Chat Archives
Let's Talk Trading (tm) with Ken Roberts
from 11/11/2003
As we begin this evening's session, let me state the reason I conduct these monthly chats: to provide you the opportunity to ask questions and pick the brain of a successful, long-time, real-money trader. It's not the highest and best use of our limited time here together for me to define basic terms and explain introductory principles taught in your Course materials. That's what my Course Counselors are here for... Now is the time for you to use me to help you apply the basics you're learning and to prepare you for what to expect once you're out in the market itself (either paper trading or with real money). And if we have some fun along those lines, so much better. Alright... I've got an Opus X fired up, here's our plate of freshly baked brownies and oatmeal cookies (I hope we have enough!), the coffee's poured, so let's talk commodities!NOTE!!! When commenting on one of my Courses, please identify WHICH ONE. Also, when relating trading experiences and/or results, please give details: Futures contracts, options, options AND futures, etc. This helps others follow along and learn from your experience too.
joshua in Florida asks (6:06:52 PM):
Good Evening Ken, I've been adding short positions of Live and Feeder cattle contracts to my accout since September, (protecting with call options). The daily 50% keeps getting worse and worse for my early contracts. Are you going to take profits at the daily 50%, or skip it altogether and go for the bigger moves, (weekly/monthly)? Thank-you Ken. We all love these chats !
Thanks, joshua in Florida. I'm not clear why you say "The daily 50% keeps getting worse and worse," but, yes, I hang on for the Daily, Weekly, AND Monthly 50% targets. You can do this by purchasing/trading MULTIPLE contracts and/or options and "peeling them away" at each of these three targets. (Have you heard anything lately about Disney's town of Celebration near Orlando?)
Helen Yaselli asks (6:07:17 PM):
hey ken, I can't hardly wait to hear what you have to say. . .
Thanks, Helen. Me too ('cause I'm always so interesting)!
Janice asks (6:10:21 PM):
Hello Ken, this is Janice in NC. I have recently purchased Orange Juice calls for March. How do you see the OJ market?
I love OJ's monthly chart, Janice. And its weekly. And its daily! Good chartin'. You contrarian, you.
Profits asks (6:13:03 PM):
Ken, I am very interested in a tovi. Anyway to set up a monthly subscription for those of us with a tight budget?
Yes, Profits! Monthly billing is just around the corner. Call a TOVI Counselor (800-540-2193, 8:30am - 5:pm Pacific Time M-F). By the way, my long-announced TOVI TOUR is up and running at www.tovitour.com!!!
swanlake asks (6:14:01 PM):
HI Ken, Remember Me!!! What is your favorite chart pattern??
Hey Swan (were you once an ugly ducking, or did you look like Barbie?!): My favorite chart pattern is LOW.
Tony Cologne asks (6:16:04 PM):
Dear Ken,What kind of charting service did you use when you first started commodities?
There were three, Tony, and I'm not sure if any is still being published. Each one had one or two great features, but none had every great feature I wanted, so that's why I started U.S. Charts. Thanks for joining us this evening.
gormanb asks (6:17:18 PM):
Should I trade a commodity which has made a 1,2,3 formation in only four days?
That's fairly "immature," gormanb, but if you're paper trading, go for it and see what "size" 1-2-3 works best for YOUl. Good question. Thanks.
PatientlyPersistent asks (6:19:22 PM):
Hey Ken, our curiosity of KRC was fulfilled last week when we visited Grants Pass. Beautiful country you have there (living in central Texas, anywhere is more pleasant to the sight. We think it's a must for course members to come and see your place. We get to meet and chat with other course members who are visiting like Deirdre of Ireland who came to do "A day with Jim". We just came to gawk and found out how pleasant your staff and course counselors are. We thought we asked all our questions but something just came up that we need to ask you. Will you elaborate about limit up and down moves, i.e,anything we need to know about it? Thanks for all you do for us.
Thanks PatientlyPersistent! Limit up and limit down moves ARE something you definately need to be aware of, but let me also remind you that they are the EXCEPTION, not the rule.
Thomas asks (6:20:05 PM):
Good evening Ken and staff,I have been paper trading again, yes I'm doing it all over again, since May and I believe I am ready for the money market again. I have done just like you said, trade every thing. I am up almost two million dollars. Thanks Ken, this really means a lot to me. Thomas from Swan Hills Alberta.
Alright, Thomas! Now don't go spend all that money in just one place, eh!
kegman asks (6:21:43 PM):
Ken, thanks for all of the wonderful insights we have been privy to! My question is this. If I am tracking a further out contract and a formation has not been made yet, however, the front month (driver) contract has already made a formation, should I wait until the month I am watching makes the same formation or do I enter the trade? If so at what point should the trade be entered? Thanks for all you do!
Thanks, Kegman. I'd enter (and exit) the trade based SOLELY on the front-month contract. When should you enter? When the front-month breaks out of the formation you're watching. Hope this answers your question.
CANADIAN TR8DRS asks (6:23:34 PM):
Hey y'all,, This is our first time on the chat. We have taken the GAB course & have been using TOVI, what a great tool! Thanks.We are currently Long in March Sugar Futures contract at 6.07 & considering selling with a small profit @ 6.50 as the charts indicate the market may go down further. Any words of wisdom
Hello Canadian TR8DRS! TOVI agrees. I'd bail. Thanks!
Big Fat Geek Waiting asks (6:25:37 PM):
Regina, Sk. Ken, the markets are peaked for some take-offs! I'm paper trading about 10 markets right now: CDN and US dollar, Live and Feeder Cattle, Soybeans, (Meal and Oil), Eurodollar, Coffee, and OJ! Even though I'm not in with real money I expect to learn a lot from these markets from my paper trading, as it has been invaluable the past 5 months! Hope some markets can hold on until January when I get into real money trading, but if not, I'll wait for them to come back to me! By the way, aren't you juiced about OJ? Its looking so sweet in its NSC that I can barely concentrate!
Love those OJ puns, BFGW! I'm orange with envy (but don't put the squeeze on me)! OJ is definately a-peel-ing to me too.
Henry asks (6:26:13 PM):
Hi Ken:Henry and Lisa from Gardnerville, Nev. Ken what do you use most, futures, options, or futures and options in combinations?
Yes --- actually, futures AND options.
rodman asks (6:27:27 PM):
How do you view the corn, beans and wheat for opportunites given their current trends?Rod Johnson Norfolk, NE
TOVI likes the Corn best, but all three are in uptrends. Thanks rodman.
Knute in the Burgh asks (6:28:31 PM):
Hi Ken:TOVI appears to be a wonderful tool now available to help us in our trading. Is TOVI doing the work that we would have done on our own previously on our own charts, and is there still a need to do our own charting? Thanks!
Great, great question, Knute. (You'll probably win our award for best question of the month --- IF we had one, which we don't . . . .)
DAVE FROM OHIO asks (6:31:35 PM):
DAVE FROM OHIO: HI GANG!!!!! TOVI : JUST WANTED TO LET COURSE MEMBERS KNOW THAT IT PAYS TO BE STEADY ON COURSE WITH TOVI .OJ SELECTION FOR SEPT O4 80 STRIKE VALUE FACTOR OPTION WAS FILLED TODAY AFTER ONE WEEK OF WAITING. THANKS KEN AND TOVI FOR ALL YOUR HELP. DAVE
Thanks, Dave! So you love TOVI too!
Rob from ND asks (6:33:50 PM):
Hi Ken. Does it ever bother you that for every dollar someone gains someone else loses that dollar? I love commodities and everything you have taught me but sometimes in the back of my mind that bothers me. I would greatly appreciate any advice on this. Thanks for having these chats!
Yes, Rob, it used to bother me too (for about 20 seconds). I am a spiritual midget, but here's the fact of it: Many, many traders EXPECT to lose money in the commodity markets! Why? Because they are HEDGING. For example: Don't YOU expect to lose money this year on your home and auto insurance policies? I hope you DO "lose" money because that means you had no claim.
RAYTERE asks (6:34:52 PM):
DEAR KEN AND CREW...AFTER 1YR 7MO IN YOUR COURSE (7MO PAPER TRADING, 11MO TRADING WITH REAL MONEY) I FINALLY MADE MY FIRST SUCCESSFUL TRADES IN OJ AND COTTON...BOUGHT 1 JAN OJ 70 PUT 55PTS=$82.50 LIQUIDATED IT AT 210 PTS=$315.00 282% RETURN (LESS THAN 2 MO TRADING) BOUGHT 1 MAR COTTON 90 CALL AT 25PTS=$125.00 LIQUIDATED IT AT 225 PTS =1125.00 800% RETURN (LESS THAN 2 WEEKS TRADING)AND I STILL HAVE A CALL AND PUT IN OJ AND COTTON, EXPECTING PRICES TO REVERSE. WHAT HAVE I LEARNED IN ALL OF THIS? PATIENCE. AND LEARNING FROM MY MISTAKES. THANKYOU KEN AND CREW.
Ain't it great?!
rocky asks (6:38:28 PM):
Hi Ken,I've been watching Copper take off to the upside, however the Weekly Commitment of Traders shows the commercials have an extremely large net short position. The nearby contract (DEC)has hit $.96 / lb. and I had noticed on the monthly chart $.94 appears to be "key" resistance.I have recently finished your options course (and have been trading futures and stock options for over a decade)and was entertaining purchasing put options in the copper market - what is your opinion on this? Thanks,Eric
Just look at Copper's Monthly chart, rocky. That's all I need to see. And it tells me UP, UP, UP for Copper. TOVI agrees both Long-Term and Short-Term, so TOVI tells me to hold off on those puts and buy calls . . . .
Mattituck Mike asks (6:39:51 PM):
ken...doing a lot of waiting this month waiting for corn...beans...sugar...oj...and others. also, got hold of a dvd of a vernon howard class...unbelievable...thanks ken
Thank you, MM! Keep your patience going. We've seen many comments already this evening testifying how patience pays . . . .
Kittyhawk asks (6:42:02 PM):
Kittyhawk in NW Fla. I have had difficulty in obtaining options in markets such as unleaded gas, lean hogs, and now live cattle. I have a good broker who says that these markets are thinly traded with regard to options. Have you experienced this and ,if so, what is your strategy?Thank you!
No, I haven't experienced this, Kittyhawk. But if I did, I'd simply leave my open order out there on the Floor and wait. Thanks! (Have you heard anything recently about Disney's town of Celebration?)
hedged asks (6:47:15 PM):
Hi Ken: ToviTour is very informative!!! It seems Tovi is mainly a trend following system. GAB is based on purchasing options counter to the trend. Do we use Tovi to only determine trend or is it possible to use Tovi to help pick options counter to trend. regards.
Here's a strategy, hedged (Great question, by the way): When TOVI's Short-Term Trend goes "extreme," that could signal an opportune time to be contrary. Another would be to watch TOVI's Long-Term Rankings and go long a market that TOVI rates as an "Up" market, but the light is red. If my response only confused you more, call a TOVI Counselor tomorrow. Thanks!
ten year veteran asks (6:48:04 PM):
Good Evening Ken, What is the personality of the typical sucessful trader if there is one?
He or she smiles a lot (and is patient).
Mike asks (6:48:29 PM):
Ken where would be the best place to find future contract prices updated daily?
U.S. Charts on-line!
nevergiveup! asks (6:50:42 PM):
vancouver,bchi Ken, I need your help! when I am papertrading, everything is going fine, and I am not cheating, but when it comes to the real thing ... I just can't get it right!! lost $1600 in 10 days! :-(( HELP!I really want to do this! not much left to risk!
Great comment, and I completely understand. You MUST see what you're doing differently when trading real money. Watch yourself closely! (Do you listen to brokers? Do you believe the news? How are your emotions? Do you stick to your plan? Etc., etc.)
Tai Pan asks (6:51:44 PM):
Dear Ken. I have been following coffee since the 30 year lows reached almost 2 years ago. Are you still long and are you discouraged at all? I have missed a lot of market moves in my 7 years since I first took your course and I don't want to miss this one. Thanks. Tai Pan
Hello Tai Pan! Yes, I'm long coffee. No, I'm not discouraged because I KNOW coffee's upside target(s)!
Caribbean Doc asks (6:53:26 PM):
Hi Ken. The Canadian Dollar reached its Initial Target and has since Gone from Extreme to Moderate and now back to a Strong Strength Ranking. Is the Secondary Target as attainable as the Initial Target?
Absolutely, Caribbean Doc! It's only just begun . . . . And consider this: The fact that it's hit its initial target makes it MORE LIKELY to now reach its secondary target!
pacman2 asks (6:56:39 PM):
Ken, would it be fair to say what goes up like a rocket comes down like a rock? For example, beans. Time for some puts here around the 650 level? Should we listen to the news or just play the charts?
Charts only, pacman2! No one can say exactly how Beans will fall, but markets do tend to fall about twice as fast as they rise. A 650 strike looks good to anticipate a retracement in Beans. Thanks.
eric asks (6:57:33 PM):
Hi Ken, Me and my partner are loving this opportunity you've given us. We are presently playing with oj, and many others but for the life of us we can't figure out how to find out the margin amount on any specific commodity. Can you help?
Sure, Eric: See U.S. Charts or ask your broker.
TraderJim asks (6:59:12 PM):
Hi Ken!! When shopping for a broker, what is a fair price range for option trading commisions? And yes.... before you say it,I realize service is the prime consideration." A dedicated GAB Student"
I'd say $35 to $65, but what you said is true . . . .
Little Joe asks (7:00:02 PM):
Hi Ken; You're sounding a lot more vibrant tonight than on last week'd TOVI chat. Sure hope you're feeling better. And thanks for caring enough to share this great business!
Thanks, Little Joe. Yes, I'm back on my game.
Trips22 asks (7:02:23 PM):
Hi Ken and the Gang.I just got Tovi. Have you changed your trading strategy as a result of tovi. It seem with tovi we are identifying the trends and going with the trend rather than being a contrarian. I have taken profit in rice getting out at 8, the monthly 50% rtracement. Now tovi says it it long term in uptrend and short term up trend. does that mean it is time to go long in rice. Thank you .Hope you can answer my question. Is it time to follow tovi or stick to long term position trading principle.
First of all, Trips22, yes, Rice is green-light-go-long!!! I'm STILL a long-term position trader, but with TOVI I'm not riding out those huge dips and entering way too soon. So what could be better?!
Bill from Boston asks (7:04:57 PM):
Hi Ken,I currently have call options for March and May Coffee. I was wondering if I should continue buying out months or check out TOVI and go with it's recommendation. I do not have TOVI right now, but my guess is the short term trend is down and long term is up. I was thinking of not buying until the two trends were in agreement. What strategy would you go with? Thanks...
I DO go with TOVI's recommendations, Bill. You're right: TOVI says Coffee is long-term UP and short-term DOWN (and I believe TOVI).
Pat asks (7:07:03 PM):
Pat from San Diego: I missed your TOVI chat last week and can't find it archived - did it happen? or maybe I just dreamed it! Also, am I to understand that TOVI can save me money by keeping me out of a market until it's ready to move - thereby eliminating the need for numerous "rounds" into further out months? I'd LOVE to save some money!! Thanks!
That's what I'm saying, Pat. Yes, we did have a TOVI Chat last week and you can find that archived at http://chat.tovionline.com
Montana Mike asks (7:09:26 PM):
Greetings Dr. K, I stuck to my 50% levels with calls in both Soybean and Cotton options but after I divested myself of the 70 cotton call and 720 soybean call they went through the roof!Should I feel I lost out by cashing in $20,000 worth of options for $6,000 or should I feel good about the 300 % profit and sticking to my plan?Also how in the heck do you know when to hold 'em or fold 'em?
I love it when people call me Doctor! (But I'm really Dr. Quack!) You should feel GOOD about your results, but vow to get better. This is why I like purchasing multiple contracts/options and liquidating some along the way at target points. No one has a crystal ball regarding holding and folding, but my answer is to use chart targets all the way. Thanks!
rex in montana asks (7:10:50 PM):
Hi ken, please give us your insights on the Dow Industrial contract. I see that the December has passed the monthly and weekly 50% and it looks like this market may push on to at least 10,250 soon. What do you think?
I agree (and so does TOVI).
commodity king asks (7:11:19 PM):
Hi Ken, I just completed the GAB course and have been using your strategies to make money. I papertraded for about 3 months with success and felt like I was ready for the real thing. My first trade I made $150.00 in Soybean Meal!! Not a whole lot of money but I felt proud because I made a profit and know I will continue to do so!! I sure do love this business and want to thank you for sharing it with me! It's got to be one of the best investments I have ever made!!Commodity King
You're the King!
Sher Bear asks (7:11:54 PM):
Ken how an you find a good but cheap broker as I feel mine is getting very expensive
Shop, shop, shop (and be willing to walk)!
swanlake asks (7:12:27 PM):
Ken the hedging answer was great also the farmer is offsetting his futures losses by selling his grains for higher prices!!!!
Thank you, swanlake --- that helps ease my tremendous guilt too!!!!
Kittyhawk asks (7:12:37 PM):
Kittyhawk again, haven't heard of this Disney town, sorry.
!
Nelson asks (7:15:30 PM):
ken, this is our first time in your chat room and we love it. Just wanted to tell you we bought a .65 december cotton call in August for $275.00. We sold it in September for $1650.00. Thanks to your course we have hope for a good retirement. We are thinking about buying a put option on March Soybean oil. What's your opinion? Happy trading!!
Good going! Sounds good to me, Nelson. Get it cheap . . . .
Eric in Japan asks (7:15:50 PM):
Watching those options expire cabinet really hurts... I can see why TOVI is so valuable now! I could have already paid the subscription fee! Twice! :)
!
Francis Coakley asks (7:18:14 PM):
Mr. Ken Roberts, My name is Francis Coakley and I am anew student. What I would like to know is your opion on short term purchases of Home Heating Oil? This is my first trade and I have heard a lot about OPECcutting back on supplies in the next couple of months and that we are supposed to have a cold winter?
Hello, Francis. Here's my special exercise for you in this market: Paper trade BOTH puts and calls, listen to the news every day, and see how this "trade" pans out . . . .
Eric in Japan asks (7:18:52 PM):
I think I am spoiled. Two weeks ago I took some small profits on some corn calls. I was a bit disappointed because I had only made a little over 100%... AFTER considering fees & commissions! I was looking at some interest rates on CDs this week around 5% and I just LAUGHED. (PS. I still have more March 04 Corn Calls waiting for my target.)
Keep laughing, Eric! Thanks.
Tony K.from Thorofar asks (7:19:54 PM):
Hello Ken, My broker recently suggested that I should write 2 calloptions far out of the money in coffee and buy 2 call options closer to the money all in the same contract month. Out of a pure nervousreaction I said no!!! But I really don't know if it's a good tradingplan. Is it worth trying? Thanks Tony K. from Thorofare , N.J.
You did great, Tony. That's a wonderful trading plan --- FOR YOUR BROKER! (Tell him, "Good try . . . .")
peasoup asks (7:20:41 PM):
Hi Ken. Tovi says that it could take coffee up to 23 months to take off. Is it better to wait for a while to buy coffee call options?
Yes, I'd wait until TOVI's Long-Term Rankings turns green (like peasoup).
trwtrader asks (7:21:49 PM):
Ken,Once a trend has been established by TOVI, do you purchase an option at the premium TOVI's search recommends or put in a lower bid? Thanks.
TOVI's already calculated any option's current value, so you don't need to try to bid it lower.
Eva asks (7:23:31 PM):
Ken, coffee has been in a sideways channel for a while. How far out should one go in purchasing options at this time, and I love your US CHARTS. They help me a lot. Thanks.
Thanks, Eva. Yes --- I can't trade without my charts! Timewise, go out as far as possible. Strikepricewise, let your budget guide you.
Ardenmike asks (7:24:49 PM):
Hey Ken, thanks for giving me some hope that the average working stiff can find success. In my first go round with trading I made the fatal mistake of letting my broker call and talk me into a hedging option trade that I didn't even understand. As it turns out I was doing well with futures but these options actuall started to develop a margin and forced me out of trades prematurely. It ended up really messing up my account. Do discount brokers usually make a habit of calling and soliciting there own Ideas? I remember in your literature, you said most losses are from letting your broker make your trades. I found out the hard way that this is true!
Thanks for sharing your (hard) lesson with everyone. You're a trooper.
texasd asks (7:26:08 PM):
Hello Ken, Afraid I've been unavoidably out of the loop for awhile and have missed you and commodities. Just wanted to say hello to a favorite person. I'm the gal from Texas that you said reminded you of your mother. Hope all is well for all of you. GOLD still gives my heart an extra thump when I remember that trade. You still fighting the guys off of Nickie? Give the girl a break, Dad. :-) Best wishes.
Hello, texasd! Glad you're back in the loop!
David S asks (7:28:16 PM):
Ken, I'm a new commodities option trader. My question is this:If I purchased options for a commodity four months out and after three months my position was no better, would it be better to sell the options and recover some of the premiums or stay in and let the options expire worthless and purchase options for a farther out month?
The best answer I can offer, David, is: TOVI!!! TOVI actually continually monitors any option's premium/value ratio and alerts you if and when that option is "turning south." You and I, as mere mortals, simply cannot do this!
Janice asks (7:30:54 PM):
Hi Ken, Janice from NC.If we wait til Tovi says it is time to buy an option, won't that cause us to have to pay more for the option, than if we bought it before the time was right? The law of supply and demand would come into play wouldn't it, and make the prices of the options go up?
Great question, Janice! Surprisingly, I've found the answer to be that a TOVI-picked option fares much, much better. Paper trade several trading methods (including TOVI) and see for yourself. Then you'll know why I say "I won't make a trade without TOVI!"
A in FLA asks (7:37:17 PM):
Hi Ken, Gold has been having difficulty getting thru the 390 area, do you feel it has to retrace a little or what does Tovi think short term before it rockets to the moon?
Short-Term, TOVI says Gold has gone from "moderate" to "Strong" up four days ago. We've found this to be an excellent indicator to get long now! (Have you heard anything recently about Celebration, FL?!)
Tony Cologne asks (7:37:42 PM):
Dear Ken,Does Live Cattle lead Feeder Cattle or vice versa?
Treat them separately, Tony.
whatmeworry asks (7:38:23 PM):
Ken, could you explain a bit more about entering a position too soon? Doesn't that make it more expensive to enter later?
It could, but it's also expensive to enter too early and wait out dips and/or run out of time. Good question.
sleepless in detroit asks (7:39:38 PM):
Hi Ken, is there a commodity traders pun book out there that I haven't heard of yet? On an unrelated note do you prefer to use true 50% retracements, and if so, why?
Hello Sleepless. We WROTE the book on commodity puns! No, I don't use "true" 50% retracements; I take the largest move I can get using chart points. Thanks!
FIKARA asks (7:40:23 PM):
Hi Ken. Ole' TWPMM member here. Went through the course a few years back, got excited and got in. Since had medical, and family probs and wasn't able to manage the business. Back on my feet now, with enough to get back in the game. Is my TWMPMM still the best approach? I've noticed a lot of GAB & TOVI talk. Thanks for the hope your program provides.
Take the TOVI Tour, Fikara, and hold onto your hat! Welcome back.
hopefullchick asks (7:41:36 PM):
Hi Ken,Just wanted you to know that I am using the US Chart Company Trade Tracker every dayfor my options, commodities, stocks and mutual funds paper trading.This is a wonderful tool.Thanks for everything.Hopefullchick
Thank YOU!
Trips22 asks (7:44:26 PM):
Hi Ken ,.Thanks for answering my last question. Is it time to exit some of the long positions I hold in coffee and wait till Tovi indicates it is time to enter. I have 8 contracts which is a large position for me. And like many I have been in Coffee for the last two years. I would hate to miss the opportunity.
TOVI says Coffee is DOWN Short-Term, so you may want to take that cue and stand on the sidelines (or get short) right now. If you wish to insure that you don't miss out on an unexpected Coffee rally, get some TOVI call options for protection. Hope this helps.
Mark asks (7:45:49 PM):
Does TOVI show you when is the best time to liquidate your 2 options?
TOVI doesn't trade for you, Mark, but it gives you information that you and I can use to make our own trading decisions.
ptRon asks (7:47:17 PM):
Hello Ken, ptRon in Utah here. About 3 years ago I became discouraged with cocoa call options, after being in them for about a year. I bought coffee calls. A few weeks later cocoa made a big move. Since then I have tried to stay in coffee calls. I notice that coffee has been in a channel between 55.50 and 70.50 for over a year on the weekly chart. My cocoa lesson tought me to stay the course. Hope I'm right on this one. Thanks for the chats.
Yes, patience pays!
Beyondetermined asks (7:50:47 PM):
KEN, I just bought a July 04 Rice call option with a strike 0f 8.80, today future closed at 8.11. I paid 1,080 dollars for it. Do you think I picked a good VALUED option? The front month closed today at 7.59 and TOVI shows a first target at 9.56. I think this is a good one to be in?
Hello Beyondetermined. The more you use TOVI, the more you'll trust it. I just looked up your call option and it's worth $1,060 today and TOVI rates it as a 2.133. The highest-rated Rice option of all is a 2.314 (and that's a May option), so I'd say you're sitting pretty right now. Good going!
optionman asks (7:51:13 PM):
ken,I don't have a question but I have an answer for you about celebrationin downtown disney.It's a town scene Disney made that has the blues club and some other club for nightlife at Disney.Thank you for thesechats
Thanks optionman!
Bonita Joe asks (7:51:51 PM):
Ken!!!! Am I too Late..........I just got home! Bonita Joe
A little bit, Bonita Joe, but tonight's chat will be archived for your enjoyment and enlightenment!
Profits asks (7:52:22 PM):
Ken, I have a broker that calls me every few weeks to solicit my business. He always has a "hot tip" that he thinks I have to act on immediately. I keep telling him I already have a broker I'm happy with. I also tell him my broker doesn't tell me how to trade my account. I keep asking him not to call me but I can't seem to shake this guy, any suggestions?
Do you have a friend named Guido?
Stan From Illionis asks (7:53:16 PM):
Hi Ken, chats are great and very helpful. I purchased a $600 silver call option about 2 weeks ago when tovi ranked it from moderate to strong. Within a day or two the ranking changed to moderate to neutral and neutral to moderate. Have tovi and I missed on this one?? Should I be worried since I am now losing money on this trade??? Thanks
Nope; hang on (unless TOVI turns your option RED)!
Frank H. asks (7:54:11 PM):
Ken, how do brokers determine how much a margin is for each commodity?
Initially, Frank, the EXCHANGE sets a minimum margin amount. THEN, an individual brokerage can increase that amount if they wish (but not go below).
Montana Mike asks (7:54:56 PM):
Ken,I'm holding 2 92 March Copper calls.I know TOVI and the charts point to the upside and it appears the 50% mark on the monthly is north of 110,but should I hold both until then or lock in a profit now and let the other ride?
That's completely up to you, Montana Mike. Here's where individual trading style comes into play.
Carribean Craig asks (7:55:30 PM):
Ken, When do you usually exit a long futures position when the FND is cash settled ?
A week before FND (but you don't have to).
pistolpete asks (7:56:51 PM):
Hi Ken-I love your stuff and your approach to life. You are truly a breath of fresh air. The Rich Man's Secret Book was truly fantastic. Great reading. Anyway, here's my question: I am currently in paper trading mode and I am finding that I am having a tough time being patient and waiting for the 50% moves to be made. As soon as the commodity I am paper trading starts to show a profit, I want to take it. I know you are supposed to hold on, though. Could you give me some advice on how to practice patience? And I am like this just paper trading. I would probably be even worse with real money. Thanks for everything Ken.
Not so easy, is it, pistolpete? Stay on paper until you're paper-trained!
moneyrules asks (7:58:42 PM):
hi ken & co. scotty from petaluma ca. here. do u still bid half price on your options? i do believe u when you say "this is all you need" and i am making money in options. do u need tovi.
I don't have to bid a lower price now that I use TOVI. You can live without TOVI, but now that it's here, I won't trade without it . . . . Thanks!
gm asks (7:58:56 PM):
Ken Tell me more about tovi, and where can I get more infoThanks
www.tovitour.com
Russ - Malibu asks (8:00:39 PM):
Dude, Hope you're feeling better than you were during the TOVI chat last week. Can't have my man feeling low, we need your humor. You know that I'm long three NDZ3 from way back when they were really cheap. I'm planning to wait for the monthly 50% up above 2450, which is a long way from 1413 where it closed today. It's been going down and sideways for the last 3 days so today I rolled one into NDH4 thinking I could be in on the ground floor for that month. I checked the volume for March and discovered that I was the only trade for the day @ 1414 (which is what I bid) and only one tick ($100)above where Dec is trading. Considering that I plan this as a long term trade, (could be a year or so) do you think that I should roll the other two into March now while it is trading exactly the same as Dec or would you wait for the last couple of weeks of the Dec contract?
Russ, you are, indeed, DA MAN!!!! (I'd roll now . . . .)
ashtonota asks (8:01:00 PM):
on Celebration, FL It's a Disney gated community, self contained, like living in heaven!
Thanks!
javajones asks (8:01:53 PM):
Ken, With TOVI being such a factor, have you cutback on your Long postions in Coffee until it signals more urgency ? Thank you for your insight.
Yes, javajones (I assume that means you drink a lot of coffee?).
Well that's it for another month. Here are my favorite web sites if you're interested: www.tovionline.com (FLASH!!! My personal tour's now up and running at www.tovitour.com!!!) ; www.uschartco.com ; www.fourstarbooks.com. ; www.historictrees.org. ; www.billoreilly.com ; www.wildlifeimages.org; www.LP.org. My next chat will be Tuesday, December 9th. As always: Use these newfound powers only for Good. Good night, God bless, and watch where you step!
« Back to Chat Archives
|
|
