Follow up Questions and Answers from our July 13, 2006
Commodity Chat With Trader Jim! (tm) (Jim Prince)
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Hi everyone, Trader Jim here. . .
Below are answers to questions I wasn't able to get to during our July 13 live chatroom discussion. Enjoy and if you ever have a question that need assistance right away, please feel free to contact one of our Course Counselors at 541-955-2885, Monday through Friday, 8:30am to 5:00pm PST.
Enjoy!
bgrrowe45 asks:
On the Premium Alert Service, can you use dial up, not that anyone uses that any more.
Our Premium Alert Service has not yet been launched. When it is you should be able to view the videos via dial-up. However, if the videos are large (over 10 minutes) it may take a long time to load, making it difficult to view. Ideally, you should have a broadband connection. I live in an area where there is no cable or DSL. So I invested in satellite technology via Direcway. While its not quite as fast as Cable, it runs neck and neck with DSL and does a great job.
unknown asks:
Jim, I used to get the weekly update, but for reasons uknown to me it has been discontinued. Jim, could you please get me back on your mailing list. . . they were a valuable source of informatiom. Thanks Jim, looking forward to getting the weekly updates!
I'm glad you're enjoying the updates. Be sure to call one of the Course Counselors (at 541-955-2885 to verify your e-mail address. In the meantime, you can view all the Updates at the WGB Members site (at www.wgbmembers.com ). All the Updates are posted in the Member Mailbox.
sabrena asks:
Hi Jim, Im a trader trying to figure out a tax strategy. I eventially want to use trading as a business any comment on an indiviual strategy or book would be greatly apreciated! Thank you
You might check out the book written by Ted Tesser entitled "New Trader's Tax Solution." I know Ken has mentioned it as a good source of information. Try calling Four Star Books at (800) 350-2350 to see if they have it in stock.
Bayou Bill asks:
Can you give us a summery of the markets that triggered a trade on the week update and the strategy that triggered the trade?
We are in the process of rebuilding our site and appreciate any suggestions. I'll pass your thoughts on to the programmers for consideration.
lawnman asks:
Hi Jim, Is there any thing a trader can invest in that can be sheltered from taxes, I.R.A. etc., when trading options?
You might check out the book written by Ted Tesser entitled "New Trader's Tax Solution." Ken has talked about this book for years, as it is a good source of tax information. Try calling Four Star Books at (800) 350-2350 to see if they have it in stock.
lawnman asks:
Jim, Any books in the library about jesse livermore?
Not at this point in time, but I know there are some good ones out there. (My favorite is Reminiscences of a Stock Operator.)
Ceil asks:
I'd mainly like to see Ken's Chart Book organized better. Alphabetic ordering. Monthly/Weekly/Daily charts of a single commodity together. . . That sort of thing.
This is something our programmers are currently working on. We are always looking for ways to improve the site and appreciate your input. Thanks and stay tuned!
NY-Vince asks:
Jim, are the techniques used in the ACTT a must for seeing chart formations and making correct entry decisions?
The ACTT (Advanced Commodities Trading Techniques Course) contains extra tools -- i.e. strategies and formations -- to aid with your trading. The course is directly based on Ted Warren's teachings, and even comes with 2 audio CDs featuring one of Ted's commodity seminars. We also publish a monthly newsletter and weekly email update for this course. That said, it's not necessary to have this course to be a successful trader. But many course members have found these extra tools to be quite useful. P.S. - From time-to-time I post paper trades from this course in Ken's Chart Book and/or in the weekly Friday email.
Ceil asks:
Hey Jim, I'd like to make a comment about risk, following your response to scaldabonko. It is very easy to lose a lot of money very quickly on futures contracts, even with stop loss orders in place. My trading style has adapted really well to buying close-to-the-money options. That way I always know what the maximum risk is. And because they're near the money from the start, they have a higher probability of success (as long as the market moves in my direction). (BTW, I got that from you and Louie last summer at the trading camp, and it was a great boost to my trading. So thanks!)
Thanks for the feedback, Ceil! While it's true you can lose a lot of money in futures it's also possible when trading options. The difference, as you stated, is that you know your maximum risk going into the trade with options. Thanks for stopping by tonight, Ceil, it's always nice hearing follow-ups from our Trading Camp grads!
worldex asks:
Suggestion: Trade Tracker Summary Totals should appear on top page before the portfolios.
Thanks for the suggestion; we'll pass it on to the programmer's worldex. Keep 'em coming!
worldex asks:
Country: Trinidad & Tobago. Hello...Good day to all…I bought the TWMPMM I course in Sep/Oct 1997. I did no trading as I was really busy. I have recently read it 3 times. I just signed up for the WGB course that I found out about in trying to re-start paper trading. Question: Do the techniques & principles learnt (123 Tops/Bottoms, Channels, 50% Retracements, Options) still hold for this new course?! Should I just concentrate on the theories of the new WGB course? I can see all the other videos from USCHARTCO & WGBMEMBERS except the Premium Alerts, can someone help? (I use I.E. & Firefox on MS XP Home) Respectfully, Neil Salandy. N.B.
Ken wrote his "TWMPMM" book almost 25 years ago, and the principles found inside are every bit as valid today as they were then! The WGB course offered today has evolved directly from TWMPMM, including information Ken added over the years on trading options. The Premium Alerts service is not yet available, but rest assured we'll let you know more about it as that time approaches. . .
Unknown asks:
My understanding is that when TS says "weakest" it may be that the trend may reverse. Do you have any numbers or stats on how many times a trend does in fact change when TS says "weakest"?
When Trendseeker shows a trend at its weakest, it may be because an existing trend has indeed weakened, OR because a NEW trend may be just about to materialize. In my mind, it's best to use both Trend Seeker and your price charts to help determine the trend. I think it's always a great idea to be able to get a "visual" of market activity.
Joeturner asks:
Hi Trader Jim, I sometimes have a hard time making the 6:00 PM session (i.e. work, traffic), but wouldn't miss all the input and suggestions that come across the air/wire, also the improvements you and your team are doing, Great, Great. Thanks much
Thanks for attending the monthly chats in spite of those obstacles, Joeturner! Remember though, if you are unable to make a chat be sure to tune into the archives. Glad to know you get lots of useful information from these chats! They're a blast to do!
jerryjoeken asks:
Hi, Jim. Ken made me reborn starting in Jan 06. I learned, paper traded & saved till April. I opened an acct and promptly took my 2500 dollars and lost more than 1/2 by acting stupid. Then I took my 1200 dollars & started thinking.... I've been as high as 8700 dollars in just months. Right now I'm building from 7700 dollars in my account & retiring from my hated day job. Thank you all for my new start. Here's to good times!!!!!!!! Jerry
That's quite a ride, jerryjoeken! I'd be curious to know. . . do you have a plan you stick with concerning entry and exit strategies? Please keep in touch!
Don asks:
Jim, Is there any date set yet for Trader Camp Weekend? I'm a beginner and that seems like a great way to start. I work full time during the week. Thanks!
Hi Don, at this point in time we have not set an actual Trading Camp date. We're shooting for sometime in the fall will announce it in your weekly Friday emails. Thanks for your interest!
Paul asks:
can you put a "tab" up for the weekly Friday videos? I have to re-log into uscharts and then get the friday video from the "welcome" screen.
Hi Paul, yes, that is something we are working on and should be available once the new site design goes live. Thanks!
watinok asks:
Thanks Jim in Northfield. TJ, I suspect it has been answered before. Can we access previous weekly Trend Seeker video lessons? They're awesome! Thanks.
Hi Watinok! I'm not real clear on your question. I did produce one video all about using Trend Seeker. The link to this video is found at the top of the Trend Seeker page. Above and beyond that I do a Weekly video every Friday. But it's not limited to just Trend Seeker. That said, we are developing a "holding area" on the new site for the weekly educational videos. Hope this helps.
NY-Vince asks:
Jim, In regards to TS will there be a column for when trend seeker changed either the trend or strength rating to help us see if the trend is getting stronger or weaker?
We've talked about possibly adding this to the site. However, our programmers have their hands full at the moment. Just know that it's on our list and we appreciate your suggestions.
scaldabonko asks:
I paper traded a 190 call on Jan 07 OJ on 6/30. It turned drastically against me and I papered out. Looking at that chart, I wonder if I got in to early or was it just one of those days?
Scaldabonko, it's always easy to second-guess yourself. That's why it's imperative that you have a plan established before you enter a trade. Doing so will help you stick to your exit plan. If the trade doesn't go as planned - get out -- as planned. Then move on to the next opportunity. (Remember, just because you get stopped out of a position doesn't mean you can't get back in - as long as all your trade parameters are met.) Keeping losses small is critical to success as a trader - be sure it's part of your plan too!
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! (The video link is in white text located at the top of the very first page you see after the disclaimer when logging in.)
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, August 17, 2006. God Bless and I look forward to seeing you then!
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