Chat with Joe Ross

U.S. Chat log from: Wednesday, November 25, 2009

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

	joeross joined.
Ted	Hi Joe
joeross	Hi I'll be there in 5 minutes
limasierra88	Hi Everyone
Joy	Hi lima, Joe said he'd be with us shortly - happy Thanksgiving to you! :)
joeross	Good evening everyone.
joeross	It's good to see you all after a couple of weeks off.
Joy	Joe: Happy Thanksgiving Eve to you!
limasierra88	Happy Thanksgiving to you Joy. We should call Joe "stranger" after all these weeks off, not that he doesn't deserve it.
joeross	I was working much of the time
Joy	lima: LOL! Though I am afraid Joe worked hard in the 'time off' :-)
Joy	lima: See!
limasierra88	Aw shucks, I was hoping that you were regenerating
joeross	I did that too, but I still haven't gotten my body back to US time
limasierra88	Yes, didn't you have an international seminar?
Joy	Joe: Oh no :-) You must be tired now. Will you be going to the health farm in Dec. this year?
joeross	4 days of seminar in Italy, plus two private tutorings.
joeross	Joy: I am tired. Every time I make that trip it gets harder.
joeross	But it had to be done.
joeross	In April I will be heading for Brazil
joeross	That's another long trip.
drago	Joe any chance to come to Mexico for give a saminar?
Joy	Joe: Wow, another trip? Well, I am just glad you are back safe and happy now --- hopefully ready to rest during the holiday season!
joeross	drago: I could do it if someone put it together for me.
drago	I work for it
Joy	Joe: Or drago can come to the Dallas seminar next year ;-) It was great this year!
joeross	Dallas will be March 20-21
drago	i start a club of fans of you here...
Joy	Joe: Maybe I will be a repeat student and come in March again :-)
joeross	drago: that would be nice.
joeross	You will be welcome, Joy.
joeross	I spent the last two days redoing about 100 slides for the seminar.
Joy	Joe: THANK YOU! It will be so nice to visit you in a few months again!
Joy	Joe: Oh why do you have to redo the slides? Are you changing a lot for the March seminar?
joeross	I had a really good day with my stock positions today.
joeross	Anyone else?
drago	Joe i have some questios about what is the order the read your books?
Ted	Joe, I thought you do not trade the day before a holiday?
Joy	Joe: I only did the LC spread this week and closed today.
joeross	drago: That is a question I never seem to be able to answer. If you want to read them in the order they were written: Trading by the Book; Trading is a Business; Day Trading; Trading the Ross Hook; Trading Optures and Futions; Trading Spreads and Seasonals.
joeross	Ted: I didn't say I traded. I said I had a good day. 3 of my positions went through the roof. IWA, QLTI, and NAK
Doer	Joe, could you please explain the advantages/disadvantages of Binary Options? If we cannot cash in at any time, but must wait until the Binary Option expires, that seems like a major disadvantage.
drago	thanks but here in mexico we have a small market of futures and options, i prefear trade with stocks, i am sure that all the books con help me to do my best, but some time a have lost whit soo many information that i can ´t use.
joeross	Doer: It is only a disadvantage to the option buyer. Option sellers are quite happy with binary options.
joeross	drago: There are still 2 stock books available on our website. However, the futures books do not have a lot of stuff in them that is not also useful to stock traders. My books are very generic.
Doer	Joe, So you never trade them? Or is there an exception?
Joy	Joe: What did you have to change, if any, on the criteria of your income generating stock options strategy during this uncertain time anticipating the market may be topping off and decline quickly?
joeross	drago: TNT II and TNT III
drago	This books can help me to trade better in stocks?
joeross	Doer: I am an option seller. Binary options are ok for me. But usually I use them only for offsetting other positions.
joeross	drago: That's the idea.
drago	thanks Mr. ross
joeross	Joy: After I cashed in a lot of options that expired worthless, I was left with outright stock positons. All 3 of them were incredibly up today.
Doer	Joe, it appears that Binary Options are similar to the Forex/Futures disadvantage, right?
joeross	Doer: I'm not sure I understand what you mean
Joy	Joe: Thank you! Your magic touch is amazing - some incredible charts today. :-)
Ted	Joe, since I got your e-mini book I have had good success paper trading and am now ready to money trade. 2 questions: 1) Is there any benefit of watching the Spoos as a lead or do the minis lead? 2) do you watch any chart other than the 5 and 1 minute chartsw, like the 15 minute or 60 minute?
stinsonv77	in case no one has checked your stocks,yes joe they were really up
Doer	Futures have a big advantage over Forex, both in Volume and in Commission. Binary Options relative to regular Options are the same way, is that right?
joeross	Ted: There is no advantage either way. Many have tried it and many have gone down the wrong road
joeross	stins: I have no idea why on any of them.
joeross	But I'm not complaining
joeross	Doer: I haven't traded binary optons enough to give a valid answer.
Doer	Joe, what may be the reason that I have fantastic success trading with a Demo Account, yet seem to lose money Live?
joeross	Doer: The most common reason is that on a Demo account your emotions are not really involved.
joeross	Also, on most Demo accounts, the fills are not real.
joeross	You usually get filled--and you get filled at your price. In real trading, that is not the case.
Doer	This is very discouraging. One day I made $91 MILLION trading a Demo Account. Yet when I went live, I LOST $10,000.
Ted	Joe, I have been selling options and do fairly well. When you talk of spread trading, and your book on spread trading, does that deal with option spreads on stocks or other instruments?
joeross	Doer: You are now a full member of the reality club.
joeross	Ted: The book deals with spreads on futures.
Doer	Thanks. Can you send the Certificate of Membership?
joeross	Doer: Do you want the one with gold leaf embossing or the one with platinum embossing? ;)
Doer	Either one. Just a record of my travails.
aashley	Joe, i am going to miss not getting the TMC anymore, it was awesome.
drago	Joe, i had all ready read one of yours books , trading by the book and know i am reading trading the ross hook, and the point is i have some questions, in one of your books you tell us that if we have some questions we can send to you by fax or we can call you by phone, is any chance that thes questios i have a could send to you for email? (sorry for my english)
joeross	aashley: Thanks for liking it. But I really had no choice.
joeross	drago: Send them to support@tradingeducators.com
aashley	i'm sure it took a lot of time, i learned a lot. So thanks for all your hard work and information.
drago	agian thanks Joe...
joeross	It did take a lot of time aashley, but time wasn't the reason I had to stop.
Joy	Joe: Yes, I echo Ashley comments again - I am very sadded and will miss your teaching through TMC very much!
Moose	joe how does one filter out strong trends when using the 2 segment pivot reversal bar strategy?
joeross	aashely: I have incredible global contacts, and was strongly advised to stop.
aashley	really? Can you explain further? If not i understand.
joeross	Moose: I don't know, but if you do, tell us too.
netwonc	sorry I am late , computer problems. hello everyone
joeross	we all have them wonc
Ted	Joe, am thinking of buying UUP - any opinions? Also, if I remember you are bearinsh on gold, on CNBC today one of the goldbugs has it going at least another $300.
joeross	Ted: I'm not exactly bearish on gold. I just think that soon it must correct. When it does, I'll be back in.
limasierra88	Ted, the thing about UUP is that it does not move very much -- range for the past 18 months is 26.90 to 22.25, I think I recall.
drago	Joe: I think you kwow many of this guys in this chat, but always when a study your books ask my self this question Why are you so generus with us?
netwonc	I agree with Joe, surely gold will correct soon and a good time to buy more
joeross	Ted: I think you would be too soon on UUP. Until US interest rates rise, there will be no serious dollar rally.
aashley	i'm with Joe also, on a pullback i'm loading up on more silver, i'm going to buy some puts on my silver positions in the next couple of trading days.
joeross	lima: UUP has been in a multi-month downtrend. Take a look at the chart.
joeross	drago: It's a long story, but when God gave me a second life, I began to teach and try to help others.
drago	God bless you joe, from the bottom of my heart
limasierra88	Yes, agreed, but even when the USD had a peak around the beginning of March, UUP did not respond much. Personally, I think UUP doesn't make a very good dollar hedge (or bet) because it lacks enough volatility.
joeross	lima: there was plenty of volatility in it today :D
netwonc	Joe, have any idea about the gold correction price, on the down side
limasierra88	In UUP?
joeross	Yes. It gapped open and dropped like a rock
joeross	dropped 26 cents
Ted	thats why I thought it might be a shoert term buy
limasierra88	Today's range on UUP: 22.16 to 22.02
joeross	Ted: wait until it puts in a bottom
joeross	But even when it does it could be quite awhile before it moves up. The dollar is being used for the carry trade. Sell dollars, buy Aussie dollars.
Joy	Joe: SORRY to break all the good discussion on USD with a quick spread question... Joe: There is a Lean Hog spread in today’s spread scan (LH M0 - LH G0). This seasonal spread will be out of the entry window after Thanksgiving break. It also looks to continue the wrong way and will break a major low on the weekly chart.
Joy	Joe: Is this type of spread what you called ‘counter seasonal’ and may consider taking the opposite direction of the seasonal spread?
joeross	Let me give you the skinny on the dollar. It will take a few mintues so please hold comments till I finish
joeross	Joy I'll get back to your spread question
joeross	In 2010 the US will have to refinance $2 trillion in short term debt. That doesn't include any additional deficit spending, which is estimated to be $1.5 trillion. That's a total of $3.5 trillion that the treasury needs to borrow in the next 12 months.
joeross	where will the money come from?
joeross	The most the US can come up with from gold and oil stocks is $358 billion. It has $136 billion in foreign currency reserves. So the US can come up with $500 billion. But we owe foregin creditors $880 biillion in the next 12 months. That's more than all our reseves.
joeross	Since foreginers have stopped buying our debt, most of the buying is being done by the Fed. The Fed will do what Bernanke said they would do: He has a printing press.
joeross	The govt, will either have to declare a default or print the money. What do you think will happen to the dollar?
drago	The new peso...
joeross	Joy: at the moment the spread is counter-seasonal, but it may not stay that way.
Joy	Joe: THANK YOU! And thank you for teaching us about the USD - the numbers are scary!
Doer	Most other nations are in worse shape than U.S. Notably Britain, Japan and EU. That is why I see Dollar rising against them soon. Is there anything that will keep these Currencies up?
joeross	Doer: As long as the others are paying more interest the dollar will stay down.
joeross	The dollar is now the butt end of the carry trade.
aashley	if dollar value gets cut in half, will that mean that most commodities will double. Or is there more to it than that?
joeross	This is exactly what the yen was for 20 years.-- the butt end of the carry trade.
joeross	Borrow dollars and invest in any currency that has a higher interest rate.
netwonc	Hope we dont go into another depression
joeross	aashley: Any commodity priced in dollars will go up.
stinsonv77	joe do you go back to the pre computer days when you plotted charts by hand.and if so do you remember the book "consistent profits in the commodity futures market"by curtis dahl
joeross	Some commodities will go up amazingly high. But It is not proportionate. The dollar this year dropped 7%, but gold went up 34%.
aashley	so do you think metals are the best. Or should one go into other things like grains and softs etc.
Ted	oil?
joeross	stinson: I go back to the hand plotting of charts, but I dont' remember the book.
joeross	We will have a commodity boom. People will want tangible assets. Some people will want tangible assets they can eat.
joeross	It's my bed time.
Joy	Joe: Thank you as always for your gracious teaching and generous time! Happy Thanksgiving to you and Loretta! I will be making your famous cheesecake in your honor and wishing I could send a slice to you!
joeross	Happy thanksgiving day to all of you.
senthilk	Joe...when u trade futures..don't you ever use TICK charts.. if so what is the tick that you will use for ES.
Joy	Sweet dreams! Love and kisses to you!
aashley	thanks Joe, i could listen to your wisdom all night. Happy Thanksgiving
limasierra88	Happy Thanksgiving Joe
stinsonv77	thanks joe
Ted	Thanks Joe - this was a great discussion - Happy thanksgiving to all and to all a good night
hoot	Same to you Joe, all the best. Thank you.
joeross	sent: there is no set number of ticks. I do it by trial and error.
Moose	Thank you Joe
netwonc	yes, happy thanksg iving to everyone, we still have plenty to be thankful for ,
senthilk	thanks a lot..have a happy thanksgiving day
joeross	Good night. and don't eat too much tomorrow.
joeross	drive safely
joeross	bye
drago	Bye
netwonc	bye all
senthilk	bye al
	joeross left.

Next Chat with Joe Ross:
Wednesday, December 2 , 2009
Time: 8:00 - 9:00 P.M., U.S. Central Time.

COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!