Chat Archives

Good evening! Trader Jim here. . .

 Thanks for investing your time tonight with both me and your fellow GBE Course Members! We have a lot to chat about this evening as several markets recently broke out of formations in strong fashion. These include December Gold; December Cotton; December Canadian Dollar; December Corn; and December Oats to name a few.

 To top it off, all of these markets have been featured in my nightly Premium Alert Service^TM (PAS) videos.

 During our time together, it would be great if you would share some of your recent paper-trading and real-money trading experiences. The purpose of these Chats is to allow us to learn from one another. When you tell about what you've learned (especially what you've learned from your mistakes!), it encourages everyone else. New traders realize they're not alone in this business. And we all benefit from your excitement, enthusiasm, and dedication to the Greatest Business on Earth.

As you know, I was introduced to this business over 20 years ago by the legendary commodity educator Ken Roberts. I also had the great pleasure of working with him for over 12 years. I always like to take a moment at these Chats to acknowledge the important part he played in opening up the world of commodity trading to so many people and giving them the means to better their lives.

I hope you brought your questions. This is your opportunity to ask me any commodity-related question and get the benefit of my 20+ years experience in the markets. Chances are others have similar questions to yours, so ask away and everyone will learn and grow.

In asking your questions, however, consider how to make the best use of our limited time here together. You won't get the greatest advantage of my experience by asking me to define basic terms or explain introductory principles that are taught in your Course materials. We have provided you with Course Counselors who can help you with any of the introductory principles. Just call them at 541-955-2885 during our regular office hours.

To get the most benefit from this chat, let's focus on how to apply the basics in actual trading. This way I can help you prepare for what to expect when you actually enter the markets, whether paper trading or with real money.
If you've been here before, you know I never like to take things so seriously that we lose our perspective - so I'm sure we'll have fun and some good laughs along the way.

NOTE!!! When commenting on one of the GBE strategies or US Charts, please be specific and identify WHICH STRATEGY AND/OR MARKET you used. Also, when relating trading experiences and/or results, please provide details: Futures contracts, options, futures AND options, option strike prices, real money or paper trading, contract month, etc. This makes it clear what you did so that your fellow Course Members can learn from your experiences.

From time-to-time you may notice that I'll use a bit of "chat short-hand." LOL, for example, means Laughing Out Loud. TS refers to Trend Seeker^TM. These are the two most prominent bits of shorthand you'll see me use.

Hi Karl G! I only pay attention to the underlying trend rating via Trend Seeker. And I only want to take positions in the direction of that trend.

Other than using the Strong 1 Strategy, I don't pay attention to the number of days in the trend.

Hope that helps you out.

There sure was Redwine! A 1-2-3 bottom formation! Be sure to take a look at the December Corn chart in Jim's Chart Book and you'll see it clearly marked.

The entry came on Oct. 6 and the initial short-term target was hit on Oct. 12. 

Hi Dakini! Nope, the strategies on the Advanced Options DVDs are for options only.

As far as what markets trade mini contracts, your best bet is to check with your broker. You might also contact a Course Counselor and ask them to point you in the right direction.

A few off the top of my head are: Corn, Wheat, Soybeans, Soybean Meal, Live Cattle, the mini Dow, the S&P 500 emini, the Nasdaq emini, Gold and Silver.  

I do, Marsha. However, I am in the process of working on some "anticipatory trading techniques." However, at this time I'm not really able to say much more because I don't have it all formulated in a fashion to share with folks. 

So for now, yes, I always wait for a TS trend rating and will only trade in that direction.

Good question.

Hi trader, remember it's always 20/20 hindsight that says the move has begun. You'll never be able to get in at the exact bottom or top. The Weekly and Monthly trends cover 2 years and 6 years of data analysis respectively.

So have no worries. Following the Daily TS trend is the way to go.

Hi Crafty! Thanks for the kind words. I really appreciate it. If you ever have any thoughts or ideas for subject matter please call a Course Counselor and pass it along. I'm always open to new material.

Thanks again and I'm glad you enjoy the videos.

Hi Karl G! Corn, Oats, Wheat, and Soybeans are quoted in 1/8ths. So quote of 4-3 means the option price is 4 and 3/8 cents. A quote of 8-4 means the option is priced at 8 and 1/2 cents. This is the way grains are quoted directly from the exchange.

Good question.

Thanks, HouTex Trader! It's a fun read and the approaches are as good today as they were when Ted wrote the book over 40 years ago!

Btw, I'm referring to Ted Warren's How to Make the Stock Market Make Money for you. It's available from www.fourstarbooks.com .

Sandi is doing well, Mike in NYC. She started back for half days yesterday. She's a real tropper.

Thanks to all for the good thoughts and prayers on her behalf. I know she really appreciates you all.

Tonight we are doing things a bit differently. During this evening's chat I will integrate the use of a really neat educational software platform. This software will allow you to see my desktop, hear my voice, and watch as I provide tips and insights, and it all be in real time and it's free!

First, be sure to stay logged into this chat because we'll be switching back and forth between chat rooms.

Next, to follow along with me in our new audio/video chatroom either click the link below, or open another browser window and type the following link into the browser address bar:

http://dimdim.uschartco.com

NOTE: We've changed the Meeting Room name to GBECHAT2.

When you arrive at the above page it's imparative that you click the "Join Meeting" button. Then type: GBECHAT2 in the Room Name box. You can also enter your "chat name" in the appropriate box.

AGAIN PLEASE NOTE: We've changed the Meeting Room name to GBECHAT2.

The Meeting KEY is: chat.

Then click the Join button and you'll enter the room.

See you there!

Hey dirtfarmer, Pennants, triangles, channels, Hi Lo and flags = close outside formation.

1-2-3 tops and bottoms and MET triggers simply require a break of the price point or trigger level.

Hope this helps.

Well that's it for this month. I want to thank each of you for investing your time with me tonight. I also want to thank you for your patience with the new chat software. I think it's a great tool and next month we'll look to record the audio chat and have that archived you as well.

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!

You can read my blog by clicking here. And you can follow my Twitter posts (a.k.a. tweets) by clicking here.

Plan your trade and trade your plan!

My next chat will be on Tuesday, November 10, 2009. God Bless and I look forward to seeing you then!