Hello and good evening! Trader Jim here. . .

Thanks for investing your time in tonight's GBE chat! We have a lot to cover this evening as several markets are beginning to move.

November Soybeans, December Soybean Meal, September Eurodollars, and August Gold have either broken out of their formations in strong fashion or are just beginning to move. The Stock Indices have been pretty crazy the last week or so as well.

By the way, all of these markets are currently featured in our nightly Premium Alert Service™ (PAS) videos.

Feel free to share your paper trading or real money trading experiences in any of the markets mentioned above, as well as any others. Discussing your market experiences lets others know they are not alone in this business and it's a great way for everyone to learn from one another. Free to share your excitement, enthusiasm, and passion. It provides others with hope and insight of what's to come.

I'd like send a big "Thank You" to Ken Roberts. Ken started introducing folks to the Greatest Business on Earth™ over 20 years ago. I was fortunate enough to not only be a student of Ken's, but I also had the great pleasure to work for him for 12+ years. I'm happy to be able to share with you what I've learned over the years.

As we begin this evening's session, remember the reason these monthly chats are conducted is to provide you the opportunity to ask questions and to pick the brain of a 20+ year student of the markets.

It's not the best use of our limited time here together for me to define basic terms and explain introductory principles taught in your Course materials. Please contact one of our Course Counselors if you need assistance with any of the introductory principles. They can be reached Monday through Friday 8:30am to 5:00pm PT 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 GBE 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, and contract month etc. This really helps your fellow Course Members follow along and learn from your experience.

From time-to-time you may notice that I'll use a bit of "chat short-hand." If you see LOL for example, it means Laughing Out Loud. Or TS it means Trend Seeker. These are the two most prominent bits of short-hand you'll see.

Hey Carl T, Option trading is all about buying the right options. Volume really doesn't have a lot to do with it in my mind. If you place your entry order correctly you really shouldn't have a problem getting filled. Same with the exit. Be sure to refer to the various option trading videos I've done in the Training Video section at US Charts Online. They should help and can do a lot better at explaining in that format versus what I can do here. Remember though, you can always enter and exit at the market, all though I don't advise you do that. 

As far as the Delta strategy goes. . . I don't trade with that method and it's been years since I've read through it. So I'm not really sure about the statement in regards to 2000 volume. 

Hi Sandra C! Good question. Typically 3-5 markets is all that most can and should handle. I'd focus on that number to follow that way you know what's happening at any one time and less likely to get confused.

Keep a good log too. That's what I do. In fact, for the PAS I have a spiral notebook that I use. You might say it's old school! 

Thanks for the kind words, rickh! There are several sources on the web. If you'd like to find them go to Google and search for motivational quotes. You'll find a lot of them.

Thanks again and glad you like the blog. It's a blast to do. 

Hey slowmo, One good thing to do when you find yourself in that type of situation is to take a couple of days away from the markets and clear your head. Get completely away and I'm not just talking about a weekend. That usually does it and you come back with a renewed interest and usually can see the forest for the trees.

As far as the charts go. . .  load the Quick Quotes page and then select the Electronic quotes. Select a chart from the D icon on this page. Your E chart will load. Then click your browsers back button and you'll be back at the Quote page. Then select your next market. Easy as pie and typically the way I do it. Hope this helps. 

Howdy John from Mich, There are two sets of trading hours posted because technically there are two sessions each day. There's the day session and then there is the evening session. Thus the different hours. US Charts Online actually combines the charts of both session into one chart. So if you pull up an interactive chart of July Crude Oil right now you'll see the price bar on the chart for June 11.

Thanks for stopping by tonight. 

Targets, Stops and Money
Management Made Easy™

Click here to learn all about our brand new
Master the Chart™ DVD set,
Targets, Stops and Money Management
Made Easy™

Hey Dan, the thing you have to realize is that it's a numbers game. That's why it's so important to have the correct risk/reward ratio as well as the right amount of risk for your account. All traders go through tough streaks and if you stay in this business very long you'll discover this won't be your last. That said, try reading a couple of the books I've suggested. They provide some really good thoughts on how to combat this issue. Go to Four Star Books Online and look for the Jesse Livermore book and the books by Mark Douglas. They'll be a big help.

In the mean time, take it slow and easy and consider going back and paper trading for awhile.  

Yes and yes! But if you're scared you shouldn't be trading real money. You have to totally accept that there is risk in the markets. If you're not comfortable with that then you should remain on the sidelines and paper trade until you are comfortable with it.

The volatility in the market isn't going away anytime soon. So buckle up and paper trade more so that you get used to it.

The biggest thing is to take it slow. . . just like eating an elephant -- one bite at a time! 

Trading Camp on DVD

Click here to learn all about the
GBE Trading Camp on DVD!

Yep, stupid news, Dan The Man! How could we all possibly know who "they" are and what "they" are doing. No chance we can.

That said, both Gold and Silver have skyrocketed. The Gold cracked $1000 in March and Silver broke above 20.00 -- both awesome moves historically speaking! 

Glad to help, Carl T! Whether it's the chats, training videos, PAS videos, blog or trading camps. I figure if you can pull just one idea from any of these things (some on a monthly basis), then you're doing pretty good.

Thanks! 

Howdy BOXDOC! I don't see a reversal in the works at this time. Looking at October Sugar it's been in a down trend for sometime. In fact, Trend Seeker says the down trend has been in the works for 33 days.

To top it off I don't currently see a chart pattern that we trade. Remember, you want to trade what you see not what you think. That said, the trend is down and there's no chart pattern. So keep watching until something shapes up for a possible setup.

Thanks for your question. 

Hey Brian! September Eurodollars formed a beautiful sideways channel. I don't see a flat bottom triangle.

Prices broke out to the downside of the channel on June 9. Be sure to take a look at the Chart Book and check out the chart with my notes and trend lines on it. We've been following this guy for awhile now and the breakout finally arrived.

Our downside target for this paper trade is the Daily 50% level.  

Glad to help, Dan! You wouldn't have wanted to use limit orders as per your examples above. Instead, you would have used stop orders. A buy stop above the channel and a sell stop below the channel.

I haven't used that type of order placement for a long time. I prefer to see the market close outside of the formation and then get in. Usually this would require a limit order because prices have to "pull back."

I haven't scheduled a Trading Camp yet. However, I think when I do I'll narrow it down to either late summer or early fall. Thanks for your interest. 

Hi Futuretrader! Thanks for the kind words about our staff, features and the PAS. In regards to options within the PAS. . . it's difficult to spend much time on them because it would really limit the number of markets I can follow on a daily basis. Right now my average video is like 11-12 minutes long and that covers a lot of markets. But I tell you what, I'll see if I can't point out options from time-to-time.

One additional thought, be sure to check the blog because I've recently broken down two different markets and potential options that traders can focus on. I plan to do a lot more of this in the future too.

Thanks for stopping by tonight. 

Learn to Paper Trade!

Click here for more information about
our full two-hour guide (on two DVDs) entitled
Paper Trading: How to Develop An Unfair Advantage. . .

Yo, slowmo. . . I don't think the volatility will end anytime soon. That said, remember that the markets cycle. They cycle the up and down. The formations and opportunities cycle as well. This is why risk management is so vitally important. Keeping your losses small and being able to withstand some cold streaks is key to long term success.

Thanks again for the nice comments about the DVD. 

That's great, ready2win! Glad you're enjoying the DVDs. Let me ask you this. . . are you enjoying the humor too? LOL

Thanks to you and all of you folks for all the positive comments. We are truly doing the best we can to edumacate you the right way! Glad you love what we're doing.

The Grants Pass Padres? LOL, I don't know of too many major league players that would like a cow pasture as an outfield. That said, I'll spread the word!

I don't look at coffee the same way you do. So I don't feel I can give you any insight. I think you've probaly got it pegged pretty good.  

For more information call 1-888-GBE-MEMBER
Monday through Friday, 8:30am - 5:00pm PT!

Welcome back, Jim. Remember, always have a plan in place for each and every trade. If you know your stop loss level and profit targets you'll be that much further ahead of the next guy.

Also know that as a trader you must learn to become a master of risk management! If you can do this, you have a real good shot at reaching your trading goals! 

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 training lessons at: US Charts Online. This is a fantastic teaching tool and free to all GBE Members and US Chart Online 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, July 8, 2008. God Bless and I look forward to seeing you then!