The chat will get going in a little bit. Right now we're enjoying a nice Thai dinner. Here's a shot of my plate. hehe

Hello and good evening! Trader Jim here. . .

Thanks for joining me for this evening's chat! We have a lot to discuss tonight as several markets have developed chart patterns.

July Wheat, July Corn, July Oats, May Sugar, May Cotton, March Canadian Dollar and the March mini-Dow have all developed channel formations. April Gold has formed a pennant. And June Eurodollars has developed a 1-2-3 top formation. So there are several markets that have possible paper trading setups in the works or have just triggered. 

By the way, most all of these markets are currently featured in our nightly Premium Alert Service™ (PAS) videos.

Feel free to share any of your recent paper trading or real money market endeavors. Discussing your trading experiences lets others know they are not alone in this business, and it's a great way for everyone to learn from one another. Free to share your excitement, enthusiasm, and passion. It provides others with hope and insight of what's to come.

Discussing your market experiences lets others know they are not alone in this business. So please feel free to share your excitement, enthusiasm, and dedication. It provides others hope and optimism of what's to come.

I'd like send a big "Thank You" to Ken Roberts. Ken started introducing folks to the Greatest Business on Earth™ over 20 years ago. I was fortunate enough to not only be a student of Ken's, but I also had the great pleasure to work for him for 12+ years. I'm happy to be able to share with you what I've learned over the years.

As we begin this evening's session, remember the reason these monthly chats are conducted is to provide you the opportunity to ask questions and to pick the brain of a 20+ year student of the markets.

It's not the best use of our limited time here together for me to define basic terms and explain introductory principles taught in your Course materials. Please contact one of our Course Counselors if you need assistance with any of the introductory principles. They can be reached at 541-955-2885. This chat 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 and laughter along those lines, so much the better.

NOTE!!! When commenting on one of the GBE strategies or US Charts, please identify WHICH STRATEGY AND/OR MARKET you used. Also, when relating trading experiences and/or results, please provide details: Futures contracts, options, option strike prices, options AND futures, real money or paper trading, and contract month etc. This really helps your fellow Course Members follow along and learn from your experiences.

From time-to-time you may notice that I'll use a bit of "chat short-hand." If you see LOL for example, it means Laughing Out Loud. Or TS which means Trend Seeker. These are the two most prominient bits of short hand you'll see me use.

No magic to it Alabama KID. It's as simple as liquidating the position you're currently in and enter the next contract month (the one of your choice) at the market price.

For example, if long March Corn and you wanted to roll out to the May contract you'd sell the March contract at the market and buy the May contract at the market. Note that you'll be charged another commission because you are now technically in a new trade.

Thanks for the kind words, Tradetracker. The Squeeze trading strategy is one that I only teach at the Trading Camps. So if you've been to a Camp or own a copy of the Trading Camp on DVD, you'll find it's fully explained in your Trading Camp manual.

Hope this helps.

Sorry to read that Limit Up Texas. Unfortunately it happens to most everyone that has traded. The key is that you realize what you did and hopefully you won't repeat it.

Right you are. . . stick to your plan!

Hang in there!

Click here to visit Four Star Books Online!

I prefer to trade the currencies on the CME, penut. Most firms advertise no commissions when trading the forex. Far from true. You pay via the bid/ask spread. With electronic trading on the CME and even mini contracts, I think the CME is the way to go.

Thanks for your question.

Hi Jess of the Future! Thanks for joining us this evening. The first thing to remember is that losses are part of the biz. They are manditory -- as long as they are small losses! Yes, we have had some false breakouts of late, this is also part of the biz. Remember, everything in the markets cycle. So when things aren't going well you might pull things in a bit.

All traders, ALL TRADERS, go through what you're going through, so remember that you're not alone. (Check out the book Market Wizards for an idea of what I mean.)

Anyway, hang in there and keep doing the things you know you're supposed to do. Number one. . . protect your capital!

Also, remember that this isn't a get rich quick overnight biz. Like you said, you're in it for the long haul!

Hi pammie! My order did not get filled and because of that I wanted more time and thus switched to the July contract. In my enthusiasm for the potential February Break, I failed to mention that part on the PAS.

I can tell by tonight's chat that there are others of you in a similar positon to pammie. The thing to remember is that you all know what to do. . . stick to your personal plan! 99.99% of the time I would have mentioned that reason on the PAS but I got a bit ahead of myself. Since there is still interest, and since several of you have paper traded March Corn I'll try to put it back on the PAS.

I thank everyone for pointing this oversight out to me. 

Hi BuzzD! The pit traded markets are markets traded from the floor of the various exchanges by humans using hand signals and yelling buy and sell orders. The electronic markets are traded completely via computer.

The electronic markets trade almost 24hrs a day. The pit sessions are traded during the normal business trading day only.

The mini-size Dow only trades electronicly. There is no pit for this market. Be sure to check with your broker for a complete list of the actual pit and exchange markets. Or feel free to call a Course Counselor here at the office. They can be reached Monday through Friday 8:30am to 5:00pm PT at 541-955-2885.

Hi simon! You can enlarge the charts by scrolling down the chart and selecting the size you want in the drop down box.

If you have a Windows based computer you can go to Start, Accessories and select the Magnifier. Open that tool and you'll be able to enlarge any web page you like!

Hey Poker Face! Yes, your broker should be able to provide this info. to you. If not, you can always pay for it. Remember, the various exchanges don't give away anything for free. In my opinon, your broker is probably your best bet.

Trading Camp on DVD

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GBE Trading Camp on DVD!

Steve Austin. . . a man barely a live. We can rebuild him, make him stronger, faster, better than before. . . 

I bet you've never heard that before -- LOL

I'm not sure what you mean by driver? Remember, I focus on the charts and the Trend Seeker Trend rating -- that's it! I don't pay attention to the news.

Hi Edward! Thanks for the nice words about the DVDs. Yes, as you can work with your broker to have him/her set alerts on their computer if your option or the underlying market hits your proposed exit price. If the brokers alert sounds, they can then exit the position for you. They will do so on a "not held" basis. Meaning they don't guarantee a specific price that your order will be executed.

A good broker will do this for you. Specifically I know that the folks at Daniels Trading will take this extra step for you.

Hope this helps.

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Management Made Easy™

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Hey Rob from ND. My favorite chart pattern is the pennant formation. I prefer early entries if possible (as taught on the How to Trade Chart Patterns with Early Entry Techniques^TM). If I don't get an early entry I tend to lean toward the 50 Entry Method if prices really breakout of the chart pattern.

I used to use a method similar to yours but as my experience has grown I prefer the 50 Entry Method. 

Hope this helps and thanks for your question.

Congrats on learning the biz with your son moneymaker. It's a great thing for family to do together.

There are two things I suggest you invest in. My Paper Trading DVDs and the book Trading in the Zone from Mark Douglas. Together, these will not only get you in the right frame of mind and thinking correctly, but you'll also be on the way to making sure you're actually implementing the strategies etc. correctly.

They are a powerful combo.

I suppose you could call it that, however, I have a 1-2-3 top formation marked. Basically though both patterns will do the same thing.

Hey ChampaignChad Some folks enjoy trading the mini grain contracts. They've been around for a long time. Yep, I think the March OJ Low Ball opportunity is about gone.

People in all sorts of occupations do all sorts of drugs. That seems to be OK with a vast majority of Americans. But 'roids get run over by the media. I'm not saying people should take them or they should be legal. The double standards seem very funny to me.

Bottom line is I'll always be a baseball fan. 

Hi Junie! Nice to hear from you! Glad to see you're still with us after all this time.

I think the Target Stops DVD will have a bigger impact for you. 

Thanks for stopping by tonight.

That small channel was too small for my liking. I prefer the one on the chart below. Trend Seeker now says the trend is neutral, so I'm waiting for trend direction from TS and will look to trade a breakout in that direction.

Learn to Paper Trade!

Click here for more information about
our full two-hour guide (on two DVDs) entitled
Paper Trading: How to Develop An Unfair Advantage. . .

A minimum of one day Toronto Jim. The more time the better because it means the formation is more mature and more likely to reverse the trend.

Be sure to review the Training Videos that I produced about the 1-2-3 formations. There are 2 or 3 that you can access right now on US Charts Online.

Usually when you have those feelings Scott it means you haven't paper traded enough. You'll probably always be a little bit on edge when you have a trade at work. That said, experience will calm your nerves -- as it does in any venture.

I might suggest that you slow things down a bit and maybe paper trade just a bit more -- without doing real money trades. Then consider stepping back in with real money when you feel a bit more comfortable.

It's really a personal matter, Jess of the Future. Generally speaking I tend to lean toward the pattern that will get me into the market first. But each of us is different. The one thing to keep in mind is that having the confluence of multiple patterns often times means the likelyhood of a breakout in that direction is greater.

I look forward to meeting you at the upcoming Trading Camp as well. It will be a great time, plus I'm sure I'll have a good joke or two for you!

Click here to learn more about our upcoming
GBE Trading Camp(tm) on
February 21 & 22.

No need to feel naked risknhope! You don't need anything else. You have the manual, the online Training Videos, my Weekly email letter, my chart book as well as my blog to help you. There are over 20 hours of training videos online for you to freely access at US Charts Online too.

As far as the other products we have, people have asked for them over the years. Not everybody wants them. But for those that do, they are available.

If you need further help please call a Course Counselor. They are happy to help. Ring them at 541-955-2885 Monday through Friday 8:30am to 5:00pm PT.

Hey Bonita Joe! I don't trade at night very often simply because I need to have a life! LOL. I'm usually watching the markets from 5:30am PT till 1:15pm or so. For me, that's enough otherwise I burn out.

Thanks for the info. though. Perhaps other Course Members can use it to their advantage. 

Typically I think it's every 15-20 minutes for the Heatmap. The charts and quote tend to update every 15 mins now.

Hope this helps.

Congrats KY Rookie! That's awesome! Now you know why we call it the Greatest Business on Earth!

If by "breaking out of a yearly low" you mean the market moved lower. . . then yes, the yearly low will now act as resistance or a ceiling.

I'll tell Travis you said hey! Thanks for stopping by tonight.

Good question atlast9! I pointed out the natural level of resistance just so folks knew where it was. That said, it's up to the individual to decide whether it's too far away or not. Remember, each of us has different risk tolerances and different pocket books.

For example, that may not be much risk for you, but it might be HUGE for me. For the person trading with a $10k account it will be a lot more risk versus the person trading a $100k account.

Hope this makes sense. Ultimately it's up to each individual to decide how much they are comfortable risking on any particular trade. I just try to point out potential areas that the multitude can choose from.

Well that's it for this month. I want to thank each of you for investing your time with me tonight.

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 my weekly video training lessons at: US Charts Online. This is a fantastic teaching tool and free to all GBE Members and US Chart Online subscribers!

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 Thursday, March 19, 2009. God Bless and I look forward to seeing you then!