Chat with Joe Ross
U.S. Chat log from: Wednesday, July 1, 2009
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| JoeRoss joined. | |
| JoeRoss | Hi |
| JoeRoss | Anyone make any great trades today? |
| tony | Nope |
| Jwint | First time here - does Joe speak or is it all typing? |
| JoeRoss | It is all typing |
| Jwint | ty |
| JoeRoss | This is an economy chat--no sound.-- But free :-) |
| JoeRoss | Gee guys don't all talk at once. The sound is deafening! |
| tony | Joe....are you familar with the Trident Trading system? |
| Philippe | hi all, hi Joe |
| JoeRoss | tony: No, never heard of it. |
| Joy | Joe: Good evening to you! |
| JoeRoss | I generally don't care much for trading systems. |
| JoeRoss | Hi Joy |
| Joy | Joe: I hope you had a lovely nap :-) |
| JoeRoss | Actually, I had 2 :-) |
| Joy | Even better, Joe! :-) |
| Philippe | Joe, which currency would you recommend to shift your dollars on, at the present time, anf with 1 year outlook? thanks |
| JoeRoss | philippe: Brazilain real |
| JoeRoss | OR Indian Rupee |
| aussiebrett | Good evening Joe .high everybody. |
| JoeRoss | Hi brett |
| Philippe | thats interesting, i didnt think of that.. thanks Joe |
| Joy | Joe: Do you buy government bonds, hold CDs or just trade them in Futures / exotic Forex account? |
| JoeRoss | Joy: usually govt. bonds |
| JoeRoss | No CDs in case I have to get out in a hurry. bonds are liquid. |
| Philippe | what s CD? sorry im a bit slow today |
| JoeRoss | Philippe: A CD is a Certificate of Deposit. |
| Philippe | oh right. shame to me. |
| Joy | Joe: THANK YOU! |
| Philippe | Joe, any good trade to put on our radar ? |
| JoeRoss | Buy Hecla Mining company HL |
| Philippe | i check that |
| JoeRoss | Philippe: Don't check it, buy it :-D |
| JoeRoss | You'll have a double by the end of the year. |
| Philippe | i mean checking now how it looks like :-) |
| JoeRoss | It looks like nothing. but it is a buy. |
| Joy | Joe: Is HL a buy-and-hold for a while due to gold/silver rise? |
| tony | Joe.......what's it's price? |
| JoeRoss | Joy: Yes but you can also sell options against it and make even more. |
| JoeRoss | tony $2.83 |
| tony | Thanks.... |
| Joy | Joe: COOL! Thank you! Love those option picks! |
| JoeRoss | Buy it and sell Puts also at $2.50 |
| Jwint | Just checked HL . . . picture perfect 123 |
| JoeRoss | If you get it put to you, you'll own even more, so then sell Calls above. |
| Philippe | Joe, for a stock. do you check first a longer time frame (say monthly) and if it looks good, do you monitor your entry on shorter frame? or do you monitor also on longer frame? |
| JoeRoss | HL is the largest silver miner in the US |
| JoeRoss | Also mines gold |
| JoeRoss | Philippe: I just use the daily chart for everything |
| Joy | Joe: :-) Do you still have your Explorer ants from last winter? |
| Philippe | ok. |
| JoeRoss | Joy: They are back. We have the exterminator coming tomorrow. |
| Joy | Joe: Oh no! They just cannot get enough of you like me :-) |
| JoeRoss | Yes they know when something sweet is around ;-) |
| Joy | Joe: You are so funny! Between us, the mosquitoes and ants, you are feeding the world! :-) |
| JoeRoss | Joy: don't forget my garden. I feed lots of bugs there, too. |
| Joy | Joe: Oh dear, you are the Giver of the World :-) I am sure those are some smart insects! |
| Joy | Joe: For stock and stock option trading, do you use ‘contingent order’ as a tactic to avoid stop running? I am new with my broker’s system, which offers "contingent order" to delay the release of my orders until certain price criteria are met (or so I understand). |
| Joy | I am guessing it is good thing to use. Is that right? |
| Philippe | How is the minimax method doing Joe? and how about easybond? easybond was removed because (Andy said) it was not doing too well now.. is it back ontrack ? |
| JoeRoss | Philippe: both are doing well. |
| JoeRoss | We've had easy bonds back for at least 3 months. |
| Philippe | ok, thanks |
| JoeRoss | Bond Blaster is also working well. |
| Philippe | are you considering to automate some of these methods? easy bond could be quite easily. |
| JoeRoss | Philippe: If you automate it, it is no longer a method. It becomes a mechanical trading system ::sad |
| Philippe | yes. thats what i mean. it seems to me easy boind could be one easily. u just want the user to keep control, right? |
| JoeRoss | Philippe: Yes keep control. |
| Joy | Joe: Do you have a cut off level of volume to sell stock options? For example, is a daily volume of 10 out of an open interest of 65 too low? |
| JoeRoss | Joy: I really don't look at volume because of the way I trade. |
| Joy | Joe: Is it because you don't mind owning the stocks and therefore not worried about trade management (i.e., need to buy them back or something like that)? |
| JoeRoss | If I get filled, that's all I care about. Once filled. I do nothing until expiration. That way I can handle 150 positions |
| JoeRoss | Right: I don't mind owning the stocks. |
| JoeRoss | My only concern is that they don't go broke. |
| Joy | Joe: Thank you! I like that - one less thing to worry about when you are busy helping us and I am at my full time day job :-) |
| Philippe | does this mean that u select the stock first, then if the chart looks right u sell option? |
| JoeRoss | Joy: I might just hire you to stay here and say nice things to me :-) |
| Joy | Joe: PLEASE please do! I will come in 1/4 wages :-) to be close to you! |
| Jwint | when looking at a 5 min chart and not seeing a Full Correction, I immediately start looking for it in the 2 or 3 min chart. Good habit . . . or one to avoid? |
| JoeRoss | Jwint: If it works it's a good habit. If you are losing, drop it! |
| JoeRoss | Jwint: Don't be an impulsive trader. In and out changing time frames is also rarely good. |
| Philippe | joe do u first select the stock, then if the chart looks right, u sell option on it? |
| Jwint | Well, I used to trade with various time frames open and often got more confusion than clarity . . . but I suppose if I limit the jumping time frames to the specific 123 I'm looking at, I should be able to control the insanity . . . ::smile |
| JoeRoss | Philippe: I first select the stock. Then I look at the option. If I can get the premium I want, I sell it. The chart is only secondary in the case of the options. I check the chart every day to see if I am going to have a feel-good day. But that's about it. The option is either called away, put to me, or expires worthless. |
| Philippe | ok.. i guess u chose options with short term to expriry? few days? 2 weeks? |
| JoeRoss | Philippe: 1-2 months |
| Joy | Joe: Do you determine "the premium you want" by comparing the current bid/spread against the value in your option model? Or do you have various criteria to determine the level you are willing to take the risk for? |
| JoeRoss | Philippe: My objective is to get at least $1 from the trade ($100/option). I want 500 shares and 5 options. And I want to do that every month on 100 option positions. You should be able to figure it out from there. |
| Philippe | ok good... thanks |
| JoeRoss | If I make that each month, I can afford to pay to live in the U.S. |
| JoeRoss | And hire Joy as my assistant :-) |
| Joy | Woo hoo! I will come work for you for free, Joe! You are so wonderful!! |
| JoeRoss | You don't really want to do that, Joy. |
| Joy | Joe: Oh yes, I do! :-) I am blessed to know you! THANK YOU!! |
| Philippe | Joy you must start with 1 month gardening salads ;-) |
| JoeRoss | Now it's time to plant the fall garden |
| Jwint | I'm dropping off. Looking forward to my first newsletter this week and reviewing the archives. Real honor to chat with you Mr Ross. Thanks. |
| Joy | WOO, fall garden and Joe's garden salad - good for my heart and my soul :-) |
| JoeRoss | It's so hot here that all the present garden is beginning to die off. |
| Joy | Oh no, poor Joe, all of your hard work!! |
| JoeRoss | Joy: It's normal. Plants give off their fruit and then they die. |
| JoeRoss | I have new lettuce coming in and new peas. Old swiss chard, and old tomatoes. New beets and new carrots to plant. and winter squash if I can find some. |
| JoeRoss | I also have to clean out the old strawberries to make room for new growth. |
| Joy | Yummy! strawberries! And those sexy peas - thanks to Phillippe's sexy corn idea :-) |
| Joy | Joe: If you don't mind, a quick chart question before your bedtime :-) |
| JoeRoss | ok |
| Joy | I was trying to enter one of the excellent TMC trade picks you gave us: |
| Joy | 1. There was a good entry point on the weekly chart. |
| Joy | 2. On the daily chart, prices gapped up 2 days in a row and then traded down 2 days in a row - I guess everybody wanted to get in your pick :-) |
| Joy | On a daily chart like that, entry is not recommended. Right? Ideally, we prefer to not trade when there is a gap open, I think. |
| JoeRoss | Joy: That's right. |
| JoeRoss | And if prices are higher than the price I give, wait a few days, prices will usually come back down. if not, find another trade. |
| Joy | Joe: THANK YOU! It's amazing everyday I think I re-learn what you teach over and over on self management as well as fear (of missing a trade) and greed in trading. No wonder you always say self-discipline is something we have to keep learning! |
| Joy | And I thought I was someone (being from the East) that could be less greedy and more disciplined! Ha ha :-) |
| JoeRoss | Joy: I'm from the East. I was born in New York :-D and grew up in East Los Angeles :-) |
| JoeRoss | Good niight everyone. See you next week |
| Joy | Joe: THANK YOU again and again for another wonderful night! |
| Philippe | thx Joe, cu |
| aussiebrett | good night Joe |
| Joy | Sweet dreams! Love and kisses! |
| JoeRoss | Good night |
| JoeRoss left. |
Next Chat with
Joe Ross:
Wednesday, July 8 , 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.
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