 I'm Chad Kalecki with the CK Investment Club, and today we're talking to Bitcoin Jay who runs Bitcoin Daily and what his take is on the current market, how he's playing that, and also what the business he's built. So Jay, if you want to go ahead and get us started with telling us like what Bitcoin Daily is today and how it came to be. Yeah, for sure, man. Thank you. I'm known around. I've been known for years as Jay. So then Bitcoin Jay just kind of became the thing since I was into Bitcoin. Basically the way I built my brand and the whole idea behind the business for my brand was I got really obsessed with Bitcoin probably back in like 2016. And the first thing that always crosses my mind anytime I get into any type of field is how and is there a void in this niche where I can bring a solution and possibly build a business around it because Bitcoin is all about mining and then you mine Bitcoin and you make money. So one of my favorite things that I've ever read, one of my favorite quotes and stories what goes back to when the whole Gold Rush period, which everybody was coming over to the United States to mine for gold and then most people mistakenly believe that the people that were mining for gold were the ones that made the most money. But in actuality, the people that were making the most money during that era were the people that were selling shovels and other materials to mine for gold. So that's always my first thought anytime I come across any opportunity or any business, any niche is, is there an opportunity here to sell shovels? So that's kind of how Bitcoin daily got started, and it just kind of took off from there. And we do, we do everything from trading, from educating people who are brand new to the space to educating people that are more advanced and are wanting to trade actively and stuff like that. So guys, today, we're going to go through a lot of topics. Me and Jay spent a good amount of time blending us out. And so we're going to hit some like the long-term view of crypto, how he trades his strategies, technical analysis, we're going to tap on security a little bit. I know a lot of us have been thinking of that lately. And then just a tad on altcoins. So Jay, if you want to go ahead and get us started on the long-term view, like let's talk about Bitcoin and Ethereum one year out, two years out, five years out. What are you thinking? My view is going to be a little bit biased because I am very bullish on not only Bitcoin, but just cryptocurrency in general, and definitely Ethereum. If you guys don't know today, there was an update in the Ethereum network, which is actually very, very bullish in the long-term because it's creating, basically, they're going to start burning coins to lower the network fees when you're making transactions. And that's also in return going to create Scarcity in Ethereum. So long-term, very bullish on Ethereum. I think I can see it hitting 10,000 plus very soon in the long-term. I think that's pretty much a given at this point. On Bitcoin, I'm in the same ballpark. Bitcoin, I believe it's only a matter of time before we hit the six-figure mark, before we hit cross 100,000. I think it's even a possibility if there is a case scenario where we could hit 100,000 by the end of this year. Now, a couple of factors would have to come into play, like Tesla accepting, starting to accept Bitcoin again, and then one of the big companies getting involved in the space like Amazon. There was rumors about Amazon recently getting involved with crypto. There's been tons of rumors about Apple. So if one of these, one of those two companies or another big company starts either implementing crypto into their system, implementing it or adding it into their balance sheet or anything like that, I think that the Tesla accepting Bitcoin again, plus one of those other catalysts, is what takes Bitcoin to that next level. So what's your case for Ethereum to 10,000? Because I have a similar view. So like I said, today there was an update in the Ethereum network, and that's not all. In next year comes the Ethereum 2.0 upgrade, which is a major overhaul, basically where they're going to take Ethereum from proof of work to proof of stake, meaning that you no longer will have to have computers mining. Now it's going to be the mining is going to be done just by holding, by staking Ethereum. So that's also going to be very big for Ethereum. That's going to make Ethereum a lot greener, which is a big thing that's against Bitcoin right now. And with that upgrade, I believe that is what's going to take Ethereum to 10K. It could be next year, you know, the crypto market moves fast, so it could possibly be as soon as next year in 2022. And the amount of technology that's been built on that platform is, in my mind, what's going to accelerate it? I mean, the money moves towards the tech through history. And everything is basically built on Ethereum, like not everything, but a lot of stuff is built on Ethereum. And Ethereum is basically all the tech. So I compare Ethereum to like the NASDAQ and the stock market, for example, and Bitcoin is probably more like the S&P 500. So you hold crypto, but you also trade fairly often. Are you day trading or is it more on a weekly basis? Yeah, so I do both. I day trade. I could swing trade. I could just be stopping. It all depends on the market. You know, different market structures require different strategies. So I think the best strategy is being able to do a little bit of all of them at the right time. So you have to be adapting with the markets. So for example, like when the markets were really down, at that point, you don't want to really be trading. You can be taking short trades, but I think at that point when there's such a big drop like we saw recently, the best things that you can do at that point is to load up for your long-term investments. So during this drop in the last couple of months, I just been dollar cost averaging at different support levels as it dropped down and just continuing to build up a massive position in all the projects that I really, really believed in. So my main two holdings are Bitcoin and Ethereum. Those are my main two holdings because I think those are the leaders of the market, right? Bitcoin is the king of the crypto market. And Ethereum is basically the king of the outcoin market, right? The entire market follows those two coins. So those are, you know, my biggest two positions. Everything else, I do have positions in other outcoins, but those are a smaller portion of my portfolio, I would say under 10% because my biggest focus is in Bitcoin and Ethereum at this point. So I want to get into the technical analysis that you do. Because I know that's a big part of your rule set with trading. And so if you want to go ahead and share some charts with us and show us Bitcoin, Ethereum, what technical analysis you're doing, what type of candlesticks, all of that. Yeah, for sure. So I do most of my technical analysis and everything on tradingview.com. This is a pretty simple app to be able to do a simple analysis or complicated however you want. I could do this, you know, right here from my computer, I could do it from the tradingview app and I can even pull it up in my car. I have the ability to pull up the browser in the car and watch the charts while I'm driving, which is I don't recommend, but it is an option. But basically, so right now, what we're looking at right here, this is Bitcoin. So this is the Bitcoin chart right now. And I'm going to zoom out a little bit. Let me take off some of these drawings here that I made. But basically, this is currently where we are. I'm looking at the daily chart right now. And what we saw was this huge write up all the way to the top, where we topped out at around 65,000. And then the, you know, the drop, which was led by Tesla and Elon Musk and China. A lot of FUD coming from China, you know, a lot of things about Bitcoin not being green. A lot of things about Bitcoin mining being banned in China. So that's mostly what led up to this huge, huge drop. So after consolidating for a while, kind of an accumulation phase right here, we've seen a jump back up. Now, if you look at this pattern during this consolidation period here, it's kind of a falling wedge here. So if you look up what a falling wedge is, it's a very easy to spot pattern. It's very popular in all markets. Falling wedges are usually sign of reversal from its current trend, right? So the trend was down, you know, the falling wedge kind of started popping up here. And it's something that we started looking at. And then you see the breakthrough. And you'll notice here, as soon as we broke right through this resistance here, it's just been all green from there. So that kind of confirmed this falling wedge pattern at this point. Now we're back up here. And you'll notice that there's a descending resistance line that's coming all the way from the previous all-time high at 65. So you'll see after that first initial drop, we tried to bounce back up. We went up to about 60K, which has been another very big resistance. You can see we've been rejected many times there. So we got rejected there. And then, you know, we haven't been able to get past that level. So now we have that descending line together with this right here. This is a Fibonacci level. So if I zoom out a little bit more, you'll see that this is the 0.382 Fibonacci retracement level. So that's, again, Fibonacci levels are very, very important when it comes to trading because they're used very frequently. So if enough people agree on certain tools, then that's why you have kind of reactions like this at these Fibonacci levels. Another thing is we're 42,000. Kind of the area that we're at right now is a previous all-time high that we got rejected from right there. But you'll notice that when we did break through that level, look how big that candle is right here. This was a huge candle that we got right here, almost a 20% candle. It ran up $7,682 in one day, right? So this is a daily candle. So I'm expecting right now kind of something similar here. So if we look at both of these, we'll see that it's struggling kind of at that same level. If we can get a breakthrough on that, I'm expecting to see something very, very similar where we just get a big massive candle that can run us up to around 46,000 to 48,000. The top probably being that $50,000 range, which is a big psychological number. And it's actually the next Fibonacci level up here. So that's currently what I've been watching, what I've been looking at. We had 10 green candles in a row, which hasn't been done. We haven't seen this in the market since 2013. So that's very, very, something very rare to see. And then we got a pullback. So some people were kind of freaking out a little bit about the pullback. But you have to remember that pullbacks are part of a natural, healthy market structure. There's always going to be pullbacks. And the pullback was honestly just another opportunity to load up again here at this $38,000 minus support here as it pushes back up. So you see today that we're at around that $40,000, $41,000 level. We still have to break through this. So if we don't break above $42,000, we could still get pushed down again until we finally break above that. I was seeing something very similar as you with this current uptrend and just waiting for those confirmations. And I jumped in right before that little dip right here and then instantly got out because there wasn't enough confirmations yet. And so you jumping in. So Jay actually jumped into the CK Investment Club premium channel. He's been giving us like every couple of days an update and he came in and set up his projections and I exited right away and kind of waiting for those confirmations again before entering. So should we look at Ethereum now? Because Ethereum, on the other hand, is going straight up. Yeah. So Ethereum was the other one that I spoke about here in the investment channel. And at the time, I think when I gave the first update, we're at like $2,500 and we're currently sitting at $2,800. So I kind of, I had the idea of my price target during this in the short term here was $3,000. We're sitting at $2,500 at the time and I gave a target of around $3,000 and we're currently sitting at $2,828. So that's still my price target there for Ethereum. Again, if we kind of zoom out a little bit here, we can kind of see the structure a little bit clearer on what's been going on. We obviously had the big drop here and now we've kind of, it looks like we had like a double bottom pattern here, which is again, another reversal signal. And we've just kind of been very, very green leading up to today's update, which I've been telling people since we got this drop, I've been telling people like, this is your opportunity to load up on Ethereum because there's an update coming and the prices are going to go up. So even if you look back in history at any time, Ethereum has done any type of network updates. After the updates, the price has always gone up. So I'm very bullish here and you can see if you're looking here, you'll see that we're about to get to the same, we're basically at the same level that we were here before where we got rejected. So there is some resistance here and it's very close to this Fibonacci level here as well. You'll see it's the same level that Fibonacci level as Bitcoin, the 0.382. And then another thing you'll notice here is the volume. So this is kind of like the volume interest, you know, how many people are making transactions at these prices, right? So you're going to notice that this starts to drop off here. And one thing that I'm watching very, very closely here is this right here. Look at this drop off from here to here. Look at this drop off. There's a huge gap here. So I believe that once we get above $3,000, we should shoot basically straight up here. This is where volume comes back in. So I'm thinking we shoot, if we can break above $3,000, we could easily gap up all the way up to $3,500 in Ethereum. The only thing left to get through is that 3K level right now. So with your day trading type strategies, are you entering right now or are you still waiting a couple more days to get that confirmation? Yeah, so in Ethereum, I'm currently in a trade. I gave the same trade that when I spoke about it in the investment group, I was entering above $2,500. So this was my level to enter. I wanted to get on a breakout above here because that was a big Fibonacci level. That's the 50% level there. So once we got that break above $2,500, which was also a big psychological level, I've been writing it ever since and I've been taking profits on the way. Basically, my strategy is this. I like to enter with momentum, with volume, and I like to enter on a breakout of a major level or a breakout of a range, a breakout of any type of strong resistance psychological levels, things like that. So I entered at $2,500 and then what I'm doing right now is I'm taking profits basically on 25% of my position, every $100 at this point. So I took profits at $2,600. I took profits at $2,700. I took 25% at $2,600, 25% at $2,700, 25% at $2,800. So I have 25% of my position left. Now, what I do with the last 25% of my position is what I like to call maximizing, letting that run. It's called leaving a runner. So I'm leaving a runner all the way up to $3,000 and if I see this break above $3,000, remember, there's a huge gap here. So if I see this break above $3,000, I'm adding back on everything that I've sold down here. I'm adding back on above $3,000 because that's another breakout entry, which I believe can run up all the way to $3,500. So right now I'm in a position. I think I showed you guys, I showed it in the chat earlier today and I'm up very nicely on that position and I'm waiting on the next one up here. So you trade with leverage with this because say you take advantage of the extremely high volatility that is in the crypto market. So how does that look? Is that something you can show us at all? Yeah, so leverage is a tricky thing because I only recommend it if you're an experienced trader, that you've been doing it for a good amount of time and you're consistent with your profitability because what I always tell people what leverage does is it magnifies basically, right? Your results. So if you're a profitable trader and you use leverage then you're gonna make more money. But if you're a losing trader and you use leverage then you're gonna lose more money. So it's really is a double-edged sword. You have to kind of be honest with yourself on where you are as a trader and then kind of go from there because it's so dangerous if you don't know what you're doing. But basically what I do, I'm using a leverage to my advantage because I've been trading now for about probably seven, eight years and I've been doing it full-time since 2016, 2017 around there. I've been trading full-time. I haven't worked the regular job the nine to five in almost 10 years at this point, right? And I've just kind of taken advantage of these breakout and momentum trades and they're really not that hard. It's not that hard to do once you have an experience, once you have the discipline. I would say that the discipline is the hardest thing. But if you do wanna know, because leverage you do have to kind of go in depth and I don't wanna spend too much time on it but I do have a YouTube channel where I cover all of these topics. So on YouTube, I have Bitcoin Daily is my YouTube channel. And if you go to my playlist here, I have a trading tutorials playlist and I have tutorials for all sorts of stuff including how to buy the dip, how to calculate your position size, Bitcoin options, expires, which are kind of important in the game, in this market. Understanding candlesticks, which is the basics for when you wanna learn how to trade and how to read the chart. And I have this one here, which is leverage explained, how to trade Bitcoin with leverage. And I go through that one by one, like I try to make everything kind of as simple as possible for any beginner to understand. Now I'm assuming that you have a very strict rule set because you pull the emotion out of this completely. Exactly. So is that something, it's like what are a couple rules that you just like live by and you will not break them? Yeah, so I mean, the first thing when anytime I'm entering a trade, I want to calculate my position size and I wanna know exactly how much I'm risking. So my rules, and I think this is probably, I think risk management should always be the number one rule in anything. I think being able to manage a risk is probably what makes or breaks you long-term. If you cannot manage your risk, you're not gonna be a winning trader. You're probably going to blow up your account, right? People are sometimes too focused on when to buy it and when to enter that they forget, they throw risk management out the window. And I tell a lot of people, if you just perfect your risk management, then of course entry and exit are important, but your risk management, how much you're risking per position, per trade, just doing that, you might profit, you might be break even, but you might be profitable just by managing your risk properly. So you have to, first of all, I have a 5% rule, right? And what that means is I never risk more than 5% of my trading capital on one trade, right? That doesn't mean that 5%, I'm risking 5% on every single trade. It means that 5% is the maximum that I will risk on any one trade. So then after that, then it comes down to, okay, how confident am I in this trade? And then that's how I figure out how much risk I wanna take per trade. So if I'm very confident in a trade, I'll be risking somewhere between 3% to 5%. If I'm like, kind of, I'm pretty confident, but then I'll be around two to three. If I'm like not that confident in it, then I'll be around 1%. And under that, if I'm not confident at all, then I'm not entering your trade. So that's probably, I would say the biggest thing, I think just managing your risk, knowing how much you're risking per trade and always knowing exactly where you're going to exit, whether it's a winning trade or a losing trade. If you don't know where you're exiting before you enter the trade, you should not be entering the trade. I think that's probably the next thing that needs to be top priority. You should be writing down your entire trading plan before you even enter the trade, right? So I think if you get started and you prioritize those rules, which for me has been kind of the foundation to my success in trading, I think that that can make your life a lot easier. Because when you're risking less, then you're not as emotional. When you're not as emotional, then you're making more logical decisions. And the better your decision-making is, the better, the more success you're going to have. So it all kind of, it's all together. It's all interconnected. You just have to start, I think, the place to start is risk management and then kind of working away from there. Anyone who is early in getting into this and especially with crypto, play with a very small amount of money. You will learn equally as much and you will lose in the beginning. Like it's part of the learning process. So a big topic that I know a lot of us are thinking about is security. I know you have a lot of your net worth in the markets, especially the crypto markets. And I would like to hear what you do to keep it secure. I think the first thing is there's a hardware wallet. There's a lot of hardware wallets out there in the market. And that's probably one of the safest ways to secure your Bitcoin. But at the same time, my role that I use personally is not to have audio crypto in any one wallet. I think that's probably the best way to kind of secure yourself. I have multiple different wallets whether it's a hard wallet, whether it's on one of these exchanges or something like that. And on exchanges, I try to keep very small amounts of crypto. But I try to again have them in different areas just in case for some reason or another something terrible happens and there's a hack, something goes down, we don't know. We've heard of all these horror stories which hold a lot of people back. I've personally thank God knocking on wood, right? I've never had any issues, I've never experienced anything like that where I've lost crypto because of anything like that in the years that I've been in the market. But I know everyone has heard these stories. So I think the best way to minimize that risk is to have crypto in multiple different wallets including have it in hard wallets. The majority of any crypto that you're holding and then the rest on an exchange, if you're using it to trade, don't put it all on one exchange, have it on different exchanges and things like that. Okay, so I have a similar strategy. If you have it in 10 places when the one hack happens which could definitely happen, you're only exposed by 10%. So that's the way to provide some security for yourself. So I wanna kind of briefly graze on altcoins. Now I know that from what I've seen is they pretty much follow Ethereum and I'm curious what your take is on them. Are you spending a lot of time looking at them? Are you trading them like you are Ethereum and Bitcoin? Give us your rundown. Yeah, so like I said earlier, my biggest holdings are going to be Bitcoin and Ethereum. And now for everybody's gonna be a little bit different. There's some people that prefer outcoins over Bitcoin. They say Bitcoin's too expensive or whatever the case may be. Now, I mean, I don't really look at it as an it's too expensive point of view because a 10% move is a 10% move regardless of where your money is, right? So Bitcoin could easily move 10, 20%. Now in the outcoin market, they are more volatile because they're going to be following Bitcoin and kind of exaggerating what Bitcoin does usually for the most part. So if Bitcoin goes up, you know, 5%, outcoins might go up 15%, 10%, 15%. If Bitcoin drops 5%, outcoins are probably gonna drop like 25%, right? So it's always gonna be an exaggerated move of whatever Bitcoin does for the most part, not always like let's pull up the Bitcoin chart here. And then let's kind of go from Bitcoin, let's look at Ethereum and you can see the similar patterns. If you look at Cardano, Cardano has a similar pattern. It's not gonna be exact. Look at BNB, similar pattern, Polkadot, you know, you could go down the list. They all have similar patterns. So when I'm doing analysis, my focus is always on Bitcoin and Ethereum because everything else is just gonna follow. So it's not that important to spend that much time on it. Now, when it comes to putting your money in outcoins, I have my money in some of the top 10, top 20 outcoins that, you know, some of the projects that I understand and really believe in, but I don't like to put too much time looking for, you know, gems or looking for the next Bitcoin, next Ethereum, because, you know, when it does take hours, if you really wanna understand a project, it takes hours of time that you have to put into it in order to understand that, to really understand what it is. And I don't wanna be, and, you know, out of 10 projects that you do that for, maybe one of them is actually gonna hit, right? So instead of me spending that time, you know, digging through all these coins, I'd rather be spending my time just following Bitcoin and Ethereum and trading them because in the long term, I'm gonna end up making more money, trading Bitcoin and Ethereum, it's themselves, then trying to spend time looking for the next outcoin that's gonna blow up and go 100%, right? You know, right now my Bitcoin and Ethereum, I think I'm up like, I think I was up, I have put a screenshot in the investment club, but I think I was up like 400% or something like that on that trade. So I rather just trade with leverage than be trying to look for the next outcoin that's gonna 10X, you know? And that's just from me personally, some people don't have the time to be trading, might not have the knowledge and they just wanna put their money in outcoins and see if one of them pops, that's fine, but understand that it's basically your kind of, I call them lottery tickets. You're putting your money in one of the coins, seeing if you win or not, and then putting your money in the next one. So that's kind of my take on outcoins. I mean, if anybody believes that crypto is a speculation, then outcoins are speculation times 10. And it's a very common thing with stock trading is if you try to follow 40 stocks, you're not gonna do well at all. But if you have five or 10 and you know them extremely well and you just know how they move, you're gonna do much better in the long term. And that's, Jay has a similar strategy here. Yeah, exactly because it's what that saying is, jack of all trade is the master of none. So I've learned from the stock market to just focus on a handful of stocks or coins, then try to follow all these different coins. You know, whatever coin or whatever stock is hot that for that day or that week or whatever it is, you know? So Jay, I'm gonna go into some of these questions here, but it's not a thing. So the first one is from Jimmy. There are any suggestions for limiting the trading costs buying and selling crypto with transaction fees. And he said that the fees seem higher than stocks. It is, the fees do stack up. And that is one of the things that I have run into from at this point, there's really no way around fees like that. I guess because of where we're at right now, if you really wanna trade with no fees, the only way I really know how is probably like, you know, Robinhood or something. But if you're on Robinhood, you're not actually, you don't actually own the crypto that you're trading. You own, anytime you buy crypto on Robinhood, you own basically a paper that's tied to the value of the crypto that you're buying and selling. So you have to know that if you're buying, you know, on Robinhood, you don't own that crypto. That's, you're buying something that's tied to the value of the crypto, but you can trade there without transaction fees. Now, if you're looking to trade with leverage, there's that I know of, there's no place that doesn't have any fees. So that's just kind of part of the game. Now there are kind of little tricks that you can use. For example, I trade mostly on exchange called Bybit and what they do, and I think a lot of exchanges kind of do it something similar that there's a maker fee, I think it's what it's called, maker fee and a taker fee. I don't remember the exact terminology, but I know. Yes, but so basically, if you're just market buying and market selling, then you're getting charged a fee for using the market buys and market sells because you're just taking whatever is the best price at the time. And if you're the maker of the price, right? You would be using limit orders. So you're setting the price and you're letting the price get to that level and then it's triggering. So it depends on the exchange. I know on Bybit, you actually get paid a fee for being the maker. So you get a maker fee. They pay you for creating the order and once it gets fulfilled, you get paid. Now it's not a lot, but you don't pay fees. So you have to check with the exchange that you're trading on and see what, if they have anything like that and then just use that to your advantage. Jordan's question is, what do you think about earning interest on crypto holdings like with Gemini, BlockFi, Celsius? What's your take on them? Yeah, that's great. I think that's great for if you're just holding crypto, why not make some extra passive income on it? Make extra passive crypto on it, right? At the end of the day, what you want to do, the goal is to generate as much crypto as possible. So if you can set up your crypto to make more crypto without you having to lift the finger, then definitely do it. I've done it and I'm doing it currently. I've used BlockFi and Celsius and Gemini. So I've used all three. I think right now the biggest return is on Celsius. Right now, I think they're around 6%, 6.25%. I'm not sure on the exact number because it does vary. They do change from time to time. I think, because I think BlockFi is around for Bitcoin. I think it's around 4%. I think Gemini is also around 4%. And it also depends on how much crypto you have. So they have different tiers. So if you have a lot of crypto, you're going to be earning a lot less. So it just, it all depends. You should take a look at all of those and see which one is best for your situation. Yeah, like my experience with our Celsius definitely has some of the higher rates, but the user interface is complete junk. So you're going to deal with a lot of headaches just trying to use the platform. Whereas BlockFi has been reducing the rates, I'm still using it, but the one stablecoin they're still paying over 8% on is the die. So I converted to die and what I'm doing is collecting interest in the form of Ethereum because I do believe more in Ethereum than Bitcoin as far as how much it can grow as a percentage as compared to its current value. And then you have all these other ones and this also goes back to the security concept, right? Put a little bit into each to get a feel for them and also diversifies your risk on getting hacked. So other than Bybit, do you use any other exchanges? So all my trading, my day trading is done on Bybit. To go in and out of crypto, I use Gemini. So if I need, if I wanna cash out anything to a bank or anything like that, then I use Gemini for that. I use Binance as well for some out coins and I have some on crypto.com, which is an app. It's a pretty simple app. It's not too bad. Now the fees are kind of sketchy. So I would look into how they charge their fees because the prices are a little weird when you go to cash out and move it out somewhere. I feel like they either like, they mark it up on their end. So like when you cash out, it's not the exact amount that you have on there because they say that they don't charge fees for transactions, but then they do something with the price that's not the actual price, which that's how they make their profits. So you gotta be careful with that. I saw that on crypto.com. Those are the ones that I currently use. And we have another question, which is what tools are you using to manage and track your portfolio? So for managing and tracking, I currently use, it's called Delta. So if you go into the store, the app store, the Google Play store, whatever it is, you can check out. I think if you just put Delta, Delta, it should come up as Delta like the airlines. That's the one that I've been using now for the last probably like two or three years. Before that, I was using Blockfolio. And yeah, those are the two that I use to track and anything has to do with tracking my portfolio in crypto. Here, we have a couple more questions. For Michael, when you talk about risk management and having a 3% position size, is that 3% used for the collateral before leverage or is it 3% after leverage? Or is the 3% being the downside loss limits? When you're talking about risk, you don't wanna, you wanna calculate your risk before you don't wanna take into account leverage. So you wanna leverage is just a tool, right? It should have nothing to do with your risk, right? It should not change your risk management. So if you're using 3%, if you're risking 3%, then that's going to be that you're collateral, right? What you're going to put into the position as your risk is going to be 3%. Don't add on the leverage and then try to do it with the leverage and cause then that gets, that just gets way too mixed up. So, you know, if you have, if you're gonna risk $300 on the trade, then that should be, that's it. You know, without taking leverage into account, leverage comes in later, $300 remains $300, right? That's going to be the risk. So always calculate it without leverage. Leverage just comes in after. We have a question from Eileen. How are you thinking about capital gains and trading versus just holding? It's again, it's, you know, capital gains is a part of it. It's something that, you know, unfortunately unless you move somewhere where they don't charge it, one of these crypto friendly countries, you're going to have to pay regardless of whether it's crypto, stocks, real estate doesn't matter what it is. What I owe it, the way I see it is I rather pay capital gains on $100,000 extra that I made than not make an extra $100,000 and not pay capital gains. That's the way I see it. I don't mind paying the taxes. That's part of being, you know, an American part of living in this country. So that, yeah, that's the way I look at it. I don't, I take it into account. It's kind of part of what you have to accept when you're going to be trading. And you just got to, you know, got to deal with it. Don't let that be something that stops you from trading, you know, and from making extra, extra income because you don't want to pay capital gains, you know? Like I said, I rather pay capital gains on $100,000 and not pay capital gains on nothing. Right, exactly the point. If you're making money, then what does it matter? Okay, got a clarification question from Kathy. How does Bybit make money if you're not paying fees? I believe you are paying fees with Bybit, right? Yeah, so you're paying fees with Bybit. The thing is, there's a maker fee and a taker fee. So if you're the one that's making the order, you're making the order and then it gets filled, you get, you know, paid a fee. And now the person who bought your order, right, they're their taker, they're taking the order that you created so they're paying a fee. So, you know, Bybit gets a fee and they pay you a little small percentage of it. And that's it. Trust me, Bybit makes lots of money. I mean, that goes back to the guys who provide the shovels to the gold miners, right? Exactly. Yeah, so Bybit is making it going. Bybit is giving you a little cut. It's so small that, you know, you're not even gonna notice what it is. It's very small and they're keeping the majority of those fees. So don't worry, Bybit is making lots of money. So I got a question from Fiona on liquidity pools and staking. And just let you guys know, in the future event, I know these two individuals who are just doing amazing things in DeFi, they've created an entire site around it and they're truly experts on liquidity pools and staking. So we'll try and bring them into talk. But Jay, what are your thoughts on liquidity pools, staking and which exchanges are the most secure? So I'm not, I haven't dove too deep into this and I'd actually be interested in you bringing in those guys and me hearing them talk. I have, I do staking, but I haven't done, you know, I haven't really dove in too much into liquidity pools and staking like that. Since my main holdings are based around Bitcoin and Ethereum, you know, everything else is just kind of, you know, I just kind of hold it. I don't really do too much with it. And because they're just so much smaller, they're position sizes, but I'm definitely interested in learning more about that as well. Yeah, that's not my expertise. You know, I'm always 100% if I don't know about something, you know, I defer to someone else with that. Right, everybody, I wanted to speak with Jay because he's more of a classic trader, but using the asset of crypto to do the trading and then for taking advantage of some amazing volatility and he's done extremely well in his education, it's extremely valuable. And then for these yield farming, staking, you know, like new, it's almost a new world, that stuff. I have a couple of people who they do it full time. They're making, the last I spoke during the bull run, they're making 1% on their total net worth per day. That's crazy. Absolutely ridiculous. It's different when you go into these bear markets, but we'll talk to them next. Yeah, for sure. I have just a question from Helena here. What are your thoughts on SafeMoon? On SafeMoon. So, I mean, I actually met the team of SafeMoon at a conference. We did a conference down in Miami earlier this year, probably around, I want to say March, March of this year. And they were actually, actually had a booth there and I spoke with them and stuff like that. You know, but again, this goes back to speculation. SafeMoon is more of a speculation and they have a great marketing team and, you know, they built really, really huge hype around this new coin that really has done nothing and has really nothing that's currently working at this point. But, you know, I personally, and I've got this, I've gotten this question hundreds of times by now, right? I personally don't put my money in anything like that where it's just based off of hype because you'll see what happened with Doge, for example. And this is another coin that's based on hype, right? Doge had the biggest hype man in the world, Elon Musk. And, you know, it's down 80% from its highs. And do you want to know when the sell-off was? When he did Saturday Night Live. So that was the tipping point for Doge here. And I told everybody, I am staying away. I will not touch Doge. If you did not get in it down here, do not touch it up here because it was only a matter of time before this happened. And a lot of people got mad at me and they're upset because they're saying that, you know, I was a hater of Doge. And I'm like, I'm not a hater. It's just not a real project. It's nothing behind it. So I'm not saying SafeMoon is not a real project, but the reason that its price went crazy was based off of hype. So you have to know the difference between, you know, when it's based off of something real, when it's based off of hype. For those reasons, I stayed away from Doge. I stay away from SafeMoon. And any type of anything like that, really, I stay away from. The thing about Doge does have merit is the brand recognition that it got. You could walk down the street and say, hey, what do you think about Dogecoin? And people knew what it was. And so that's the only reason I even say it has merit because as you said, there's really no utility. And it blew up because of speculation. But who knows? You know, honestly, I wouldn't be surprised if it runs again at some point. It's been around forever, man. It has, Doge has been around over 10 years, I think. And the crazy part is that one of the owners sold all of his Doge for, I think, like to buy a Honda Civic or something like that back in like 2015 or 2016. I don't remember exactly what year it was, but he sold all his Doge, the previous bull run, to buy a Honda Civic. So, you know, that should tell you enough about what that project is if one of its creators sold it for a Honda Civic. All right. How could he have known that he picked out by Elon Musk? And you know what, and it will run again. The thing is, you don't know when. But if you are one of these people that you just wanna throw money at something and that you don't mind losing, now is when you would wanna buy it, when it's down here. You don't wanna buy it when it starts running. You wanna be the people buying down here the same way that people were buying down here. So you wanna be the people buying at the bottom. You don't wanna be the suckers buying at the top. So like the next one that's starting to feel a little like Doge, I don't know if it'll get that type of hype. I know Matic, so Polygon, which became Matic is now getting endorsed by Mark Cuban. So now you have another billionaire coming in here and trying to push a coin. And I don't think this is the end of what we've seen of that happening. And of course these guys are making a fortune off of doing this. No, for sure. And I know Mark Cuban's been in multiple things, including Doge, that went really bad. So I wouldn't take his words as anything very solid because I know as soon as he started accepting Doge, it dropped 80%. And he was in another project where it was a, what was it called? Like they just kind of disappeared and ran with the money type of thing. And he was like complaining about it on CNBC or something like that, saying that things need to be more regulated in a crypto market, stuff like that. So yeah, I wouldn't jump in the projects that I especially wouldn't jump in projects that celebrities are promoting because of a celebrity is promoting it, it's because they're getting paid to promote it. They don't just promote it because they believe in it. Right. You know, the last question before we close here today, Jay, is what's your structure in our portfolio like stocks as compared to crypto as percentages of your overall portfolio? Yeah, so in the beginning, my stock portfolio was overwhelmingly bigger than my crypto portfolio. And then as I started accumulating more and more crypto, prices and value started going up and I built a business around crypto where I accept crypto as payment. So right now I do a lot of marketing on social media and stuff like that for crypto companies and they pay in crypto. So, and anytime I get paid in crypto, I just act like that doesn't, like it, it doesn't even exist, right? I just add it to the portfolio. I don't take it out. So now my crypto portfolio is overwhelmingly way bigger than my stock portfolio at this point. I think right now, I would say that my crypto portfolio is probably, it's over 50% of, I would say my net worth at this point, right? I've kind of put a lot of, the majority of my eggs in a basket. And I know a lot of people say like, there's always that, don't put all your eggs in one basket. But I've heard and one thing that I believe is, and this has come from like Mark Cuban, since we just spoke about him, Jerry Jones, some of these billionaires, when they were asked, how did they become billionaires? Like what did they do? And they were like, I put all my eggs in one basket, the one basket that I really, really believed in and that's how I became a billionaire. So crypto is kind of that for me. And since I'm still young, if I lose the money, I'm young enough to make it back where it's not gonna hurt me long-term. So yeah, over 50, 60, 70% maybe of my current net worth is in crypto, but I've been able to take money from crypto and use it and I've put some in the stock market, I've put some into real estate. So I've opened up different businesses because of my crypto money. So even though it is a big part of my net worth, it is something that I really, really believe in long-term. And I think that if you wanna get to that next level of wealth, there does have to be one thing that you can put a big stake of yourself, kind of a big bet on. And that's kind of what it takes to get there. So yeah. So I'm a little more conservative in my approach. Like I have only a 10% of my net worth put into crypto and then about 25% or 20 now as I reduced my position in commodities and commodities in the stock market, gold miners, silver miners, all different mining companies. And then a few other things across the board to keep that more diversified approach. But I know you believe in this. And so when you believe in it, you put more of your portfolio into it. Yeah, man, I am a huge believer in it. And I've been since 2016 when I really got into it and I got obsessed with it. And I tell people all the time, man, crypto literally kind of changed and saved my life, I believe, because I was in a period where I kind of didn't know where to go, didn't know what to do. I had multiple, like fell to businesses or businesses that weren't doing too good. And I kind of, I was always looking for, I was like, what, like I know I have, there's something bigger, what is it? And it just, I crossed paths with it one day and I've never looked back, man. And it's honest to me, changed my life. Well, Jay, I want to thank you for coming on today. I want to thank everybody for the great questions and attending. So this is, we will have another speaker, hopefully in a couple of weeks. I'm Chad Kalecki. This is the CK Investment Club. And I'll go ahead and share the video out to everybody afterwards. Awesome, man. Thank you very much. All right, thanks everyone.