 So, welcome to today and this was I guess something I wanted to kind of talk about as the markets have been acting in I guess the short term a bit strangely, right? We know fundamentally where we want to trade and which currencies we want to kind of buy and sell but price action has been a bit like I said acting a bit a bit strangely now. My general overview of how the market works and this is just from my perspective. I'm not saying this is the be all and the end all, this isn't the rule, right? But this is what makes sense to me through my years of trading and research and speaking to smart way smarter people than myself, do you know what I mean? Over the years. And it really kind of should give you a perspective of how the market works because we all have different narratives out there as to how the market does work. I'm not saying that none of those narratives are true and mine is the only one that is true. No, not at all. Everyone has their own way of trading the market but this is just my perspective and hopefully it gives you a bit of clarity when in trades and your expectation of the market because that's one of the things that we really have to manage is our expectations. It's difficult trying to force your expectations or our expectations on a market that doesn't care about what our expectation is. It's all about their expectations because the financial markets are run by the banks. Simple and that's it at the end of the day. It's run by the banks, the financial institutions, the funds, etc. We're just partaking in their market. And in fact, being used, we're being seduced into the game, into their game. And sometimes we make money, sometimes we don't. But this is my overview, so my perspective. So first things first, a short-term price action is generally random. We have to accept this fact and I'll explain why in the following. So short-term price action is generally random and medium long-term price action is less random or more predictable. And not to necessarily just look at price solely because price is driven by a few things. So price I guess is driven by for us and the banks and the banks main focus when thinking about where to put price and push price in the medium to long-term is driven by really three main things, right? There's risk sentiment is one of them. Of course, we know risk on and risk off, safe haven flows. But barring that, the financial institution's focus is one value. Is something expensive? Is something cheap? Is something around fair value? Can I make money in the future if I buy now or if I sell now? If I go long now, I'll go short now. It's all about deriving value. Should I even get into or even choose this currency pair or this asset to trade? Is there an opportunity here to make money, right? But it first comes with deriving value. Is something undervalued? Is something a bargain? Yeah? That's the banks focus, yeah? How to make money value, yeah? And that is obviously that drives demand and supply, right? Because if the banks and financial institutions think that something is a bargain, then they're going to, you know, that's going to create demand, right? And the supply equation is going to be an imbalance in demand and supply. Yeah? The next thing, right, is liquidity and slippage. So this is the accumulation and distribution phase of the market, right? And how many people have not gone through the stop-punt course yet? So if you haven't gone through the stop-punt course, let me know. Because if you have, then I don't necessarily have to go through as much detail. But if you haven't gone through it, let me know. Have you gone through it? Gigi, you haven't gone through it yet? Yeah, no problem. There's no problem. If you haven't either. So that's all right. So you'll probably understand this. And even if you've watched it and you don't understand it, I'll clarify, right? So the bank's focus is about liquidity and slippage. So what is liquidity? Liquidity is really the ability for transactions to really kind of be, to kind of take place readily, right? So what I mean by that is when you have a liquid market, you have lots of buyers and lots of sellers. Yeah, it's just as simple as that. Lots of buyers and lots of sellers. When you have an illiquid market, yeah, you don't really have many buyers and sellers in that market. Yeah, so the problem with having an illiquid market is, let's say for example, you want to sell some property, right? You want as many buyers in that market so that you have a choice and you can get rid of your property, you get lots of offers and it's easier to get rid of your property, right? To sell your property to a willing buyer, right? But if you have an illiquid market, let's say you're selling your house and you only have one buyer that comes in and that's like, well, no one else is buying property at the moment. I'm the only person on earth who's buying property at the moment. You want to sell your property for, I don't know, a million pound, right? And they're like, well, I think it's worth 500,000. That's an illiquid market, right? If you're forced to sell at a price that you don't necessarily want to sell it or you're not going to sell it at all, right? So an illiquid market and a liquid market, right? And the key for banks in the forex world, yeah, we're focusing on forex, is buying and selling. They need liquidity, yeah? They need liquidity in order for them to buy, is it right? So if, for example, you have, yeah, let's say, for example, I have one billion. Can you guys see my, my, um, uh, pencil, by the way? Can you guys see that? Yeah, brilliant. Yeah. And again, this is in the stop hunt course, but just to go over it. Yeah. Is that, let's say, for example, I have one billion pounds worth of, I want to buy, you know, pound dollar, for example, right? GU, right? And I want to buy at, what's the current price? I think it's something like maybe 138, something like that. Somewhere around that price. Haven't looked at that chart today, but somewhere around maybe the 138 level, right? And I think in the future that prices should be worth 140, let's say, for example, 142. Yeah. Because fundamentally, let's say, for example, and I don't necessarily degrade it, but let's just say, for example, the pound are hiking rates and the dollar is cutting rates, right? That's what we're looking at. Yeah. And you think that right now, as prices are, where this is going to be an absolute bargain. Now, I have one billion dollars worth of, that I want to put into the market, yeah? Now, first things first, if there's not, yeah, one billion sellers, so remember, I want to be a buyer, right? I'm a buyer, right? So I need sales, yeah? I need sellers, yeah? I need sellers to fill my buy orders. Now, if there's not one billion pounds worth, yeah, of orders, yeah? Enough for me to fill my order at this area here, yeah? Remember, orders are scattered all over the place, right? There's orders all around here, yeah? Sellers, there's lots of sell orders everywhere in the market, yeah? It's going to be, I'm going to suffer from what's known as slippage. So there's not enough sell orders. And let's say, for example, I can fill maybe 100 million at 138. I can fill another maybe 100 million at 138.50, yeah? Then 139, yeah? Then 140, then 141, right? By the time there's enough sell orders to fill my one billion order, for example, and I'm buying maybe 100 million here, 200 million there, 300 million there, because there's not enough liquidity for me to buy at the price I want to buy, which is this. There's not enough, there's not $1 billion worth or 1 billion pounds worth of sell orders. This is what's known as slippage, yeah? This is what's known as slippage, because I don't want to buy. I don't want to buy everything and $1 billion of 1 billion pounds worth of orders, and at disadvantageous prices. I want to buy it as cheap within this 138 range as possible, yeah? That's what I'm looking to do. I do not want to get filled somewhere up here, yeah? And bearing in mind, it's not just me that's seeing this information, is it? It's not just me, yeah? Not the only one on the planet that does, you know, that derives fundamental analysis, right? It is 138, Ken. Okay, brilliant. I was actually spot on. It's lots of other traders. There's traders that are bigger than me, and there are traders that are smaller than me, right? But everyone's got an interest. All the financial markets and institutions have all got an interest of filling their orders. So you've got, you know, I might want to fill 1 billion. There might be someone who wants to fill 10 billion. Some people might want to only fill 1 million pounds worth of orders, because they understand the longer term forecasts of what should happen fundamentally and where value potentially is. So there needs to be enough sell orders to facilitate all of the buying that the financial institutions want to do, yeah? Now, it doesn't... Now, this is what, you know, accumulation, the accumulation phase, and distribution works in the same way, right? If I want to sell, if I've made money, right? I managed to fill all my orders at an advantageous price, yeah? And then I feel that this is, you know, this is price discovery, and then I want to start to sell, yeah? If there's not enough people buying, if there's not enough orders to fill my sell orders, yeah? So I want to sell, there needs to be enough buyers to facilitate that, yeah? Then I have to scale out. So I have to scale in and breaking down my 1 billion, you know, pound orders, yeah, in this area here, right? Doing 100 million here, 50 million there, et cetera. And then I've got to do the same thing in and around this price, yeah? The reason why they do that and they break down the orders, you have to break down your orders and you can't, you know, just press, all right, one button to say, all right, I'm going to buy a billion pounds right now. Because A, you don't know how much orders or they probably do know, but, you know, actually they probably do know from understanding, you know, I guess their indicators and such how much orders are in the market. And B, by the time it does get filled, right, it tips off the market, right? They will tip off the market, because if one person, if one institution is literally trying to place a massive order beyond what is the norm, for example, then that's going to tip off the market. And you're in the world of algorithms as well, right? So you're in the world of algorithms all competing with each other to find the best prices. So there's no one institution can just, you know, place an order and gobble up all the orders, right? It's got to be, you know, lots of different banks. They've got lots of different technologies. And also as well, there's got to be enough liquidity to provide, you know, the orders, right? So we understand the accumulation and distribution phase. And if you understand that, you understand that this can also take time, right? So this is price and this is time, yeah? As a bank, as a bank and as a financial institution, yes, time, I am concerned about time, but not in the way that the average retail day trader is concerned about time, right? Markets generally are so forward-thinking, yeah? And they've got so much money to basically place in the markets, I guess, and fill their orders, yeah? They're thinking, and we know this for a fact, yeah? They're thinking years in advance, right? So currently, today's what? The 16th of July, 2021, yeah? They're already thinking, forward-thinking, about who is hiking interest rates into 2022, yeah? Right? And 2023 and 2024, correct? Right? Everything we're looking at is all to do in the fundamental analysis is who's hiking rates first? Who's likely to taper and who's likely on the course to raise rates and the earliest date we're looking at is next year 2022. So if we're halfway through the year now, at least maybe six months to a year's time, yeah? That's what the financial institutions are looking at, yeah? At the earliest. Who's the first? Who's the second? Who's the third, et cetera? Who's going to be the last who's lagging behind? All right? So when it comes to time, the financial institutions, by the way, they've been doing this not just, for example, you know, today being July the 16th, 2021, they've been looking at this from early this year, yeah? Anyone who's been with me for any amount of time, I know Ken has, I know Lawrence has, what have we been discussing, right? You can vouch for this. They've been talking about interest rate hikes tapering, everyone getting back to normal GDP, et cetera. They've been thinking about these, this having this forecast, right? For when people are going to, or I say people, but when the central banks are going to high crates, and what's going to give a currency potential value from, you know, from six months ago, from last year in fact. So point I'm trying to make is this, is from a time perspective, yeah, from a time perspective, the banks have to, because they've a trading such big size, they have to, and there's lots of them, trying to all do pretty much the same thing, yeah? They're all trying to buy because they see what the central banks are doing. They have to accumulate. Now that accumulation, right? That accumulation might be, for example, a 200, 300 pit range. Yeah, it might be a 400 pit range, but it's a range nonetheless. They have a range with which they need to accumulate, yeah? And seduce sellers, yeah, to take the other side of their buy trades. Now how they do this, and this is the reason why I get short-term price action is generally a bit more random, is because, and it has to be, because the banks, yeah, and market makers, I know market makers is a bit of a buzzword at the moment, not too many people online really and truly understand market makers, and if you do want to find out about market makers, I can speak to you about that afterwards and give you really the source from my mentor Mark Chapman. But banks and market makers, right, use our lack of knowledge and discipline, right, and impatience and expectations and false expectations against us, right? So I'm going to tell you, you know, what, who the mark is, right, or who I guess the patsy is, yeah? The person who doesn't know what the game is all about, yeah? And it's us, it's the retail trader, the retail trader. Why is that? Okay, so banks and financial institutions are market makers, it's the job of the banks and obviously to make money as well as market makers, right? They have to make money as well, some way, shape or form, but it's the day-to-day, week-to-week, month-to-month job for the market makers to provide a market for the institutions. So if the financial institutions want to buy, for example, the market makers, right, are provided, you know, the liquidity and make the market for the financial institutions and banks, yeah? So the banks, you know, want to do a lot of buying, the market maker, right, has to literally swallow the other side of it, yeah? They have to, they have to take the other side. It's their job to take the other side of the financial institutions, right? But does that mean that market makers lose money? Because if the banks are making money, yeah, not saying every day, every week, every month is not like that, but generally if the banks make money, yeah, then, hold on, the logic would go that the market makers must lose money, right? And who wants to be a market maker if you've got to take the other side of the banks, right? I'm here to tell you, yeah, that market makers do not lose money, right? They don't lose money in a sense that it wouldn't be viable for anybody to take the other side of the banks. So in fact, market makers do make money, right? They do make money. So you're thinking to yourself, well, how? How, how, how is that possible? Well, then the banks must lose. No, no, no, no, no, the banks still win and the market makers still win. So then you're confused, right? Well, zero sum game, right? Somebody's got to lose. Who's got to lose? Who's going to be on the other side of both sides, of both positions? The retail trader, right? The retail trader, right? And we can get into specifics of what retail traders are and who is a retail trader, whatever, right? There's going to be losers. There has to be losers. And whatever you want to call them, generally, if you want to call them, you know, small firms, small hedge funds, whatever it is. But basically, the big boys, the market makers and the big financial institutions are making money and everybody else, whether you want to call them retail traders, whatever you want to call them, are losing money, right? And it's fact, right? Market makers have a business model that makes money. I know this for a fact, yeah? Because otherwise, there would be no market for the banks. Yeah? Who's taking the other side? Right. So, everyone knows or everyone has heard that the forex market is what? Four to five, yeah, trillion dollars, you know, transacts four to five trillion dollars per day, something like that, yeah? It's a massive market. That's what draws everybody in, yeah? Now, anyone know, well, anyone know that I guess the percentage of what apparently retail traders generally make up out of that four to five trillion? About eight percent, seven, eight percent, right, Mr. Diligent? Four to ten percent, exactly. Somewhere in that region, definitely below ten percent, yeah? The number, the last number is of course, the numbers change, et cetera, but generally it could grow, it could shrink, but generally it's being around this, you know, percentage, you know, could be nine, ten percent right of the markets. Are you thinking, well, if we only make up where it was very small percentage, 90 percent is made up by financial institutions, right? So how the hell is it that, you know, we're kind of insignificant, right? So the insignificance, not really, because if you take this number here, want to take four trillion and anyone wants to work this out right now, go on Google, Google calculator and all you've got a calculator that can do input, you know, four trillion, seven percent or eight percent, right? It's somewhere in that region of four trillion, I think it's, I think it might be at seven percent of four trillion is somewhere in the 300, so maybe 350 billion, yeah, 350 billion dollars, right? Remember, this is per day, right? So all this liquidity, this amount of liquidity is up for grabs, yeah, from the market makers, and the banks, because these guys are making money, right? These guys have got an efficient business model where they both make money. The retail trader generally doesn't. So where the mark, right? Where the target, where the ones that are targeted, yeah? And there's enough liquidity to go around, right? Maybe not every single day, of course, but if we understand, yeah, that there's this much to go around generally every day, could be a bit higher, could be a bit lower on certain days, liquidity, you know what I mean, volatility, et cetera, right? Who knows? But in general, when we go back to, you know, our price chart, and we have loads of banks, yeah, that want to buy at a certain price, it's easy now to understand, yeah, day to day, yeah. I want a piece of this action, yeah, every single day, yeah, and it doesn't matter because as far as time and accumulating, the time takes what it takes, right? I'm not necessarily no rush because I'm looking a year or two ahead, yeah, when it comes to fundamental analysis. So I'm positioning myself every day, masking up my orders, not getting caught by slippage, yeah? And then in the short term, the price action can seem very random, yeah? Day to day, week to week prices might go down. They might be long fundamentally, but in this time in history, yeah, in this week or this month in history, yeah, prices could have been trending down. All they're doing is doing what? Accumulating. This is the accumulation phase, yeah? But what they need to do, yeah, and what they do generally is they take advantage, yeah, and they use our lack of knowledge, our lack of discipline, yeah, and impatience and our lack of expectations about really what the financial markets are really about. Remember, this is their game. They have an efficient business model. They have a partnership. This is the partnership, yeah? They're both making money, wear the mark, right? So our expectations, yeah, in the short term, so for example, we can think of loads of examples, you know, day traders, for example, they, when you're day trading, and by the way, I just want to make this clear, 100% clear. I'm not saying that you can't day trade and make money. Of course you can. Of course people do. I know people that do, right? That go down to the lower time frames and do it day in, day out, as far as not necessarily making money every single day. That's not, you know, that's impossible, but I was talking about over the medium to long-term, sticking to a plan, et cetera, and making money, right? There's people out there that do it. Now, what I am saying is that the expectation generally from retail traders is that, you know, especially traders that have a short-term view is that, okay, I'm going to start to, for example, trade off of every single support and resistance level, right? I'm going to trade off that, I'm going to trade off that, I'm going to trade off that, I'm going to trade off there, I'm going to trade off there, and that should work, et cetera. But understanding that, yes, of course, and you can make money, right? You can make money to the downside, make money to the upside, et cetera. But thinking about it, yeah, it's very random week to week. It's very, very random, yeah? Price, and it might seem like it's structured, yeah, as far as support and resistance, because how else support and resistance has to work, and technical analysis has to work to some degree, otherwise nobody would trade it, right? We wouldn't be in the market, yeah? We would not be in the market if it was totally, totally random. I'm not saying that there's no patterns or anything like that, yeah? But you have to understand that that's not where the game is. This lower timeframe, yeah, isn't where we, or isn't where I like to view, right? So I'm not, like, I know a lot, there's a lot of new traders that are really kind of, and it's not your fault, you know, everyone goes onto YouTube, TikTok, Facebook, and this is what's sold, this is what's sold. Even the brokers are selling you, right? Because the brokers make money by the amount of trades that you take, yeah? They take the spread, yeah? So it's in their interest, yeah? For you to take as much trades as possible. Also, it's in the bank's interest, yeah? And the market maker's interest for you to be in the market and provide liquidity, yeah? So that they can accumulate, yeah? For the long term, yeah? For the medium to long term. And this is why I say short-term price action is generally, I use the word, not saying it is random, I'm saying it's generally random, generally random, right? So one week we could be up, brilliant, hey, excellent. All of a sudden, you know, the next week, you know, prices could be trending downwards and you're like, well, hold on, Leon said that the Bank of Canada are raising rates. So why has the Bank of Canada been, why has price for the cad yen been on a downward trend for the past two to three weeks? Do you know what I mean? It's, but two to three weeks, yeah? In the timeframe is nothing when you're talking about the banks accumulating. Yeah, it is like that, Ken, right? You know what I mean? Ken's laughing because he understands this stuff, yeah? And we do this week, exactly, that's exactly it. You can look at it this week, yeah? We all know fundamentally, but do retail traders have the fortitude or do they even know, right? This is the, and this is the confusion around fundamental analysis. People think that fundamental analysis is going on to Forex Factory, looking at something that says, oh, it's positive news, okay, and I'm going to press buy. Something that's negative news, I'm going to press sell or data, yeah? If trading was that simple, we could all do it. Yeah, we could all do it, yeah? But it's not, yeah? And again, so we get, and Dre says this, right? Dre says this, is that it's not easy, and it's not easy. They know psychologically your knowledge, yeah, of how the market works, your discipline to continue to buy, even in the face of a downward, you know, a downtrending market going against you, yeah? Your impatience, yeah? Or thinking, oh, you know what? I could have made money short in this market, and you know what I mean? And looking back and thinking, all right, I'm going to change my direction, all that, and your general expectations, they use all of that against you, right? Things, even things like, you know, I've got a daily target that I've got to make. I've got a weekly target I've got to make. I've got a monthly target I've got to make. The market doesn't care. The banks don't care about your weekly monthly targets and your daily targets. They don't. All they care about is, is there enough liquidity, and I don't care how long, yeah? This goes on for randomly, right? As long as you provide enough liquidity for me, right? For me to make money in the medium to short term, so medium to long term, yeah? And in the short term, of course, they make money, right? But generally, yeah, that's what they're concerned with. Whereas we're concerned, we are so short-sighted, or we tend to be so short-sighted, yeah? And again, it's not our, it's not our, the general retail traders' faults or within their knowledge or reasoning to understand this stuff, because of the amount of nonsense, I guess, that's kind of put out about how the market works, yeah? And this is why I always preach quality over quantity, and I always say like, people say to me, oh, you know, how much can I, I get messages all the time saying, how much can I expect to make every week? Can I make two to 3%? It's like, what? It doesn't work like that. It doesn't work like that. We have to understand what the game is from a higher level, and then we can adjust our expectations, yeah? And I can, you know, this is, this is provable, right? Because everybody looks back on price and says, okay, well, well, it was obvious when you, when you look back of what was happening, yeah? So, so value and demand, demand and supply, yeah, right? We'll eventually be revealed over the medium to long-term, yeah? So we can go and look at a chart, yeah? And we can see, right, where there would have been, you know, some, some crazy price action, for example, something like that, right? And whatever, right? Now, looking back on the chart, it looks obvious, right? It looks really, really obvious what you should have been doing, especially when you understand the fundamentals looking back in hindsight, yeah? You know, you had one central bank that was hiking rates, for example, and one that was cutting rates. And it's like, when you look back and do your fundamental analysis, and you say, oh, yeah, that's what they were doing, right? You're here at the moment, yeah? When I say medium to long-term, I'm talking about the daily time frames, for example, right? Over the three, six, nine, 12-month period, yeah? Whatever it is, it's a daily or weekly, yeah? But we might be here at this point in time, and we're looking back, and you've watched one of my videos, and you've gone and you've said, okay, fundamental analysis, let's see how this works. And you go, oh, yeah, that's true. They were doing this, the central banks were diverging or converging. And look at what happened, da, da, da, da, da, da, right? But in this day in history, yeah? In this time in history, in this period in history, this might represent, for example, three weeks of trading, yeah? This might represent, maybe, you know, one month's worth of trading, yeah? This might represent, you know, two weeks' worth of trading, et cetera, yeah? And so on and so forth. But when we're in this, when we're zoomed down into the, you know, and our perspective is so focused on what's happening day to day and even week to week, yeah? We can get thrown out of the trade. We can get disillusioned, right? We can get disillusioned with everything. But demand, yeah, or supply will eventually be revealed over the medium to long term, yeah? Give me a chart, yeah? Give me a chart over the last pretty much, you know, five years, I would say, and I can explain, and as far as, you know, the moves, massive moves that went for, you know, thousands of pips, hundreds of thousands of pips, maybe 500 to 1,000 pips or more, yeah? I can explain with fundamentals, I have a, you know, what was going on from a risk sentiment perspective, risk on, risk off, and what the fundamentals were. Apart from, and I'm going to be honest, apart from, there was probably two times in history where even I'm left scratching my head, but pretty much everything else can be explained. Everything else can be explained. All these major moves, if you look back on price action, I can explain it to you, yeah? And I can prove to you what was going on with consistency. And it might sound like a bold claim, but I've traded it, right? I've traded, I was trading at the time, and I can tell you what was going on, yeah? So value, yeah? Demand is applied? Does that mean that every single week we're going to make money? Every single month we're going to make money? No, but it will eventually reveal itself because it has to, because all of the banks, all of the financial institutions are all long, yeah? The market makers don't really have a bias, right? They're just there to facilitate the other side of the financial institutions, yeah? They just have to sit there and take the other side and make money and work out ways on how to make money as well by taking the other side. We say we have a very efficient model, right? Otherwise, again, like I said, they wouldn't be in business, but from the financial institution's perspective, overall demand for that currency, yeah? Or supply for that currency will reveal itself over the medium to long term. In the short term, prices can be very, very, very random, yeah? So you have to understand these things, yeah? It's not about your expectations, yeah? And what you want as far as, oh, well, this should have gone up this week. This should have gone up. This should have gone up by now, yeah? We all know, for example, real life example, yeah? New Zealand dollar. Everybody can see the New Zealand dollar, the great news for the New Zealand dollar, yeah? You would expect that this day in history, the New Zealand dollar should be way higher than what it is, but if the financial institutions haven't accumulated enough New Zealand dollars, yeah, then it's not going to go higher, you know what I mean? Because they're not going to want to be left behind. If there's not enough liquidity, if there's not enough sell orders, yeah, for them to buy, yeah? Then what do they have to do? If there's not enough sell orders above the market, then what happens? That has to be, they're going to look for what? The liquidity to sell orders below the market at bargain prices. Hence why we trade stop hunts, yeah? That's why we trade the stop hunts, because the accumulations, and this is, by the way, this is all on a five-minute chart, 10-minute chart, you know, two-hour chart, an eight-hour chart, daily charts, and weekly charts. The question, the thing that we have to understand is that nobody knows, nobody knows as far as the amount of accumulation that has to go, and it's impossible to know, yeah? But what we do have is clues, but, you know, we have obviously clues from a fundamental analysis perspective and this sentiment, we know what typically happens and what has to happen, yeah? Overall, if the data does support the narrative, yeah? But it doesn't mean that every single day, or every single week, or even every single month, you're going to see, you know, the New Zealand dollar go higher, and higher, and higher, but when it does, cool, then we ride that trend, right? But if it doesn't do it at this day in history, or do it in this week in history, does that mean that, oh, fundamentals don't work? That's what the day trader would think. Do you know what I mean? That's someone who doesn't, or someone who just doesn't understand all of this, yeah, would think, and then they create narratives. Oh, there's market exhaustion. Like, what is market exhaustion? I've heard this time, market exhaustion. The market is exhausted. It can't go high. No, it's just supply, it's supply and demand and liquidity. There's not enough liquidity to the downside, yeah? Or not enough liquidity to the upside, then it won't go high, it won't go lower. Simple. It's all about value, liquidity, and slippage, yeah? So when you're trading now, and I'm just going to wrap this up, so when you're looking to trade, and let's say, for example, week to week, yeah, you've lost a trade or two. All right, fine, cool. Do you know what I mean? Does that mean that the strategy doesn't work? Of course not, because short-term wise, price action is generally random. You have to notice. I don't care what anybody says, all right? In that fact, if anyone can tell me, yeah, that they know what's going to happen in the market, you know what I'm going to ask them? I'm going to say, all right, you know what's going to happen in the market? Bet your house on it. Bet everything you have on that one trade. And you'll see how quickly they go, ah, well, you don't know, do you? Because if you know a certainty, I will bet everything I have that the sun's going to come up in the morning. And even then, that might not be a bet you want to take, as sure as it might be. Yeah, it's not may follow day and day may follow night. It might not happen, right? The world could end, the comet, whatever it is, but that's a bet I'm willing to take. But the point is, there are no certainties. So anyone who tries to fool you into thinking, oh yeah, I predicted this. All it is, short-term price action is random. Yeah, and it's 50-50, it just so happened to get it right in this day and time. Do you know what I mean? And consistently, there are people that do it. And again, I'm not shading anybody. I'm not slighting anybody. There are people that have systems. Of course, they're all right. There has to be. But generally, this is my view of how the forex market works and my approach and my top-down approach. So whenever I go through, for example, a drawdown, yeah, I don't get disappointed. I don't get frustrated or anything like that. I'm just like, okay, just keep taking the trades. Just keep taking the trades, because at some point, you're going to be right and the market's going to agree with you. You're going to time it correctly. And when you do, that's going to be your 20, 30, 40 to one type trades. Yeah. So that's pretty much what I was really wanting to talk about on Wednesday. But I didn't think I could give it the time. But yes, seems like lots of people. Sorry, Kalmerg. I know Kalmerg have just come in. I know a few other people have come in as well. Fredx, you've missed pretty much the majority of it. It says being recorded, so you can watch it back. We're looking to some charts, so I've got a bit of time, a little bit of time. So we're looking to some live charts as well. Anyways, so that wraps up the presentation. I'll just get into some of the questions.