Commodity Chat With Trader Jim! (tm) with Jim Prince
from October 9, 2007

Good evening! Trader Jim here. . .

Since our last chat several markets have been on fire!

Volatility in the markets is what makes the business of trading so amazing. A few of the big movers of late have been December Chicago Wheat, December Kansas City Wheat, December Canadian Dollar, December Australian Dollar, December Silver, December Gold and the December mini Dow Jones. Plus there are opportunities shaping up in several other markets too!

At one time or another we've featured all of these markets in our Premium Alert Service™ (PAS) videos.

If you've had a successful paper trade or real money trade in any of these markets (or other markets), please feel free to chat about your trade details with your fellow Course Members.

Chatting about your trading experiences truly helps others realize that they are not alone in their own trading journey. So please share your enthusiasm, excitement, and zeal with your fellow Course Members!

Back By Popular Demand!

We're holding one more Trading Camp before the end of the year - and it's just around the corner! On November 3 & 4 we'll hold our next (and last) Trading Camp of 2007. If you're interested in attending, I encourage you to click here to find out all about it.

I'd like send a big "Shout Out" to Ken Roberts. Ken first began introducing people 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 and active trader.

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.

adean asks:
How do you identify previous highs, Dean

at 6:07:13 PM
Hi adean! The easiest method is to simply look back on your price chart and find price points that traded higher than today's price. If you're looking for longer-term highs you can look at the box located just below the Daily chart and find the one-year high listed there. You can also look on the Weekly and Monthly charts using both of the methods I just discussed. If you need more assistance, be sure you call a Course Counselor Monday-Friday from 8:30am-5:00pm PT at 541-955-2885.

Gus from NJ asks:
Can buy or sell stops be used in all markets, especially the electronic markets trading overnight?

at 6:09:41 PM
Hi Gus from NJ, It depends on the exchange you're trading on and your broker's platform. Many of the electronic markets are still in their infancy and are still trying to get the software/hardware up to speed. Be sure to check with your broker to find out the exact details for the markets you're trading.

DAVE FROM OHIO asks:
TRADER JIM: HOW ABOUT THOSE CLEVELAND INDIANS LAST NIGHT IN N.Y.!!!! QUESTION: ON ONE OF THE RECENT PAS VIDEOS YOU SUGGESTED TO WAIT AND SEE WHAT CHART PATTERN DEVELOPS IN THE WHEAT AND BEAN SECTORS BEFORE PAPER TRADINFG THESE MARKETS....WHY DID YOU NOT LIKE TO USE THE FISH HOOK PATTERN TO PAPER TRADE THESE MARKETS ON THIS PULL BACK????? THANKS FOR ALL YOU HAVE DONE FOR USE AS TRADERS ---DAVE

at 6:13:44 PM
Hey DAVE FROM OHIO! Great game last night. The Red Sox vs Indians series should be a great one! In regards to your question about the "Fish Hook" pattern. . . you could have used it if you liked. I just chose not to do so. By looking at the charts it was apparent to me that neither market had suffered a significant pull back of late. So I'm waiting it out. If another chart pattern forms, I'll consider using it for a potential market entry. Good question. Thanks!

johnh_2007 asks:
a paper trade for xmas djia mini is trading electronically using the robo entry. would you buy now via electronic market or wait until pit opens tomorrow?

at 6:16:12 PM
Good question johnh_2007. You can paper trade it however you like. But since we typically follow the markets just during the day session, I will wait until the regular market hours. I will use the "Robo Entry" method as well. Thanks for joining us tonight!

Bill in NC asks:
Good evening Jim--How much wt. do you place on neutral...weakest...strong...extreme and why ? Your lessons are excellent...Many thanks !!

at 6:19:02 PM
Hi Bill in NC! Personally, with my approach, I don't pay a lot of attention to the Trend Signal Rankings. The majority of my focus is strictly on the chart pattern and the Trend Seeker(tm) (TS) trend rating. I feel there can be a bit of a "whipsaw" action when focusing too much on the rankings. Again, my focus is on the TS trend and trading chart patterns in the direction of the trend. Some folks, on the other hand, like a bit more of an analytical approach. Thus, the Trend Signal Rankings.

Kings Full In Chandler asks:
What is the reason stop orders cannot be used with options (per last week's training video)?

at 6:21:11 PM
Hi Kings Full In Chandler! Quite simply the exchanges do not accept them. You can possibly work something out with your broker in that he/she could keep an alert on their computer(s). That way if the option moves to a particular level an alert will sound and then they can execute an order for you. Be sure to chat with your broker about this possibility.

Barry asks:
Jim, Do you think the pattern formations such as the 1,2,3 top and bottom ect.. work as well in markets such as T-Bonds and Indexes?

at 6:24:35 PM
Hi Barry, Absolutely! They work in all markets. I especially like to use Trend Seeker (TS) when filtering 1-2-3 formations. It helps avoid a lot of "false" patterns. No guarantees that every pattern will be a winner, but the pattern, a long with the TS seems to work pretty well.

Sam asks:
Hello, Jim Are we chatting yet?

at 6:24:48 PM
We sure are, Sam! Welcome!

Soy Oil asks:
Soy Oil,Houston, TX Jim; Thanks to your trial of the Premium Alert Service, I entered a put option on January Feeder Cattle. My question is: a few days ago there was an inside day of trading on that contract. When it breaks out will it be on the upside or downside?

at 6:27:18 PM
That's the magical question, Soy Oil! We don't know for sure, but I mention it (an inside day) on the Premium Alert Videos so that we may plan for a possible breakout in the opposite direction. This allows us to perhaps move our stops a bit tighter - if we choose to. Trading is all about capital preservation.

modlite asks:
Good evening Jim! My husband and I are long time Ken Roberts fans, and since your Premium Alert Service started up, we are finally able to really understand the futures market. Thanks for all your help! We will be sticking with you from now on, and are Jim Prince fans too!!

at 6:29:01 PM
Thanks modlite! I appreciate your kind words. Glad you enjoy the service. The videos are a lot of fun to make.

Chris asks:
Is there someone that I could ask questions about the whole process. I'm still having problems contecting the dots

at 6:30:20 PM
Sure Chris. Call a Course Counselor during regular business hours at 541-955-2885. They'll be happy to spend time with you.

Neal asks:
The most recent "It's about to happen" message talks about paper trading options in the January Feeder Cattle market. With regard to shorting contracts it appears the volume and open interest is not high enough to offer liquidity. What are your thoughts?

at 6:32:59 PM
Hi Neal! I'll answer your question with a question. . . what is high enough volume and open interest? While agree it isn't the highest out there you can still get in and out with out a problem. The bottom line is the market has to trade to our entry and exit prices. If it does, our orders will be filled. If not, we don't have any concerns. I encourage you to paper trade this market to see if it's right for you.

ready2win asks:
Good Evening Trader Jim, when paper trading an option and as you continue to move your mental stops, when your stop is hit how do you determine what the option price was at the time you were stopped out. For example you set your stop the night before, you go to work and when you return home you see that you were stopped out. To be fair to your paper trade is there a precise way to determine the option price or do you estimate? thanks for the PAS and all you do

at 6:36:45 PM
Hi ready2win, There is no way that I know of to guesstimate what the value "was" at the time your stop was triggered. To stay consistent you could simply use the closing price for that particular day. A lot of folks do this and I believe that in the big scheme of things it'll all even out. Whatever you decide to do, be sure to use the same method throughout each and every trade.

angie asks:
Hi Jim, When watching the front month,and you are ready to enter that trade, but you need to go to a further out month and that month does not have the same formation, do you still go ahead with the trade in the following month? Thanks for the PAS, its great.

at 6:40:13 PM
Hi angie! A lot of folks do. In fact, for a couple of years that's what we taught. But once we developed Trend Seeker rankings for each individual contract month it opened up the opportunity to trade any month. However, if the formation isn't there it's difficult to trade. Personally, I prefer to trade options that have a formation on the corresponding chart. In other words, if I'm considering the January options, I want to trade the January chart. I want the options I'm considering trading to correspond to the underlying futures contract. Hope that helps.

scott waterman asks:
hey y'all, up $1400.00 on 2 short contracts in nov. feeder cattle !!!! the trading camp was great! see ya......

at 6:40:52 PM
Hey scott! Glad to see you're doing well! Be sure to protect your capital just as you learned at the Trading Camp!

Back By Popular Demand!

We're holding one more Trading Camp before the end of the year - and it's just around the corner! On November 3 & 4 we'll hold our next (and last) Trading Camp of 2007. If you're interested in attending, I encourage you to click here to find out all about it.

2190902 asks:
Ounce you have found a market you would like to trade would it be wise to trade a futures contract over an option if the margin for the contract is roughly the same price as the option provided you would place your stop at the same point for either trade.

at 6:44:14 PM
It depends on your trading plan, 2190902! Some folks will do it that way. Personally I never compare the margin and option premium. They really are different animals. But if that's what you'd like to do I encourage you to paper trade it. I think you're right on as far as placing your stop at the same point.

modlite asks:
Hello again! I have a question. I have found a 1-2-3- top formation in the 5 year T-Note, December future contract, and trend seeker just turned to down neutral (2days). It closed at the number 2 point today. Since trend seeker is down neutral- should I pay attention to neutral- or watch for a break below the # 2 point to go short? I found this 1-2-3 by myself and I am very proud!!! Thanks Jim- couldn't have done it without your help.

at 6:48:20 PM
Nice job, modlite! You've done everything correct. Personally, I only look at the Trend Seeker Trend rating. In this case it's down. The break below the #2 point today triggered a paper trade to the downside. Focus on the pattern and the Trend Seeker trend rating and you'll be doing it just as I teach in the strategy details. Keep up the good work!

Sherrie in Utah asks:
When entering a futures contract, do you have to put up the maintenance and the margin amounts?

at 6:49:39 PM
Hey Sherrie in Utah, Your broker will set aside the margin amount. Maintenance won't come into play unless your account balance falls below a certain level.

artistacrete asks:
Hi Jim, my question has to do with options. Out of triangles, pennants and formations we wait to see a close breaking the trend and put our order in the next day. Do you wait to see where the market opens and if it does open back in the trend line ( Jan Lumber) would you still trade it??

at 6:53:02 PM
Good question, artistacrete! I want to try to purchase an option when the underlying futures prices is as close to the breakout point as possible. I prefer to wait for the market to open. I don't want to buy if the market gaps beyond "my" entry level. In the case of lumber, it was such a weird opening price that I would have stayed away altogether. Now we have the possibility of another paper trading entry at hand.

Wanda asks:
Hello Jim, I wish to know your opinion on a trade that I made which was going strong and then reversed on me by the next day and continued on in the opposite direction. I watched to see when trend seeker would change and it did not for 6 days after the reversal. Could you explain why TS had not reversed quicker than six days too late?

at 6:54:57 PM
Hi Wanda, Trend Seeker (TS) does not know the future. It's based off of support and resistance levels. Therefore, if a major support/resistance level was not broken until six days later, TS's trend rating would not change.

Jair asks:
HI Jim, I just recently read an article about failed signals sometimes being as or more effective than the signal they originally setup? Would a fishhook also be a type of failed signal as well?

at 6:57:47 PM
I don't really think so, Jair. The fish hook is simply an entry at support or resistance in the direction of the prevailing trend. If a pattern failed before the fish hook developed, I suppose we could look at it from the stand point of a failed pattern. Good job though, thinking outside the box. I like that!

leon in st. pete asks:
Hi Jim - How can i use the My Chart Book feature in conjunction with the premium alert and are the charts updated automatically?

at 7:00:26 PM
Hi leon in st. pete! You could use "My Chart Book" by inputting the markets mentioned on the Premium Alerts. Post the appropriate notes on the charts as necessary and you should be all set. The charts update every 15 to 30 minutes depending on the exchange the market trades on.

pete asks:
PETE ASK'S WHY IS THERE SOMETIMES A DIFFERENCE IN TS'S RANKING FROM THE DAILY TO THE WEEKLY CHARTS.

at 7:03:00 PM
Hey pete, The Trend Seeker ratings cover different time frames. The Daily looks at six weeks worth of data. The weekly chart two years. The Monthly six years. Therefore, the trends won't necessarily correspond because of the different time frames covered. Hope this helps.

Mroldguy asks:
Hey Jim! I love the PAS and feel it has helped me a lot in my paper trading. My question is in regards to the "Sea of Red" video you did when nearly all the markets were down. A number of my paper trades were stopped out that day-In particular by a few limit moves down. My question is, when there is a limit move through your paper trading stop, is it fair to say you are stopped out at your paper trading stop, or at the end of the limit move?

at 7:07:04 PM
It depends on the type of limit move, Mroldguy. If it's a lock limit move you won't get stopped out at your price because the market is "locked" at the limit move price. If it's a straight limit move you getting stopped out will depend on the speed at which the market is moving. For paper trading sake, it's generally okay to use your stop price and just figure that you were stopped out there during a volatile day that may end in a limit move for the session. It's all about staying consistent with your stops. In the big scheme of things it will all even out.

ready2win asks:
Thanks for answering my previous question. I guess sometimes I just over analyze being afraid of making a mistake. In the Trading Camp do you discuss what to look for in a broker and how to find one?

at 7:08:22 PM
Yes we do, ready2win.

Upcoming Special Announcement!

Keep a close eye on your email box during the next few days for a Special Announcement!

We have some exciting changes sweeping through our courses and Web sites. I really believe you'll be thrilled, excited, and motivated with what we have in store for you!

So be sure to watch your email box during the next several days!

dryan asks:
Hi Jim..I a new member with you recently but an old member from years ago. I gotta tell ya it has been fantastic learning from the new formats like the trend seeker and the premium alert service. My question is about the new formations I haven't learned before from Ken. The flag, the pennant, and the wedge. How accurate have these been and do you just need to place stops closer?

at 7:12:34 PM
Hi dryan! The chart patterns you mention have been around for years! We actually taught them in Ken's last course. I've simply expounded on them and tweaked them to work with the tools we now have. I encourage you to watch the Training Videos and even consider taking the trial to the Premium Alerts. You'll see these chart patterns in action and can judge their accuracy for yourself.

Chris asks:
Jim: There are companies (guys) that give you the comodities and stocks to buy. They do the research. What do you think about that? They seem to have some outstanding results.

at 7:16:33 PM
I wouldn't touch them, Chris. But if you want to pay high fees and have no control over your money, I supposes you could consider it. But my question to you is this, why not learn to do it yourself? Ken Roberts used to have a saying that he'd use quite often, and that is. . . "nobody cares about your money like you do." Remember that saying, it's very powerful!

Sam asks:
As a followup to the question from Bill in NC,I expect that you would also not put too much weight on the changes in the rankings - right?

at 7:17:08 PM
That's correct, Sam!

Gus from NJ asks:
Jim: How can you protect yourself from a locked limit move. Can you minimize the damage in some way? Gus NJ

at 7:20:11 PM
You can, Gus from NJ. You could enter a futures position in the opposite direction of your current position -- in a different trading month -- basically putting yourself in a spread and limiting your losses to some degree. Or you could buy an option in the direction the market is moving (i.e. if you're long a futures position you could buy a put option if the market is moving limit down). Last but not least, you could call your broker and work with him. He should have some plans of action for such situations.

johnh_2007 asks:
the risk/reward for xmas 10-year note using 1-2-3 top isn't that great based on support/resistence. it's approximately 4 to 1 risk to reward. if the number 2 is broken tomorrow would you still trade it?

at 7:23:21 PM
Hey johnh_2007, it all depends on where you place your stop and where your profit target is located. Sound like you've placed your stop a long way away, and your profit target rather close. I suggest you play with the risk/reward calculator at US Charts Online and work up some different scenarios. You might be surprised with what you come up with.

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wylie asks:
Hi Jim. I was wondering why do you only trade the day session? And why?

at 7:31:33 PM
Hi Wiley, basically because I don't want to sit in front of my computer 20+ hours a day (that and my wife would kill me if I tried to. LOL).

What I mean is I focus my attention on the day sessions. The day sessions contain the bulk of the volume and open interest -- as well as action. If I feel I want to trade in the evening session I will, but 99% of the time I do not. At some point you have to draw a line. Other wise, you'll burn out.

Boomer/Sooner asks:
Hi Trader Jim and Gang; Just want to report that the last three weeks have been great for me. I have liquadated five out of seven for profits ranging from 2,300+ to 650+. one at 1400+. Have two to go one down 50. and one up 150. Total positive 5,150. Thanks to you and your excellent training this has happened. This is the first time that I have really felt good about my trading. I really appreciate you staying on us about stops and how to use them. Thanks

at 7:34:39 PM
AWESOME, Boomer/Sooner! Isn't it amazing what can happen when you have a plan and some discipline? Keep on with what you're doing, it sounds like you're on track. Just remember to ALWAYS keep your head (and keep using stops) and never get cocky just because you have a few winners. If you do, the markets will quickly bring you back to reality. Great job and keep up the good work!

Chicago Jim asks:
Jim -- a question about rollovers. What factors should we be considering when timing the rollover of an option into the next month? For e.g. -- rolling a Nov. Feeder Cattle Put Option into January. If both markets are moving well, should I wait until the last few days before expiration of the Nov. Option before rolling it over or is it wiser to roll it earlier? (Perhaps a Training Video on the Rollover?) Thanks for the great education you impart on the PAS! JIM FROM CHICAGO

at 7:37:28 PM
Hi Chicago Jim, Well in the strictest since of the word you can't rollover an option. However, I think I understand your question. Probably the best consideration you can give is to the time til expiration. Remember, the last 30 days is when an option will lose its value the quickest. Take this into consideration when contemplating the liquidation and purchase of options. Good idea for a Training Video, thanks!

Bob asks:
Hi Jim: What is your opinion on trading options, versus futures contracts? A couple of months ago I got burned on gold options because when I wanted to get out, I didn't get filled. My broker told me that with futures, he could have gotten me out immediately. Options are supposed to be "safer". What's the deal?

at 7:41:35 PM
Hey Bob, your broker could have gotten you out of your option immediately too. It would have simply required him placing a market order for liquidation. Not sure why he didn't suggest that to you. With options you are "safer" in that you know the maximum amount you can lose (the premium plus commissions and fees). With futures contracts you can get caught in limit moves against you and get stung. Also consider this. . . be willing to be a flexible when buying or liquidating options. Be willing to pay more to get in and take less when you get out. So many folks are trying to squeeze blood from a turnip and it doesn't work. Be like Gumby.... flexible!

profit-dan asks:
Hi Jim this is profit_dan Is the classification of a false breakout always determined by the market failure to reach the daily 50% target or what determines it exactly ?

at 7:43:17 PM
Hi profit-dan! A false breakout is simply this. . . the market breaks out of a formation -- slightly -- and then turns back to the direction from where it came. It may not reach the breakout level again or it might be quite some time before it does. Hope this helps.

CHARTECH : asks:
Glad to be back to the chats been working to much have not been on since ken was here. Glad to have you AKA TRADER JIM you and staff you are all tops. I have been folling all the premium alerts and they are tops also. What they do are help me sort out the trades I want and keep some on the radar in your own words for future trades.My question is there any way to have and idea when something is in a channel say like gold was for so long when it breaks out how far it is going to move up or down buy how long it was in the channel. I think I seen something at one time about that . Maybe only in my dreams. Thank you for all you do and stay the course.

at 7:46:07 PM
For sure CHARTECH, I actually show a few different methods at the Trading Camps. However, if you search through the archived PAS videos you'll find the wave projections that I've done. They are really easy to do. In fact, I did one in today's Premium Alert Video.

dirtfarmer asks:
On most setups (Hi/Lo, channels, etc.) you wait for a close beyond the trigger before you consider entering the market. However, on a 123 top or bottom you only wait for a break beyond the trigger (in this case the #2 point). Why is this setup different from all the others?

at 7:49:24 PM
Just a preference, dirtfarmer. It's the way I learned to trade them and is what I feel most comfortable doing. That said, you can treat the 1-2-3s the exact same manner as we do the other formations. In fact, I use to treat pennants, channels and triangles that way too. But found that waiting for the market to close outside the formation first did better.

hopeful in so. fla asks:
Dear Jim: I'd like to again express my appreciation for your teaching methods. I've learned sooo much from the training videos as well as the PAS. Also, I've found that if I have a question, somewhere in the archives the answer is waiting for me. Thank you! Having said that, I'm also glad to have the opportunity to ask this question now: It's regarding broker locations. Do you or any course members have advice regarding the pros and cons of a broker being in the same time zone? I'm thinking the main thing would be that he is located in the same time zone as the exchange you're looking to trade, not so much where you are? Thanks!

at 7:53:57 PM
Hi hopeful in so. fla, I've never had a preference as to which time zone my broker is locate. In fact, I live on the west coast and my brokers are not in this time zone. They have either been in the Central or Eastern time zone. It's my feeling that as long as you have access to your broker (or at least a trade desk) by phone or the Internet, it should not matter where they are located. As far as the exchanges are concerned time zones and brokers don't come into play. There are exchanges in Chicago (Central time zone) and New York (Eastern time zone). Hope this helps and thanks for the nice words too.

jazzman asks:
Jim,I've noticed that the past few weeks have not been as active in the markets.Is this typical for this time of year?Keep up the good work!

at 7:56:34 PM
Good question, jazzman! Markets cycle just as life and the seasons do, for example. Sometimes there will be many markets moving. Other times there won't be much happening at all. Last month things were really on the go. Right now, like you said, the markets haven't been as active. This is why we must be patient as traders. We have to take what the markets throw our way. If we try to force things we can get hurt. So remember, be patient and let the setups come to you!

another Jim asks:
Not to get ahead of things, but as a Rockies fan and a Red Sox fan it would be a tough series to root for! The premium alert service is an awesome tool to "get inside an experienced trader's head." Thanks for helping bridge the gap in information. The thing that I like the best is how careful you are with your $$$'s.

at 7:58:00 PM
A Redsox and Rockies World Series would be fun indeed. Thanks for the kind words about the Premium Alert Service. Glad you're picking up on the underlying themes of my messages. Thanks again!

bob asks:
How do you place stops with options? My broker says you can't.

at 8:00:15 PM
bob, your broker is correct. However, be sure to check one of my earlier posts in tonight's chat about having your broker do a little "extra" work for you. On top of that, be sure to watch the Training Video I did on 05/11/07 entitled Stops on Options? You can find the video at US Charts Online.

larry w asks:
Hey Jim Can you expand more on your views about holding your positions for 30 days? also do you see a future weekly video on money management?

at 8:03:22 PM
Hey larry w, I'm not sure what you mean about holding your position for 30 days. Perhaps you are referring to my earlier post this evening? In that post I chatted about options losing value quicker the last 30 days of their life. Just remember, time value means a lot to an option the last 30 days til expiration. If the option is well out of the money it will be very, very difficult for it to have any value at expiration. Hope this helps.

va_trader asks:
Hi Jim, PAS and US Chart subscriber here. I have saved up enough money to take either a trading camp course w/ you guys, or else to take other training elsewhere. Can you share some reasons why someone would do well to pick US Chart's training camp over others? Assuming other things are equal, for example that other courses are technical in nature as well, and rely on trading off chart formations. Thanks!

at 8:09:15 PM
Well va_trader. Two things. . . you'll be in a great setting of a small group of people. Plus we typically have two Course Counselors on hand for that extra bit of personal assistance. However, the best thing I can really say is nothing. I'll let attendees tell you first hand. So click here and watch a short video to see and hear what folks have to say -- in their own words. Thanks for asking.

mrosner asks:
mrosner in Hollywood FL. Hi Jim, What is the difference between "Lock Limit" and "Straight Limit"? Also, can we trade options during a limit up or down period?

at 8:13:13 PM
mrosner, Lock limit means the market makes a limit move and stays there all day -- no buying or selling. A straight limit move means the market could have traded anywhere during the trading day but ended the session at the limit for that contract. Hope that's clear enough for you. Thanks for joining us this evening.

Heidi asks:
When will the Paper Trading DVDs be shipped?

at 8:15:33 PM
Hi Heidi! We are scheduled to receive the Paper Trading DVDs tomorrow (Wednesday afternoon) and we'll begin shipping them on Thursday. Thanks for your patience. I think you'll really get a lot from them. I put a lot of time and effort into them providing the most infomation possible on these DVDs -- over two hours in all!

another Jim asks:
Trader Jim, how much time do you actually spend checking the charts each day? As a working man I feel like I am missing oportunities for profit!

at 8:19:39 PM
Total research time for me is probably about an hour each day. You really don't need more than say a half hour a day, another Jim. Simply study your charts each night, make your plans, and execute your paper trades. Then stick to your plan! For training. . . watch our Training Videos, read the weekly email letter, and watch the Premium Alert Videos(tm). By doing this you'll get a lot of training and soon feel very, very comfortable and realize that you were not missing a thing. Remember, there is NO Holy Grail in trading. Well check that, the Holy Grail is you! Keep your mind right and keep plugging away and treat this as a business.

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 lessons at: US Charts Online. This is a fantastic teaching tool and free to all WGB Members and 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!

Plan your trade and trade your plan!

My next chat will be on Tuesday, November 13, 2007. God Bless and I look forward to seeing you then!

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