Commodity Chat With Trader Jim! (tm) with Jim Prince
from July 17, 2007
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Good evening! Trader Jim here. . .
Thanks for joining me tonight. I’m genuinely excited about tonight’s chat. Several markets have been on the move since our last get together, so we have much to chat about.
For example, August Crude Oil, September Canadian Dollar, September British Pound, September Australian Dollar, and the September Dow Jones mini contract have all been big movers during this last month! Several other markets are in the process of triggering potential paper trades as well!
At one time or another, all of the markets mentioned have been featured in our nightly Premium Alert Service™ (PAS) videos.
If you’ve had a successful paper trade or real money trade in any of these markets (or others), I encourage you to feel free to share your trade details with fellow Course Members.
Discussing your market experiences lets others know they are not alone in this business. So please feel free to share your excitement, passion, and enthusiasm. It gives others optimism and shows the possibilities of what can be done.
Of course all of this wouldn’t have been possible without Ken Roberts. So I’d like send a big “Thank You” out to Ken for all he’s done and for introducing us to the World’s Greatest Business 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. (That’s what our Course Counselors are here for. 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 WGB strategies or US Charts, please identify WHICH STRATEGY AND/OR MARKET. 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, etc. This helps others follow along and learn from your experience too.
luckpup asks:
hi Jim- Jaci from Chicago - Quick question when trying to decide two very similiar charts to trade - how much does an extremely high RSI make a difference for a long position?
at 6:10:10 PM
Hi luckpup! Welcome to tonight's chat! We don't use any indicators at US Charts and the World's Greatest Business. We strictly base our entries on the chart patterns and the trend direction. The problem with such indicators is that they can say a market is overbought (or oversold) for many days, weeks, or even months. So I don't use them. The price bars and the patterns they form are all I need and teach about. Thanks for the question.
Noles asks:
When or are you going to send an email alert for any future trades i.e. "Its about to happen" The last email was for Cotton which I did very well!!
at 6:13:21 PM
Hi Noles! All my efforts have been going to the Chart Book and the Premium Alert Service videos. That said, I was just thinking the other day that it's been awhile since I've sent one out. So tell you what. . . I'll see what the market sends our way and if I can't get something out there in the next week or two. Thanks for interest!
paper trade asks:
Hi thanks for the alerts. Is turn around tuesday concept the same for long and short markets?
at 6:15:52 PM
Hi paper trade! Yes, it is the same for either position. But be aware that the turn-around Tuesday concept that I've mentioned on the Premium Alert Videos is not written in stone, and there's no guarantee that it will happen. It's more "market baloney" rather than "market theory."
carlt asks:
Hi Jim. In analyzing a market from the top down,would you trade a market if TS direction does not agree for all time frames? For example, TS says monthly and weekly trend direction is up and daily trend is down with a chart strategy about to be triggered. Thank you.
at 6:21:57 PM
Hi carlt, Not necessisarily. In fact, I would say that the majority of the time not all of the Trend Seeker(tm) trends line up (i.e. daily, weekly, and monthly). But the more the better. Be sure to watch the Training Video I did about "Analyzing A Market From The Top Down." It was posted at the US Charts web site on 07/17/06.
paper trade asks:
Jim which trading pattern would you say is the most relibale. I like your zig-zag pattern,watching to see what happens.
at 6:25:30 PM
Hi paper trade. I think my personal favorite chart pattern is the pennant formation traded in the direction of the underlying trend. That said, I don't know if it's the most reliable. So...... I suggest you paper trade the various patterns we focus on, and see which works best for you. The Zig-Zag pattern is still in its infancy. I'll keep you all posted when I'm able to develop some documentation. Thanks!
tradetracker asks:
Hi Jim! I have really enjoyed my subscription to the Premium Alert Service!! My broker has suggested using different types of market orders{in addition to limit and market orders}. Where can I get more info on this or can you do a training video on this subject? THANK YOU!
at 6:29:37 PM
Hi tradetracker! I'm not sure I understand your question. There is only one type of market order. A market order simply means you buy or sell at the current market price. There are, however, other types of orders. The three I use nearly 99% of the time are a stop order, limit order and market order. I cover order types in depth at the trading camps but I'll see if I can't do a video on them down the road.
Soy Oil asks:
Soy Oil, Houston, TX
Trder Jim;
This past week I was watching a TV Network called RFD TV.
They were auctioning off cattle from the fields. The states
were Montona, Wyoming, Utah, Colorado, North Dakota and South
Dakota. They were getting between 126.00 and 144.00 per hundred
weight for the cattle. The delivery dates were for all the weeks
in October 2007. Does this mean that the cattle contracts will be
trading in those areas in October and beyond?
at 6:32:28 PM
Soy Oil, I'll be upfront with you and tell you I have no idea. I focus all my efforts on the charts and Trend Seeker. I don't look at any fundamental information and therefore have no idea as to how it affects the markets.
walter asks:
Hi Jim, Good Evening. Walter from NJ. Question is this: What is the difference, if there is one, between the futures contract front month and when I shop for an option that might be four or five months out. I think I'm looking at it the right way, but not sure if it's that simple, that the later months that I am purchasing the option for is mirroring the futures contract front month. Am I off base??
at 6:36:39 PM
Hey walter! I think the easiest thing to do is to focus on a particular option whose underlying futures chart is making the actual formation. If the front month futures contract (the one with the most volume and open interest) is making one formation, but the contract month (say six months out) of the option your considering purchasing is doing something else, there could be a problem. So it's my opinion that you might be best off to focus on a particular option whose underlying futures chart is making the actual formation.
Noles asks:
Thanks the premium alerts have been comming hard and fast so its easy to forget them after a couple days, the email alerts are EXTREMELY HELPFUL!!! thanks again!!
at 6:37:25 PM
You bet! And thanks for joining us this evening.
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call 800-230-2427 Monday through Friday,
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rallyrob asks:
Hi Jim. I'm new here, but not to the Ken Roberts system. I studied it a few years ago and i'm back! I have a paper trade going on with an 1100 call in OCT sugar. I "purchased" it on June 26 (early) anticipating a 1-2-3 bottom. I noticed you talked today on premium alerts based on a breakout from a channel. I had seen it too, but I was wondering why you didn't mention the 1-2-3 bottom formation. Or am I seeing something that isn't there? I'm really enjoying a renewed interest in the markets.
at 6:42:13 PM
Hi rallyrob! Glad you're back with us! Yep, there is a 1-2-3 bottom formation on the chart. The channel, however, had been in place for about 2-1/2 months prior to the 1-2-3 formation taking shape. Since I had been watching the channel for sometime I stayed focused on it. Good question and good eye!
Daryl from Denver asks:
Jim, I was paper trading November Soybeans this last week. I was doing quite well. Had my stops set pretty close. Then beans took a dive on Monday of this week opening below my stop. I am wondering if there was some indication in the charts that this was coming?
at 6:46:09 PM
Hi Daryl from Denver. . . not that I know of. The market had trended nicely higher. TS said the trend was up too. But, as I say on my videos, the sell-off in Beans was a "reality of trading." Meaning that things happen and we don't, or won't, necessarily know the reasons why. That's why I say it's soooooo important to do all we can to protect our capital. Sometimes though, even when you do all you can, it doesn't work out. Again, that's a reality of trading. Keep doing what you did, sounds like you're on the right track.
Air_Colorado asks:
Hey Jim - Great job daily! My trading (read profit) has improved since I settled down and started to listen to you! I was wondering why I've not heard anything about ECBOT trades versus pit trades for grains. Very fast execcution (like immediate) and I can see bid and ask prices. Maybe not all brokers offer it but I find that it gets me much better fills... and fewer surprises. Looks like the majority of trades in grains are on the electronic platform now too.
at 6:50:34 PM
Hi Air_Colorado, Thanks for the kind words. I focus my efforts on analyzing the markets. Since most folks have an actual broker they call, it's really up to the broker as to how they place the order. I do not recommend electronic trading for the vast majority of Course Members because you absolutely have to know what you are doing. If you don't, you could be buying when you meant to sell and vice versa. I encourage folks to really understand the order process and the overall business of trading first. Then, and only when you're 100% comfortable, consider moving to an electronic platform.
atlast9 asks:
Hi Jim, By observing the manner in which you place stop/losses, using support or resistance, it seems that you don't concern yourself about the possibility of "Gunners" going after your stop/losses. In some prior chats, some of the members have expressed their belief that they had been "Gunned". It would seem that if we members include this perception as part of our plan, it may prompt us to use more expensive stops than would be wise. If being gunned is a concern of yours, do you use silent stops on most of your trades. You do a fantastic job with the Premium Alerts. Thanks a bunch.
at 6:54:24 PM
Hi atlast9, I place my stops just as I mention in the various videos. Whether I have a silent stop or an actual physical stop it doesn't matter. If prices move to the level that would trigger my stop -- I'm out! Folks have a tendency to believe that in the big scheme of trading that their order (out of hundreds or thousands) is getting picked on. I think that's phooey! If you get stopped out, so be it. Move to the next opportunity and be glad that you stuck to your plan. Thanks for the nice words about the Premium Alerts.
Soy Oil asks:
Soy Oil, Houston, TX
Turn around tuesday does seem like "market baloney"
Witness the move in December cotton on Monday and then today.
at 6:55:25 PM
LOL, Just goes to show it doesn't work 100% of the time!
new guy asks:
Hi Jim: I just signed up and have finished reading the WGB manual. I know that I need to learn the formations, but it seems like all I have to do is just use the S1 strategy and use TS. (As it relates to finding which markets to get into). Does that sound right? If so, do I still need to look at Ken's charts, (other than for confirmation)?
at 6:59:09 PM
Hi new guy, Well I would hope that you would want more out of your trading business than what you've mentioned. If you truly want to run this as a business, then you need to do more than just follow the one strategy. You need to be able to read and understand the charts; know how to identify support and resistance; be able to determine stop losses and profit targets. I would recommend you go back and read the manual again, check the Chart Book as you mentioned, and then watch all the Training Videos at the US Charts web site. I think you'll find they're a real eye opener.
Cha-Rox asks:
Hi Trader Jim, Thanks for the alert service. I am short the Sep Dolar Index and reluctant to take profits yet, can you offer your ideas on the current trend? How low can it go?
at 7:03:17 PM
Hi Cha-Rox, If you subscribe to the Premium Alerts be sure to check tonight's video. I spoke about the dollar and gave a of couple ideas. That said, the US Dollar is approaching the all-time low (best seen on the monthly chart). This is a real strong level of support. So I don't expect it to crack it on the first attempt. The reality Cha-Rox is that you really should have a profit target, as well as stops in place. This should be part of your plan and everybody that trades the markets. Other wise, you're left wondering and that's not a comfortable place to be.
Tavius asks:
I will ask here, since I will admit to not having seen that particular video... What is turn around Tuesday?
at 7:05:09 PM
Hi Tavius, it's simply a thought that if the market rallies on Friday and Monday it will decline on Tuesday -- and vice a versa. There is of course no guarantee that this will happen. It's just something that traders have yakked about at the water cooler for years.
Smokin Joe asks:
Hi Jim, I've been attending these chats since February of this year and haven't missed one. I value the chance to get together with people in "The Business". I've been looking at Sept. OJ which broke and closed below the lower trend line of a pennant. There's only 30 days left in the option. Is the Nov. contract technically similar even though it broke to the upside first?
at 7:09:42 PM
Hi Smokin Joe! Glad you've joined us tonight. The November chart looks very similar indeed. Check out the Chart Book at US Charts Online. I just updated the Nov. OJ chart. The upside breakout didn't matter because the trend is down. We would only look for a position in the direction of the TS trend -- down.
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tradetracker asks:
Hi Again! Referencing the dows monthly head and shoulders formation in 2006 and measuring the potential upside of this market, where do you see the potential top? In view of all the hype concerning the markets steady climb; I am wondering! Things that make you go hummmmmmmmmmmmmmmmmmmmmmm????? THANKS!!!
at 7:12:12 PM
Well the upside target that I posted back in Feb. 2006 is roughly 14,500. We are an eyelash from that now. From there I don't know. I'll just watch the chart and see what it provides. You're right, it is one of those things that make you go hummmmmmmmmmm!
Noles asks:
Hi Jim, Question about the fish hook pattern.You often say that you wait for the fish hook to get in but sometimes you wait for the fish hook and then look for it to roll back over before getting in. How do you know whether to get in at the hook or wait for the rollover?
at 7:15:14 PM
Hi Noles, Well you never know for sure. It really just depends on how aggressive you want to be. The aggressive trader will wait for the pull back and enter once the support/resistance level is hit. The more conservative trader will wait to see if the market will roll over after the pull back. If it does, they'll look to enter then. This is a good question and one that paper trading can really shed some light on for you.
smitty53213 asks:
Hi Jim - Smitty from Milwaukee. Of the three systems for trading, 1-2-3, Hi-Lo, and Strong 1, I notice you seem to have not used the stong 1 set ups in your premium alerts. Is there a reason for this????
at 7:17:46 PM
Hi smitty53213, It's strictly a personal preference. I prefer chart based setups. The Sstrong 1 was designed around Trend Seeker and is more automatic. It's easy for the Course Member to identify these setups by going to the Trend Seeker page. However, not everyone can easily identify a chart pattern. So I focus on the chart patterns in the PAS.
Jim from Kalamazoo, MI asks:
(on Vacation in Massachusetts) what is pennat formation? What does it mean?
at 7:21:03 PM
Hi Jim from Kalamazoo, MI. You can find them identified in the WGB Manual as well as throughout the Chart Book. Also be sure to watch the Training Video I did on Pennants on 08/11/06.
Victua asks:
Hi Jim, Victua from the Garden State......I am papertrading October sugar with a call option at strike price 10.50 purchased yesterday for 17 cents (190.40)....My questions are: (1) how do I place a limit order in advance to liquidate the option when the futures price hits 13.19, the daily 50% based on the contract lifetime high of 18.08 and low of 8.71? (2) Is a physical stop loss possible in this case? (3)Since the weekly 50% is higher at 14.25 should one wait or liquidate at daily 50% point and re-enter, and (4) how does one compute risk/reward on options?....Thanks in advance and thank you too for last month'sviews on the bull flag formation in August Lumber.....it materialized exactly as you envisioned it!
at 7:28:07 PM
Hi Victua, This will sound negative, but if you have a good broker they can help you work these issues out. You can't place a limit order for your option based on the chart action ahead of time, because we don't know what the option premium will be in the future. You can't place a physical stop but your broker may be able to help you by keeping an alert for you. If the alert is triggered he/she can execute your exit order. If the 50% level is your target, it's what you should use. You can always reenter if another chart pattern develops. You can't compute risk/reward for options. You can only do it on the futures chart. Okay, now that I've given you the reality of "cant's" go get 'em!
johanna asks:
Hi Jim. I am new at this and still paper trading. What is "RSI" mentioned in Luckpup's question - I cannot find it in the glossary. Thanks
at 7:29:47 PM
Hi johanna, It's an "indicator" some traders use. Know that all indicators lag price action. So we don't use them. We stick to actual price patterns.
ready2win asks:
Hey Jim, I received the 123 Top Formation CD and it is great! Were you going to release a DVD on the Training Camp that you filmed a while back? Have a great evening and thanks for all the help you give us.
at 7:34:07 PM
Thanks for the nice words about the 1-2-3 Top Formation CD. It was a lot of fun to put together. We are currently in the process of editing the DVDs from the Trading Camp. We're hoping that the DVDs will be ready by late fall. Thanks for your interest and nice words.
Andrew from Pacific Grove CA asks:
Hello Jim, Do you ever discuss what it takes to achieve and maintain "trader status"? If you do, are there any plans to put out a DVD?
Thanks!
at 7:35:23 PM
I don't chat about "trader status, Andrew from Pacific Grove CA. I think that's best left for a tax attorney or CPA. Believe me when I tell you I am neither. LOL
Air_Colorado asks:
Ref the Sept British Pound, I waited for the "fish hook" down July 6 or so, picked up a 2020 Call option and today sold it for a bit over $1100 profit. Since it was an option I used a target (no stops) and it seems to work well. Question is, mental stops are fine but sometimes overnight markets (like the BP) seem like a "catch up" game each morning. Liquidating at a target for options - is that a good way to liquidate them if you can't do the mental stop?
at 7:39:10 PM
Nice job Air_Colorado! Yes, RE your question about targets. It seems like you did everything just as we teach. Good for you! Keep it up!
jstcpa asks:
You've been talking in the Alerts recently about projecting price targets based on measuring the swings in a chart pattern. Is there a way to do this with a market that's in a channel? For example, October Sugar had been in a channel since April. Would it be possible to project how far sugar might go up on the breakout of this channel depending on how long sugar had been in the channel?
at 7:43:28 PM
Not the way I teach it, jstcpa. The best method is to simply use the resistance level located just above the channel. I've outlined this area in the Chart Book. There are other "projection" methods that I teach, but those are reserved for the Trading Camps. There's simply not enough room here to explain the other methods because of the need for charts and text. That said, my favorite method is simply using support/resistance levels (like you'll find on the chart).
Mike in NYC asks:
A while back you mention a Trading Camp Weekend was going to be video taped, and turned into a course. Do you have any idea when that might happen?
at 7:44:38 PM
Hi Mike in NYC! Yep, we're editing it now. Our target date isn't quite exact yet. But we anticipate that the DVDs will be ready sometime in the late Fall.
TraderDave asks:
Jim, just wanted to say that I think you are doing a great job with the premium alert service. I don't think that I have learned as much in my several years of trading then I have since you started this back in Jan.. The way you take us by the hand and teach us is the best training anyone can ask for.... You are the real deal.
at 7:46:39 PM
Wow, thanks TraderDave! I'm glad you're able to learn from them. They are a blast to do, and it's very encouraging when folks like yourself let me know how helpful they are. Thanks again!
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Air_Colorado asks:
A final question Jim - is there an easy way to remember pennant and flag, which indicates long and which short?
at 7:50:18 PM
Well Air_Colorado both of the formations are interchangeable. They can be traded either long or short depending on the trend direction. Look at the prevailing trend for trading pennants. If the trend is up before the pennant forms, then we'll trade it to the upside (and just the opposite for down trends). Also, remember there's a bull flag (up) and a bear flag (down). Be sure to check out the Training Videos I've done on these formations too.
Writer asks:
Greetings Jim,
Curious here in Farmington Hills, MI. I was reading on trading strategies and the Hi-Lo strategy was said to occur in extreme parts of market moves. Can you explain what that means? Thanks.
at 7:53:24 PM
Hi Writer, When a market makes a new 12 month (or contract) hi or low the market is considered to be at an extreme by many traders. I look at it this way. . . It's a momentum strategy. In other words, when the market is at these extremes it often continues to move in that direction. When trading this strategy the whole idea is to simply ride the train until the train stops. Hope this helps.
TWINDENT asks:
Jim, I want to comment on how GREAT the online charts are but I want to inform those out there about Trade Tracker. I have found it to be a nice "tool" while trading but I have found that I trade "better" when NOT using the Trade Tracker. I would find myself going back to my pc to see if I were UP or DOWN every hour or so. But if I just used the CHARTS and FORMATIONS instead and not concentrate on the Trade Tracker $ amount, then I was better able to take GREED and FEAR out of the picture and I have been able to follow a pre-planned trade from start to finish. It has really worked for me and I hope it helps others out there. Thanks again!
at 7:54:56 PM
Thanks for sharing your thoughts, TWINDENT! You make some very good points. And you know what? Successful trading isn't about trading the money, it's about trading the setup. You are on the right track! Good job and keep it up!
Daryl from Denver asks:
Thanks Jim. I really enjoy your Friday night training videos.
at 7:56:10 PM
Thank you, Daryl from Denver! Glad to be of service and glad they're helping you.
chris from pa asks:
hi Jim,
1st time writing in, just wanted to let you know I've been with us charts for many years. I find that the premium alert has definitely given me the edge on my trading. Keep up the great work!
Chris
at 7:58:16 PM
Thanks for speaking up tonight, chris from pa! Glad you joined us. Nice to read so many positives about the Premium Alert videos. Thanks again and please be a regular contributor to these chats.
Ed in Windsor, Ontario asks:
Hi everybody, When making a trading plan, we would normally pick 1st. & 2nd. targets among other things. You recommend taking profits or peeling off profits at the 1st. target. However, if only trading 1 contract or option, is it advisable to remain in the trade to see if the 2nd. target may be hit, as long as you trail tight stops, if that is how you wrote your trading plan?
at 8:02:01 PM
Hi Ed in Windso, Ontario! I think it's a mistake to remain in a trade after your target is hit. For example, lets say you were in a trade and your first target is hit. But you decide to squeeze more out of it like you mention above. But then one morning you awake only to find the market limit down (like the grains this week). Not only will your stop be run over but there a good chance you'll get stopped out far away from where you had anticipated. Your winner could actually turn into a loser. Give it some thought. Don't let greed get in the way of making good cents (pun intended). Have a solid plan in place and stick to it.
Jim from Kalamazoo, MI asks:
(on vacation in MA) How do I get back into paper trading? It's been awhile since I have traded
at 8:04:42 PM
Hi Jim, give a Course Counselor a call and they'll point you in the right direction. They can be reached at: 541-955-2885 Monday through Friday from 8:30am to 5:00pm PT. They'll be happy to help and there's absolutely no pressure.
Tavius asks:
when are you doing the next trading camp, and how much is it likely to cost? And what are the options if we have three people in the business who want to go?
at 8:07:16 PM
Funny you should ask when the next Trading Camp is Tavius. We'll be sending out an email within the next couple of days announcing the next Camp. The email will answer most all of your questions. In the meantime, if you can't wait for the email feel free to call a Course Counselor at: 541-955-2885 Monday through Friday, 8:30am to 5:00pm PT.
hwy510 asks:
are you long or short the Seattle Mariners? smile
at 8:08:47 PM
I am long the M's! They're on a roll, only a couple of games out of first place behind the Angles. Should be a great rest of the summer for us baseball fans. Btw, baseball been bery, bery good to me.
asks:
Hi Jim, I have been extremely impressed with the Premium Alerts. I have been studying and trading commodities for many years. I have not had the success that I know is ther, but will continue to trade as long as I can. For new course members, think of this. You can easily lose $300 to $400 on a trade. I know this because I have done it. The cost of the Premium Alert is less than those losses and you will learn so much from listening to Jim talk. One of the greatest benefits is the change of attitude and the conservative approach to investing. Jim is a fabulous mentor and what he teaches is happening live and you can see the results of what he teaches on the following day. Just think about it. It has helped me tremendously.
at 8:14:40 PM
Folks I can't get over all the nice things you've said tonight. Let me tell you that all your kind comments are very appreciated. We are doing our very best to provide quality information and products that you can use to make you the best trader you can be. Thanks again and I'm glad we're on the adventure together!
Okietrader asks:
Hi Jim,
I'm not currently trading, but have been following the live chats for several months and have decided to call a Course Counselor this week and sign up. I'm looking forward to paper trading and being able to participate in the on line chats. Thanks for all the info it's almost overwhelming to me.
at 8:18:23 PM
Welcome aboard, Okietrader! We're glad you're with us. Feel free to call the Counselors as much as needed for assistance. Also be sure to watch the Training Videos. They'll really help with your education. Take it slow and easy. Do you know how to eat an elephant? One bite at a time! Approach this business in the same manner. Welcome once again!
rallyrob asks:
Jim, from your years of chart experience, do markets really tend to fill
gaps. If so, could there possibly be a strategy there?
at 8:22:52 PM
It's really a coin flip, rallyrob. Sometimes the gaps aren't filled because the contract will expire before it has a chance to fill. The strategies that we currently teach can be used with gaps. In other words, if you're in a position and there's a gap on the way to your target, the gap will have to be filled for your target to be hit. Be sure to watch the Training Video I did about gaps. It's dated 12/15/06.
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 lesson at: www.uschartco.com. This is a fantastic teaching tool and free to all Online Chart 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! Trade your plan and plan your trade!
My next chat will be on Tuesday, August 14, 2007. God Bless and I look forward to seeing you then!
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