Chat with Joe Ross
Chat log from: Wednesday, May 28, 2008
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| Amathevs21 joined. | |
| Amathevs21 | Hi Joe |
| Amathevs21 | Hi Everybody |
| pedro joined. | |
| pedro | Anyone home? |
| JoeRoss joined. | |
| pedro | Welcome Joe |
| Amathevs21 | Hi Pedro. |
| JoeRoss | Hi all. |
| pedro | First time on this chat... great to have learned about Joe Ross. |
| pedro | I just finished reading Trading the Ross Hook and just ordered Trading is a Business... |
| JoeRoss | Thanks for the vote of confidence, Pedro. |
| pedro | Have been trading 2 years and after many books I was very impressed with Jose... |
| pedro | Joe sorry... |
| pedro | Joe, this is my first time on this chat.... how do we proceed? |
| Amathevs21 | Hi Joe. |
| JoeRoss | Jose is fine. I've been called Jose many times. I grew up in a Spanish speaking area of L.A. |
| pedro | I look forward to a one-on-one training as soon as I can ($$$)..... |
| JoeRoss | Pedro, just proceed the way you have been doing. Ask questions, make comments, read, and enjoy. |
| JoeRoss | Pedro, where do you live? |
| pedro | I live in Florida... we spoke on the phone about a week ago... |
| pedro | I am from Colombia originally.... |
| JoeRoss | Great! I remember now. |
| pedro | I am sure you talk to a lot of people... I am honored you remember me... |
| Rory joined. | |
| JoeRoss | Hi Rory. |
| Joy joined. | |
| Rory | Hello. |
| pedro | I recently started at the Traders Notebook.... i missed the Gold opportunity but had made some money on the downside prior to the move up.... I wonder if it just left a hook.... |
| JoeRoss | True, I talk to a lot of people and answer hundreds of emails. |
| Joy | Good evening Joe! |
| JoeRoss | Hi Joy. |
| Joy | Hi Matt and everyone! I am new and have not met pedro and Rory yet. |
| Amathevs21 | Hello Joy. How are you today? |
| Joy | Matt: I am great. Thank you! How is your day? |
| pedro | Nice to meet you Joy... it's my first time to take part in this group.... |
| pedro | I hope to learn from all of you..... |
| pedro | Does anyone have any closed/open position trades they would like to brag about or cry about? |
| JoeRoss | You will learn a lot from the chats, pedro. |
| Joy | Welcome pedro! Joe is awesome and generous in sharing his wisdom. You would love to come back again and again like me :-) |
| pedro | (i hope I am not asking the wrong questions for this chat) |
| pedro | I hope to be here every chance Ross will let us.... |
| JoeRoss | pedro: As long as the question is about trading, there are no wrong questions. |
| Rory | Hi Joy just new myself. |
| JoeRoss | I have open positions in the euro and in the swiss franc. |
| JoeRoss | I've been long the euro since it was 86 cents. |
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| pedro | That's a long time... |
| Joy | Wow, welcome Rory! We have a great crowd today to learn from Joe! |
| JoeRoss | Like from 2002 or thereabouts. |
| Joy | Hi kiwidave! |
| kiwidave | Gid'A |
| JoeRoss | Hi dave, |
| pedro | Wow... is that from a monthly or a decade chart? :-) |
| kiwidave | Hi Joe. |
| JoeRoss | pedro: Monthly charts. |
| kiwidave | Hi Joy. |
| pedro | Do you foresee the dollar bottoming yet, Joe Ross? |
| JoeRoss | Also long swiss franc on an off for quite a few years. |
| Joy | Joe: That is long-term investing... since 2002! Do you have anything invested today for another 5 years? |
| pedro | You probably got in around May 2002 on the Euro. |
| pedro | That's about $ 77K per contract... |
| JoeRoss | pedro: I don' t believe there is a bottom for the dollar. It may rally from time to time, but the bottom will not be reached. I think before that we will be forced into another currency called the Amero. |
| kiwidave | Joe: Is Comex gold and Oil joined at the hip? |
| Joy | Joe: I guess the lesson of Amero is to be long Euro regardless which trading / investment vehicle then? |
| JoeRoss | Joy: There are some stock and ETF plays that should be good for another 5 years. But right now I am not in them. I have to do some thinking and planning. I want to be sure I know exactly what I want to gain from them. |
| JoeRoss | dave: Gold and oil are not joined at the hip. But perhaps so from time to time. |
| Joy | Joe: Stock play for 5 years?! Are you looking for the next Google type of stocks? Or commodity-based stocks because of the increasing demand worldwide? |
| JoeRoss | I'm really considering Icelandic bonds due to mature in 2044. But I have to give it some serious thought, since I plan on living only until 2039 :-) |
| kiwidave | Joe: If gold is going up or down is there something else that acts opposite to it? |
| JoeRoss | Joy: I'm looking for stocks that regularly pay dividends and regularly raise the dividends. |
| JoeRoss | dave: The closest thing to a gold opposite would be the dollar. But I've seen them both rise and fall at the same time. |
| Joy | Joe: Please do plan on living till 2039 - I need you around to teach me :) 2044... that is a looooong-term bond! What will the world and financial markets be like then?! |
| kiwidave | Yeah funny old business trading, "A" |
| kiwidave | Joy, what are the markets like now!!! |
| Joy | Joe: There are some energy stocks paying great dividends but capital gains are so limited in them, and no leverage like futures/spreads. But I guess you are looking for long-term investment. |
| JoeRoss |
Joy: Here's what the Icelandic bond play looks like. The bonds are currently paying about 11% interest. But the krona is a wildly volatile market. So much so, that the government wants to join the euro by 2013 just to stabilize the currency. Every nation that has joined the euro, has ultimately dropped interest rates to 4%. Holding a 12% bond will make it worth a fortune. But there's more. The kronas will turn into euros, so there is also a huge gain to be made there as well. |
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| zendre | Hi . |
| JoeRoss | Apart from looking long term, I am day trading the ER2 whenever I find the time. And also selling currency and bond options. |
| JoeRoss | Hi zendre: |
| JoeRoss | Zendre: You are as bad as me for not getting any sleep. |
| JoeRoss | I've been up since 2AM. |
| zendre | :-) |
| JoeRoss | The night before was from 1AM. |
| Joy | Joe: You are amazing! I am writing the Icelandic bond down in my notebook! |
| Joy | He zendre: nice to see you twice a day! |
| JoeRoss | Joy: You will have to find a broker who deals in them. Send me an email, and I'll give you the names of 2 brokers who can be trusted. |
| Joy | Joe: THANK YOU!! I will. And are you having trouble sleeping through the night or just having too much to do? |
| JoeRoss | Joy: I've been getting up early like that since I was 13. |
| JoeRoss | I got up early to deliver newspapers. I had 1000 to deliver before school. |
| zendre | Back to Hogs :-).... |
| JoeRoss | zendre: Stay away from the electronic hog market. There is very poor liquidity there. |
| kiwidave | Yeah i have a whole farm of Hogs and a few live cattle. |
| kiwidave | ...On a spread... |
| Joy | Yes zendre, we love those lean hogs, being commodity or bacon and eggs :-) |
| kiwidave | Just had my bacon that should push the price up haha |
| zendre | So is it in a trading range? |
| pedro | Joe, to talk about trading.... what is going on with T-Bonds... they used to trend nicely, now they whipsaw on a daily basis... does the Easy Bond method perform in this circumstances??? |
| JoeRoss | Hogs are in a trading range--YES! |
| Joy | You go Dave! And pedro, thank you for the question! |
| JoeRoss | Pedro: Right now the Easy Bonds are doing very well. |
| kiwidave | LHM contracts are due to expire soon. |
| JoeRoss | I'm looking at July. |
| kiwidave | Ok. |
| pedro | I know that T-Bonds tend to be seasonal in nature, does the whipsaw we are seeing is normal at this time of the year? |
| JoeRoss | July hogs have the liquidity. |
| JoeRoss | pedro: Bonds go sideways a lot more than trending. |
| pedro | Thanks Joe. |
| kiwidave | What time frame are you trading ER2 in Joe? |
| Joy |
Joe: similar trading range question on Corn - I have been watching both daily and intraday charts after reading your guidance on we can successfully day-trade using daily charts. The July Corn seems to be in trading range since April (daily chart). It made a recent 1-2-3L with retracement. But since prices are in consolidation, one should AVOID taking TTE till it actually shows a breakout of the range low. Right? |
| JoeRoss | dave: 30 minutes. I'm really concerned about when they stop trading ER2 at the CME. So far I have found nothing that comes close to trading like the ER2 |
| Joy | Joe: No close candidate to replace ER2? What a bummer! |
| JoeRoss | Joy: The grains are very difficult to day trade. In general they do 90% of what they are going to do right around the open. |
| JoeRoss | Then they do nothing for next 3.5 hours. |
| kiwidave | I have been doing what I consider well in the COMEX day trading 10 tick move. |
| Joy | Joe: You are so right! That is exactly what I found out - even with a 3-5 minute chart! |
| JoeRoss | dave: trading what in the COMEX? |
| kiwidave | GC. |
| kiwidave | GC3-67. |
| JoeRoss | Back in the 1980s I used to day trade GC on the 5 minute chart and has good trades almost every day. |
| Joy | Joe: What made you stop day-trading GC? |
| kiwidave | I have profited on a average 8 to 11 tick move the whole of this month. |
| JoeRoss | Then gold went dead for about 20 years. I still isn't as good as it was back then. |
| Joy | Joe: What is the Zulu & Ambush Trading Methods? I saw there is a private forum on your web site but cannot find details about the method. |
| JoeRoss | Joy: Those are discontinued grain methods. When the grains went electronic they stopped working. |
| kiwidave | Joe: How far into the day time wise on average to have you been getting into ER2. |
| JoeRoss | dave: 8:30 AM to 10AM. |
| Joy | Joe: Thank you! I am sorry to have missed out the method… late starter ? I am. Following Dave’s question, I thought I read you were looking into BP as a possible candidate after ER2 discontinued in CME. |
| kiwidave | Ok seems to be a factor for potential success what time and accuracy of order entry. |
| JoeRoss | Joy: I was looking at it, but it just doesn't cut the mustard. It does come close at times if you are willing to trade at 3AM. |
| zendre | Good for me :-) |
| kiwidave | Joe:I am having to move to a faster platform. Xpress is just too slow for day trading. |
| Joy | Joe: That is unfortunate! You will be up at 3AM but I will be too sleepy to be useful. Zendre will be our trade representative... :-) |
| JoeRoss | zendre: It would be good for you, YES! Take a look at what BP did today at between 2-3AM. |
| kiwidave | Someone break out the match sticks to hold the eyes open!!! |
| kiwidave | There are some really good trades to be had while you lot snooze over there. |
| JoeRoss | dave: Yes express is too slow. |
| JoeRoss | I need those matchsticks right now, dave. |
| Joy | Dave: I need those matchsticks at 3AM to trade BP with zendre too. |
| kiwidave | I got a realllllllyyyy bad fill yesterday with express and had to defend my position for 12 hours couldn't even go to the loo...but came out of well... That's what I call on the job learning!!! |
| Joy | Joe: Maybe we need to be considerate and let you leave 10 minutes early to go to bed :-) |
| zendre | Actually I found the move tradable on 200 ticks chart only. |
| pedro | I was with Xpresstrade and had the same problems... I moved to farr financial.... they have a Fast platform. |
| kiwidave | How is the garden going, Joe? |
| pedro | But I am not happy with Spread Trading.... |
| JoeRoss | dave: You need one of those ergonomic trader's chairs with a built-in loo. |
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| pedro | And now with ICE requiring STOP LIMIT I have to phone my orders in which is a pain. |
| JoeRoss | dave: Garden is doing well on some things but awful on others. |
| OzTrader | Hi Joe. |
| kiwidave | I am setting up with CQG and using Xpress for spreads having said that Marco is doing such a great job I think I will leave that part of the business delegated out to him. |
| JoeRoss | I have been doing a lot of soil testing and will have to pour the manure and other organic material into that garden until i can build up a really good topsoil. |
| JoeRoss | Hi Oz. |
| kiwidave | Nothing like a bit of Poo to make the garden grow. |
| OzTrader | Finally made a chat, been a while since my last visit. |
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| JoeRoss | Our feedback on Marco is that people really love him. |
| JoeRoss | He is far and away the best spread broker anywhere to be found. |
| Joy | Joe: lovely to learn gardening lessons along with trading :) you are a wise man! |
| JoeRoss | Poo and mulch--lots of both, and then about 100K red wiggler worms. |
| zendre | Xpresstrade become OptionsXpress, and they just messed up the good platform. |
| kiwidave | Marco is good. I was a bit cautious as I have had 2 bad brokers in the past. |
| Joy | Joe, I am setting up a gardening exchange to sell those worm futures to you and David. |
| OzTrader | You mean there is such a thing as a good broker? |
| kiwidave | Yip, there is. |
| OzTrader | Mmmmm???? |
| JoeRoss | Options express has outrageous commissions. |
| kiwidave | It's hard to believe OzTrader. |
| Rory | Joe, I put a limit order on LC spread last night feb oct got in at 1.8 finished down at 1.55 stop at 1.5 stay in or get out or lower stop? It is a shame I am in Australia and work and can't join the live chat every week! |
| OzTrader | I have not found one who knows what he/she is doing yet apart from taking my comms, not that I listen to them any more anyway. |
| Joy | Thank you for explaining the Xpresstrade to OptionXpress transition... newbie like me was just wondering :-) now I know. |
| JoeRoss | I don't know how anyone can trade with them. Recently, they tried to tag one of our student for $11,000 on a trade he made 3 years ago. They told him he lost when 3 years ago he actually won. |
| JoeRoss | He is going to take it to arbitration. |
| Joy | That is terrible... unethical! |
| OzTrader | Does he have the order closed or is it still open, Joe? |
| OzTrader | I meant trade? |
| zendre | I will move my money from OptionsXpress to MF, and close the account. |
| JoeRoss | Rory: Did you look at the volume on the LCG09 chart. Average volume is 244 contracts. You have to have at least 1000 volume to trade, and Andy says 2000. |
| JoeRoss | Oz: The trade was closed out 3 years ago. |
| Rory | No, I was not aware of that, Joe! |
| kiwidave | Rory, why are you with Andy and Traders Notebook? |
| JoeRoss | Rory: It is best to follow your plan. One guy here today lost $750 on that cattle trade when it hit 1.3. |
| zendre | I can refer to to that poor guys story if it helps him. |
| Joy | Joe and Rory: Andy recently recommended a Dec Aug LC calendar spread. I did not check the volume though. |
| Rory | Joe, while your here: ratio spread trades are they in your book I would like to get it! |
| JoeRoss | Rory: Ratio Spreads are not in the book. |
| kiwidave | Joe: I need to invest some more time and money into my education can i talk to you about this sometime... when I get things settle down here at home? |
| JoeRoss | You do ration spreads the same way as differential spreads--buy one sell the other. But you chart is by dividing rather than subtracting to see where your position is. |
| Joy | Dave: Do you subscribe to Traders Notebook? |
| OzTrader | KiwiDave are you in NZ? |
| kiwidave | Aussie now mate. |
| OzTrader | Where about's in Oz? |
| kiwidave | Coolangatta. |
| kiwidave | Surfs up bro. |
| Joy | Hi professor marsh, you made it! I did not see you when you dropped in but am glad to 'see' you! |
| kiwidave | Where are you Oz? |
| OzTrader | What R U doing? |
| marsh | Hi Joy. Cowabunga! |
| Amathevs21 | Hi Marsh, Cowabunga, too. |
| zendre | Any opinion on crude oil? |
| Joy | Oh dear... you will have to translate cowabunga for me, marsh and matt! |
| OzTrader | I'm in Sydney, Manly, not sure about surf in office at moment. |
| JoeRoss | dave: You can talk to me but arrange for a time via email. |
| JoeRoss | Sorry for the delay in answering, I was on the phone. |
| marsh | Joy: It's something surfers yell. |
| Amathevs21 | Joe: No Problem Joe. |
| marsh | When they're happy. |
| Joy | :-) OK... I think I will need to learn surfing, gardening while learning to trade. |
| OzTrader | Kiwi, what markets are you trading? |
| marsh | Joe mentions surfing in one of his books. Trading by the Book? |
| kiwidave | Joe, of course I only need to know a bit at a time useless you can download everything into my brain in one hit... |
| Joy | I am getting that book next! After reading Trading The Ross Hook! |
| JoeRoss | Well everyone, I think i am going to surf on my mattress in a few minutes. |
| JoeRoss | Thanks for joining the chat. |
| JoeRoss | Keep chatting if you wish, |
| Amathevs21 | Joe: hahaha... |
| Amathevs21 | Joe: OK Joe |
| JoeRoss | But I am out of here. |
| Joy | THANK YOU Joe! Enjoy your surfing and stay as long as you can. |
| OzTrader | Joe thanks. Good to chat. |
| Amathevs21 | Joe: See Joe & Take care |
| OzTrader | See you soon. |
| Amathevs21 | Joe: goodnight. |
| zendre | Have a good sleep. |
| marsh | I'm up late some days, and yes, the currencies are awesome then. |
| pedro | I would like to learn more from the chat members...... |
Next Chat with
Joe Ross:
Wednesday, June 4, 2008
Time: 8:00 - 9:00 P.M., U.S. Central Time.
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