Logfile of the Free Chat with Joe Ross
Trading Educators
Topics covered:
- Spread Trading
- Day Trading
- Trade Entry and Exit
- ... and much more.
The full log file can be retrieved here:
http://www.tradingeducators.com/studentsonly/chat_2003_05_13.htm
[20:24] * JoeRoss has joined #te_chat
[20:25] <JoeRoss> Hi y'all
[20:25] * Jonnac has joined #te_chat
[20:25] <lifelong_> hi Joe
[20:25] <ajc> Hello, Joe!
[20:26] <Jonnac> Glad to see you feel well enough to be here, Joe.
[20:26] <lifelong_> glad to see you are up and at 'em again
[20:26] <marsh1> I guess you are back home, Joe?
[20:26] <JoeRoss> I don't want to be left behind.
[20:26] <marsh1> From the hospital?
[20:26] <JoeRoss> I'll chat as long as I can. Still very weak at times, and
sleepy.
[20:27] <JoeRoss> Back home. 1 week in the hospital. Yechh!
[20:27] <te_chat> Welcome to "FREE CHAT WITH JOE ROSS" -
www.tradingeducators.com start Tue at 8:30pm CT/US
[20:28] <marsh1> I visited Joe in the hospital and saw the pretty nurses
that were taking care of him.
[20:28] <JoeRoss> So, what happened while I was gone?
[20:28] <JoeRoss> 3rd floor nurses were prettier than 6th floor.
[20:28] <JoeRoss> So why did they move me?
[20:28] <JoeRoss> So why did they move me?
[20:29] <marsh1> You were a little too aggressive at pinching them?
[20:29] <JoeRoss> One of the nurses was a dead ringer for Jennifer Lopez.
[20:29] <tigerdk1> Hi JR great to see you
[20:29] <JoeRoss> I thought I was dreaming. When I got up in the recovery
room there she was!!!
[20:30] <marsh1> If the nurse was too pretty, I might think I had woken up
in heaven.
[20:30] * Davi_1 has joined #te_chat
[20:30] <JoeRoss> I knew I wasn't there, because I don't think Jennifer
Lopez will be there just yet.
[20:31] <JoeRoss> So, how goes the trading?
[20:31] <JoeRoss> Have you noticed this week we are trading the e-mini DJ
[20:31] <JoeRoss> Have you noticed this week we are trading the e-mini DJ
[20:32] <JoeRoss> First time I even bothered to give it a look.
[20:32] <JoeRoss> First time I even bothered to give it a look.
[20:32] <marsh1> Yes, very interesting
[20:32] * JohnT has joined #te_chat
[20:32] <JoeRoss> Seems like you can make your $$$ in about 20 minutes with
that one.
[20:32] <Davi_1> How are the fills?
[20:32] <JoeRoss> But volume is really low.
[20:32] <JoeRoss> But volume is really low.
[20:33] <JoeRoss> The fills are quite good, because they have committed
market makers hoping to build the volume.
[20:33] <ajc> What is a reasonable stop / limit spread?
[20:33] <JoeRoss> But it might be hard to fill much more than a 5 lot.
[20:33] * zkarf has joined #te_chat
[20:33] <Davi_1> What time frame are you trading Joe?
[20:33] <JoeRoss> So far, 10 ticks (points) seem to work quite well.
[20:33] <JoeRoss> 3 minute and 1 minute
[20:33] <JoeRoss> 3 minute and 1 minute
[20:34] <JoeRoss> 3 minute for the entry signals and managing on the 1
minute.
[20:34] <JoeRoss> 3 minute for the entry signals and managing on the 1
minute.
[20:34] <JoeRoss> $5/tick/point
[20:34] <JoeRoss> $5/tick/point
[20:34] <JoeRoss> I guess they also have a mini-mini that ticks $2.50
[20:34] <lifelong_> Joe, do you like it better than the mini S & P?
[20:35] <JoeRoss> I like anything that makes the money to enable me to live
my chosen life style--minus hospitals, of course
[20:35] <lifelong_> that just makes the doctor's lifestyles possible
[20:36] <JoeRoss> We give them enough of our money already.
[20:36] <JoeRoss> In the past 35% of my students have been doctors.
[20:36] <lifelong_> that seems to be a high number...any reason why?
[20:37] <JoeRoss> Every time there is a bunch of new bureaucratic clap-trap
and insurance or medicare requirements, here come the docs wanting to trade
[20:37] <zkarf> Hi, Joe. I am new here. Do you discuss spread trades in this
forum?
[20:37] <JoeRoss> They spend half their life filling out paper work.
[20:37] <lifelong_> makes sense
[20:37] * chuck1 has joined #te_chat
[20:37] <JoeRoss> zkarf: we sure do
[20:37] <JoeRoss> zkarf: we sure do
[20:37] <zkarf> thanks
[20:38] <lifelong_> Joe, I just finished Trading Is A Business. What do you
suggest I read next?
[20:38] <JoeRoss> zkarf: Let us know what you want to know. Sometimes the
subject of spreads doesn't come up--we've talked the to death in the past.
[20:39] <JoeRoss> lifelong: It depends on where your interests lie.
[20:39] * stt0526 has joined #te_chat
[20:39] <JoeRoss> If you want to know about spreads like zkarf, then I
suggest Trading Spreads and Seasonals
[20:39] <zkarf> Thanks Joe. Today I just want to be in the background. Once
I catch up, I will jump in.
[20:40] <JoeRoss> zkarf: Good! We'll expect to hear from you
[20:40] <lifelong_> I like the Ross Hooks and trading breakouts. I guess I
just anwered my own question.
[20:40] <JoeRoss> lifelong: Have you read Trading the Ross Hook?
[20:41] <lifelong_> not yet Joe...a friend recommended that as the next book
[20:41] <JohnT> lifelong--tell us a little about what you thought of and
learned from Trading Is A Business, if you don't mind.
[20:42] <lifelong_> In the beginning you pointed out the many mistakes I
make...I tend to try to impose my will on the market and hold on too long.
[20:42] <zkarf> Joe, Is "Trading Spreads and Seasonals" a book? or a
published article?
[20:43] <JoeRoss> zkarf: it is a book. But if you mention that you saw it
here, I'll send you a nice piece on the rationale for trading spreads.
[20:43] <JoeRoss> Just give Denise a call: 800-476-7796
[20:44] <zkarf> Thanks
[20:44] <Markus_> zkarf: you can read the first 2 chapters of the book, if
you want. goto
http://www.tradingeducators.com/books/books_futures.htm#SPREADS and click on
"PREVIEW".
[20:44] * lifelong has joined #te_chat
[20:44] <zkarf> That will be great.
[20:45] <lifelong> sorry Joe...got booted
[20:46] <zkarf> I just got into a FOB spread. It looks to be at a point
where it will bounce back. What are your thoughts? June 5 Yr Long - June
Bond Short
[20:46] <JoeRoss> If you combine spread trading with daytrading (for those
who have the time) it is a great combination. There is usually something
good in one or the other or both.
[20:46] <JoeRoss> zkarf: I'll take a look
[20:47] <tigerdk1> which of those bonds move faster?
[20:48] <zkarf> Normally 30 Yr
[20:48] <tigerdk1> short the long bond so you are expecting what?
[20:48] <tigerdk1> ok
[20:48] <zkarf> 30 Yr will fall faster than 5 Yr note
[20:48] <JoeRoss> zkarf, FOB is usually a seasonal trade right about now,
but at present it is acting counter-seasonally. I would wait until I see a
definite turn before doing anything
[20:49] <zkarf> Do you advise me to get out now. I got in around -63 ticks.
[20:49] <JoeRoss> Everyone: Trade what you see, not what you think. Right
now the bonds are soaring on deflation fears.
[20:49] <zkarf> Now it is at -68
[20:49] <JoeRoss> zkarf: We do not give advice on personal trades.
[20:50] <zkarf> I appreciate it.
[20:51] * lifelong_ has quit IRC (http://chat.ircnet.org/ (EOF))
[20:51] <JoeRoss> You went in (FVM3-USM3)*32 which is the correct way to do
it, but you are trading your opinion at the moment.
[20:52] <zkarf> Couple of months back I had entered it at -22 and rode up
to +60. I am hoping that will happen as Bonds are hitting resistance.
[20:53] <zkarf> You are correct I am trying to guess the reversal
[20:53] <JoeRoss> zkarf: Trading on hopes is not the way to make money.
Trade what is actually happening. Trade on reality.
[20:53] <zkarf> Thanks Joe. I think I will get out now and get back in when
actual turn happens.
[20:54] <JoeRoss> zkarf: did you get that trade from MRCI or some advisory?
[20:54] <JoeRoss> Sounds like a good idea to me.
[20:54] <JoeRoss> Sounds like a good idea to me.
[20:54] <zkarf> No I have been watching bond trades for a while.
[20:54] <JoeRoss> getting out I mean.
[20:54] <zkarf> I read couple of acdemic articles on them
[20:55] <zkarf> I am looking at MRCI now
[20:57] <ajc> Joe, I've been rereading "T With The Ross Hook", and the
Reverse Ross Hook stood out this time. Seems that a RRH can occur without a
previous 1-2-3 while a RH needs a 1-2-3 first; am I understanding this
correctly?
[20:57] <te_chat> Welcome to "FREE CHAT WITH JOE ROSS" -
www.tradingeducators.com start Tue at 8:30pm CT/US
[20:57] <JoeRoss> The 15 year correlation on the FOB indicates that even if
you get the turn in the spread it won't go very far.
[20:58] <JohnT> Joe--when I first read from the website about the 1,2,3
trade and the Ross Hook I didn't understand it and it did not make sense to
me. I deleted the info from my computer. Then after our visit in the
hospital last week, I went back and read the same information and it made a
lot more sense (was it osmosis--I absorbed understanding from you :-) ). I
am wanting to use the 1,2,3 and Ross Hook for position trading--holding
positions for several days or more
[20:58] <JoeRoss> ajc: correct
[20:58] <zkarf> It looks like that to me too now.
[20:58] <zkarf> I think I better wait for the actual trend to establish.
[20:59] <JoeRoss> John T: It works marvelously well for position trades.
[20:59] <JoeRoss> Gee mabye I ought to go to the hospital more often.
[21:00] <JoeRoss> John T: go to our website and study the Law of Charts and
the Traders Trick entry. Free under "Resources"
[21:00] <ajc> Seems that one could trade effectively using only 123s and
RHs.
[21:00] <JoeRoss> ajc: A lot of people do just that
[21:00] <JohnT> Joe-that's where I went to retrive the info to read the
second time
[21:01] <JoeRoss> zkarf: the 15 correlation analysis show a very small rally
just before the spread expires. The rest of the way is all down-hill
according to MRCI
[21:01] <ajc> But the congestions seem to throw a curve into everything.
[21:02] <zkarf> Thanks Joe. It gave me a different perspective.
[21:02] <lifelong> Joe, have you still got room for the daytrading seminar?
[21:03] <JoeRoss> ajc: Congestions, which are increasingly frequent because
of computerized trading and mechanical trading systmes are what screw up
trend trading.
[21:04] <JoeRoss> You have to learn to trade both. That is why we are so
keen on spreads. Spreads trend like crazy, and are not affected by
mechanical trading, stop running, or computerized systems
[21:04] <JohnT> Joe: Which of your books would be good for a more lengthy
analysis of 1,2,3, Traders Trick and Ross Hook or is the information at the
website sufficient to give me an understanding of them?
[21:04] <ajc> Joe: I noticed your books really go into the nuances of early
detection of a trend or congestion.
[21:04] <JoeRoss> lifelong: Yes. Give Denise a Call 800-476-7796
[21:05] <JoeRoss> John T: Read Trading by the Minute, Trading the Ross Hook,
and then coordinate those with what you see on the website Law of Charts
[21:06] <JoeRoss> ajc: Yes! By paying attention to the smallest details, it
has become almost automatic that I recognize what is happening in the
markets.
[21:06] * chip has joined #te_chat
[21:06] <ajc> Joe: I aspire to that level!
[21:06] <JoeRoss> Instead of paying attention to a lot of indicators, which
are a distraction, I pay attention to what is happening to the price.
[21:07] <JoeRoss> ajc: Practice makes perfect.
[21:07] <JoeRoss> ajc: Practice makes perfect.
[21:07] <JohnT> Joe: Thanks, I guess I'll have to "give Denise a call" and
purchase those books.
[21:07] <JoeRoss> While others beat their head against the wall trying to
figure out if RSI is confirming Stochastics, I'm paying attention to what is
really happening with the price action.
[21:07] <marsh1> Joe, when you say practice, do you mean actual trades,
paper trades, or studying charts?
[21:07] * lifelong_ has joined #te_chat
[21:08] <JoeRoss> John T: :)
[21:08] <zkarf> Joe, Do you have a trading advisory service?
[21:08] <JoeRoss> Marsh: Studying charts!
[21:09] <JoeRoss> zkarf: We have a trade selection service but it is
available to only people who have attended a seminar of take private
tutoring.
[21:09] <JoeRoss> We used to allow anyone who wanted to subscribe, but we
realized that without the personal training, they had no idea of what we
were talking about.
[21:10] <zkarf> Seminar may not be possible as I live in Toronto, Canada.
Are these seminars online by any chance?
[21:10] <JohnT> Joe: As mentioned, I am beginning to understand what the
1,2,3, etc., entries look like. What is not clear to me now is where do I
get out of the trade?
[21:11] <JoeRoss> zkarf: Get some of your friends together and we will come
up there and give you a seminar. If you get enough of them, you can attend
for free.
[21:11] <marsh1> Joe, are you talking about the Traders Notebook?
[21:11] <JoeRoss> John T: you have asked the $64,000 question. Trading is
not about getting in, it is about getting out.
[21:11] <tigerdk1> JR when you enter a trade on your criteria ... how much
of a stop do you have if the trade moves against you?
[21:12] <JoeRoss> Marsh: Every day we put out Traders Notebook which is our
trade selection service.
[21:12] <zkarf> I will try.
[21:12] <marsh1> OK, thanks.
[21:12] <ajc> Joe: Is there a way to study charts that emphasizes the "right
edge"? My hindsight is pretty good! :)
[21:12] <JoeRoss> It demonstrates how we have day traded, and it offers
trading considerations for you to look at and enter if you so choose.
[21:13] <JoeRoss> Also teaches a lesson each day with regard to trading.
[21:13] <JoeRoss> Also teaches a lesson each day with regard to trading.
[21:13] <JoeRoss> ajc: come to a seminar, and we will show you how to get
the edge.
[21:13] * lifelong has quit IRC (http://chat.ircnet.org/ (EOF))
[21:14] <JoeRoss> Give me a minute to catch up
[21:14] <JoeRoss> Tiger: It depends on which market and also upon what we
see.
[21:15] <JoeRoss> John T: In a minute I'm going to launch into a tirade on
getting out, but first let me answer ajc's question
[21:15] <tigerdk1> ok either bonds like the long bond us contract or say the
nasdaq or s&p
[21:15] <zkarf> Joe, It was a nice experience chatting here. I got to put my
sone to bed now - EST :-( . I will try to give Denise a call. Have a good
evening.
[21:16] <tigerdk1> you use to have a 5 pt castrophic loss does that still
apply>
[21:16] <zkarf> son
[21:16] <JoeRoss> zkarf: you can read the rest of the chat on our website
tomorrow.
[21:16] <JoeRoss> Good night: Nice of you to visit.
[21:16] <JoeRoss> Good night: Nice of you to visit.
[21:16] <zkarf> Thanks
[21:16] <zkarf> Good night
[21:16] * zkarf has left #te_chat (zkarf)
[21:17] <JoeRoss> ajc: At the seminar we teach why prices move where they
do. How they are moved. How far they are likely to go when they do move.
[21:18] <JoeRoss> Then we show you how to manage your trades and YOURSELF so
that you can take advantage of that knowledge.
[21:18] <JohnT> Is that taught at all the seminars or just the day trading
one?
[21:18] <ajc> Thanks, Joe; I am needing something to tie everything
together.
[21:18] <JoeRoss> Then we follow it up in Traders Notebook, and on our
daily chat.
[21:18] <lifelong_> I'm working on managing myself after reading Trading Is
A Business.
[21:19] <JoeRoss> JohnT: It is essential that we teach it at all of our
seminars. Even the spread trading seminar delves into what makes prices
move, and it is not supply and demand.
[21:19] <JoeRoss> lifelong: that is a noble ambition.
[21:19] <JoeRoss> John T: Anyone can get into a trade.
[21:19] <JoeRoss> John T: Anyone can get into a trade.
[21:20] <lifelong_> and a difficult one, Joe
[21:20] <tigerdk1> personally I think I understand the how to trade it is
applying the stops so that I win more than I lose.
[21:20] <JoeRoss> You could probably teach a parrot how to peck on the right
keys and enter a trade. Trading is about getting out, not getting in.
[21:20] <tigerdk1> like ... you want to win say 2 times the amount you lose
on average.
[21:20] <JoeRoss> Almost everything out there has to do with getting in.
Everyone wants to teach you their magic entry signal.
[21:21] <tigerdk1> true
[21:21] <tigerdk1> many of the people on paltalk do exactly that ... they
have their own personal system...
[21:21] <tigerdk1> whether it is cci ... rsi ... stoch ... you name it
[21:21] <JoeRoss> But what we teach people at our seminars and private
tutoring sessions is how to get out of the trade with your money.
[21:22] <JoeRoss> We teach you how to take your money off the table and run.
[21:22] <JoeRoss> We teach you how to keep your losses very small and
tightly controlled.
[21:22] <lifelong_> Getting out early when you are wrong is the key, right
Joe? (See, I did pay attention while reading the book.)
[21:22] <JoeRoss> That is why Trading Educators is unique in all of this
world of trading.
[21:22] <JoeRoss> That is why Trading Educators is unique in all of this
world of trading.
[21:22] <tigerdk1> Let's assume you get in on a TTE ... with enough room for
profit etc .. but the market only goes up one tic in your favor then starts
to go against you ... have long would you wait to get out?
[21:23] <tigerdk1> how
[21:23] <JoeRoss> lifelong: you got it: Now you must put it into practice
and trade management (not money management) is the key
[21:23] <lifelong_> I'm getting there thanks to you Joe.
[21:24] <JoeRoss> Tiger: If I'm trading from a 3 minute chart, 3 minutes is
the absolute maximum. But very often, much sooner than that
[21:24] <JoeRoss> When you enter a trade you want to see it run. If it
doesn't run get out. Don't wait! Don't hesitate! Get out! Do it now!
[21:25] <tigerdk1> I am wondering if a point stop makes more sense or a low
bar that you are trading with?
[21:25] <tigerdk1> RUN ..
[21:25] <JohnT> Don't hesitate, don't meditate--get out
[21:25] <tigerdk1> so it moves in a hurry your way or get out?
[21:26] <JoeRoss> A point stop is your catastrophic stop. Get out sooner if
the trade is going against you.
[21:26] * chip has quit IRC (http://chat.ircnet.org/ (EOF))
[21:27] <JoeRoss> I've gone over this about a million times (exaggeration).
You can afford to get out quickly many times in a row.
[21:27] <lifelong_> That was my early problem Joe. I would set the stop too
far out, hoping it would come back to me. All wrong, of course.
[21:27] <tigerdk1> Yes I did that today ... the market went up I think a pt
and a half then I moved my stop up one tic above BE to protect my trade ...
then it stopped me out and still continued down.
[21:27] <JoeRoss> Sometimes you will make a tic or two and sometimes you
will lose a tic or two. Doesn't matter. Your only real loss will be
commissions.
[21:27] <te_chat> Welcome to "FREE CHAT WITH JOE ROSS" -
www.tradingeducators.com start Tue at 8:30pm CT/US
[21:27] <Davi_1> If you can master getting out of losers quickly you can
enter on just about any signal you want and still make some money.
[21:28] <JoeRoss> If you are paying $25 (way too high) to day trade, and you
lose 20 times in a row, you will be out $500. That is not going to break
you.
[21:28] <tigerdk1> Well I appreciate you going over it again ... because
this must be the key to success ... having a good signal to get in ... but
the fortitude to say you are wrong and get out.
[21:28] <lifelong_> Pay yourself first is another lesson I have learned,
Joe..
[21:28] <JoeRoss> But when you get the trade that runs, you will make it
back in spades, many times over.
[21:28] <ajc> I start to question my future in trading whenever I have two
or more (however small) losses in a row.
[21:28] <tigerdk1> $8.84 with Marco
[21:29] <JoeRoss> The odds of having 20 losers in a row
are:1,0000000000000000000000000000000000000000000000000000000000000 to 1
[21:29] <tigerdk1> lol
[21:29] <JoeRoss> Actually more than that
[21:29] <JoeRoss> Actually more than that
[21:29] <ajc> Wow.
[21:31] * lifelong has joined #te_chat
[21:31] <Markus_> and IF you manage to have 20 losers in a row, you have the
perfect concept: just do the opposite and you will win :-)
[21:31] <JoeRoss> :)
[21:31] <tigerdk1> ;)
[21:32] <Davi_1> Fade yourself, kewl.
[21:32] <tigerdk1> I like that ... I do believe that I am in the right frame
of mind ... just confidence to stick with the winners and moving the stop to
protect the trade.
[21:32] <JoeRoss> The trick to making money in the markets is getting paid
to trade. Getting to breakeven as fast as you can so that you are trading
for free. Getting out right away if prices do not run you way.
[21:33] <JoeRoss> The way the indexes daytrade these days, we have thrown
out most of our trade management. We found that scalping makes the most
money.
[21:33] <tigerdk1> scalping? For points?
[21:34] <JoeRoss> So we shoot the whole works for 10 ticks in the DJ mini, 6
ticks in the ES mini, and 3 points in the NQ mini.
[21:34] <ajc> Joe: How about initial risk stops?
[21:34] <JoeRoss> Initial stop is same as initial objective. Only we rarely
get hit at our stop. If prices don't move our way, we are out of there.
[21:35] <lifelong> Joe, I have been papertrading like you said to do in the
book for practice. I am doing much better taking costs first, letting 1
contract run, and closing the losers if they don't immediately go the way I
expect. What a difference!
[21:35] <JoeRoss> At $8.81 commissions with Marco, we are not going to be
badly damaged on that end of the trade.
[21:35] <marsh1> If prices move 1/2 way to my first objective, I move my
stop to breakeven. Gets me out of a lot of trouble.
[21:36] <JoeRoss> Marsh: That is the way to go. Each person must assess his
own risk tolerance as to when to move the stop. Look primarily to your c
omfort level.
[21:36] <JohnT> Who is Marco?
[21:36] <JoeRoss> Then look to what is actually working.
[21:36] <JoeRoss> Then look to what is actually working.
[21:36] <JoeRoss> Marco is our broker.
[21:36] <JoeRoss> Marco is our broker.
[21:37] <Davi_1> Marsh how big is your first objective?
[21:37] <JoeRoss> If you want a good futures broker, Marco is your man.
[21:37] * lifelong_ has quit IRC (http://chat.ircnet.org/ (EOF))
[21:37] <JohnT> and Marco's website is...........?
[21:38] * airman has joined #te_chat
[21:38] <marsh1> Davi: Depends on what I'm trading and what the volitility
is.
[21:38] <ajc> Joe: What sort of stop limit entries for the various indexes
do you use?
[21:38] <JoeRoss> JohnT: send me an email and I'll send you full details:
joe...@tradingeducators.com
[21:39] <JoeRoss> ajc: don't understand the question.
[21:40] <ajc> Your books talk about using stop limits; stop with a limit
of...
[21:40] <ajc> Or do straight stop entries work?
[21:41] <JoeRoss> ajc: I don't use those for electronic daytrading. Use
either an entry stop or a market order.
[21:41] * Jack has joined #te_chat
[21:41] <ajc> Thanks!
[21:41] <JoeRoss> If I have time to place the stop I prefer that. If not,
then straight to the market when I see it happening.
[21:43] <ajc> Doesn't that risk slippage?
[21:44] <JoeRoss> Just chatting on the side with my friend David in Hong
Kong, he says the SARS is very bad over there. He is now wearing a mask.
[21:44] <Jack> so sorry to have missed the chat, (kids had a track
meet)...nice to see you at the desk Joe!
[21:45] <JoeRoss> ajc: in the indexes you get very little slippage.
[21:45] <JoeRoss> Hi Jack: We will have the chat on the website by tomorrow.
[21:45] <Jack> good deal thanks
[21:46] <Jack> just great you are back
[21:46] <JoeRoss> Jack: when do you go fishing again?
[21:46] <Jack> end of June
[21:46] <JoeRoss> So now you can just relax and catch up on what's happening
in the world.
[21:47] <Jack> the days of endless daylight
[21:47] <Jack> hahahah I am busier at home with 3 kids!
[21:47] <JoeRoss> Jack: can I tell them what you do?
[21:47] <Jack> sure
[21:47] <JoeRoss> Good that you can be home and spend some quality time with
the kids.
[21:47] <JoeRoss> Good that you can be home and spend some quality time with
the kids.
[21:47] <Jack> is best part of the Job Joe,,,,the time
[21:47] <JoeRoss> Jack is a professional fisherman who does his work in the
Bering Sea
[21:47] <Jack> at home
[21:48] <JoeRoss> See! Traders come from everywhere.
[21:48] <chuck1> The "Perfect Storm" scared the hell out of me
[21:49] <Jack> trading surfing and fishing are all very much alike for me
[21:49] <JoeRoss> I don't see him here tonight, be we have one student who
trims cows hooves for a living.
[21:49] <JoeRoss> All high risk!
[21:49] <JoeRoss> All high risk!
[21:49] <Jack> nah
[21:49] <Jack> you know better than that Joe
[21:49] <JoeRoss> You've just gotten used to it Jack.
[21:50] <Jack> no..you just calculate the risk and avoid the bad stuff
[21:50] <Jack> gotta know when to push and when to back off
[21:50] <Davi_1> kinda like trading.
[21:50] <JoeRoss> I was in a N'or Eastern near Greenland on an aircraft
carrier. 100 foot waves from trough to crest
[21:50] <Jack> yikes...oh man
[21:51] <tigerdk1> yikes
[21:51] <JoeRoss> It tossed us around like paper
[21:51] <Jack> kinda makes you feel small huh?
[21:51] <tigerdk1> did you feel like a toy in a bathtub?
[21:51] <Davi_1> Joe where did your lunch end up?
[21:51] <Jack> is true though...one of my rules is "when the wind picks up I
slow down
[21:51] <tigerdk1> that would be one heck of a rollercoaster
[21:52] <JoeRoss> All we could do was to keep our nose into the wind and
wait it out. 3 days. When it was over, all of our catwalks and gun
emplacements were gone. Literally ripped off the side of the ship by the
storm.
[21:52] <Jack> and I learned from Joe the same of high volitility days
[21:52] <Jack> or periods
[21:52] <Jack> like a high wind
[21:52] <Jack> slow down...stay clear
[21:52] <JoeRoss> My lunch was fine. I was too excite to realize the
danger.
[21:52] <JoeRoss> excited.
[21:52] <JoeRoss> excited.
[21:53] <Jack> I never read "navy guy" in yuor resume' Joe
[21:53] <JoeRoss> We had a 6 ship destroyer escort. Much of the time those
guys looked more like submarines than destroyers.
[21:54] <JoeRoss> The heavy cold water puched a hole in the side of one of
the destroyers. Those guys had to batten down all the hatches and live like
underwater moles for 3 days.
[21:55] <Jack> BIg ships like that actually can have more damage than our
little 125 footers
[21:55] <Jack> we go with the punches
[21:55] <JoeRoss> I did a total of 8 years in the Navy, some of it reserves
and some active duty.
[21:55] <ajc> Soviet days?
[21:56] <JoeRoss> Yep. We chased Russian subs all over the Atlantic.
[21:56] <ajc> Hah!
[21:57] * Markus_ has left #te_chat (Markus_)
[21:57] <JoeRoss> It was really a dumb game. They would see if they could
hide and we would see if we could find them. Our planes all had sonar
detectors.
[21:57] <te_chat> Welcome to "FREE CHAT WITH JOE ROSS" -
www.tradingeducators.com start Tue at 8:30pm CT/US
[21:58] <JoeRoss> Well it's time for me to hit the sack. I lasted longer
than I thought I would.
[21:58] <chuck1> review question: exit spread at profit goal........still
think MOC as good as Limit after trading thru your number???
[21:58] <JoeRoss> See y'all next week God willing and the creek don't rise.
[21:58] <Davi_1> Good Night Joe, nice to have you back.
[21:58] <Jack> we got you started on Navy stories...got you going huh?
[21:58] <JoeRoss> Chuck. Yes to both.
[21:58] <JohnT> Good night
[21:58] <Jack> great to see you again Joe Glad for your return
[21:59] <ajc> Thanks for your time, Joe; best wishes for good health.
[21:59] <marsh1> Nite Joe.
[21:59] <JoeRoss> John and Marsh: Thanks for hospital visit. Much
appreciated.
[21:59] <tigerdk1> Yes Joe great to see you back.'
[21:59] <JoeRoss> Ciao for now!
[21:59] <JoeRoss> Ciao for now!
[21:59] * JoeRoss has quit IRC (http://chat.ircnet.org/ (EOF))