Ken Roberts Chat

Let's Talk Trading (tm) with Ken Roberts
from August 10, 2004

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... This evening, I'm having a euphoric smoking experience. Broker J.B. Slear (of Refco in California) had hand-delivered to me just this afternoon a very rare 1940 GOURKO Cuban cigar. This baby has been stored in a Cuban warehouse for upteen years, then auctioned off through the elite Christie's Auction House in the U.S. (pre-embargo Cuban Cigars are legal to purchase in the U.S.). So think of it: I'm smoking something that's older than me! And I'm in heaven tonight. Thank you J.B.!!! You made an old man happy . . . . And tonight (as promised), we're enjoying Krista's Over-The-Top Chocolate Chip cookies (see our brand new recipe and Chat Gear section at www.kenroberts.com), the coffee’s poured (you can find that there too), so let’s talk commodities! NOTE!!! When commenting on one of my Courses, please identify WHICH ONE. Also, when relating trading experiences and/or results, please give details: Futures contracts, options, options AND futures, etc. This helps others follow along and learn from your experience too.

ML asks:
In the past you’ve not been very enthusiastic on option credit spread trades. As you prepare to release the TOVI module on writing options this fall have you changed your mind about these types of trades?

at 6:19:06 PM
Yaa! We sure have! Because now (with TOVI) it's not a pig-in-poke type venture. Stay tuned to TOVI for LOTS of exciting things coming down the pike. Thanks ML!

bobbyv asks:
This is my 3rd try at WGB. I am really confused on what to do, also what happened to TOVI and how does TOVI impact a new member?

at 6:24:04 PM
Hello bobbyv (how's that "Blue Velvet"?): Call a Course Counselor tomorrow (promise me you will). S/He will clear everything up. It really is simple --- and loads of fun. In the meantime, sit back, relax, and soak in all the wisdom you'll hear from fellow Course Members this evening. (TOVI's bigger and better than ever ("There, I said it again", "just as much as ever")--- see www.tovitour.com and it'll take you "Halfway to Paradise"!

Laurenee Sampson asks:
Are my options exercised if I let them expire and they are in the money?

at 6:26:03 PM
Yes, Laurenee. Then you would be long or short that futures contract from your strike price and you'd be charged a commission and have to put up margin. Usually if this happens it's a GOOD THING (as our friend Martha would say).

larry asks:
how long should i papertrade

at 6:26:52 PM
Great question, Larry, because now I get to use my great line: Paper trade until you're saying "I'm tired of being right and not making any money on it" a LOT. Thanks (I needed that)!

John from Sherman Oaks asks:
Hi Ken: I am down suddenly because nomatter what I do I lose. for instance I have calls and puts at the same time (paper trading) in unleaded gas and it doesn't move, rather they both losing money. Any thoughts???? Thank you, Ken

at 6:28:49 PM
Yes, I know how you feel John: It seems that playing BOTH sides of the market should result in at least one trade being profitable, doesn't it? Well welcome to commodities. Just wait until that market begins to move. That's what generates profits --- movement. Keep paper trading John. Volatility rules!

JOSEPH asks:
Hi Ken, I am still learning your options course. Great chat last month! What's the best time during trading hrs to buy an option?

at 6:30:15 PM
While the markets are open, Joseph! I don't know that there's a definitive answer to that question. I guess another response would be whatever time your order is hit! Thanks.

MORGAN asks:
HOW DO I GET STARTED DOING A PAPER TRADE. HOW DO I SEE WHAT THE STRIKE PRICE IS AND WHERE DO I PUT IT?

at 6:35:37 PM
First find your option under "Options" on U.S. CHARTS, select the strike price you want, then click on "TT" which will automatically place that option in your Trade Tracker account. Then monitor it each day. If this doesn't help, be sure to call a Course Counselor tomorrow. Thanks Morgan!

Bart Hargis asks:
Ken , corn looks like it is going to make a move up what is your take? Bart

at 6:38:14 PM
Well you know us, Bart: We're ALL corny here! So we love corn! Yes! Look at Corn's Monthly Chart. I expect a 50% Retracement back up. That'll be a sweet trade (with a kernel of truth in it)! Ah shucks . . . .

rikntracy asks:
Hi Ken :) What's your opinion on trading online vs. using a "live" broker?

at 6:39:23 PM
I've never traded online rikntracy. I want that live broker watching my trading with me. Let's hear it from others online with us this evening. How 'bout you?

Be sure to enter our first-ever Photo Caption Contest. The Grand Prize is ANY book of your choice at Four Star Books! (Lots of great entries are accumulating.) (Go to Ken's Chat at www.kenroberts.com)

mattituck mike asks:
ken: may i share tonight? a lesson that cost me 20,000.00, is yours tonight free...if you try to make it, you wont make it...if you dont try to make it, you'll make it...translation, let the chart decide. thanks ken

at 6:42:20 PM
Deeeeeeep, mattituck mike, deeeeeeep! May the chart be with you!

TOVIJUNKIE asks:
Hi Ken and crew,I have noticed a few times you mention that you personaly do not pay attention to # of days in trend w/Tovi and you mainly look at strength rating and # of days at that strength. I thought too many days in a trend signaled a change in direction soon,i.e already missed the move. Am I missing something? I hope this question makes sense sometimes I know what I want to ask but find it hard to explain!! Thanks for all you guys do. TOVIJUNKIE

at 6:45:28 PM
Thanks TOVIJUNKIE. I know what you mean: Just today I got my tongue caught in my eye tooth and couldn't see what I was saying . . . . What you describe is a DIFFERENT strategy than what I mentioned and well worth trying out too.

corndon asks:
Good evening Ken. I would like to know your thoughts on Japanese candle stick trading techniques?

at 6:46:48 PM
I have NO thoughts about that, corndon. Of course, I've heard of this technique, but never pursued it (and never met anyone successful at it either). Thanks.

bobbyv asks:
R Vaden in Sumter, SC again - In the manual for Options on Commodities, there is much talk about trade tracker - but NO discussion on TOVI. In the past I have received info. for free tour of TOVI. Help me see the big picture - is TOVI not needed in the beginning, but a useful tool down the road? Maybe have a counselor contact me, to help me piece everything together. Thanks! RTV in Sumter, SC

at 6:51:27 PM
The World's Greatest Business is a great foundation to trading using technical analysis, and TOVI is a great tool in that pursuit (that's why I feature it). Start with the WGB's basics, paper trade, and incorporate TOVI's Trend Tracker into your planning and paper trading. In the meantime, take advantage of your free two-week TOVI trial to sample ALL of TOVI's powerful trading tools. And, as always, use my Course Counselors whenever you need them. Thanks!

Paul S asks:
I have been paper trading your TOVI Trend Tracker and WOW it is almost exact. Why didn't you do something like this sooner? You make it too easy. I have been using your course for about 3 years now. I got lucky on my 3rd trade and made a couple thousand. But then I got smarter than the market and ended up losing about 10K in the past 1.5 years.

at 6:53:00 PM
Sorry it took me so long, Paul S. (I often ask myself that question too. But my wife Krista just reminded me that anything great takes time . . . .)

jim asks:
If you have $4000 how would you invest it?

at 6:54:32 PM
Hello Jim. I want to be kind here, but if you had done your homework as I instruct, you would not be asking this question. Please take this to heart.

marshall asks:
What's going on with the euro dollar markets? I have purchased three rounds of put options over a year's time and they just keep going closer to 100 on the chart (the other direction).

at 6:55:40 PM
All I can say Marshall is that if you get out now that's exactly WHEN Euros will drop like a rock! Stick to your plan . . . .

Big AL asks:
Speaking of a pig-in-a-poke. What is your guidance on finding a broker. If I didn't have bad luck with this pursuit I would have no luck at all. My preparation and focus must be wanting and they see me coming and take full advantage of an apparent newbie. I started with you in the TWMPM 1 days over 10++ years ago. I am reluctant to start again not being to hit on a honest broker.

at 6:58:48 PM
See my Names & Numbers to Know report at WGB Member's Center. Remember, Big Al, you are BIG AL!!!! It's YOUR plan, YOUR life, YOUR money, and YOU want service with a smile! Accept nothing less.

zadygirl asks:
Hi! About 4 months ago my husband and I decided to invest with a broker to do some options trading. We knew nothing about it, spent way too much in fees and lost nearly all of our $5000 investment (mostly in fees!) After a long talk with our accountant who is an options/futures trader he sent us to your website to read your book and start paper trading before investing anything else. We want to be our own bosses not dependent on this kind of broker. I've read the WGB book and I'm ready to paper trade but honestly don't know exactly how to start! We do still have 2 options on the December 2004 Cocoa with the same company (the little we had left!) and have been very patient watching it go up nicely and now down. The broker tried to get us to sell them last week when Crude Oil was shooting up and invest in that but we hated seeing another $550 go out in fees! Yes, I said $550 for 2 contracts! So we've held on to the Cocoa and want to try and make a little money back and then pull all th

at 7:02:16 PM
Your question got cut off, zadygirl, but I got the gist of it . . . . See my Names & Numbers to Know Report on this website. And stick to YOUR guns: Just like Big Al, it's YOUR life. Sounds like you've learned a LOT, so use that rich experience to pay off big for you down the road. You can turn these negative experiences into positive ones, but only by sticking with it. I'm glad you found us (please thank your accountant for me too!), now stay the Course and stay in touch. Thanks.

Sheena asks:
Hi Ken Laurenee's question and your answer confuse me. Thought you said in your WGB manual to never exercise an option?! My goodness, will I ever get this?!

at 7:04:22 PM
Yours is a good question, Sheena. Laurenee asked what would happen IF her in-the-money option expired. And I explained that it would be exercised. But I don't recommend this. I believe you should take profits and liquidate that option PRIOR to its expiration. Hope this clears up the confusion. Thanks!

Richman asks:
Hi Ken, I haven't been away, actually I've made every TOVI and KR Chat. I've been taking the CONTRARIAN approach, while everyone else writes a message I've been listening and learning! Keep up the good work!

at 7:04:54 PM
Thanks Richman!

billm asks:
when paper trading channel trades i get one option but not the other ie call and put. I put limit orders on both of them; should i be doing it this way? thanks billm ontario canada

at 7:09:20 PM
Yes, billm, that's called "bracketing the channel." (Did I ever tell you how I attempted swimming the English Channel? I trained and trained, and was finally ready. When the Big Day came, the starting gun went off, I began my race, but my coach had put too much grease on my body and I kept slipping out of the water . . . .)

Ladaca asks:
Hey Ken, are you still long OJ? I just put my money back in the market today. I know TOVI hasn't turned green yet, but I'm pretty sure it's going back up. If you look back around Sep of 98, the OJ market did the same exact thing it is doing now except it was in the opposit direction. It was high, then show down, then shot right back up, then dropped about 5500 pts in 3 months. Go take a look. Oh and I tryed a Zino Doulbe Grand like you recommended to another course member, and it was awsome. The best cigar I have ever smoked in my life, too bad it costs $30! Once I make my money in OJ I'm going to buy a box. Take it easy. Aron from NM

at 7:11:12 PM
Hey, buy me a box of those while you're at it, Ladaca! Go OJ go!!! (Yes, I'm long OJ too.)

toviac asks:
Hi Ken & the gang; I'm very impressed with TOVI and "The Rich Man's Secret"(book). Are mini (grain) contracts as liquid in general as the great options that TOVI helps me find? Thanks y'all.

at 7:12:28 PM
No, toviac, mini futures contracts are NOT as liquid as the options market, but it's growing and you should always use limit orders. Thanks!

Kurt asks:
Ken, when a channel is forming is there a period of time that you like to see it form before you jump in

at 7:14:14 PM
Oh, I love this question, Kurt: If it LOOKS like a channel, it IS a channel. But I do prefer longer channels than shorter ones because the rule of thumb is that a channeling market tends to rise or fall the same distance as its length. (Is that clear?) Thanks!

FreeTrader asks:
Ken, I am revisiting options now, love your site and info. I am a little unsure as to the difference between exit strategies between Options versus Futures. I understand the futures side pretty well, can you point me in the right direction on exiting options? Also when changing brokers, is it unreasonable to change brokers within the same house?

at 7:18:05 PM
Hello FreeTrader. If you feel the need to change brokers, do it! No, it's not unreasonable to change brokers under the same roof. Demand service --- you're paying for it (ask Big Al!). There's no one answer to your "exiting options" question, FreeTrader: Some traders use a percentage-gain or loss on the option's value as the determinant, and others use chart points to liquidate their options. Paper trade various exit strategies and see which suits you.

ferg1 asks:
Ken, do you have a favorite market? Is there one commoditie that you just can't seem to lose money when you trade it? thanks

at 7:18:51 PM
I WISH, ferg1!!! Nope, I love 'em all (and have a story to tell about each and every one . . . .) Good question.

Patrick asks:
...from St. Catharines, Ontario Canada. Hi Ken. Do you think Ted Warren followed the 'Commitment Of Traders' reports? He seemed to be great at determining where/when the 'smart money' might enter or exit positions by using the charts, but couldn't the COT numbers be helpful in any way? I mean, wouldn't those reports show an actual picture of where/when the BIG guys are buying and selling? Your help would be greatly appreciated on this one. Thanks! P.S. Your new website at www.kenroberts.com is awesome.

at 7:20:27 PM
Thanks Patrick. I don't recall Ted Warren ever mentioning COT reports. He could tell what's happening in a market solely by its chart action.

Tigger_T_Bounce asks:
Hi Ken & Krista & Company, Can we have a Krista Cookie Futures ? I understand that if there are enough people willing to trade, then the exchange will trade it.. I hear from very "large" sources (I didn't say J.P.) that theses cookies are the rage of Grants Pass...

at 7:22:29 PM
You're right, Tigger! Krista's ready, willing, and able. She's got her apron on and her stove fired up! Bring on those futures! LOVE this cigar, J.B.! Thank you, thank you, thank you!

dick in oshkosh asks:
Ken, do you try to avoid trading grains when crop reports are due out? (Aug.12?)

at 7:24:09 PM
NO!!!!! Forget those reports!!!! They're typically the OPPOSITE of what everyone expects.

nyc kidd asks:
Hi Ken your the man!! How much do you think we would have to pay in taxes on our gains. what percentage per dollar should we look for? and is tovi and u.s charts tax deductible?

at 7:28:00 PM
My attorneys love Ted Tesser's "The New Trader's Tax Solution". Good luck.

Rick Fullard asks:
Hi Ken, What does a 60 year old cigar cost,and how does it taste?

at 7:31:16 PM
Let's see . . . . It's strong, it has leathery overtones, a woodsy base, there's a bit of cognac in here, and boy is it smooooooooooth. I don't know it's cost, but I'll bet it could buy a race horse.

Nelson asks:
I do a lot of orders on line, and I like it. One big draw back is that if you make a mistake, you're on your own. Once I wanted to close out a five contract wheat trade and clicked "sell" instead of "buy." Later I suddenly realized I had 10 contracts instead of none. It was a humbling experience. Now whenever I am tempted to call someone else dumb, I say to myself, "Look, man. You yourself don't know the difference between buying and selling."

at 7:32:31 PM
Thanks for the insight, Nelson. (See how we get wiser as we get older?)

peppertrader asks:
Hi Ken, Regarding your photo caption contest, is that a box of Krista's cookies you all are digging into? I cannot seem to enlarge the picture to be able to tell. Let me know, thanks!

at 7:33:38 PM
You caught me, peppertrader. Actually, that's one lone White Lily Goo-Goo Brownie Supreme sitting in that basket! Good one!

Patrick asks:
Ken, I currently have a 410 CALL option in December Gold. I paid $900 for it on July 23rd. Today's closing value is only $1,200. It seems that it should be worth more, after Friday's big one-day move up. I am debating whether to hold onto it or not. What do you think? My liquidation target was going to be 410.00 (previous resistance on the daily chart). Thanks for any thoughts!

at 7:34:41 PM
You've got time on that option, Patrick. I'd stick to my plan. It sounds sound to me! (And that's music to my ears . . . .)

gwarner asks:
in response to John from Sherman Oaks: Last year I took it on the chin. It made for a good tax write off. But the question would be, did I learn from it? Yes. beware of greed and arrogance. Arrogance said I know where its going, I dont need to use stops. I learned. back to the books.

at 7:35:42 PM
Thanks!

MarkO asks:
Regarding rikntracy's online question: I have an online account and have been pleased with the execution, commissions, etc. However I have a stockbroker background (believe me, I'm not bragging) and feel comfortable entering and understanding trades. However, outside of proofing my order before I send it to the exchange, there is no one to "catcht my error". If someone is new to the markets and orders, I STRONGLY suggest using a live broker. Once you find a good one, they can be very helpful. If your live broker keeps questioning you and bugging you to do things his/her way after you have told them how you want run your account, tell them you want to speak to the office manager to discuss getting a new broker to your account. That will straighten them out.

at 7:36:38 PM
Well said, MarkO! Thank you.

silverfox asks:
Hi Ken. Your life story is inspirational. There are some details in your tapes and videos of your early years, but not the complete picture. Any plan for a autobiography in the future?

at 7:37:54 PM
I'm thinking about it a LOT lately, silverfox. See my new (embryo) website: www.friendsinevermet.com. Thanks for asking!

ultranut asks:
Hi Ken! I first was introduced to your course TWMPMM 1 way back in 1994, and you did lots of workshops, roundtables, etc. Do you plan on doing any more in the future? And do you still offer Ted Warren's course, roundtable videos, etc? Thanks for all the info! Aloha, ultranut

at 7:38:52 PM
Thanks ultranut! Yes, yes, yes, and yes. Aloha!

palmharborfla asks:
i feel stupid asking this but wher do I find the WGB Members center?

at 7:40:35 PM
Go to the homepage of www.kenroberts.com and click on Member Login in the upper right corner. If you're not a member yet, you can join right then and there. Thanks!

Rob from ND asks:
Hi Ken. When a market breaks out of a formation how do you bid on an option without "chasing the market"? Also I trade online vs a live broker and LOVE it! In the past I had let brokers talk me out of decisions that would have made greater profits. I pay commission for execution of trades not advice. Thanks for these chats!

at 7:43:59 PM
You're welcome Rob. Don't chase a market. Place your order and then wait. (Remember: There are always setbacks in price. People mistakenly believe that the market will take off without them and this causes anxiety, stress, fatigue, constipation, corns, caluses, and sore feet. Don't do it!)

tonytenn asks:
hi ken, i am options trading now, my uncle and i have paper traded for about a year. what i'm noticing is i'm making just a little money but then i take my profits to buy further out options, like i'm reseting myself or starting over, i made 2400 in oj in a month and about 1200 in sugar the same month, 3600 total, but i take the profits to buy more time and i get bit, please help :( man i can't wait until i have your success!

at 7:47:30 PM
I'm not being facetious, tonytenn, but try NOT buying those farther-out options! Just take your initial profits and move on. You're doing great; keep at it (and come see us here in Southern Oregon when you can).

atl asks:
How do you recomend one to go about choosing a broker? I am a new and just starting on paper trading?

at 7:50:11 PM
Basically, you want a broker to be patient, observant, knowledgeable, and willing to work WITH you rather than AGAINST you. You want support and assistance, NOT trading advice. THAT you've learned from your paper trading, right? Please see my Names & Numbers to Know Report.

capronbaer asks:
Ken, Brownies turned out great, still hot so didn't cut. Have to get some of your wife's recipes, they sound great! Sorry, forgot to add that I'm e-ing form Delray Beach, Florida. You're great! Got to catch up!

at 7:51:48 PM
Thanks capronbaer! Yes, two of Krista's famous cookie receipes are on the website now, with more coming soon! Let those brownies cool before cutting!

winston60 asks:
OK,OK - After a couple of years making money in the stock market,I'm ready to go back to my first love -commodities! If TOVI can help take more of the guesswork out, I'm ready to go full bore. Thanks for all you do, Ken. Winston

at 7:52:45 PM
Welcome back to commodities, winston60! We missed you!

rivera asks:
ken,ihave been paper trading for some months now, it's really been good. I will continue till I'm ready trade real money. Thanks, this is what I've been looking for.

at 7:53:09 PM
You're welcome, rivera! Thank YOU!

juniegirl asks:
Hi Ken and crew, Please share this with Krista. Last night while babysitting at my daughter's house, I made the over the top choc. chip cookies. Today she told me those were the best choc. chip cookies she ever ate. Thanks. Haven't tried the Almond Star cookies yet, they're next. As I told Melody when she sent it to me, I wish I could trade as well as I bake. I've been enjoying tonight's chat. I love it when it gets a little bit corny. Thanks for everything.

at 7:55:28 PM
Well you must REALLY love it tonight, juniegirl ---- we're WAY out there with the corn, aren't we?! Krista's sitting right here next to me and is so pleased you love those cookies too! Who knows, maybe she'll be doing the Cookie Chat on Wednesday nites after the Commodity Chats . . . ! So glad you joined us again.

diesel asks:
Where can I download the WGB book? I've been a subscriber to the online charts since it's inception. Also subscribe to TOVI.

at 7:56:24 PM
Right on www.kenroberts.com (at Member Login) and enter your U.S. CHARTS' login (or subscriber number). Enjoy!

Kurt asks:
Ken, do you put any emphasis on today's closing price vs the closing day price of the prior day to see if a trend is changing?

at 7:58:07 PM
Not as I chart, Kurt (but TOVI certainly takes that into account). Hope this helps.

Tig asks:
Hi Ken (you must get tired of reading that all the time at the beginning of every chat!) - I went to your site which is looking very spiffy, but couldn't find a page which offers your videos for sale. Do you have individual videos for sale these days, or do they just come with the courses? -Tig

at 8:00:05 PM
Stay tuned to the website, Tig, we're working on BRAND NEW materials as we speak (the cameras are set up right now). Thanks for asking, and no, I NEVER get tired of reading "Hi Ken." I live and breathe these Chats with you all!

gmurphygmcs asks:
Hi Ken, My question is to do with Monthly chart targets, I know its good to have the big picture but some of them go back such a long way and with big spikes - How relevent are they? Do you belive they will retrace the 50%

at 8:01:43 PM
Absolutely, gmurphygmcs!!!! NOTHING is extraneous on a price chart! (I like to say that every mark is a "footprint on the moon:" either it's there or it isn't . . . .)

Patrick asks:
Ken, I hope you'll let me thank you for all your help? I have been a repeated member at The Ken Roberts Company, since 1998. After making many mistakes and learning many lessons in the markets, I am happy to say that my account is now growing. I am trading more confidently with every new position and I have YOU and your courses to thank for my improvement. Thanks a million!

at 8:02:10 PM
You're welcome! Thanks!

DKnSJ asks:
Hi Ken and Everybody: Thank you for these chats. They are really a motivator. I've been doing some real trades the past couple months after paper trading way-way too long. I'm up and down (dollar-wise) but I'm always 'up' after these chats. I also now understand why you say not to start with over 5K. It "really" makes you watch and understand the charts. After a dozen or so trades, I've broke even, so I'M HAPPY and have learned tons and tons along the way. Thanks again.

at 8:03:39 PM
You're doing GREAT, DKnSJ! And I know you've inspired and uplifted many others here this evening too. Thank YOU!

B-Joe asks:
Ken, great words on chasing the market....constipation?? I have my broker hold silent stops, entry points, calls to me at certain points in a market, etc. I am not a day trader, but he is "me" during the day when I am working and believe me, there are big moves during the day that need to be acted upon, like Rice going up from a TOVI Strong short position etc. No trading on line for me!!! B-Joe

at 8:04:26 PM
Great input, B-Joe. Thanks!

g-force asks:
Ken, Happy Birthday, you ol'Leo you, thanks for all you do.

at 8:04:45 PM
Thanks!

mattituck mike asks:
ken in my 5 years of trading options, ive had the most success with long term calls way out and short term puts close in ala coffee and oj. it seems im always early for the big move up, so why not make some money while we wait...thanks ken

at 8:05:31 PM
Yes!

bobbyv asks:
Ken: I see many questions are along the "beginner" line. For 17 years I was a Corp. CFO, for the last two I have been a reg. rep. (series 7, 66) with large brokerage and lastly, I sat for the CFP exam. With all that behind me, I still feel overwhelmed by Options on Commodities. But I promise I will play by the rules and contact a counselor. I greatly admire you, and all you have accomplished. Bobby V

at 8:08:06 PM
Great attitude, bobbyv! Thanks!

marshall asks:
Hi again Ken, I went short a contract last Monday in a august feeder cattle at 114 thinking I was trading a small 123 top which the 1 point was the all time high ever on this commodity. It dropped 1250 in my favor the next day and I thought due to it's momentum it would continue the following day. Well, it did the opposite of coarse and I am stuck now with a bit of a loss. Should I stay in and watch for it to move on down? Thanks again

at 8:09:32 PM
Stick to your original plan, marshall. (How 'bout the possibility of buying an opposing call option to hedge?)

ferg1 asks:
Coca, Cattle, Hogs, unleaded, Sugar, and Oil all looking to be at or near the top. Cotton, Corn, Beanoil, Oats, Soybean family, and Wheat at or near the bottom. AINT THIS A HOOT!!!! My sincerest thanks for all you're doing to help my "futures". Every extreme is nothing more than another chance at profits. I love it. Steve in Green Bay

at 8:10:49 PM
You're absolutely right, Steve. You get it too! This IS the world's greatest business, isn't it?!

tonytenn asks:
i have a hard time of what to say to my broker to place an order, im not cute with the lingo, ken do you have something that can help place orders? i have an online account too but i don't use it yet.

at 8:12:25 PM
Check that Names & Numbers to Know Report, tonytenn. You just have to get comfortable speaking to a broker (after you find the one you WANT to work with). It really IS worth the effort. Thanks, and be sure to call a Course Counselor if and when you need assistance.

Well that's it for another month. Check out my favorite web sites: www.tovionline.com (Have you taken my personal tour yet?) ; www.uschartco.com ; www.fourstarbooks.com ; www.historictrees.org ; www.billoreilly.com ; www.wildlifeimages.org ; www.salestax.org (Let's abolish the IRS!); www.LP.org (Take The World's Smallest Political Quiz and see where you stand politically). My next chat will be Tuesday, September 14th (The next TOVI Chat is Tuesday, September 7th!). As always: Use these newfound powers only for Good. Good night, God bless, and watch where you step!

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