you know any successful option buyers? |
| JoeRoss | Joy: Occasionally it is that, but most of the time the answer is no. I am not talking about covered writes. |
| JoeRoss | Susan; Interesting question: The two greatest option trades I ever made were when I bought options. But I've only done it twice. |
| GregV | The eating kind! There was no.. |
| JoeRoss | All I did was to bid 1 cent for options that were selling for 2 cents. |
| crosten | What option was that, Joe? |
| JoeRoss | I had to enter my bid every day, until someone let me in. |
| crosten | bsc? |
| JoeRoss | At 1 cent, if the option moves at all you can sell it for 2-3 cents and double or triple your money. |
| JoeRoss | crosten: The first one was eurodollars and the option went to 40 cents. |
| SusanV | WOW |
| JoeRoss | The second one was with gold and it went to 17 cents. |
| crosten | home run |
| JoeRoss | Neither of them ever got in the money or even close to the money. |
| JoeRoss | But opportunities like that are rare. |
| quester123 | can you remember how much time was remaining on those options Joe |
| JoeRoss | quester: Yes I can remember the eurodollar one. I bought them in January to expire in late November. They were December options. I sold them within a couple of months. |
| Joy | Joe: do you actively scan that kind of opportunity or did it just happen by chance? |
| JoeRoss | Well it is almost time for me to go. But I want to remind you that the day trading online seminar is now available. |
| Joy | Joe: I know you don't really buy options. |
| JoeRoss | Joy: I happened to notice it because I was looking for that kind of situation. |
| nathan | thanks for your time- see you. |
| JoeRoss | It's time for my afternoon nap. |
| JoeRoss | Good bye to all. |
| Joy | THANK YOU JOE!! |
| JoeRoss | Hasta la vista. |
| SusanV | Joe, thanks, that was a good chat. |
| JoeRoss | Ciao, |
| quester123 | thanks a lot joe |
| JoeRoss | Servus. |
| JoeRoss | Shalom |
| Joy | Bye all the teachers! |
| Lola | tschüüss |
| JoeRoss | and any ones I can't remember. |
| JoeRoss | I am not able to make the umlot |
| GregV | Bye Joe |
Next EURO Chat with
Joe Ross:
Wednesday, April 16, 2008
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
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