Chat with Joe Ross

U.S. Chat log from: Wednesday, May 13, 2009

Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time!

	JoeRoss joined.
streetsamurai	ge all
Susan	ge samurai
sprink	hello everybody
JoeRoss	Hi all
Susan	Mr. Ross if a 15 minute chart is in congestion do you NOT take signals from a 5 minute chart?
sunny12	Good evening Joe
JoeRoss	Susan: it depends on a number of things. If the congestion is large enough from high to low, I might consider doing it. I might also consider using a tick chart instead.
sunny12	Joe, What do you think about crude closing lower today?
sunny12	Is it in a downturn
Susan	thank you
Joy	Joe: Good evening to you! How are you today?
marsh	Hi Joy
Joy	marsh: Hi, how are you?
marsh	I'm OK, how are you?
JoeRoss	Hi Joy: I'm a bit tired. Have been getting ready for the Italian video conference. Otherwise, I'm doing fine.
Joy	Joe: I am sorry to see you are tired - we will let you go to bed early tonight :-)
JoeRoss	sunny: I think what we saw in crude is just profit taking. Crude will steadily rise higher and higher.
sunny12	That's was one of my theories also. Thanks for the input
JoeRoss	Joy: I can't go to bed until I pound through about 40 more emails.
Joy	Oh no, poor Joe! I wish I could help :-)
sunny12	Joe, I come to these chats every week and always wonder why someone as successful as you does this?
Susan	Well I will ask you this now and you can ignore my email. In the (what else ;-) ) emini trading manual, you have entry at the low of a bar instead of one tick below. Is it because they are reversal bars?
JoeRoss	Joy if you will move to Texas and agree to live on bread and water, we can hire you immediately :-)
sunny12	lol
Joy	Joe: YEAH! I am in! Opportunity of life time!!
JoeRoss	sunny: You just answered your own question. I can do this coz I am successful. I don't do it for the money. I do it because I want to help others.
Joy	Joe: And we THANK YOU every day for helping us!
JoeRoss	Susan: You got it right. Because they are reversal bars.
Susan	thank you
Joy	Joe: Please bear with me for a very dumb question - for safekeeping of our little savings
JoeRoss	Susan: I can now ignore your 3 emails? is that right?
sunny12	and its very much appreciated. Thank you for doing it
Susan	lol
Susan	NO! just the latest. cutie
JoeRoss	Well that leaves me with only 39 more to plow through after the chat, plus more that come in while I'm chatting.
Joy	Joe: Is there an advantage of buying short-term Treasury Bills (vs. bank account) because they are relatively short-term, relatively safe, with a tiny interest rate, and can continue to be rolled into another Bill once the current ones are mature?
JoeRoss	Joy: T-Bills are safer than a bank, yes. But your money will be tied up for 90 days. I wouldn't keep ten cents in US currency if it were avoidable.
Susan	Mr. Ross I just checked and you can ignore my email they are not important.
Joy	Joe: Thank you! OK :-) I will try to find Norwegian version of T-Bills then.
JoeRoss	Susan: In answer to one of your emails. The market reacted to some bad news today. So it wasn't necessarily manipulation.
Susan	You trade sometimes before 9:30. When and what do you base you selection?
JoeRoss	Joy: Good move. If not NOK, then AUD or CAD account or notes.
JoeRoss	Susan: I almost always trade before 9:30 Central Time. For day trading I use 5 setups that I teach only at seminars and in private training. For Options, I look for strength in the underlying companies, and then write naked puts or covered calls. At the moment that is all I am doing. But it's enough. I have 83 open positions as of right now.
Susan	whew! ok appreciate it. No more email or questions.
JoeRoss	Oh, and when I see a natural spread, I will trade it. By natural, I mean one market rising and another related market falling.
sunny12	Joe, are you having any seminars this year?
sprink	Hi Joe ,how are those positions doing?
JoeRoss	sunny: So far only in Italy, and that is by video conference.
	g8eorge joined.
JoeRoss	I am toying with the idea of an Austin Texas seminar.
JoeRoss	Perhaps in the fall.
sunny12	Austin would be great...I live in Austin :-)
JoeRoss	sunny: of course, you could always pop in for 3 days of private training :-)
sunny12	I've been thinking about that also.
JoeRoss	sunny: quit thinking and take action ;-D
sunny12	do you think I should prepare somewhat before meeting you?
sunny12	I have been reading your books to prepare for the session.
JoeRoss	sunny: That is the worst thing you can do. I prefer if you come as an empty vessel ready to be filled.
Susan	oh well in that case i will be right over.
sunny12	thank you for that advice...
JoeRoss	Susan: The door is open, c'mon in.
Susan	lol
sprink	I just came from private tutoring and I highly recommend it .You will learn to see things you didn't see before and much more.
sunny12	Thanks sprink, I believe that I'll get the same benefits.
JoeRoss	Almost everyone who comes for private tutoring ends up as a professional trading for a living.
Susan	That is truly impressive.
JoeRoss	I'm really serious about that. Most people will lose far more than the cost of private training, before they realize they need it. By then they may not have the funds to pay for it.
sunny12	I've been planning for the tutoring and saving up my vacation days as well as money, you'll be hearing from me very soon
JoeRoss	I was just looking through the last dozen or so people who came for private training. Everyone of them is now a profitable trader.
Susan	Do you do follow up after the tutoring?
Susan	I mean do you help with more than questions?
Susan	Never mind I don't even know how to say what it is i am asking.
sprink	Joe what will your fall seminar be on?
JoeRoss	Susan: The follow up is for life--yours or mine--whoever lives the longest. I plan on being around for another 30 years. At the age of 104, I am making my last move :-) it will be outta here.
JoeRoss	sprink: you won't need it. You already have it.
JoeRoss	Susan: Support is for as long as you need it. You will drop me before i ever drop you.
sprink	It's for a friend
JoeRoss	sprink: Probably day trading, but as you know, what I teach applies to any and all trading--futures, stocks, CFDs, forex. It works wherever you want to trade.
Joy	Joe: Thank you for the 30 plan-plan :-) And please, please, please do have a seminar so I can come and learn!
JoeRoss	The only specialty seminars are spreads and options--what is taught in those is different in many respects.
sprink	Thank you, I will let him know
JoeRoss	I may just put out a feeler to see if anyone is willing to commit to come.
Joy	Joe: Please count me in for the seminar in Austin!
marsh	How many people will you need?
JoeRoss	From our standpoint, seminars are a huge pain.
sunny12	Depending on the date I'm interested also.
JoeRoss	marsh: At least 10 people or it isn't worth doing.
JoeRoss	But when I say commitment, I mean a non-refundable deposit.
sunny12	Joe, do you have a price now or is that something you need to work out?
JoeRoss	The hotels make us book in advance. We have to sign a contract guaranteeing X number of people. If they don't show up we have to pay for them anyhow.
Joy	Joe: That makes sense - we should do that because you are committing your time to us too!
JoeRoss	sunny: It is the same price we have charged over the years. I think it's $2,500, but I have to check. We have never raised the price in 15 years.
sunny12	Thanks Joe, I didn't know the price and that sounds reasonable.
JoeRoss	They want to know how many rooms to hold at a discount price. Again, if the person doesn't show up we have to pay for the room as well.
JoeRoss	It's such a pain in the neck, that a few years ago I swore off ever giving a seminar in the US again. I must be getting senile to even talk about it.
marsh	How many do you get for a European seminar?
sprink	For what Joe will teach you, it's a bargain.
Joy	Joe: sunny is right - the tuition is great value to learn from a legend like you!
JoeRoss	marsh: Italy is in worse economic condition than the US or Germany and we already have 74 paid participants.
streetsamurai	Joe, put out the feeler, I think you would get alot more interest then you think!
Joy	Joe: Not senile... you are benevolent!
JoeRoss	samurai: Interest is one thing; attendees are another.
marsh	What does that say about the US? We are a bunch of "grab the quick money with no work" dunderheads?
streetsamurai	lol so true marsh
Joy	marsh: Or maybe we are spoiled by Joe being right here and not appreciate what we have.
JoeRoss	marsh: You got that right. And there's something else: the success rate among the Italian students is phenomenal. Over half of them make it as traders.
JoeRoss	The rest will make it some day.
marsh	What do they trade? The dax and the euro?
JoeRoss	You should see the testimonials we get from Italy--of course they are in Italian. :-D
streetsamurai	yeah marsh but us willing to work and gain knowledge makes so much better.
JoeRoss	marsh: they trade spreads in our markets. They trade TF and ES. They trade CL. They are not married to the Eurex by any means.
JoeRoss	They keep their accounts in euros so they don't lose on the dollar.
JoeRoss	A few of them trade the Italian stock market, but they are not allowed to short that market.
JoeRoss	So they prefer US stocks.
JoeRoss	They also trade stocks on Xetra.
Joy	Joe: Thank you for entertaining the thought of having a seminar in Austin! I am so excited that I won't be able to sleep tonight :-)
JoeRoss	Just off hand--what do you all think would be the best month to have it?
marsh	After the heat of summer goes away.
sprink	October.
streetsamurai	october sounds good.
Joy	Joe: You are far busier than I am - I go with what is good for you!
sunny12	anytime after august, October works for me also.
JoeRoss	Any other inputs?
JoeRoss	I will consider an October seminar.
sunny12	Great!
marsh	Later October is cooler. Early October can still be hot.
JoeRoss	It's time for me to get back to my email.
sunny12	Have a good night.
JoeRoss	See y'all next week
JoeRoss	Have a great week trading.
Joy	Oh no... cannot believe it is 10! THANK YOU Joe!
JoeRoss	Bye!
sunny12	bye
streetsamurai	thank you Joe hope to see you in October
Joy	Love and kisses to you! Sweet dreams!!
JoeRoss	Same to you Joy.
sprink	Joe,thank you again and have a good night
JoeRoss	Bye.

Next Chat with Joe Ross:
Wednesday, May 20, 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.

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