Chat with Joe Ross
Chat log from: Wednesday, April 16, 2008
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
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| Wagner | Svan, Hello |
| Wagner | Where are you from? |
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| Tony | Any Point and Liners here? |
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| Wagner | basic rate in Brazil, 0,50% more, 11,75% |
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| JoeRoss | I'm still on time |
| JoeRoss | Hi everyone. |
| yan | hi Joe |
| jaja | Hi Joe, it looks like you got some new glasses |
| Wagner | Ross, Hi, did you have dinner? |
| Tony | OK Joe ....what is on tap? |
| JoeRoss | I was busy writing to Adrienne Tograhie. She is asking for at least 3 of the most important lessons I ever learned. |
| JoeRoss | jaja: Those are my big baby blue eyes. |
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| Wagner | nice |
| jaja | quite big |
| JoeRoss | Wagner: Yes I had a very nice salad and some roasted goat meat. Not many people in the U.S. eat goat, but I like it. |
| Tony | amathevs21: Welcome.... |
| Wagner | heheh |
| jaja | if you come to Houston we can get you some goat brains |
| JoeRoss | Tony: This afternoon people wanted to talk about currencies. |
| amathevs21 | Hi Joe; Hi everybody; sorry i'm late |
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| amathevs21 | HELLO TONY |
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| Wagner | I love Goat |
| JoeRoss | Hi Joy, back for more? |
| Wagner | sheep............hummm |
| Joy | Joe: Yes I am... cannot learn quickly enough! |
| JoeRoss | euro was really flying early in the day. |
| Tony | Joe: what about currencies ...except it's down another pit hole. |
| marsh | Hi Joy |
| Joy | Professor marsh: How are you? |
| Tony | Joe: I'm here in Bangkok....I was at the keyboard when the dollar hit its lowest ever. |
| marsh | ok, Joy |
| amathevs21 | seems before EUR/USD (TF: D1) Break all time High has made an ascending Triangles & now its Break |
| JoeRoss | Tony: The dollar is in a pit hole, that's for sure. The G7 talked about a concerted action, but the traders didn't pay much attention to the G7. |
| Joy | Thank you again for your generous help, marsh! Hope you have had a great week trading! |
| Tony | Joe: I'm trying to figure out what to do when we really hit the BIG ONE. |
| JoeRoss | TIC figures show failure to sell the amount of treasuries needed to sustain the U.S. debt situation. |
| marsh | For the dollar to rise, they have to raise interest rates in the US, to something like 5%, the historical norm. But if they do that, people would lose their homes at an incredible rate. |
| Wagner | Warren Buffet, made I lot of money with a Real, what do you think about Real, after today. |
| JoeRoss | The FED now holds 64% of their assets in bad paper instead of 95% in good paper. |
| jaja | Can you elaborate Joe? |
| JoeRoss | Tony: If you were at the keyboard, you could have played the death march for the dollar. |
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| Tony | Joe: I think we all better get ready for another WPA, CCC, and NRA. |
| JoeRoss | Wagner: I believe the Real will continue to rise overall, with some corrections of course. |
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| Tony | Joe: Remember I said this first. |
| Joy | Joe/Wagner: What is Real? Forgive me for asking? |
| JoeRoss | jaja: Elaborate on what? |
| jaja | the 64%/95% comment |
| JoeRoss | Hi to all who joined since I first said hello to those who joined earlier. |
| Wagner | I believe too. |
| Tony | Joe: AND...I don't dare bring up the coming elections.... |
| amathevs21 | Hello you too Joe |
| S.Stewart | Hello, sorry I'm late |
| amathevs21 | Hello everybody |
| amathevs21 | Hello Tony |
| JoeRoss | Joy: Real is the Brazilian currency. |
| yan | Tony: What is WPA, CCC and NRA..? |
| Tony | mamthev21: Hi.....has the thing arrived yet? |
| JoeRoss | In order to save the investment banks, the FED bought a pile of those bad mortgages that no one else wants. |
| BrianJ | thanks yan, my question also |
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| amathevs21 | Hi Tony i'm late again hahaha... |
| Larry | Joe what type of trading do you recommend for a newbie? |
| Wagner | Joe, Brazilian Currency |
| Tony | Yan: Back in the 30's....we had the government Workers Progress, the CC Camps, and the National Recovery Act..... |
| amathevs21 | @Tony the thing not arrived, but I'm still waiting - Thanks Tony |
| JoeRoss | Larry: That is not a fair question. There is no one size fits all newbies. You have to begin where you feel most comfortable. If you don't know where that is, then you haven't done your due diligence. |
| Tony | Amathevs21: Too bad ....because we could do some of the explanations here on this chat. |
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| Joy | Joe: As you know I am still learning to read charts. I am looking at the Corn July Futures, daily chart. Could you correct me if my statement is wrong “123 L with 1 on 3/17, 2 on 4/9, 3 on 4/11 and yesterday is Ross Hook”? |
| sb123 | Joe, any opinion on currencies and gold...what do you see? any views on the big picture? |
| amathevs21 | no problem Tony, hahah... |
| Larry | I just ordered your book on spread trading |
| amathevs21 | seems XAU/USD(GOLD) has a positive correlation w/ AUD/USD |
| JoeRoss | sb123: My opinion is that currencies and gold will continue to rise against the dollar. |
| amathevs21 | i agree Joe |
| amathevs21 | because i see in USD index at Timming Charts |
| Tony | Larry: You can't trade like Joe....I think most people are trying to trade like Joe and it's just not possible. You would have to be Joe...all Joe can do is try to tell how to trade. |
| amathevs21 | USD index make a descending Triangles |
| Larry | I understand |
| JoeRoss | Joy: You are way off. Send me an email. |
| JoeRoss | support@tradingeducators.com |
| Joy | Joe: Thank you! I will – I am sorry to ask you the dumb question again! |
| Tony | Joe: that's a good one |
| JoeRoss | Thanks for the book order, Larry. |
| JoeRoss | Larry: Spreads are a good place for beginners. |
| Tony | It's free also....can't beat that. |
| Larry | it sounded impressive |
| JoeRoss | Joy: no question is a dumb question. You want to know and I want to help. |
| Tony | Joe: About gold....I have almost 2 pounds of gold that I had dredged |
| sb123 | Joe...any good seasonal trades coming over the horizon that you like? |
| Tony | years ago up on the Klamath River in California. |
| JoeRoss | Tony: What are you going to do with that gold? |
| Larry | I liked the idea of not getting stopped out all the time, but is it true you don't use stops in spread trading? |
| Tony | Joe: Hell....I don't know....I guess my kids will get it. |
| marsh | The only dumb question is the one not asked. |
| JoeRoss | sb123: I don't have any seasonal trades in mind at the moment. For the most part, Andy takes care of those kinds of trades. |
| sb123 | ic...thx |
| Larry | i'm glad i'm in the right place then |
| JoeRoss | Larry: It is not physically possible to have a stop on a spread trade. You can only have a mental exit point. |
| JoeRoss | Good point, marsh. |
| Tony | Joe: How in the hell do you find time to write. I'm working on a manuscript and it's harder than hell. |
| Larry | ok |
| sb123 | Joe your hint...hint spread of lcz/lcm last week of march went good ...may enter again when turns up...thx for the advice... |
| JoeRoss | Tony: When they handed out reading, I didn't get very much. But when they handed out writing, I walked away with one of the grand prizes :-D |
| JoeRoss | sb123: I like to throw those intuitive trades your way. There are so many good trades. I can't possibly do them all. |
| Tony | Joe: You're one hell of a good writer.....probably one of the best. |
| yan | Joe: Speaking about books, at what stage do you recommend adding options to one's trading arsenal (i.e. when to read "Trading Optures and Futions"?) |
| BrianJ | Joe I currently trade the E-mini Russell 2000 which is leaving the CME soon, can you make a recommendation as to what would be a good replacement? |
| JoeRoss | This Friday i will be looking to sell some short-dated options. Risk is only 11 days to May first. I'm looking at the bonds. |
| JoeRoss | Thanks Tony, but I sure wish I could read. The best I can get is 100 words/minute, usually more like 25. |
| JoeRoss | yan: The best time in your career to begin learning about options is when you are sick and tired of reacting to the price action and you want to start really thinking about the trades you are taking. Options is the thinking person's way to trade, along with spreads. |
| Tony | Joe: Do you handwrite at first....or do you use a typewriter? |
| JoeRoss | BrianJ: There is no good replacement. It will be interesting to see if any liquidity follows ER2 over to ICE |
| JoeRoss | Tony: I use MS Word. |
| JoeRoss | I am a relatively fast typist. |
| JoeRoss | I have to be fast because the thoughts come so fast. If I couldn't type fast, i would stutter at the keyboard. |
| Larry | Joe, you mentioned you prefer spreads over options and outright futures |
| Tony | Joe: and is it....revise, revise, revise? |
| Joy | Joe: Staying on Treasury Bonds June that you will write options on… since you are kind I will bravely ask another question. When I look at the daily chart, there were 2 retracements this week, are they the TTEs? And what does that imply for you to sell options (put vs. call)? |
| JoeRoss | I write without any outline. It just seems to all come out in the right order. |
| JoeRoss | Tony: Very little revision. Mostly it comes out right the first time. |
| JoeRoss | Joy: which time frame, please. |
| Tony | Joe: No wonder you have so many books written. |
| JoeRoss | Tony: Only 12 books but probably 100 more in articles, forum posts, chats, and answering email. |
| Wagner | Joe, are you buying options in Brazil? |
| Schweser | Joe, if there is little liquidity when ER2 moves over to ICE...what could possibly take the place of ER2 in your mind, the e-mini S&P? |
| Joy | Joe: SORRY it is the daily chart. |
| BrianJ | there are other problems with ICE, I wont trade the ER2 with them |
| JoeRoss | Wagner: No I have no way to buy options in Brazil. Virtually all of my option trading is in currency futures and 30 year T-Bonds. |
| jaja | Schweser, the ES is different than ER2. Similarities of course, but NOT a replacement |
| Schweser | yes, that is so true that is why i am wondering |
| Wagner | ok, Joe. |
| amathevs21 | Joe: Can you share what Currency you take position & what is the position? Thanks Joe |
| JoeRoss | Joy: Yes, 2 retracements are the TTEs. But those have no implications for selling puts or calls. What I want to know for options is how much premium I can get for Strike prices that are way out of the money with only 11 days of risk remaining. |
| BrianJ | me too Schweser, I am looking at the mini dow as a possibility, maybe the volume will go to the mid cap 400 |
| Wagner | Joe. What broker are you prefer in USA? |
| JoeRoss | Schweser: ES is a poor replacement for ER2. My hope at that point is that the CME would create their own equivalent of ER2. |
| BrianJ | Possibility the Russell 1000? |
| BrianJ | volume might shift there |
| JoeRoss | amathevs: The currencies I would be long now are euro, krona, krone, and S franc. |
| amathevs21 | Joe: Thanks a lot Joe |
| JoeRoss | BrianJ: I'm afraid a lot of people feel the way you do about ICE. |
| Wagner | My Friend work in O´brien company-USA, do you Know that company? |
| BrianJ | they don't allow stop market orders among other things |
| Schweser | yes, the ICE is not to be trusted... |
| amathevs21 | Joe: Can you give me a clue when you will liquidate your EURO Position? |
| JoeRoss |
Wagner: I don't really have a preferred broker for my own trading. I have one for your trading if you email me. The reason is that I cannot trade at the broker to which I refer you. They won't let me open an account with them. I trade a ministerial account and few if any U.S. brokers want any part of that kind of account. |
| JoeRoss | BrianJ: 2 things. the ER1 is also moving to ICE. Dow mini is a worse replacement for ER2 than any other thing I can think of. |
| BrianJ | ok, well that shot down all my solutions |
| JoeRoss | Wagner: I have heard of O'brien. I know nothing about them. |
| Joy | Joe: Back to short-dated Treasury Bonds options… when you write them close to expiration, do you just take a chance and write naked, way out of money put/call options? |
| Wagner | Ok, Joe |
| JoeRoss | amathevs: I will liquidate my euro position when it is no longer rising against the dollar. |
| amathevs21 | Joe: Thanks a lot Joe |
| JoeRoss | Joy: That's pretty much what I do with short-dated options. But I protect in the futures. |
| amathevs21 | Joe: what the criteria when the EURO has no rising against USD? |
| Joy | Joe: Thank you! I know it is getting close to the 1 hour mark and just want to check in and hope you continue to recover today and are feeling stronger. |
| JoeRoss | amathevs: This may sound like I'm kidding but I'm not. The euro may stop rising against the USD when there is no longer a USD and it has been replaced by the Amero. |
| amathevs21 | Joe: IC Joe, Thanks a lot |
| JoeRoss | Joy: I've been getting stronger by the hour. I put in some hard labor in my garden this afternoon after the European chat. |
| jaja | How long until we have the Amero? |
| Joy | Joe: Without joking then… from your answer to amathevs, it sounds like EURO is where we should put our long-term savings in. |
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| JoeRoss | Joy: It's not safe to have all your marbles in one basket. I would add Norwegian krona to the list. |
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| acman | Hi everyone. just got back from Acapulco. Had to take a break. |
| JoeRoss | Norway has the healthiest economy in Europe. |
| jaja | $115 oil is a big help to Norway |
| amathevs21 | Acman: Hello Acman my Buddy how are you man..:-) |
| JoeRoss | jaja: I hope we never have the Amero, but I don't see any other way out. It would be a really stupid move, but then that's what governments are for. :-) |
| JoeRoss | Hi acman. I hope you had great time. |
| Tony | Norway is it.....but Germany is really the one. In my opinion.... |
| JoeRoss | Tony: Germany doesn't have a currency of its own. |
| BrianJ | Joe: Thanks for your insight, I need to leave early but will see you next Wednesday |
| JoeRoss | cu BrianJ |
| Tony | Look.....if the USA tanks.....so will the rest of the world. Just look at them |
| Joy |
Joe: Thank you! Will do ? And amen to Joe on the government note. Joe, you may not have the time to elaborate tonight, but I was thinking about your comment on ‘options being the thinking man’s trade’. I have noticed a lot of time ‘over-priced’ call options factor in insider knowledge and can really be scary on/close to expiration date. How do you scan the right options with safety margin? |
| amathevs21 | BrianJ: C U next week Brian |
| tradingsavvy | Hello JOE & Everyone... this is my first live chat. I'll listen in and see how this goes. This is a great way to meet Traders. |
| acman |
Thanks Joe, I did. I even traded while there. Bought the farm yesterday on the Russell! Looked at the charts on another guys computer and ask if I could use it for a half hour and wow. Paid for the trip. I was telling people about chart patterns and I guess they will come on the chat next week. |
| JoeRoss |
Tony: The rest of the world is showing that it doesn't need the USA. European consumption is primarily in Europe. They don't need us to consume their products. Same thing goes for Asia. They are becoming increasing independent of the US. |
| JoeRoss | Joy: I just trade bunches of them way out of the money. |
| Tony | Joe.....I wouldn't bet on that.....especially on the bottom dollar....I have |
| Joy | Hi tradingsavvy: welcome, I am really new too but Joe is wonderfully kind and there are many, many wise and generous traders, like marsh, in this chat. I learned a lot in the last 2 chats. |
| acman |
Two of the guys trade oil products. They seem to be doing ok. One has a house near the Del Coronado (200' away) and has a few other places. Must know what they are doing. A tanker came into port and this guy looked up the name on the website he uses and told us about its last weeks places of call from the ships name! |
| Tony | a different opinion on that from living over here in S.E. Asia half of the time. |
| JoeRoss | To each his own, Tony. |
| Joy | Joe: Thank you! Wouldn’t you need a lot of contracts to earn a good profit when they are way out of money? |
| acman | In Acapulco, there are a lot of new buildings going up and we asked the driver where the investors were from and he said Mexico! |
| tradingsavvy | JOY, That's great. I'm all ears. I'm still a greenhorn trader and need all the trading wisdom I can find. Thanks for the heads up! :-)) |
| JoeRoss | Joy: Yes, and as I said earlier. I sell bunches of them. |
| JoeRoss | bunches when they are short dated. I even do them with 4 days or 2 days to go. |
| jaja | my platform doesn't accept bunches |
| JoeRoss | But other option trades, I want to sell lots of time. |
| Tony | Joe: I just came back from South Africa...where I got married 52 years ago....and would you believe this, the Rand was falling against the dollar. |
| JoeRoss | jaja: You need to get a better platform ;-) |
| Larry | Can you tell us about your new forex stealth? |
| JoeRoss | Larry: It is a forex method for three currency pairs. EUR/SKE, EUR/CHF, and AUD/NZD. It was designed so that it includes traders with small accounts. It works quite well. |
| Wagner | Joe, thank you one more time, have a good profit......................profit and tomorrow I will win the tennis too |
| JoeRoss | Tony: I watch the rand very closely, having lived there for 3 years, I developed an interest in the rand. |
| acman | I just opened an etrade account and it has some neat things for stocks and it does futures. Fast to login unlike the everbank trading. |
| Tony | Joe.....another thing.....nobody has noticed South Africa....I would say this. I won't live long enough, but South Africa can be just the place to invest in sugar and paper. |
| JoeRoss | Good point, Tony. |
| JoeRoss | Well I see it is time to leave all you nice people. |
| yan | Joe: I spent 7 years in South Africa. The rand is volatile and hasn't appreciated over the years. |
| JoeRoss | Good night to everyone. Thanks for a lively chat, and thanks for coming. |
| jaja | thanks Joe |
| acman | Joe: is there any info on the Yuan? That is the big variable in the currencies. I am thinking that the yuan will have a value when a bunch of people to go to the olympics and buy hotdogs in various currencies. |
| tradingsavvy | Have a great and wonderful day! |
| Joy | Joe: THANK YOU as always! |
| Schweser | thanks Joe |
| amathevs21 | Goodnight Joe |
| yan | Thanks Joe. Good learning about the Amero today |
| amathevs21 | Thanks Joe for your sharing |
| acman | anyone know about the yuan value and the olympics? |
| JoeRoss | yan: It did go from 10:1 to 5.5:1 a few years ago. |
| Schweser | Have a great week! |
| Tony | Also Joe.....the government got the country given to them on a gold platter and they are riding on it. But one has to wonder....for how long.? |
| JoeRoss | Tony: That's why I left. |
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| JoeRoss | Bye everyone. |
| amathevs21 | Bye Joe |
| acman | goodnight joe. |
| amathevs21 | C U Next Week Joe |
| JoeRoss | munditrade: You are an hour late |
| marsh | goodnight Joe, thanks. |
| JoeRoss | we are just ending the chat. |
| tradingsavvy | Happy Trails! :-)) |
| amathevs21 | Goodnight Joe, & GOD Bless You |
| JoeRoss | Try us again next week an hour earlier munditrade. |
| acman | Joe: a few weeks ago there was a chat without you when you were gone! |
| tradingsavvy | 10-4 over and out. |
| JoeRoss | Yes, I saw it. |
| JoeRoss | I'm outta here. |
| Tony | God bless...Joe. |
| acman | Make sure the roof is sealed. Big storm tomorrow. Texas style! |
| Wagner | bye |
| munditrade | did the chat start? |
| sb123 | will they get that corn planted? |
| marsh | The chat is just starting, without Joe, though. |
Next Chat with
Joe Ross:
Wednesday, April 23, 2008
Time: 8:00 - 9:00 P.M., U.S. Central Time.
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