Chat Archives
Commodity Chat With Trader Jim! (tm) with Jim Prince
from 02/13/2007
Well folks we had a major technical problem and it crashed the chat. Please submit your questions again. We'll try to have all previously answered questions in the archives. Thanks for your patience.
jslozon asks (7:19:31 PM):
is it over already?
Nope, we had a technical malfunction.
ready2win asks (7:24:38 PM):
Hi Jim. Hope you are having a great nite! I notice on the alerts and the "Just Happened" emails and alerts you mention that when a trigger has been met you say "possibly a paper trade....". at the risk of really sounding stupid is there a different trigger, etc for a real money trade?
Hey ready2win, Good question. I say that because it's up to you to decide whether or not YOU want to paper trade it. Paper trade or real money, a trigger is a trigger.
jslozon asks (7:27:40 PM):
March 10 year notes: look at the open, closed and settled prices. Now look at the chart. The chart shows trading at a much higher level???
Hi jslozon, The chart data is correct but the quote at the top of the screen is not. We'll see if we can't get that fixed in the morning. Thanks!
paul asks (7:28:49 PM):
LOL major crash? I forgot about tonight's chat until just now.guess I didn't miss much *wink*
Well paul, I had answered about 20 questions, and we'll work to get all those questions into the archive in the morning.
jslozon asks (7:30:43 PM):
Hi Jim - HOPE, FEAR and GREED as you have beat into my head are the 3 worst emotional enemies to a trader. I hade a cash trade in an April Crude put option. Profits sailed to over $5,000 in a short time, then the market began to retrace.......... Still got out at $850 net but a few thousand more would have been nice. Why didn't I jump off the boat? Because I didn't stick to my plan because of emotion!!! Thanks for the warnings that are finally sinking in.
Sorry to hear that profits slipped away, but I'm really glad to hear you're getting the message! Isn't it amazing how those three "wild animals" take us humans over when we put money on the line? Anyway, keep sticking to your plan, in the long run it'll do wonders for you.
paul asks (7:34:34 PM):
Tonight the trend seekers corn month is December, why so far out when there are still may and july corn charts?
Yep, this is a normal occurrence with Trend Seeker. Remember, the front month contract is the contract trading the most volume and the most open interest. Right now, December is the lead month. To see what I mean, click on the Quick Quote tab and then locate Corn. Look at the Open Interest for all the markets listed. December Corn is at 368853 -- the highest! This is something that has happened quite often with the Eurodollar too. Thanks for the question.
money rules asks (7:35:41 PM):
hi trader jim and class...jim, i like the way you teach.... keep up the good work.....do you teach at the trading camps as well ?
Hi money rules, Thanks for the nice comments. Yep, I'm the Trading Camp instructor. Thanks for stopping by tonight.
mrbaxtor asks (7:37:37 PM):
Hi Jim, wow what happened to the Candian Dollar, how do you, we as a trader handle the gaps when we are trading a futures contract? Take my lump and move on, it must have hurt more than just me, how about anyone else? Also I am shy of Cocoa, can you expound on your technical info regarding this contract?
mrbaxtor, Unfortunately gaps are part of the business. They're great when you're on the right side of them, but not so great if you're on the wrong side. I'm not sure what you mean about Cocoa and "technical info". Take a peek at the Chart Book if you get a chance. I pretty much have it all outlined there. I wish you the best!
uncle fudd asks (7:45:46 PM):
Jim, I have 2 OJ July put OJ contracts. Trend tracker said it was weakest but said it was going down and still does at last check today. Oj retraced to the 50% level and looks like it could go either way at this point. If it goes up tomorrow I will get out. Do you see it the same as I do?
Hi uncle fudd, Sounds like you have a plan of attack and that's so vitally important. I'm not sure what exactly you based your plan on, so it's difficult for me to comment on it. But, my opinion isn't important -- your plan is what's important and it sounds like your on track! Nice job!
Well that's it for this month. Keep in mind, that you're not alone in your trading journey. US Charts Online, myself, and our wonderful Course Counselors (541-955-2885) are here to help you become the best you can be. On that note, be sure to check out our weekly video trading lessons at: US Charts Online. This is a fantastic teaching tool and free to all WGB Members and Online Chart subscribers! (The video link is in white text located at the top of the very first page you see after the disclaimer when logging in.)
Due to technical difficulities tonight we were unable to get to all of your questions. If you have a question that you'd like answered please email it to: chat@uschartco.com .
Finally, make sure you have a plan prior to entering any trade and use stops to protect your trading capital. As a trader your capital is THE most valuable asset you have!
Plan your trade and trade your plan!
My next chat will be on Tuesday, March 13, 2007. God Bless and I look forward to seeing you then!
« Back to Chat Archives
|
|
