Chat with Joe Ross
Chat log from: Wednesday, April 2, 2008
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| Joy joined. | |
| JoeRoss joined. | |
| Joy | Hi Joe, welcome back! |
| JoeRoss | Hi Joy, how are you? |
| spreadtrader joined. | |
| JoeRoss | Hi spread. |
| spreadtrader | Full house, tonight, Joe! |
| Joy | I am new to the chat and don't seem to be able to use it or view response. And I have looked forward to join the chat :( |
| JoeRoss | How about 3 of a kind? |
| spreadtrader | Aces of course. |
| JoeRoss | Joy, are you not able to see what I type? |
| JoeRoss | We see you fine, Joy. |
| JoeRoss | You may need to download the latest version of Java, Joy, it's free. |
| spreadtrader | Joe, seems as if Joy is having problems |
| JoeRoss | spread: I think she is seeing us now. |
| JoeRoss | Any great spreads, spread? :-) |
| spreadtrader | I have been laying off trading for a while. Visual issues. |
| spreadtrader | Emphasizing working on myself. |
| JoeRoss | Good idea spread. We can all use more of that than we think. |
| spreadtrader | A main issue is trading multiple contracts. Any suggestions? Inner conflicts or issues? |
| spreadtrader | I tend to choke at execution. I do not hesitate to pull the trigger, but it is only one contract usually. |
| spreadtrader | I am aware of the consequences long term if one only trades one contract. |
| johngas joined. | |
| JoeRoss | Hi Johngas |
| JoeRoss | What's new? |
| johngas | Hi it's been a while! |
| johngas | i wanted to tell you something. |
| JoeRoss | Well there are only 3 of us and Joy is unable to see anything we are doing. |
| johngas | i have purchased several systems. |
| johngas | i have tried numerous techniques. |
| JoeRoss | Which ones? |
| johngas | Trading Zone. |
| johngas | Your emini 40. |
| johngas | Tradersinternational. |
| johngas | etc... |
| johngas | BUT |
| johngas | The one and only i find i love is.... |
| johngas | ...your law of charts! |
| johngas | :-) |
| johngas | still use it on S&P, YM, and mini HangSeng. |
| johngas | I'm using tick charts. |
| JoeRoss | If it works use it. |
| johngas | 3 bars in a direction, Ross Hook, then enter. |
| johngas | Thanks! But I'm having money management problems |
| johngas | I can not seem to stay with winners. |
| johngas | If I get scared i will give it back. |
| johngas | Any suggestions? |
| JoeRoss | Tell me more about what's happening. |
| johngas | ok. |
| JoeRoss | Are you using TTE (Traders Trick Entry)? |
| johngas | Yes. |
| JoeRoss | Are you taking profits between entry and the point of the hook? |
| johngas | But use the previous high or low to exit ALL positions |
| johngas | Yes, but don't stay in. |
| JoeRoss | Which time frame? |
| johngas | 233 tick. |
| Larry joined. | |
| JoeRoss | Hi Larry |
| Larry | Hi |
| JoeRoss | johngas: Some really good traders make most of their money simply by taking it all off the table between entry and the point of the hook. |
| johngas | Interesting. |
| JoeRoss | johngas: Just make sure that you are using enough ticks in your tick chart to be able to see a decent amount of money between entry and the hook. If so, then just increase the # of contracts you are using. |
| johngas | But in your book - you do say we should nibble, nibble, and then be there for the good ride on occasion. |
| johngas | I always watch that ride w/o me ! |
| JoeRoss | johngas: Books are static, trading is dynamic. Do what works, not what is written in a book. Markets change. |
| JoeRoss | You have to do what is working for you and let someone else take the rides. |
| johngas | I really appreciate that. |
| johngas | Makes me feel better... |
| JoeRoss |
It could be that the guys taking the rides are willing to take greater risk than you. Or, maybe they have deeper pockets. Or, maybe they don't win as often, so they need the ride to make up for the greater number of losses. |
| johngas | Another thing - is it reasonable to risk 5-6 ticks to make 3 ? |
| JoeRoss | johngas: I am one of those guys who seldom takes the big ride. I am primarily a scalper in everything I do, including options. |
| johngas | Ok did not know... |
| JoeRoss | johngas: Sure, 5-6 ticks if it is working for you. |
| JoeRoss | You do what works for you. Trade where you are comfortable. You have to be you and not be anyone else. |
| johngas | Ok much appreciated ! |
| larry4 joined. | |
| JoeRoss |
johngas: Most people really don't understand the things I'm telling you. I don't care if you come up with the craziest thing in the world. If it works for you, trade it. |
| JoeRoss |
One of the best traders i know trades for 4 ticks in the bonds. He is a paraplegic in a wheelchair. But he supports a wife and a whole bunch of kids with what he makes and he has the high cost of living in New York City. |
| JoeRoss | He never takes the big ride. Just his 4 ticks, risking 6 ticks. |
| JoeRoss | Hi L4. |
| JoeRoss | Welcome to the chat. |
| johngas | Wow! |
| johngas | Perfect - i do not like to risk a lot, so i am similar to him - does he use TLOC ? |
| JoeRoss | johngas: He uses TLOC and some other things, but no indicators. |
| JoeRoss | johngas: I think I have seen about a zillion ways to trade the markets, and that's because no 2 really successful traders do the same thing. |
| JoeRoss | It has to become yours, fitted to your personality, your risk tolerance, etc. |
| Larry | What is TLOC? |
| JoeRoss | Larry: The Law of Charts. |
| Larry | Of course. |
| JoeRoss | I wrote 2 articles explaining a bit more about TLOC. One will appear this Friday in Chart Scan Newsletter and the 2nd one the following Friday. |
| johngas | Yes good advice - by the way i read yr chart scan religiously. |
| JoeRoss | Whether they realize it or not, most traders are using TLOC. They just don't know they are. |
| Larry | I'll check it out. |
| JoeRoss | The more I study TLOC, the more I have to laugh at all the people who are using it without knowing they are. When you read the articles you'll see why. |
| johngas | larry - don't know if you purchased any of books, but i have read trading by the minute, and trading is a business 2 times each. |
| johngas | really good - because NO BS , and not every trade winner. |
| johngas | goes through a few days ups and downs... |
| Larry | Haven't read any of Joe's books yet but it's on my list. |
| JoeRoss | Are you making a list and checking it twice? :-D |
| johngas | Read the book - then watch your favorite market - and see if TLOC works - it's that simple. But best for me on days when economic reports out - lots of volatility. |
| Larry | I suffer from information overload. |
| johngas | true - get rid of "noise" recommendations newsletters etc... |
| JoeRoss | Larry: That is a bad sickness. You must learn to keep your trading simple. |
| Larry | I agree about newsletters. |
| Larry | I'm learning to focus on what fits me best. |
| JoeRoss |
Larry: Just find something simple--something you notice--and then build a management structure around it and trade and don't tell anyone else what you are doing until you are consistently winning. But even if you tell others, they won't have the same success with it as you do. |
| JoeRoss | Some will do better and some will do worse. |
| JoeRoss | When i wrote an options advisory, some traders won and some lost on the very same trades. Some did better than me and some did worse. It's an amazing thing, but I learned a lot about human beings from having that advisory. |
| marsh joined. | |
| JoeRoss | Hi marsh |
| marsh | Hi Joe |
| marsh | I just woke up. |
| Larry | I'll make a losing trade and after think why did I do that . |
| JoeRoss | Snoozing in front of the TV, marsh? |
| JoeRoss | Keep a log, Larry. |
| JoeRoss | That's the only way to keep from repeating mistakes. |
| marsh | I took a nap in bed. |
| marsh | I overslept. |
| JoeRoss | marsh: I have the opposite problem. I under-sleep. |
| Larry | I do like to go back over my trades, the mistakes are obvious. |
| marsh | My girlfriend thinks I was a cat in a previous life. |
| JoeRoss | marsh: You're still a cool cat :-) |
| johngas | lol |
| marsh | Thanks, Joe Purrrrrr. |
| JoeRoss | A Texas Two-Stepping cool cat! Yahoo! |
| johngas | Ok guys i'm off g'nite! |
| JoeRoss | Good nite |
| JoeRoss | I guess we are done for the evening. Joy is here but I have been chatting with her privately coz she can't see any of us. I think it's a Java problem. |
| marsh | I have a Java problem. I drink too much Java. |
| JoeRoss | So that leaves L4, marsh and Joe for the next 4 minutes. |
| JoeRoss | marsh: Java puts me to sleep, but most people it keeps awake. How does it work for you? |
| marsh | It keeps me awake and makes me talkative. |
| JoeRoss | Wine keeps me awake and puts most people to sleep. |
| JoeRoss | I'm sure I'm from another planet. |
| JoeRoss | Well, Good night all |
| JoeRoss | See you next week. Maybe we'll have more people |
| marsh | Good Night. I'll have to see the log to see what happened tonight. |
| larry4 | Thanks, for the info, Joe. |
| JoeRoss | Not much. I lost the chat near the beginning. Computer locked up. |
| JoeRoss | But it will be in the log including some questions I never got to answer. I'll answer them when I edit the log. |
| JoeRoss | Cheers! |
| marsh | Thanks, Joe |
| JoeRoss | Good night all |
Next Chat with
Joe Ross:
Wednesday, April 9, 2008
Time: 8:00 - 9:00 P.M., U.S. Central Time.
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
