Let's Talk Trading (tm) with Ken Roberts
from August 5, 2003

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As we begin this evening’s session, let me state the reason I conduct these monthly chats: to provide you the opportunity to ask questions and pick the brain of a successful, long-time, real-money trader. It’s not the highest and 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 my Course Counselors are here for... Now 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 along those lines, so much better. Alright... I’ve got a Montecristo #2 fired up, here’s our plate of freshly baked chocolate chip cookies, the coffee’s poured, so let’s talk commodities!

Oztrader asks:
Hi Ken. Looks like Feeder and Live cattle are gonna go down. In your opinion is it better to short a November contract or a January one? Thanks for all your help and commitment, much appreciated. Daniela. PS By the way, what’s Priscilla (TWMPMM Workshop video) up to these days? Have you heard?
at 6:10:03 PM
Yes, Daniela, watch for 50% retracements in Feeder and Live Cattle. If you're trading short-term (DAILY 50% retracement), I'd trade the November contract. If looking for a longer-term trade (Weekly 50% retracement), you could place an open limit order in the January contract. The last I heard about Priscilla was when I saw her Dad who moved here and told me she was attending High School in Grants Pass.
sellin55 asks:
what is your opinion on corn? are we at the low's?
at 6:10:49 PM
I'd say we're NEAR the lows: Look at support on both the Weekly and Monthly charts. Thanks!
option257 asks:
ken whats your take right now on oj?
at 6:11:26 PM
I'm itchin' to get long!
Brandon asks:
ken, I currently hold 2 december cotton 53 put options. I paid a premium of .40 for both of these and they are now trading at a premium of .75. can you give me a quick assessment of my position? thanx,
at 6:14:20 PM
I'd take profits when the front-month Daily hits its 50% retracement. Good goin'!
Janice asks:
Hello Ken, This is Janice in NC Last month you were saying coffee was gonna "shoot to the moon". Do you still think that? Also, I noticed you said in the newsletter that you are looking for March coffee options, I have December options. Is this too soon?
at 6:16:07 PM
Absolutely, Janice! Your December options aren't "too soon" if coffee takes off before they expire, but keep an eye on them in case you have to purchase more calls in farther-out months. (Hope you don't have to, but be prepared . . . .) Thanks for joining us tonight.
brucec asks:
Hi Ken, I just became a member and want to know the quickest way to start making money to supplement my income with your program. I know we should paper trade first and am On my second reading of the manual. I only have @ $1000.00 to start any sugggestions?
at 6:17:16 PM
Yes: Paper trade until you find yourself saying "I'm tired of being right and not making any money on it" a lot! Thanks for chatting with us tonight.
Tom asks:
Am i in the right chat room? I am new and looking for Ken Roberts.
at 6:18:08 PM
Well, Tom, I'm old, but my name's Ken Roberts. Guess this is the place! Welcome . . . .
toons asks:
Hi Ken, Just want to say thank you for all you do.
at 6:18:28 PM
Thanks Toons!
BIG JACK NEWMAN asks:
Hi Ken; dec. eurodollars 9700 put options have traded cabinet for almost 2 months; do you see a turnaround before they expire?
at 6:19:46 PM
If I knew the answer to that, Big Jack, I'd be richer than Bill Gates!
hammer asks:
when i have an option that i have purchased for say 200.00 and the market moves my direction and now that option is worth 2500.00 who or what kind of person buys that option? most of the options i see you purchasing are cheaper options like the ones i have been purchasing so i worry about holding an option to this price level and not being able to liquidate?
at 6:21:32 PM
I've never been NOT able to liquidate an option, Hammer. Who would buy it? Someone wanting to get on board as you did OR someone hedging his or her losses on a futures contract! Think about it . . . .
PatientlyPersistent asks:
Hey,Ken. With your multitude of futures positions, once the markets are headed in the anticipate direction, and you begin to peel off contracts, do you ever take an opposite position short-term knowing that after they hit the daily 50%, there's a chance of retracement?
at 6:23:14 PM
Sometimes I do that with options, PatientlyPersistent, but if you did it with futures contracts, you'd cancel out your opposing futures contracts!
capta1n asks:
Greetings from Colorado. I am most comfortable trading options. I often refer to levels to find where commodities currently reside in relation to their all time highs and lows. Where can I find a list of the all time highs and lows to confirm that I have the correct numbers?
at 6:24:38 PM
There are probably lots of sources for this information, Capta1n, but the only one I can name is Commodity Research Bureau's YEARBOOKS. I'm not sure if CRB still publishes these, but they may be found in libraries.
Yavana on Maui asks:
I have had some rather extraordinary successes in the past 3 months with paper trading and now feel ready for the real markets. How many markets should a begining trader attempt with real money?
at 6:25:37 PM
That all depends upon YOU, YOUR BUDGET, and your paper trading experiences, Yavana. In other words, only YOU can answer that question. Aloha!
mkmsystems asks:
Is it better to use manual charts from US Charts or use the online version while paper trading options, or both?
at 6:26:09 PM
I'd go on-line because of that option history feature!
Helen asks:
When you talk about the "last major move" in calculating 50% retracement where do you start and end - the high and low on the chart or a more or less continuous straight line without too many fluctuations?
at 6:27:16 PM
The high and low on the chart. Thanks!
PR asks:
Ken Just wanted to see what others are asking you. Thanks for having this chat tonight. PR
at 6:27:30 PM
Thanks PR, and welcome!
Wild One asks:
Do you think Gold is ready for a move higher??
at 6:28:29 PM
Yes --- check out that Monthly chart!
New Guy asks:
Hi ken is it time to look for retracement in Bonds,are you still short pork bellies and has wheat made a 50% retrace from the 1995 move and does the 1998-2002 channel have any clues to the size of the next move? Thanks for the chat, see you when I spend a day with Anthony next month.
at 6:30:54 PM
New Guy! All those questions, all at once! You just maxed out my little brain! I'll see you when Anthony brings you by the Cigar Room in my office. I'll help you pick out a Classic!
Bob A. asks:
Ken, hello from Memphis. I'm following the options profits insurance plan on the Eurodollar. My question is what do you look for when deciding to discontinue purchasing options - once the market takes off?
at 6:31:17 PM
Yes, when the market begins moving, hang on and enjoy the ride!
simon asks:
Eurodollar = are you looking towards the monthly retracement of 96.00 or the alltime monthly retracement of 92.50? Thanks for doing the chats Ken. Earned a bunch already in the euros.
at 6:33:52 PM
First the Daily 50% of 98.1, then the Weekly 50% of 96, then the Monthly 50% of 91. (How much did you earn already, and tell us how you did it . . . .) Thanks!
homey2612 asks:
In trading options what is the cost to open an account?
at 6:34:31 PM
I know you can open an account with as little as $1,000 to trade options.
Barbra asks:
Ken did you hear that the new edition of the Webster dictionary has "dead cat bounce" in it? They were talking to the editor of the dictionary on NPR the other day and he said that with the average person in the stock market, they felt the need to explain what a "dead cat bounce" was. He gave the same defination that your Mother's favorite financial advisor gave on your video call in.
at 6:35:19 PM
Neat! Thanks Barbra (is this Streisand?)
RogerV asks:
Ken,after meeting you personally and my day with Anthony on 7/17 my trading confidence level soared! Now I'm realizing a profit of 800+ dollars on my December Eurodollar put options and I'm getting the jitters. Am I wrong to want to bail out now or should I stick with the plan to realize the potential profits ahead?
at 6:38:09 PM
Thanks, RogerV. It was good to meet you! Congratulations on that Euro trade. Let me answer your question this way: 1) You should always stick to your trading plan and not be guided by impulse and emotions and, 2) You can't lose money taking profits! (Does this help???!!!)
Jim from Kalamazoo, MI asks:
Finally watching eurodollar make a move down. I can't believe I have watched it for 2 years. What was the longest you ever had to wait for a market?
at 6:38:41 PM
Euroyen and Coffee.
Wilfbort asks:
Hello Ken, What is the benefit of taking the largest 50% retracement on a weekly chart? Wouldn't it be more practical, and realistic, to use the most recent 50% not retraced? Thank you
at 6:39:28 PM
Try it! I did, and that's why I use the largest 50% I can get on any chart. Thanks for joining us, Wilfbort!
ns scott asks:
Hi Ken & Crew! Is Tovi an ongoing subscription or purchase outright or both? I'm having much success with futures, so I haven't traded options other than a couple coffee calls. I am trying to get a feel for cost/benefit of tovi since I find myself tense when in futures. Make sense?
at 6:41:59 PM
Yes, ns scott, but consider this: The Long-term and Short-term rankings of all the major markets on TOVI ALONE are worth the subscription price! They work for futures AND options and both help you TIME your trading. For example, the Long-term rankings are actually a Countdown to Takeoff between major historical moves! There's nothin' like TOVI!
little augie asks:
ken I'm letting my sept. coffee expire, my augie pork bellies expired, last week, my sept o.J. will expire soon. I'm keeping my dec coffee 170 call, Im shopping feb, porkbellies for a good price, I'm ready to purchase jan. o.J. at a good price. And I'm ready to buy more coffee, dec. or march 04. I always shop for an OBK price. That's "Or Better Than Ken." I use you as a guage on price. Little Augie
at 6:42:48 PM
Alright, Little Augie. Great plan! Thanks . . . .
Nick of NJ asks:
Hi Ken, when is the best time to renew options that are probably going to expire{a week or 2 before option expiration or longer or shorter or what}? Thanks,Nick of NJ
at 6:44:58 PM
With TOVI, Nick, it TELLS you when your option is decaying too rapidly! Before TOVI, I looked to renew my options about a month from their expiration. Try TOVI!
Clarence asks:
Clarence--Pflugerville,Tx.---Ken---Do you have an established position in Feeder Cattle at this time? or are you still waiting for a good formation to shape up?
at 6:46:21 PM
Feeder Cattle may try to touch its all-time highs again, so I'd wait awhile before shorting. Thanks Clarence!
Paul from Grove City,Oh asks:
Hi ken, Completed GAB course, now papertrading. If an option expires in the money, is it the same as liquidating it? Tkx
at 6:47:38 PM
No it isn't, Paul, but if you did NOT liquidate it, it would AUTOMATICALLY be exercised and that futures contract would be placed in your trading account (along with a commission, fees, and margin). Good question. Thanks!
Geudud asks:
How do you feel about shorting the Platinum market, specifically a Nov. contract?
at 6:50:15 PM
According to the Daily, Weekly, and Monthly Platinum charts, that would be a good idea, Geudud, but there is no November contract, so you may have some problems pulling that one off!
Ken Foley asks:
I am using TOVI and loving it !!! My first focus is on markets where the long-term bias and short-term trends are opposed and where the trend strength is extreme. This should indicate good buying options - calls if the short-term trend is down and puts if the short-term trend is up. Am I on the right track ??
at 6:52:59 PM
You sure are, Ken! Great goin'! Now THAT'S how to put TOVI to its highest and best use. Thanks for clueing us in . . . .
mrgary asks:
Ken What theory do you use as to know when to exit an option? P.S. Love the options course. $1500 profit first 30 days paper trading.
at 6:53:45 PM
When my price target is hit, that's when I liquidate. Good question. Thanks!
DWAYNE asks:
BROUSSARD,LA.--KEN IS GOLD TOO VOLATILE TO BE CONSIDERD AT THIS TIME?
at 6:55:17 PM
Well, it could be considered too volatile . . . . As gold is now dropping, this would be a great time to price and track call options, Dwayne. Thanks.
n.y.c. kid asks:
hi ken just wanted to ask you which came first in your life a) commodities, or b) your higher learning? i just started to apply my "inner work" and just paper traded a 6k profit after many losing real money trades.
at 6:56:38 PM
Commodities came first for me, n.y.c. kid, but it sounds like the order came just right in your life. Good goin'!
Dan, Mtn View, CA asks:
Hi Ken, and gang. Thanks for this outstanding service. I haven't seen this question yet concerning "Ken Roberts Desk" serving Ken Robert's course members (like me). Q. My Chicago broker (from the KRC desk) tells me that they have TOVI and will "help" pick the best option values. Ken, I would prefer doing this myself and buy the TOVI subscription on-line IF this will help me outperform brokers that want to "help" me. I know they mean well, but you know....blah, blah blah! Thanks again, Ken! You are a gift!
at 6:58:11 PM
Thanks, Dan! You'd LOVE a TOVI subscription. Try it! TOVI is awesome . . . .
wal asks:
ken, I've been looking at TOVI for the past few months and noticed that the highest value options seem to have pretty high premiums. Prior to TOVI, you used to recommend purchasing "cheap" options. Do you still recommend purchasing cheap options, or do you just go with what TOVI says now?
at 6:59:47 PM
I don't trade without TOVI, wal. Options are three-dimensional and TOVI considers all angles. For example, TOVI has taught me that it's not wise to buy TOO MUCH time in an option --- can you imagine that?!
ron asks:
ken I just finished reading a Rich Man's Secret. I was going to ask if Clement really existed but google (internet search engine) says he existed around the turn of the century. How much of the book parallels your life other than some of the names of your family that was used? Is it this book or the deputy sheriff's knowledge of the commodity that he shared with you that has gotten you where you are today. I have been in and out of commodities for the last number of years and had some big wins but a long string a small losses. I plan on getting back in. It would be nice to not have to get up in the morning to go to work. Thanks all you have done. Hopefully ARMS and the course will get me going again.
at 7:02:48 PM
Thanks, Ron. Glad you joined us tonight. The book is a CLOSE parallel of my life. I guess I'd have to say BOTH the information in my book AND what the Deputy Sheriff taught me helped me arrive where I am today.
John the Methodist asks:
Howdy Ken! I thoroughly enjoyed, and profited handsomely from, that first Mackinaw boardroom and the even more so the Dallas meeting in 2000. So, when will you be coming to Dallas again? I want to hear your latest thoughts (What’s TOVI? Are you still using levels? How much OJ do you own? Inquiring minds want to know!) Heck, even though I’ve been selling feeder cattle like there’s no tomorrow, for you. . . I’ll buy back 20oz T-bone for you! :) Seriously, I would enjoy another opportunity to pick your brain for a day. Do good & God Bless! John
at 7:04:43 PM
Thanks John! Check out www.tovionline.com for a real eye-opening experience! Keep watch on my seminar schedule. Surely would enjoy one of those T-Bone steaks (at The Palm?)!
sellin55 asks:
Ken , this may sound like a dumb question, but are grains more technicially traded than fundamently traded. I'm seeing very low corn prices when we have a very risky crop in the works, what is your perspective on this matter?
at 7:05:24 PM
I ONLY trade technically, but I'd GUESS that the grains are more fundamentally traded by most traders.
Tom in Maryland asks:
Hi Ken, I have also been watching coffee and waiting for it to move up. I am thinking of buying 1 contract and using internal financing to purchase additional contracts when coffee finally "starts brewing" as opposed to options and using (put) options for protection rather than stops until it takes off. Whats your opinion on my strategy?
at 7:06:23 PM
That's a great strategy, Tom. Have you paper traded it to get the "feel" of how it works? Thanks!
BP asks:
BP from KC - I finally stopped the procrastination thing, opened an account, started trading, and in my first month I've made over $3000 (went short pork bellies). I guess that paid for the course, and more. Thanks so much, Ken. You're the greatest.
at 7:08:43 PM
Thanks, BP. I also was plagued with procrastination and I'll tell you how I solved it. Give me a minute here . . . Let me think on this . . . Tell you what, I'll get into this on next month's chat . . . .
toolman asks:
Hi, Ken, Thanx for the course and "A Rich Man's Secret" book. They have changed my life. Is European currency gonna drop to the 98ish level by year's end?
at 7:10:50 PM
Thanks Toolman! Yes, the EuroCurrency will hit 98 (but I can't tell you when). You may want to see what TOVI says, though . . . .
Gary in San Diego asks:
Ken, Thanks for all that you do. After losing my first trade in July Corn, I reread all of the chat archives, and finally figured trading out (thanks to you!). Look for extreme highs/lows, then trade the 50% retracement, no stops, and back your position with cash.
at 7:11:16 PM
Thanks, Gary!
bayside asks:
Jim from cape may asks do the chart formations from the ted warren stock course such as flat tops,pennent flags apply for commodity charts as well
at 7:11:52 PM
Yes, that's the ACTT Course. (Call a Course Counselor.)
chartech asks:
FROM SOUTHERN OHIO; Hello Ken and gang thanks again for these chats they are all that keeps me going at times but I cant and wont give up. Cant wait to get GAB and TOVI. Question, I have call options in Janaury OJ. Do you think I need to look for farther out options. Hoping to make some money soon. Thank you again You are still the greatest -- I mean that.
at 7:12:50 PM
Thanks Chartech! Hang onto those January OJ calls --- you've got awhile on them.
Tom in Maryland asks:
Ken, When I look at my charts, I view sugar and coffee as being in a simular state - both more or less languishing at or near 25 yr lows. What do you think? Thanks
at 7:13:19 PM
That's what I see too Tom!
marc/miami asks:
Hi Ken; I have a PUT option oin march04 Eurodollar; it is in the money now and I have a 500% profit. should i hold till 50% monthly retracement or should i close it right now? Thanks
at 7:15:12 PM
I HAVE to answer your question this way, marc/miami: 1) Stick to YOUR trading plan, and 2) You can't lose money taking profits . . . .
ninofeo asks:
Hey Ken, Thanks for the $7000 profit in Pork Bellies. I could have made more but I chickened out too soon. Are you still short PB? If so, how do you convince yourself to stay in?
at 7:17:12 PM
Yes, ninofeo. See why I always say "Stick to your plan" and "You can't lose money taking profits."? Experience and cash.
virgil christensen asks:
When do you liquidate future positions? When your goal is hit or your stop is hit? If you set a target price you could short yourself futher profits. If you always set stops, the market seems to always hit the stops. What do you do?
at 7:18:52 PM
These are GREAT questions, virgil, but the only way I can answer them is to recommend paper trading. Experience will reveal the answers to you, grasshopper!
TOVI's website is ... www.tovionline.com
Profits asks:
Ken, Long time no chat! I got side tracked too. I took GAB as a refresher course and am doing rather well. TOVI is great, but nothing beats paper charts for me. I'm looking at Sugar's monthly 50% as 26.00, correct? Thanks.
at 7:20:28 PM
It's 23.5.
PatientlyPersistent asks:
Educate me,Ken. What's a dead cat bounce?
at 7:21:23 PM
Sounds like you need the TOOLS OF THE TRADE VIDEOS. They're free! (Call a Course Counselor for details.)
Blanche asks:
Blanche from Lakeview, Oregon Hi neighbor! Thank you so much for your programs. Just getting started, I'll be around.
at 7:22:07 PM
Thanks neighbor! Come on over to Grants Pass and visit my Trading Lounge and Course Counselors.
Fred asks:
Hi Ken. Fred from Ventura, Ca. Wheat has been climbing steadily, and looks ready to plow through the former resistance levels; do you still feel going long is a good move?
at 7:24:02 PM
Yes, Fred, check out Wheat's long-term picture on its Monthly chart. Thanks.
gfoz asks:
Pardon the ignorance, but what is TOVI, and where can I find more information on it?
at 7:24:15 PM
www.tovionline.com!
countrygirl asks:
Hi Ken, I was wondering if you think the US Dollar will go up. I am long and waiting for the 50% to be hit. Thanks for doing these chats we really look forward to them every month.
at 7:25:21 PM
Thank you, Countrygirl! Absolutely: It's already begun! Good goin'!
Go GAB asks:
I just returned, after taking the GAB course. I think you're really on to something this time, Ken. This is the way to teach commodities! Question: Since you don't recommend receiving advice from brokers, wouldn't it make sense to trade on-line? I found trades as low as $7.00 each.
at 7:28:42 PM
Yes, if it works for you. I LIKE having another person watching my trades and orders with me, but if you don't need this, that's great. I will tell you that a close friend of mine trades online and he just placed an order in the Japanese Yen last week that he did NOT wish to make --- it was a mistake he made entering it into his computer. He found out the hard way the next day that he had placed an order to do the OPPOSITE of what he intended to do!
Fred asks:
Hi again, Ken. Fred from Ventura Ca.--Just wanted to thank you for TWMPMM and the advice of TOVI. I subscribed and am convinced that with a sound trading plan and the info. on long and short-term investments available from TOVI. I am looking forward to a future of no more money worries. TOVI rules!!!
at 7:29:29 PM
Can't say it better myself, Fred. Thanks!
jander9192 asks:
Hi Ken, for some reason I paper trade and get to the point of asking why am I not using real money like you stated earlier, but for some reason whenever i use real money, everything goes the opposite of what I thought should happen. I need to gain some confidence. Any suggestions?
at 7:29:51 PM
Keep paper trading!
Dennis asks:
Ken as a begining trader I'm planning on taking small profits at first, and gradually building to multipal contracts. I also plan on hitting it BIG!! Thanks Ken, I owe you a big FAT Cuban Cigar! Tom and Dennis We loved your course!!
at 7:30:13 PM
Thanks fellas. Welcome aboard!
sunfun asks:
ken my first trade ever. options in euro march 2004 two puts purchase at 0.07 points liquidate at 0.285 points 3.5 days not bad took profits thanks so much ken.
at 7:30:36 PM
A-OK!
Wayne in LA asks:
I ran out of money after holding on for two years with Eurodollars. So I'm out of the market just when its been moving. Is it too late to get in (You always say you don't chase a moving bus)? And to purchase a call option to insure the selling of a contract seems hard because the calls at the money are expensive. Thanks for all you do Ken and I just ordered the GAB and looking forward to TOVI.
at 7:31:57 PM
Begin pricing Put options, Wayne, and wait for a retracement. The Eurodollar has only just begun to move . . . . Thanks!
hammer asks:
CURRY IN OKLA. THANKS FOR THE GAB! I'M A RESIDENTIAL PAINTER AND AFTER TAKING YOUR COURSE MY WHOLE CREW HAS ORDERED THE GAB AND WE ALL HAVE POSITIONS IN 3 OR 4 MAKETS EACH AND MAKING MONEY! WE'RE PAINTING A DOCTORS HOUSE NOW AND NOT ONLY DO WE NOTICE THAT OTHERS WANT TO HEAR WHAT WE ARE SHOPPING DURING OUR BREAKS BUT THE DOC HIMSELF HAS BEEN LISTENING IN. FUNNY WHAT HAPPENS WHEN A BUNCH OF "DUMB" PAINTERS LISTEN TO A "COWBOY" FROM OREGON, EVEN THE "WISE" SHOULD TAKE NOTE!
at 7:34:22 PM
Great, hammer! Thanks! I guarantee you, the doc is MORE than just passively interested in what you're teaching him! He's sick and tired of "mangled health care" and would do anything to get out from under the BUSINESS of medicine (which is exactly the opposite of what attracted him to medicine in the first place). Good goin'. Thanks for spreading the word!
TahoeClay asks:
Hi Ken and Crew: Really!!??Too much time on an option, not good? I better get my subscription to TOVI...... Too much time not a good thing.....Hmmm....
at 7:35:19 PM
Time is GOOD, TahoeClay, but NOT if it costs too much. Ponder this, grasshopper . . . . (Glad to see you online with us tonight!)
celso asks:
Celso-Northbend,OR Ken: Where I can get the book "A rich man secret" Thanks
at 7:36:21 PM
Four Star Books here at my office (800-350-2350).
PR asks:
Ken Sorry, but what is GAB? PR
at 7:36:39 PM
The GREATEST AMERICAN BUSINESS Course.
the greek trader asks:
hi ken, great chat thanks whats your take on cocoa?
at 7:37:56 PM
Just made a 50% retracement on its Weekly chart. You might try pricing calls now . . . .
Let me take a quick break. Be right back . . . .
afs54321 asks:
afs54321 I'm not sure I quite got the meaning of this "back your position with cash". What could it possibly mean?
at 7:42:10 PM
It means you have enough cash to hold onto your position even though it's moving against you and losses are mounting. If you have enough cash, you just wait through it.
Go GAB asks:
Ken - you sure are bullish on TOVI. I took the tour, but it seemed to be way over my head! (And I'm usually refered to as being pretty smart!)
at 7:44:46 PM
Thanks for check it out, GAB. It's NOT over your head and we need a great tour to lead people through it. I'm working on that right now (and have been every day for weeks!) but it's just not quite finished yet. So please don't pass judgement until you've worked with TOVI awhile. Believe me: It really is awesome . . . .
goose asks:
Goose from Florida, married to most skeptical Gander Sounds like I should check it out. I paper traded after your course last October and have finally did a future trade on soybean meal (profited $950). I am in some put trades & hope to profit soon. I refer back to your instruction course booklet a lot and appreciate all the help and knowledge. This is the first time able to join in on chat which is very enlightening. Thanks again and what is TOVI?
at 7:45:40 PM
Thanks goose! Check at www.tovionline.com.
Frustrating Coffee Trader asks:
Ken, is it true that trading was a lot easier during the 70's and 80's because there were not as many false breakouts as now?
at 7:46:28 PM
I wouldn't say so, Frustrating. I remember them well (at least from the 80s) . . . .
klewis asks:
Hello Ken I am the (was) eternal procrasternator.Purchased TWMPMMM five years ago, paper traded but was two chicken to trade Cash. I'm 43 now and cant wait any longer. Glad to see technology added to your arsenal! wish me well.
at 7:47:00 PM
Best wishes, klewis, and thanks!
JJ (Pasadena CA) asks:
Dear Ken, What is the seasonality of Coffee?
at 7:48:32 PM
I don't follow "seasonals", JJ, but coffee DOES respond to freezing weather in Brazil (which is right now)!
TahoeClay asks:
Hi Ken and Crew: Last year when I was at your Birthday Boardroom, we had some birthday cake that was pretty awesome, I was wondering if that was a guarded recipie or did you get it from a cookbook and if so which one? Thanks again for the chats.
at 7:49:36 PM
If it was the Million Dollar Cake, TahoeClay, it's a secret! (Really! I donated a large amount to a charity to get a lady to give me her grandmother's recipe for that cake!)
David asks:
What impact do you think the fires (record breaking amounts since the 50's)in Canada and the west will have on the lumber market and what is the best way to ensure participation in any move?
at 7:50:22 PM
First, I don't regard fundamentals. Secondly, you could price call options.
Ninja asks:
Hey Ken, First thanks for these chats. With copper at such lows would you short this market if a 123 top develops?
at 7:51:32 PM
Yes, on a short-term, daily 50% trade. But longterm, I'm long.
kevin ok asks:
Hi Ken I have traded with a broker and on-line. I like on-line better because I like to do it myself. I will listen to you, but, I don't want to hear what a broker has to say.
at 7:52:13 PM
ok kevin!
Rene asks:
I'm just completed the GAB...thanks a lot for the hope Ken! I'm having a hard time finding option prices, any suggestions? I have a little money. Thanks again. . . Chicago
at 7:53:31 PM
Thanks Rene. Check out www.uschartco.com. Thanks!
simon asks:
simon - toronto Thanks Ken for all of your effort. It is appreciated by many.
at 7:53:55 PM
I like what SIMON SAYS! Thanks!
Duke asks:
Ken, I have a problem with Sugar moving too slow. The option decays far quicker than the price moves. Any strategies for that? Thank you!
at 7:55:09 PM
Yes, keep buying more rounds of options farther out. Wish we could make those markets move more quickly, but we can't. Until then, try letting TOVI help you time your trades . . . .
sadersmith asks:
??????
at 7:55:17 PM
!!!!!!
kens protege asks:
Mervin, Saskatchewan, Canada. I see coffee is coming off of 20 year lows. Is it a good time to impliment your Options/Profits Insurance Plan? I will never be able to thank you enough for everything!
at 7:56:03 PM
Yes! No thanks necessary (but surely appreciated!).
terry asks:
Terry-Tn, Ken I am trying to drink my share of coffee to make the price go up,but if you could spread the message with your vast group of students I would appreciate it Thank You!!
at 7:56:37 PM
Yes! We're brewing and drinking, Terry. Thanks for the help!
Bigfoot asks:
Bigoot Of Mansfield,Tx. Ken I've been paper trading for awhile an doing good . But I still having trouble picking one to start with. I will have to start off small . Is there any way to get your feet wet with out going all the way under.
at 7:57:00 PM
Yes, Bigfoot: Options!
canadian eh! asks:
Hi Ken, I finally opened an account today after one year of paper trading. This is real net, eh?!
at 7:57:24 PM
It surely is, and it's neat too, eh?!
Rene asks:
what is your opinion on Nasdaq? Have you taken any position on it?
at 7:58:22 PM
The Nasdaq is TOVI's #1 ranked Long-term trade with a green light!
eaglebob asks:
hey ken, I took my profit for the options I had with Aug lean hogs. $1200 profit. I am now in corn, wheat and feeder cattle. Its amazing how easy to spot the potential changes when you follow the simple rules. Thanks for the great course available to us.
at 7:58:56 PM
Thanks Eaglebob!
Kirk asks:
Hi Ken, This is Kirk from St. Lucia in the Caribbean. Just wish to say Thank you for showing me the way to the good life. To the person who asked about eurodollars I wish to say that its been at its highest for the last 25 years at least! Can it go anyway but down?! I am holding contracts and puts in the the farthest out months and time is all I have! And may God bless you and your team Ken. You are all priceless gems!!
at 7:59:37 PM
Thank YOU, Kirk. And YOU are a wise man!
alan asks:
Ken, is it a good idea to use an inter-delivery spread for risk management when entering markets? In some cases it seems to offer less risk and more staying power than a stop loss.
at 8:00:22 PM
Have you been listening to a broker, Alan?
n.y.c. kid asks:
hi ken i would like to say to all new traders DO NOT let your mind trick you into thinking that; "if i don't get in now i will miss it" this is just an illusion your emotions will cause you to lose all of your money quickly! paper trade and wait. as soon as the trade doesn't matter, in my opinion, that is the then enter. because that is when you are ready. just my opinion.
at 8:01:07 PM
And great advice. Thank you!
simon asks:
Ken I like you, you are great!! I have over $4200 already in the eurodollars. I sent an entire paycheck about one week ago and bought one dec04 9600 for $300 (expensive, compared to before) **Within two days It went to over $900. My Dec 9700 went from $400 to now about $1500 + , Jun04 9800 Put from $200 to over $800. I am holding on for the big time!! *WAITED For over two years thanks.
at 8:01:55 PM
Good goin', Simon!
warlock asks:
Ken, thanks doesn't begin to cover it. Started trading real money at the start of July with a $5,000 account. July 31 it sat at $9,961, and as of close today at $12,561--makes TWMPMM, GAB, US Charts, and TOVI seem pretty reasonable:) This was all done with CDN$ puts and Euro$ puts. Now the question--when (note the optimism) the euros hit their daily 50%, the basic strategy is to peel half of them off and let the others ride, right? Since I have them in Dec, Mar, and June is it wiser to peel them off by contract month -- ie liquidate all the Dec, and keep the Mar and June longer? Also, how close do you let "in the money" options get to expiry before they start to erode too quickly? Thanks for all the easy money!
at 8:04:24 PM
Congratulations, warlock, and thanks for the recap! Yes, peel them away beginning with the nearest months first. With TOVI, you can hang onto those in-the-money options until they turn RED in the listings. Thanks again.
Russ - Malibu asks:
Dude, you know I don't like to trade options. Even though they can be profitable (sometimes) I like the action of the futures. I think futures are just as "safe" as options because the 50% retracements always happen, all you need is a little patience and some cash. KCU3 finally made a 1,2,3 and I got long above 64.10 (buy stop in a fast market) and didn't get filled 'til 65.00. NYBOT, you know what I think about them....anyway, had a little head fake today and they went below the 64.10 breakout. Now is the time to prove the patience/cash theory. Sept. 50% is 68.50 ($1,312 each from 65.00) I'm planning a selling 5 there and keeping the rest 'till the weekly (93.25), then I'm gone, looking for other "perfect" formations. Love your chats, you da man!
at 8:05:56 PM
Yes, Russ, and then with all those profits you can get yourself one of these INFINITI GS 35 Sport Coupes! You da man, Russ!
TahoeClay asks:
Happy Birthday Ken!
at 8:06:09 PM
Thanks!
Well that's it for another month. Here are my favorite web sites if you're interested: www.tovionline.com (new!!!) ; www.uschartco.com ; www.fourstarbooks.com. ; www.historictrees.org. ; www.billoreilly.com ; www.wildlifeimages.org; www.LP.org. My next chat will be Tuesday, September 9th. As always: Use these newfound powers only for Good. Good night!
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