Chat with Joe Ross
Chat log from: Wednesday, March 5, 2008
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
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| BigBlueSky | Good evening. |
| JoeRoss | Hi Everyone. |
| Sherri | Hi Joe! |
| JoeRoss | Welcome to the chat. |
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| amathevs21 | Hi Joe, Hi Everybody nice to meet you again. |
| Sherri |
O.K. Looks like people are late, so I have one big question tonight: the Euro is doing really well, for those of us who have our accounts in it. When will we know when to move? And will the Yen be something we can be looking at? |
| JoeRoss | I'm voting for Sherri for President. |
| Sherri | No thanks. I'm no Hillary - thank you God! |
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| JoeRoss | Sherri: When you see the ECB lower interest rates, it will be time to bail out of the euro. Where to go next? Maybe Aussie dollar or Norwegian Krone, or Swiss franc. |
| Sherri | Ahhh! |
| JoeRoss | Sherri: It's because you are not like Hillary that I'm going to write your name in :-) |
| Sherri | Thanks, Joe. I take all of that as a compliment,. Because even though I think these times are really scary, I'm not presenting myself as anything more than I am..... |
| JoeRoss | I wish Hillary, Obama, and McCain would do the same. |
| Sherri | We're really not left with much to vote for: the rock or the hard place. |
| Sherri | You know, I'll put my name on this - and I bet down to earth women would agree - Hillary is a sham. She's not strong or able. She's an act. |
| JoeRoss | I think because there is really not a Republican to vote for, most Republican voters will stay home and the Democrat nominee will win by default. |
| Sherri | Oh, great. I'll have to say it again: this is SCARY! |
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| JoeRoss |
Yes it is. Democratic voters turned out in double the highest number ever. But Republican voters turned out in only half the highest number ever. |
| JoeRoss | That shows they really didn't have anyone they really wanted to vote for. |
| JoeRoss | Hi acman. |
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| JoeRoss | 1 1/2 days to option expiration for the currencies. |
| acman | Hi Joe, been a great week. |
| JoeRoss | I'll be glad when it is over and I can relax. |
| JoeRoss | I'm short Puts and Call in SF and BP |
| acman | I am working the silver dollars converting my worthless paper to 1800 real money! |
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| Sherri |
O.K. I'll shut up in a minute, but I just want to thank you Joe for providing some of us a way to get through the tsunami that's ahead. I've only be learning from you for under 3 years, but I think I'm gonna be able to trade - for safety and a living. |
| JoeRoss | Great Sherri! |
| Wagner | Joe, I´m From Brazil. What do you think about investment in Brazil? Sorry, about my English. |
| JoeRoss | Sherri, I got a nice compliment about you today. A student I was tutoring said that when he reads the chats he likes the questions you ask. |
| acman |
Interesting in the morgan dollar market, the pawn shops are out; called a Canadian trading company and they are being cleaned out of thousands of the silver dollars a day. |
| JoeRoss |
Wagner: I think there are some great companies in Brazil and for us the in U.S. it's a good place to invest. We get appreciation of the real, plus some basic commodity company's like Petro Bras. |
| acman | CNBC had an interview with Warren Buffet and he likes brazil. He actually talked about it. check out his Q&A on CNBC |
| JoeRoss | acman: I thought you were selling your coins. Are you now buying? |
| acman | Selling the quarters and now getting pre 1900 dollars about 50% above silver content. |
| Wagner | Warren Buffet said........did you see? |
| acman |
I saw some of the interviews but they have the videos on buffetwatch.cnbc.com or something like that address. Just search their site. He talked about the $ dumping because the policies that made it drop are still in place. |
| JoeRoss | I'm losing my behind on Apex Silver Mines. :-( |
| acman | Joe, I am both selling and buying. |
| JoeRoss | acman: I'm just holding but they are really close to my stop. |
| acman | I'm buying bulk coins, sorting for good ones, dumping the junk back out as silver. |
| JoeRoss | Well I wish they would buy more silver from Apex :-D |
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| JoeRoss | Hi Marsh |
| JoeRoss | Hi Oz, I have 2 of your countrymen here this week. |
| OzTrader | Good day to you all. I hope everyone is well. |
| marsh | Hi Joe. |
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| Sherri |
Joe, this may be too "involved" a question, but as most on this chat know, I'm intrigued by the overnight gold market. However, in watching it, it is very "rabbity" I see the bid/ask and then "whoosh" it trades a mile away from them. What the heck??? |
| Wagner | You need to buy VALES in Brazil. That´s a good company, maybe they will buy Xstrata. $ 89.000.000.000,00 |
| JoeRoss | Sherri: I suspect that the only night trading is very sporadic, because of lack of liquidity. Mostly Asians and Europeans looking to buy/sell at a particular price. |
| JoeRoss | Wagner: I have owned VALES from time to time, also PBR. |
| Sherri | It's o.k. cuz I only enter limit orders. But looking for a way out if is problematic. |
| OzTrader | Sherri why trade such market when there are plenty of good ones? |
| Sherri | Because my household has those kinds of hours. Aggh! |
| OzTrader | Mmm playing with fire? I'm sure there must be a more liquid market in your time zone? and that suits? |
| acman | Sherri, Sounds like it is like the August Cattle. |
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| Sherri | (Overland trucking) Oz, I still think it could be good. Don't you think if I just watch the bid/ask and jump out on a market order, it could be o.k.? |
| JoeRoss | Hi netwonc. |
| Wagner | Joe, are you looking bank in Brazil? |
| netwonc | Hi Joe, late tonight...sorry |
| marsh | Sherri, how about the currencies for late at night? |
| JoeRoss | Wagner: No, not looking for a bank in Brazil. |
| Sherri | Hi Marsh, I don't know beans about currencies. I hope I'm not getting "fixated" but there is a lot of movement in gold overnight. |
| OzTrader | If the spread is wide apart, too wide apart it can make it difficult to trade, I find those are the markets to stay away from? they can be expensive. |
| Wagner | BBDC4 upside 35% |
| marsh | Sherri: What do you need to know about currencies? A chart is a chart (Who said that? Oh yeah, it was Joe.) |
| OzTrader | even when you get it right, it costs too much to get out by crossing the spread? |
| Sherri | Oz, right. I've watched to make sure they are somewhat close to each other before pushing "market." |
| OzTrader | Fair enough. What about when you need to get out of a position? |
| OzTrader | I have greater success trading markets that are liquid. |
| Sherri | Hasn't happened yet. Have tried to think ahead and get out prudently. But I suppose that event will occur. |
| JoeRoss | I finished recording the day trading seminar, and I hope it will be released this month--with a little luck. So If you are not able to attend a live seminar, it will be available via Internet. |
| OzTrader | Joe did you get the spam filter working on your wife's machine? |
| JoeRoss | Sherri: The markets follow Murphy's Law: if it can happen, sooner or later it will. |
| OzTrader | What can go wrong will go wrong. |
| Wagner | Joe, that is a good idea. |
| acman | Joe: I am glad I got out of that cattle spread last week. Been doing good on the 2yr vs 10 and my old ER/YM spread. |
| JoeRoss | Oz: that filter is not available to us. We have to use Spam Assassin, but unless you know how to program it in PERL, its |
| JoeRoss | not much good. |
| Sherri | Oz, thanks, I DO get your drift. I'm just trying to manage my household around my trading. So I should look at Marsh's suggestions, too. Thanks. |
| JoeRoss | That's good to hear, Acman. |
| OzTrader | I have been caught too many times trying to do the same? Save yourself the heartache and $$$. Trade liquid markets, you'll stay sane longer. |
| acman | Bid/ask is great when it is small. |
| OzTrader | Joe That's way beyond my capabilities. Sorry. |
| dwhitey44 |
Hi Joe and others - My first visit to the chat room. I wondered what has happened with the NG spread Andy mentioned recently in the traders notebook. It has been going south. Sounds like NG is on a move higher. Any thoughts? |
| Wagner | trend |
| JoeRoss | dwhitey: If the spread is going south it's time to abandon ship. |
| JoeRoss | or reverse it ;-) |
| Sherri | Reverse=Guts |
| JoeRoss | Yes, it takes guts. |
| dwhitey44 | I am in the sponge learning mode at this point. Doing a lot of reading. listening, and watching. |
| JoeRoss | dwhitey: That is a smart thing to do at any point in your career. |
| JoeRoss | I learn a lot from all of you. |
| JoeRoss | I read the posts you make in the forum, the comments you make on the chat. |
| Wagner | stop loss....................- 10% is enough or with you see a new ship you get it. what do you think about? |
| JoeRoss | Every once in awhile someone sends me a great strategy or setup. |
| dwhitey44 | I am in the twilight of my old career and sunrise of this one. |
| OzTrader | whitey well said. ha ha |
| Sherri | dwhitey, what was your old career? |
| dwhitey44 | Engineer for over 40 years. |
| OzTrader | What kind? |
| JoeRoss |
Wagner: I do not use percent stops, so I can't say if 10% is enough. If I see a spread going the other way, I 'm tempted to reverse it, but I won't if I'm involved in other trades. |
| JoeRoss | I don't want too much on my plate at one time. |
| dwhitey44 | Mechanical. |
| OzTrader | Only flip and Reverse when your sure you are wrong and convinced your headed the other way? |
| Wagner | Perfect Joe. Do you believe in American recession? |
| dwhitey44 | How often does one do a flip trade? |
| JoeRoss | Wagner: I believe in it and believe we are already in one. |
| Sherri | I just asked because it is interesting which traits we keep and which we leave behind as we learn to trade. |
| JoeRoss | dwhitey: Not flipping very often. |
| Sherri | Oz, for me, it's a question of budget. Right or wrong, take the action needed. |
| Wagner | I forget...you invest you money in short term or depend |
| OzTrader | That sounds fair, try not to over trade, been there done that too. |
| Sherri | Man, if only I were Hillary. When she was asked where the money would come from she said "the budget, of course." |
| Wagner | Ok, Now I´m going sleep. 23:50 in Brazil. Tomorrow I will wake up 6:00 hs. Thank you Joe and everybody. Until next week. |
| JoeRoss | Wagner: have a good sleep and a good week. |
| OzTrader | Joe I'm off to lunch, meat pie time, talk soon. |
| JoeRoss | See ya Oz. |
| OzTrader | Thanks Joe and everyone. |
| Wagner | Thanks Joe. |
| dwhitey44 | Nite all |
| amathevs21 | OK |
| JoeRoss | amat: You're awfully quiet tonight. |
| marsh | I've been looking at the silver intraday, and the 5 min. chart is very good. |
| JoeRoss | Which symbol marsh? |
| marsh | SIK08. |
| amathevs21 | No, No I'm sorry Joe, i was just chatting with my friend, too, in the MSN Hotmail |
| acman | Silver moved down a dollar, then moved up to a new high today. Maybe Apex should start selling some silver now. |
| JoeRoss | marsh: doesn't seem to be very liquid. SIK08. |
| marsh | The stock index ER2H08 is showing a Ross Hook after the breakout of a trading range to the short side. |
| amathevs21 | Yesterday i have banked an EUR/JPY + 100 pips |
| JoeRoss | marsh: I saw that today. |
| JoeRoss | It's sleepy time for me. I've been up since 2AM. |
| JoeRoss | See y'all next week. |
| Sherri | Goodnight Joe. Thanks and sleep with the angels! |
| elias | Thanks Joe |
| amathevs21 | OK Joe, Goodnight |
| amathevs21 | Thanks a lot Joe |
| BigBlueSky | Bye all. |
| acman | Thanks for chat and help joe. I will be up all night converting. |
| amathevs21 | See you Next Week. |
| marsh | Bye Joe, Thanks |
| elias | see you guys |
| amathevs21 | See you everybody |
Next Chat with
Joe Ross:
Wednesday, March 12, 2008
Time: 8:00 - 9:00 P.M., U.S. Central Time.
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
