Chat with Joe Ross
Chat log from: Wednesday, January 16, 2008
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
ike joined. donlh joined. donlh anyone here? doug_tx joined. marsh joined. tipiring joined. richard joined. JoeRoss joined. JoeRoss Well it's been awhile, but good evening one and all. marsh good evening, Joe, good to be back in the chat. donlh Good Evening. richard Hello. MLT joined. Sherri joined. JoeRoss Hi Sherri manta joined. Sherri Hi Joe! JoeRoss All questions and comments are welcomed. JoeRoss 2008 started out with a bang. The markets are wildly volatile. Maybe this is a good time to sell options. netwonc joined. JoeRoss Volatility is so great that some brokers refuse to let anyone sell an option. JoeRoss The brokers who are allowing it, are raising the margins to the hilt. Sherri Today was odd, wasn't it? The way the bond, and the Dow AND gold behaved. Guess you never know. JoeRoss Sherri: Yes, the markets are odd because they are confused. People are scared and it shows in the markets. richard The dow and bonds have been very inversely correlated, I have even been trying to confirm moves in bonds with the Trin, they go the same way..... JoeRoss I never have had much use for the Trin. There is no law that bonds and stocks have to stay related in any way. Sherri Richard, what is a Trin? acman joined. richard NYSE breadth indicator showing bullish or bearish volume. Sherri Thanks. marsh On 5 minute charts, when bonds go down, stocks go up. marsh Lately, at least. Sherri Marsh do either one lead, or is it simultaneous? acman I am suntanned from club med. Now a tanned fox. ike ::big grin JoeRoss I bought myself a 4 screen display for Christmas. marsh I think bonds lead. In other words, bonds will tick up, then
S &P ticks down.acman Joe, aren't they nice! You can have bigger graphs. richard Joe, what do you have on your 4 screens? JoeRoss acman: I don't think I could ever go back to 2 screens. tradecraze joined. doug_tx Joe, what effect do you think the 1/64 point increments will have on bond trading? ike Joe, would it be a good time to trade Stock Options now, seeing that one is limited on the Commodity Options? marsh I wish the bonds would get it over with and go decimal. JoeRoss
richard: it depends. But usually besides my desktop and stuff I'm writing, I keep Genesis TN open with Bonds on it, and Aspen Graphics open with my stock portfolio on it, and finally I have Ninja on one of them so I can grab quick trades when I see them. acman Did you get a 4 screen holder, they have them so you can place them at the perfect angle. JoeRoss doug: Is this something new. Bonds have always traded in 32nds. richard Thanks. doug_tx http://biz.yahoo.com/prnews/080109/aqw084.html?.v=32 JoeRoss ike: I have a friend who is currently trading them a lot, but I rarely trade stock options. I prefer to trade them in the currencies and sometimes the stock indices. doug_tx It says March 3 will go to 1/2 tick size. JoeRoss marsh: Wouldn't that be great if they went decimal? JoeRoss acman: Yes the holder was part of what I got. marsh They have to keep some mystery, like the alchemists. JoeRoss For those of you who might remember NexTrend, it is back. It is now strictly end of day and mostly for stocks, with stock index futures and I think currency futures. donlh Are you day trading futures Joe? JoeRoss But it has so many features that I really have missed for the last 3 years; things I use for my stock trading. It has to be the bargain of the century. $14.95/month no ups no extras. ike Joe, do you think the SSF market is liquid enough to trade? JoeRoss donlh: When I have time and remember to look, yes, I day trade futures. JoeRoss ike: If you call volume of 8 for Microsoft liquid then I suppose it is. MLT QuoteTracker is less and less expensive or free with the right broker. ike lol JoeRoss Quote Tracker can't hold a candle to NexTrend. tradecraze When you are daytrading the YM-ES ... do you trade 1 YM and 1 ES? Or some other combo? ike That settles that one ::biggrin JoeRoss
It has EDGAR in it and that alone is worth $20/month. It has Zacks which is not cheap. It has a fantastic scanner, the best I've seen, and the program is blazingly fast. BigBlueSky joined. JoeRoss It even links out to Yahoo streaming data if you want live charts. ike Does anyone know ProfitSource and have an opinion on it? JoeRoss
I used to use NexTrend every day, and I really missed it. So now I have it again and I'm really happy about that. It was voted by Barrons and others as the best stock trading software in the world. JoeRoss
tradecraze: I never trade YM. What can you do with $5 a tick? But YM-ES does have reduced margins if you trade in the ratio the exchange requires. MLT When all your books stress the kiss method ie simple bar chart and minimum indicators why would you need lots of features? JoeRoss If you get a 10 tick move you have a whopping $50. If you trade a 20 lot you often get a split fill. SMTM joined. JoeRoss MLT: These are research features in NexTrend, not trading features, although NexTrend has those as well for people who want such things. tradecraze In the futures seminar it mentioned that as a valid spread trade so I was trying to figure it out... tradecraze Thanks for the input, JoeRoss
My friend Mark who created NexTrend traded managed money for 13 years. He put into it all the things he needed to use when he was managing money. The research tools he has used to cost him $3,000/month and now you can get if for $14.95. tradecraze By the way I enjoyed the seminar thanks JR!! JoeRoss You are welcome tradecraze. The YM-ES is mentioned in the seminar because it has reduced margins. MLT YM is good for beginners and I think has better spreads and do you not recommend odd lots? JoeRoss Does anyone know if John Hill from Futures Truth is still alive? JoeRoss MLT: I don't recommend odd lots, and I don't recommend even lots. 1,2,3,4,5, then 10, 15, 20, etc. MLT When you say research tools, is that the same as analysis? JoeRoss And I don't agree that YM is good for beginners. Why learn to trade in a lousy market? acman I trade the YM but with the ER2 in a spread. JoeRoss MLT: research is part of analysis. You have to have something to analyze and you find it through research. BigBlueSky What would be a good market? BigBlueSky To learn how to trade? JoeRoss acman: It makes a good spread, but only because ER2 is part of it. JoeRoss
Blue: A good market for learning to trade is one that presents a chart with which you are comfortable trading. It has to have plenty of liquidity, movement, and a decent tick size. It also has to have tight bid/ask spreads. acman I totally agree. The ER2 is much better. BigBlueSky Thanks. ike Joe, is there a way I can access the article you wrote in YourTradingEdge magazine? I can't find the magazine in any store in Canada. JoeRoss ike: I think it is available on their website. But you may have to join and maybe pay something. I actually don't know. I just write the articles, but Susan takes care of the rest. ike OK, Thanks Joe JoeRoss Don't everyone speak at once :) BigBlueSky lol JoeRoss I had time to eat a steak dinner between comments. acman I have been looking at the meats. They have really tanked and seem ready for trading in the reverse direction. richard Steak dinner....that sounds good to me........ JoeRoss acman: You are right on. Meats must soon begin reflecting the higher grain prices. JoeRoss I believe the meats are due for a long run to the upside. acman I found a LCJ08-LCQ08 today and got into a few contracts. acman I had to go to the pit for the LCQ. JoeRoss I think Andy goes to the pit for all the meats. He says there's no volume on the electronic meats. Is that changing at all? acman The close months are ok. I like the electronic because you can see the bid/ask and control the trade. JoeRoss I will have to mention that to Andy. I think he sort of gave up on the electronic because the markets were so thin. acman LCJ was a breeze and I have done hogs in the past 2 months. JoeRoss acman: wouldn't you rather do that spread the other way around. The market is pricing in much higher cattle prices for August. tradecraze How can you see 2 charts and the spread line on Genesis while using the multiplier? tradecraze I mean can you ... JoeRoss tradecraze: Yes absolutely, but you should call Genesis and ask them to tell you how. tradecraze Ok. JoeRoss There are a number of step involved, but they are simple. acman The seasonal for those months on MRCI is showing up for about 3 weeks. I will look at that again to make sure. JoeRoss They can explain it while you have a chart up and then you get the whole picture. MLT Could you briefly explain the difference between electronic and "going to the pits" JoeRoss Wow! My spread chart shows the spread diving straight down since early this year. JoeRoss
MLT: You can place most trades in most markets simply by using an electronic platform. Going to the pits means having to call in the order, although some brokers let you get to the pits electronically and the order is sent to a hand-held device in the trading pits. MLT Thanks. JoeRoss Electronic trading means your orders go directly to a computer and never to the open outcry trading pits. JoeRoss When I am using Interactive Brokers, if I type in ZS, my order is 100% electronic to a computer. If I type in S it is electronically routed to a hand-held on the trading floor. JoeRoss Some brokers do not have that facility. MLT My broker MB Trading while excellent for equities, has limited futures offerings and unfriendly spread trading. JoeRoss
MLT: Many brokers don't even want to be bothered with spread trading, but if you leg into your spreads with 2 separate orders you can do them with any broker. ike I still feel uncomfortable to trade electronically. I feel more comfortable to do the open outcry market, because I read the behavior better on my charts. Maybe I'm wrong? MLT Yes but they tell me while they honor reduced margin, the platform does not keep track of it so I should???? Thinking about Opening an account at IB just for spreads. ike Will the open outcry market eventually give way to the electronic market. and die out? ike YourTradingEdge magazine. JoeRoss
ike: You are really limiting yourself by not trading electronically. The liquidity in most markets is now in the electronic trading. You are leaving yourself open to bad fills, and paying way too high commissions. ike I still feel uncomfortable to trade electronically. I feel more comfortable to do the open outcry market, because I read the behavior better on my charts. Maybe I'm wrong? ike Will the open outcry market eventually give way to the electronic market, and die out? JoeRoss ike: in a way the open outcry markets have already died out. MLT IB seems to have a good GUI for spreads do you concurr? netwonc Ike, you should try electronic, you will stay with it, better fills,and can get out quicker, if it goes against you Sherri Tis the chariot/pumpkin spread. Thanks Joe and all! G'nite. JoeRoss
There will be some of them around for awhile, maybe forever in order to handle some very complicated spread that are not easily done on a computer. But you will be one of the few who are still trading in open outcry. netwonc Sherri, weren't you asking recently about trading gold in the early AM? How did it work out for you? JoeRoss sherri is right. It is time to leave the ball before my carriage turns into a pumpkin. JoeRoss See y'all next week. ike Thanks netwonk and Joe ::blush MLT Thanks. Good night Joe and all. JoeRoss It was good to be back. netwonc See you all later.......... tradecraze Thanks Joe. acman Thanks Joe. Have a great week. BigBlueSky Thanks. Sherri Netwonc, haven't yet. Just getting into the New year. I'll let you know on the chat when I get going. marsh Bye Joe, thanks JoeRoss bye everyone netwonc thanks, I am interested....see you all next week Amathevs21 joined. Amathevs21 Hi Ike Amathevs21 Ike r u still there? Amathevs21 OK No Problem see u next Wednesday Amathevs21 Bye Next Chat with Joe Ross:
Wednesday, January 23, 2008
Time: 8:00 - 9:00 P.M., U.S. Central Time.
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