 Good morning traders and welcome to the bookmap live trading webinar today with Scott Pulsini so We do this every Thursday bookmap live trading at 10 a.m. And Scott will be trading live He's a futures trader you may have read about him or heard about him He's been featured in Dr. Brett Steenbarger's book and has a really great Trading background here She can allude to more you guys know he is or you can read about this very very quickly here And he does offer mentoring and education services. I'll put this into the chat if you're interested in Reaching out to Scott Need to go through the disclosures here and then we'll jump right in and look at the live markets And this is important though. So, you know, you know what you're getting involved in with this live trading It is in demo paper trading mode all bookmap limited materials information and presentations are for Educational purposes only and should not be considered specific investment advice nor recommendations live trading is in simulation Demo paper trading mode and strictly for educational purposes live trading executed in simulation You cannot accurately represent realistic trading performance Risk disclosure trading futures equities and digital currencies involve substantial risk of loss And it's not suitable for all investors an investor could potentially lose all or more than the initial investment Risk capital is money that can be lost without jeopardizing ones Financial security nor lifestyle only risk capital should be used for trading and only those with sufficient risk capital should consider trading Pass performance is not necessarily indicative of future results. All right. That said, let's jump in here and Scott I hear you. So I know you're here Let me turn it over to you And stream your your channel or your screen You can hear me, right? Yeah, how'd you hear me before that breathing? I Yeah, no, I heard you come on You got my screen got it all set All right watching both these equity markets here. I was going to short NASDAQ There was a stop run a little bit ago right around the open You can see here It's fired off. We got a full ATR. We got a retest. I was waiting for a failure to short that And then we moved a little higher another stop run here. So I will do the same with this one. So I need to see a full ATR out of here Explain why you're in a second. Why this is my conservative entry ATR right now is 21.2 So we need to see 21 and a quarter points out of here retest failure And I will short this stop will go an ATR above there outside an ATR Yes monster steps just fired off in here. I was going to short this Area as well That is disqualified. We had a new event the volume event right here. You see for a thousand stops so both these moves up are basically all stops in both markets, which is Obviously good information So we have I have two distinct setups that I trade off the stops one is the dumb and dumber Where you get the stop run? Usually it's a retail trader puke and call the dumb and dumber again Don't be offended. I'm a retail trader now too, but usually they are wrong And it's not real buying right? It's just guys puking out positions and this was obviously a very very big puke And then the other one is a stop-and-hold where the stop run does fire off and then it holds that area The big money comes in and keeps pushing it higher. So this is a pretty important area across the board area. You see a spot gamma Pretty sure once this liquidity gets their fill Which is again big money that they push the market into their orders and then we can possibly sell off from here Scott that's it really interesting to see the sweeps indicator with these stops there because You're getting both you know that those are stops and then the rest it's showing you that those are sweeps So you just you know half of them or a third of them on the first one and then basically half of them on the second one are stops Right exactly interesting information there right so in this instance you could say there is some you know Big money behind these moves as well right because it's not all stops right yet 1500 sweeps there 443 of them were stops Actually was a little more than that and then this one 850 actually you know it's showing a 52 on here But it's showing this is my may I use this right? This can get a little convoluted as to 224 contracts NQ 167 contracts It could get a little kind of convoluted the way this displays on chart It's still very valuable, but I trade off I draw my zones off of the subchart so you can see here. There's another than another 800 stops here, so This thing just continues to rip and I may be changing my My potential short thesis this is an important area. We'll go over this all in a second once I stop drawing these zones I'm gonna have to probably I'm gonna get rid of this first one just because it's No, I always default to the most recent setup so or a few times I'll play setups on retested Potentially get into that, but strong And some other stuff in Aztec as well I mean they did some of those others can be people You know it doesn't have to be we just know that the other orders are not stops. That's all I mean it could be people exiting right, absolutely Right, I mean the bottom line is you just want to see how the market reacts to that area, right? So you can see there are some waves of cell ice here and then there was the There was a whopper here. You had 229 this is Nasdaq so we'll draw that zone. You see right at the spot gamma level as well This is a very important area on the chart, which I will show you here in a second once I Stop drawing All those new drawing tools coming along Bruce pretty good. They're all over that Yeah I'm I think I got this solution for you though is not to draw lines just to draw a Square or rectangle, but it will extend but the prop It'll extend. Yeah, that's what It's been really nice. You can oh They don't have I was like I didn't know you can do that because I would have been doing that Yeah, exactly exactly. So they'd be really easy for you then Okay, so, you know, you saw the stop run here and then sell ice. So this is basically a delayed double whammy double whammy our Stop runs into the waiting hands of sell ice. Usually they're right on top of each other. This one's a little delayed You know, it's this whole area basically, but I will trade off of this for my actual entry exits depending on which way I trade this so I was talking about it as far as an important zone. This is basically it This is do or die as far as shorts are concerned Or this thing potentially can stop you can see how important this on this Oh, it was a very large zone and you can see the first time up here it reacted Now we opened up gapped up, but this is still a very important area here So you can see gapped down huge directional conviction Directional conviction gapped down directional conviction three different times we've we've held up here So that's where we're at right now with a volume setup. That's what you look for, right? You look for that the best trades are important prior important areas with a real-time volume setup So that's what we're looking at here So, you know, I'll trade this either way I'm anticipating this is gonna fail, but if it doesn't then I'll trade it to the long side This is the beauty of real-time volume if you're just staring at a chart here You know you it's not It's not hard to see this stuff right and draw this zone, right? But you know, where are you shorting you start shorting right in the you know where this fell first time You've got the 130 points that you're eating right now, right? So That's where the real-time volume comes in and what's happening right now Helps you judge and helps you control your wrist so on and so forth So if you would just say this next time up you're like well this fell here here here and here I'm gonna short right here at the close Okay, well where's your stop you got to put your stop above this zone so you're risking 200 points on this trade, right? So if you wait for a actual volume event One you see that there's interest in that area in real-time and then you also can control your risk Much better based on the zone Let's check out our Ludwig levels call them lugs in the room. So I don't say Ludwig level 85 times in a day You've got new lugs in ES You can see MQ. We're just at the baby lug here We call these smaller these thinner lines baby lugs again. These are Ludwig levels go to Ludwig level calm Ludwig levels calm you can get the three three three day trial say you saw my book map and she's got special pricing stuff for you guys but These are the major ones blue and red and then you can see Yeah, these baby ones they still the market still reacts to them, but these are the major ones that I watch I mean, I'll get us to say if I'm in a position I will definitely especially if these are confluent with something else like right now We know this is confluent with the top of that major zone. I'll definitely pay attention and get out of some So we are right here. This is a place we can stop you can see we're extreme standard deviation of V-wap to even though This V-wap is pretty condensed. We still are at so here's V-wap, which is confluent with the old log This is called daily value area. So this is one standard deviation from V-wap and then you have So this is plus one standard deviation one and a half to so many times Especially when the volume is terrible, which it's not very good right now These algos kick in and they revert it back towards V-wap so Sometimes it will hug it and continue up, you know keep hugging the standard deviations But a lot of time most times you need to see major volume coming in meaning relative volume. You can see here this volume is Just another low-value rally. I was explaining in my trade room yesterday This is just August is a month of vacations for big traders and You know, it's usually kind of like December where they call it the Santa Claus rally It's usually just low-volume nonsense They just keep pushing it up because no one's there to stop them, right? It's just the default tends to be up I don't know why but it's because of the stock market They always think it's gonna go up or they know they say over time you you're profitable if you just buy and hold So on and so forth. So the default when the volume is terrible is usually up So just keep that in mind so you can see with this thing just keeps pushing up And this is a very very important area too. So like I said, so anyway, lug-wise My rules as far as these zones, right? So we saw these two zones here, but the major one is this cell ice if we are above the old directional lug I wait for a full ATR outside the zone to retest and a failure And I'll short it if we were below the old lug and I got it set up to go short I can go get in aggressively right when we break outside of an ATR. So this setup up here I'm waiting for a full ATR retest failure You can hear this tick strike. They just keep pushing this thing. So this is another thing I use showing you the The size and the speed of the orders coming in it's a it's a gauge between 1 and 15 So I have mindset at 11 you can find discounts on this find discounts to everything I use on my website But I use this to it helps me gauge You know, obviously you want to know what this the underlying stocks that comprise the index indices that Futures are derived from you probably want to know what's going on in there, right? So if you get into an important area and you hear these things silent That's really good information that if you hear the silent and you get a bearish setup That's even better information right so and these are obviously the highest weighted stocks in the indices So that's the ones that I watch call us every day basically waterboarding I this is essential to my trading but it's a torture treatment when you got a position on against you You get to watch it You get to watch your P&L gets smushed and you get to hear the torture of the of the buying to so So those are my few of my tools that I use This was the latest So let's see if we got an ATR above here. So ATR right now in here is 4.60 you can see right there. Sorry to be so quick. I just used to doing this in my room and glancing over it This is just a standard Make or swim ATR 14 while there's the average shoe range it shows you the current volatility Really helps you judge helpful moments. You have to risk on your trade, right? You have so many traders that have this standard risk, right? I put on an ES trade and I like to risk three points Well when the ATR is 20 your three points is almost always going to get sought out, right? Because the volatility this helps this is a dynamic way Place your stops and entries based on the current volatility and that's what we use in conjunction with the zones to figure out You know as the market how the markets reacting to this is that able to get an ATR away from here or because it you know Once it moves an ATR the other way That's how we judge how we're going to trade these areas, right? But I don't very very very rarely while I hop in The second the stuff fires off right in the middle of the zone, right? I'd say 99% of the time I'm waiting for ATRs there. There are certain instances. We're not gonna really get into unless I see them in this webinar, but Right we'll just hop it in the middle of his own so another product I use to which is we want to pay attention to here is called the edge And this is basically Task product I used to be in a trade room when I first started in the trade room stuff with The we trade desk guys and they had this and this is one of the indicators they use I still use it. It's very important As far as understanding What the stocks in the indices are doing are in the S&B you can see Nasdaq and Dow as well But you can see here right now This is starting to get back in overbought territory so many times when this thing pops above the 67% line It could go all the way up to 90 95 We've seen that that's very rare too But the point is you want to you don't want to be chasing the market when this thing gets overbought All this is telling you is right now 70 almost 70% of stocks Are that comprise the E-mini S&P, right? I'm sorry the S&P index 500 stocks 321 of them are above their five minute task boxes So a task box is basically a mini market profile So that means a bunch of them are all above it and when that happens you get this reversion of the mean now goes that kicking as well, so Yeah, I want to be very careful buying this when this is overbought But you can see they're just they just keep pushing this thing. There's no one here to stop them There's no big money to stop this thing. It's just straight up So very important areas here That we're now pushing through And show here's Nasdaq. We did show this You know, you don't really give up on this yet You want to see this because this could still do one of these and spike and back down But if this sits and holds above here, then this zone is the next zone up, right? It's very telling and just pushed right through there, especially on this vine So what I was trying to talk about earlier is this relative volume relative volumes Pretty pathetic, especially to be pushing through with such an important area, right? You can see here this is barely getting to normal volume So this is my Sierra chart by him again members of my trade room have access to all my templates for my thinker swim For my Sierra, so you got to do is just bring this in Sierra charts like 35 bucks a month It's very cheap, but it's very very labor-intensive, you know If you can bring in someone's template that it's one thing But other if you just bring it if you just get it on your own you have to build charts It's just it's it's very labor-intensive So anyway, you can see this volume. This is showing me I have mine set at the last 30 days for this exact time periods, right? And you can see This can't even even an ES like we're getting this ridiculous move and this can't even get to normal volume for the last 30 days like that's just This is what I'm talking about them about these guys They just keep pushing this up because there's no there's no big money in here to stop it So they just keep pushing it so they get in an area where someone takes an interest, but again August is a is a month that is Well known to be the mate the main main vacation month, right? All right, so regardless of what I think and I think this is a nonsense rally blah blah blah It's still rallying right so the markets really don't care what I think so we have now got it outside an ATR out of this area Definitely out of this one. So now if we go Actually, I'm supposed to be long this aggressively I was hesitant to do that because of the zone, but we are above the zone, so I Pretty much misses trade. See red loves at 04. I'm very surprised. This is hugging the standard deviation with this volume, but but it is Oh, like I was telling you guys earlier when we're above the L log I'll get in setups aggressively Alongside so I should actually already be in this trade, but no, it's too busy chirping right there. So let's see TR is 21.5 so 21.5 1 I Should have been in this just outside an ATR. I usually go a few points So 25 points out of here. I should have been long so that puts me in peace box stopped by yes 147 contracts this Marcus Y. Seisberg cell and Q 151 contracts. Okay. Well, I was gonna get in there at 70 But now we have a new volume event So we'll draw this and I'll trade off of that the problem is the red lug now if I go long is right here It's right at 13.6. I'm not gonna go along this setup aggressively, but Judge here another So someone is playing in here trying to stop this thing, but it looks like it's basically One player not doing too well so far with their cell ice, but so you know people ask all time What is an iceberg? It's pretty amazing to me a lot How many people don't know that trade that don't know what this stuff is They're like is that limit orders in the book? It's a these are hidden orders in the order book right because when the big one He wants to play ball if they throw in a 500 lot let me look at the size in this market in the order book If someone comes in here and puts in a 500 lot So this was even even this size of what was this to something to 25 Someone drops to 225 order in here 225 lot order That's 10 times the volume you're seeing in these in the order book here The Algos are our program to run away from size. So if I'm like, oh, I want to sell to 200 Here the Algos see that because it's visible and they run it away and they try to make that person chase this chase the order Get a worse film and then they turn around and run right back Right, so that's why the big money uses icebergs because they can hide their orders So when you use an iceberg or the retail trader can use icebergs too It's pretty meaningless unless you're trading big size, but you just have to show a certain percentage I think it's 10% right. So if you have a 200 lot sell iceberg, we have to show with a 20 lot, right? So the market comes up there and someone thinks it's just 20 and they just like I'm gonna rip through that I'll buy that 20 lot and then behind it is another 180 hidden and then it then it shows once it trades, right? That's all an iceberg is very very very important information to know right is that it's the crux of my trading stops in icebergs In important areas is the whole base of my trade And if you're not using this information that you just don't have all the information, right? You know you can stare at a chart all day long. Yeah, it's pretty simple to see important areas on the chart Balance areas consolidation areas, whatever however you want to further it directional conviction areas You can see yes is getting up to this one here and there's actually another set up in here I'm gonna draw this because I'm still interested in shorting Another Another 547 so my thresholds and then so the icebergs and stops are one thing But then different markets have different thresholds that are meaningful, you know So you don't just trade every spike on this thing But if they get over a certain amount you want to pay attention and trade them so my threshold for ES is 500 you can see here. This has already got an ATR below here ATR is 4.87 so I round up five points the bottom of this zone was 59 It's close to an ATR and give it a second. I think it's gonna get there So for this I could trade one of two ways, right? I can either enter this aggressively just outside an ATR Which had just touched I think Close So there's an ATR. I was entering this trade aggressively I'd be in right now or just maybe a few ticks lower I'd be in right but in this situation my rules are Normally, you know 98% of the time because we're above the old luggier. I wait for retest failure. This particular trade I Actually could Get in aggressively because of that zone. I just showed you how important that zone is Right Just looks just like NASDAQ, right? This isn't as it just got through it This one is just getting in it so you can see here Gap down directional conviction Directional conviction directional conviction really important and here we are Right So What I was trying to say is you know if you get into important areas Sometimes because if you wait for retest failure, sometimes you're not gonna get retest failure, right? It's not gonna come back and retest that zone you if you're willing to be patient and say well this area is kind of sketchy I don't know so I'm gonna wait for that. That's you know very high percentage trade But sometimes you're gonna just get that and then you're sitting here with nothing on knowing it's going down And you don't have the trade on right so you have to determine for yourself Hey, is this an important enough area where I don't need to see a retest failure. I'm just getting in right now, right? Any questions Bruce and any of that stuff yet No, no some questions on icebergs, but Or how you use them and I just basically said well you're got you're covering that and and there's a class and Your trading room as well. So I put the links in there Yeah, I have a I have a course It's in the book my marketplace on my website as well that goes over the I now have six setups That one was made a couple years ago. I should have the new one done by the end of this week and I'm hoping but That's my alarm financial gas number But that course explains all the setups what they are what they mean So for some of the you know, I know there's always new traders on here for some of you guys that don't know My back history used to be a very large scalper, right? So I would trade 50,000 round turns a day And that was back when the E-mini SAP was only trading 500,000 contracts total in a day So I was 10% of the volume every day. So that's how much volume I was trading to to understand know what was happening in the market and Also back then you can see your counterparty so you can see exactly your trade So if I dropped in a 500 lot I can look down used to be right like right down here on my my Trading technology screen TT and I can see if I sold 500 it would look just like this And it would show me all the houses that I hit so sometimes it wouldn't show 500 to be like, you know three three forty one 20 150 and I'd see the different houses that I traded with right and I after a while you start to know who the big The big players are meaning I like they call them locals So that's like a scalper guide that in the you know when you're at the border trade It's a guy that's in the pit all day long just basically scalping in the pit or on the screen you can see You know every day I can see if I keep seeing the same house I dropped 500 in the order book and I and I get filled and I see it's the same house every day You start to learn their tendencies, right? So the setups are based on I Used to see as a scalper how I used to react when I was loaded up with positions so on and so forth How others would react so the six setups that I use are not hypothetical thinking it's Actual, you know based on my experience trading millions and millions of contracts I used to average them like over a million contracts a month and just in the many S&P so That experience led once I saw this SI indicator Once once the you know book map learned to disseminate the CME MBO data the enhanced data that they came out with Once I saw that I'm like this is what I've been looking forward to you know Have my comeback right so this is the Insanity every every day the last five years four years This is the most powerful information you can have in trading and if you don't have this info You're not using this information. You do not have all the information You know, it doesn't mean you can't be profitable. You could be a great market technician You know or whatever you're using to trade you could be profitable But I'm telling you you can be ten times more profitable if you use what you know with this information Scott, I have a question for you when you were scalping and it was primarily the S&P E-mini Were you also trading other markets? No, I mean I just couldn't you see this Or maybe maybe you were doing some swing trades in other markets or were you just Okay, you know it took me I would sit there all day Every day just staring at the order book, right? There would be days. So when I what I also preach is More simple you can make your trading better you will do right so I used to literally I made 15 million dollars for my firm and myself Staring at that. I didn't have charts up. I didn't have anything now It doesn't get more simplistic than just staring at the order book, right and you may be asking Well, why are you doing that now? Well, because now this is over overrun with elbows, right? I'm fast I was one of the fastest clickers on the planet clicking my mouse But I'm not as fast as a computer and that's what knocked me out of the game of scalping, right? So What I explain all the time is this is Such important information where now I feel like I have a huge edge again, right? But There's so many guys that want to scalp that can't sit. You know, there's many reasons I obviously had an issue with sitting through trades like most traders, right? You put on a you put on a short and then you get this profit and then it comes back and it goes against you It's like that's hard to sit through that's just against human nature, right? So it was very hard for me to do that Because I could pick any style when I first started and back when I first started there was no education The markets had just moved to the screens So it was like they literally may have my trading firm King Street trading They sat you down from a computer said here's your markets pick a market figure it out That was it. There was no training whatsoever. So I had to figure out, you know, my best what suited me The best to trade and mine was to scalp but fast forward to today You got these guys that are trying to scalp these markets And I didn't there's even some guys in my trading room right now that continue to not heed my advice And they're trying to scalp there's so many factors going against you trying to be in out in out all day You're not gonna make it. You may get lucky for a while Maybe a month or two you might even be able to do it for a year. I doubt that but the point is one You're going against computers, right that just whipsaw all day long and then you're paying You know as a retail trader. What do you pay him for $4 a round turn 350 to $4 or more around turn? You're you're not gonna make it. You're gonna grind down your account Even if you are 60 70% scalper the commissions will eat you alive, right? So it's so What I'm trying to get at is What you should say to yourself, okay? Scott just said he made all this money scalping millions and millions of dollars used to trade a million contracts a month But he's not scalping. Maybe there's a reason for it, right? I would love to get in here and scalp right I'd love to be able to throw around size and push the market around you just can't do it consistently because One of the main reasons is you know when I was scalping you would see orders in the order book Like it literally would look like this and I've got to get the videos of my scalping We'll have a special session where you guys can watch what I used to do like because I used to videotape all my scalping It's not for kids because I used to swear quite a bit when I was in and out But this is kind of what dr. Britt steam burger. He wrote the steam burger. He wrote the book in handy-traded performance Well, I'm in that book. He talks about my exploits. He wanted to see how I made the millions of dollars So he sat behind me for a year So he's you're gonna see the same thing eventually when I get this on that because they're on those mini DVR things I got to get him burned to desk, but eventually I'll show that and you'll see exactly what he saw Right, you'll see me flipping orders all day long. I'm long. I'm long and long get out short short short all day long Right, that's what I used to do. So And all I used to do is stare at this so I kind of got off track there. I don't know what I was talking about but The main moral of the story is if I can't make money trading of what I was telling you is back then Size in the order book was real This is what I was saying was if I ever show the videos to you guys you're gonna see it literally look like this It would be like two thousand three thousand one thousand at each price level, right? So we would come down here and I'd be I'd look I'd look underneath I'd be like, okay Well, there's six thousand here that I that I can lean on if I'm wrong I'm gonna buy a thousand right and if the market starts rolling against me Well, it has to eat through six thousand and I can get out of a thousand easily because I know there's six thousand The orders in the order book used to be real. So that made it very scalpable now. There's nothing real linear Yeah, I mean when you see resting liquidity, that's real and especially longer. It's been in there We talk about that all the time too. That's a magnet But most times, you know You see a 200 lot and then the market gets down here and then it turns into a 20 lot Well, you can't lean on that. How are you gonna get out of the trade? Then you got to you know swipe down four or five price levels So that's the other main thing, you know, it's algo ridden these computers are faster than you your commissions We'll grind you do a nub and the size in here to lean to get the hell out of your position Isn't here. It just turns into an air pocket, right? It's like, oh, yeah, I mean you can see it in here That's what this is guys That's why you don't pay attention to this kind of liquidity because they're just guys just putting you could see as it comes Up here a lot of times the orders will just pull right. That's not ever liable Right, you just get you're gonna just guess if it's gonna pull or not So this liquidity is meaningless, right? This is just algos playing games and speaking of algos playing games You got this number that just came out and look I mean look at natural gas This is the most algorid market out there. You're gonna scalp in this market Let look at this look at these algos playing games in here, right? That's all it is So it's just not it's not a long-term viable thing to do and again All you have to say is okay, you can learn the hard way There's guys in my room that they want to keep scalping go ahead It's your money do whatever you want to do but if I'm not scalping there's probably a reason for it I would love to scalp Alright, so I did not enter this trade aggressively. I will wait for retest failure now No, I this my normal trade like I said when we're above the yellow log here And I was doing the same with this I got just you know I didn't get short there and I really didn't want to get short there because we were through that zone I mean aggressively but like I said, this could just pop its little head above here and then die So this is not a little out of the woods yet, but this yes trade I could have gotten in aggressively and I'm risking The retest because this zone so important Right when you get in important areas regardless of where you're on the logs, you can say, you know what? I don't need to see a retest. I know how important this and zone is that I showed you. I'm getting in This market is so ridiculous right now with no volume and they just keep pushing it I'm gonna wait for a retest failure. And if I miss it, I miss it there trust me There will be some more setups headed headed down, right? I might not get the best price, but I'll get another opportunity to get in here You can see this entire move was all stops This this whole move Stop run stop run stop run stop run stop run right? It just tells me There's no real buying its guys puking. Yeah, a couple of these swipes. There's something behind them, but I Will definitely play that and not be afraid, you know I'm not afraid, but a lot of times I put on trades and they do not feel good, right because I'm human But I like this area. I really like this area to give it a shot Granted this market is surprising me that it keeps going up with this type of volume But I have my setup. I have my rules Well, you know, this is at least trying to pop back to normal for this time of day Still not that impressive, you know, if I was seeing this then I'd be like, okay This is actually really good volume. This could continue and keep pushing out, but I just don't see the big money in here so What I was getting at is Have to if you want to make it in this business you have to have Settle rules system playbook whatever you want to refer to it as and you need to follow your rules If you have an edge over a large sample size, you will make money But you know first and foremost got to make sure you have an edge. I know this is the greatest edge I've ever seen in futures trading. So I have drawdowns all the time I'm actually in a drawdown right now, right? I didn't even put in yesterday as I lost again yesterday This is just just been a tough. This is a tough month of trade and I already know that but you can see it's like I hit Maybe something done again guys. This is based on a hundred thousand dollar account trading You know, I started out trading ones and twos and as my account grew you guys see this risk worksheet in here all the time All right, I put in my high account size. So this started at a hundred. So when this was at a hundred Let's add the risk 10 points in the ES It's usually not 10 points or say I could had to risk, you know, 17 points I could put on a two lot right now as this build builds It's helps you determine what you know risk keep your percent of your account size Which is the most you should ever risk on a single trade now if I want to risk 17 points You can see now it's double and this is how you methodically grow your account any trading system Anything with an edge you're going to see drawdowns, right? And this drawdowns bigger because I've been trading bigger now because of my P&L But this is what an edge looks like, right? So I Can guarantee you if you pull up any casino profit and loss any casino in the country profit and loss statement for a year This is exactly what it'll look like. They know they have them a mathematical edge They know they will not lose over over time They won't lose over time and they just keep they don't change the rules When you know a big whale comes in and knocks you know beats him for a couple million bucks in a night Do they turn around and change the rules? They do change rules as far as that they'll kick the guy out They you know, they do whatever they want their private firm You guys I've told my story. I think in here about my come banning certain casinos for counting cards way back in the day So they can affect the game that way, but they don't change their overall rules, right? Like if they get beat one night in blackjack, they don't change the rules next day And that's where traders make a huge me so we'll come back to this by way That's what traders make the huge mistake is they have a couple losing days. Here's your retest pretty close You know, I kind of retest within two two ticks in any many S&P and that was within two ticks So now I'll come back to my casino analogy Same stuff. I always talk about guys and I know I'm redundant, but She got to remember there's new traders on here and you can't hear it enough the stuff that I chirp over and over and over You can't hear enough so ATR right now is four point nine three So that's five. I round up. So I'm gonna go a little outside five points on this trade 59 was the bottom of the zone. So 54 would be five points. I'm gonna go three ticks outside that so that is Speaking of which we'll get into this too. I'm doing this a test for my room based on different strategies And I don't want to miss this trade Filled in that We'll get into this later, too. This is apex you guys should all be using something like this if you're testing out oops, I Miss this fill by a few points But this is for the test trade Lot of guys in here in my room guys and girls that know exactly what I'm doing here I'll go over it But guys, this is this is that this is the pattern right set up retest fail It doesn't mean it's going to go down It means you have a very high probability of it going down because first of all this wasn't real buying to begin with right Then you see the sellers hitting it. That's what the bubbles are market orders, then it retest it no buying again failure Over and over and over and over in every futures market. It's the same stuff because Volume drives markets right and it's just traders caught traders having no interest in certain areas so on and so forth So you can see here Should I made this let's make this bigger you can trade this to see if you can get about Three Should we retest that nasdaq zone? This is the problem with doing webinars I lose track of all these different because I'm on one screen and I'm not I can't see it We didn't get anywhere close to this zone All right, so let's make this bias to try to color coordinate by ice is blue sell ice is black Get this one And so you can see this first spike all the way up to here You just want to incorporate all the bubbles the bubbles are just market orders And that occurred in the spike then we came down here and more popped in that's this all the way down in there So that's my zone, right? right, so I first foremost I need to put a stop in here, so we said ATR is 4.91 so five points so we'll go five and three quarters outside the top of this zone for my stop Just kind of make sure I have the right size on I do this all the times because it's so hard to I have a general idea What I should be putting on so 60 75 65 75 66 is five and three quarters That's where I'll stop out so for this particular trade. I'm risking 13 points right So that's why I want to make sure that I am trading the right size Let's bring this back. I think this is a little less now after another losing day yesterday So I could have five on let's say 13 points. I Have six on so I'm gonna get out of one of these I got lucky on this one. Usually I figure it out It's too much size when it's like 10 points against me 66 Tickstrike it's not not so waterboarding when it's for you, but when it's against you, it's not so fun. All right, so Looks like we're not gonna get a chance to short NASDAQ and Q I call it different names in my room that are kind of are rated But especially when it's not agreeing with me, but I won't do that on the family channel here Let's check out Russell See what that looks like on the lugs And we'll look at and see if I think that's an important zone as well So you get you want to in the morning, you'll bring up all your markets and see This should have been an aggressive entry Because this is why I use the blood with levels They are literally the second most powerful thing I've seen next to book book maps run away Obviously the SI indicator these things I mean, they're just they're crazy. It's crazy Love the way the levels calm tech check them out. He will not be disappointed I can't tell you how many traders like get turned on is it and I get emails like oh my god Those things are incredible. Could you imagine these with volume setups? And this is what I actually just missed you had a volume set up right? I mean that didn't quite get to the lug, but it got pretty close. I might get lucky and get a retest failure here so this ATR is So you want to move the decimal place, right? You can figure out this is just basically out of stuff, but you can you know That's two digits. So This is 30. This just means 36 ticks So all I'm doing is adapting to the current volatility. That's what you need to do to So we'll go there in a second this definitely got 36 ticks below here here comes the retest because retest fail I should already be in this trade aggressively. So what I'm gonna do here. It's 36. So I'm gonna go I'm gonna go short aggressively I should already been short this aggressively because I take shorts off the red lug Alongs off the blue lug aggressively So I should have been in 40 to just outside the ATR. So 40 ticks So I should have been in right here So if this comes in back down here, even if we don't get a retest failure, I mean that's because I should have already been in it So for my For that test trade I need I do need a retest failure. So I won't put a short on in that test rate stuff We'll go over that too here What the parameters are that but I definitely need a retest failure to put on that trade in here as well Now let's start looking Sure, I'll get filled here, but let's start looking at some potential profit areas So we're headed into one right now, right? This is an important area coming up here. We'll get out of a couple of these Yellow lug So I so when you build new loves the important areas when you come up with the thesis of what's going on, right? If the market is going to remain bullish, it should hold directionally yellow last resort prior red So this zone right here is really important So this starts to touch in here and I start to see it reject I'm going to get out of a couple but like I say every day in my room, you don't just You know unless you can't watch the market You don't just put a limit order there because if we get down there and all you see are red bubbles Meaning some cell orders right through that area You know why do you want to get out of there? Why do you want to buy if no one else is firing? So if I see red bubble red bubble red bubble I'm not gonna get out if I see red bubble and then I start to see blue just meaning market buying I'll get out of a couple, right? filled in filled in Russell He said 40, so we're gonna go 40 ticks above here top of the zone It's me at 26. Just going last two digits here and short bolt. That should be fun Nothing surprises me in these markets, right? So I can see this thing is turning around just because it's there's just no one here to hammer this thing But here's another thing Should have been a little more aggressive too, but with the Nasdaq we were talking about this What do we talk about when this thing is overbought? It's not a green light. Just say you just throw in a cell order But you definitely don't want to say you wanted to buy up there and you had this You're like wait, that's overbought. I'm not buying my way for this pullback And this has had this happens all day long, right? Doesn't always go extreme But you want to pick you don't want to be chasing the market when this thing's overbought again. This is called the edges through Taz It's not available to the public right now. I have no idea why You know my room He has access to it to keep an eye on it But I think towards the end of the year he said he was gonna come out with a better improved version But I don't know why it says sold out on the thing which I don't it's not like it's a physical product So I don't really get that but All right, so we're heading into this area where I'm gonna get out of a couple of years if this can't push through You can see like this is where you can judge to your you can be watching these stocks and they're like, okay They're still drilling these stocks pretty much pretty close to maximum selling I'm not getting out until they stop selling. It's another tool you can use I know it seems like I have a ton of tools that I'm using but I'm really not and it's very very simplistic, right? So here we are yellow lug This is a good sign so I could possibly hold here other than that. I'm gonna pop off I start seeing blue bubbles. I'm gonna get out of a couple here And this is a newer prior zone too So make sure you don't go like this to try to find bubbles, right? You can always find blue bubbles. Keep it relative I had it. You see what I mean? Like there's they're not buying this yet These are getting smushed. They're not buying it So I don't need to get out if I see these kind of dry up and I see blue Then I'm gonna get out of a couple but I'm gonna give this a chance to push through here The only thing you want to keep an eye on too is the tick. We need to even look at our eternal survey That's pretty important So this is pretty impressive sell-off and the tick hasn't even hit, you know minus a thousand yet This is not that's sorry. That's Nasdaq tick, but this one hasn't either So that means there could be some room for this thing to get smushed which I would love Go to zero today keep an eye on this I'll get out of two there. I kind of jumped it right there I should have waited for a complete formation. So if you're still short, you're probably good to go This is probably gonna drop another 20 points I just saw blue starting to come in and I'm like, okay, I'm on it. So there's your blue I know this is an important area temporarily, right? Yes, just because you get out doesn't mean you can't get back in either. So as this moves down I fully expect Actually, there was one in Nasdaq that I need to go back over and draw But there'll be new setups where you can and if we get below the yellow log I can enter the short setups aggressively, right? And that's my rule. This could be heading all the way back to near Was a very good short There if you wanted to be aggressive and I was not aggressive. Oh, here we go Like I said, once the market starts falling, you're gonna get new subs most time I'm gonna get rid of this stop run Because we've already traded ATR above and below and This one as well. These are all old news. This is the one. So Draw this first and we'll talk about this prior zone on a retest Any questions, Bruce? Yeah Actually over in discord Moss is requesting he says I think it's a good idea here. Maybe It's antiquated as you had covered it Maybe we can arrange a separate session for your scalping the way that you used to do it We have a new dome product. So You know, maybe that brings back some some memories I mean if there's an edge all exploited I would love to scalp it out from what I've seen I mean you guys if anyone's gonna come out with a with a product that is tradable this first scalping I it's you so I will always look at and you know when you get excited about products I've learned to listen. All right, we talked about all the time You were telling me about the CMM CME MBO data for about six months Yeah, you have to tell me you got to look at this You got to look at this because I was trading instead my first few bookmap webinars I was trading stocks because I was so jaded from you know Not be able to make money in futures anymore and he kept telling me about it in the minute I saw it in the minute they came up with this SI indicator sub chart Switch back to futures because I like this there is nothing more powerful that I've ever seen and so my point is if he's Sure about this heat map. I'm gonna listen, but we still got to get on that one-on-one Bruce I can actually learn it before I start to teach it. Yeah. Yeah, so anyway Quickly this has moved ATR is only 24 points. All right, so this has moved 24.07 so we'd say 24 and a quarter because I round up this definitely got over 24 points out of here If we go retest failure, I will go short this too. That should be a lovely time being short all three of these markets. I Will do it guys. This is the point, right? Like yeah, that'll feel scary and I'll be I'll be definitely over leveraged I don't almost rarely do I have three products on like ES, RTY and Russell and Q I mean and Q and Q and QM or whatever they call it and Q you here, but I Follow my rules, right? My trade is telling me and actually I forgot to sleep in your rules It's supposed to be out of Quarter these and I just miss this sucks I guess Moss was asking more about like That you had some old recordings. He'd love to see him. So Yeah, so like I was saying they're all on these mini DVR so I have to get them burned on it to a Desk or a flash drive. I know there's services out there I gotta remember there was one someone sent me in the room a while ago I got a pay to have them put out in there But definitely want to do it because I just want to just for comedy's sakes some of that You guys have no idea with some of the stuff that I used to go through and go and had that I used to go Had to add with this little other local from another from every day and just screaming yelling it Pretty comical. All right, so we're waiting for but yeah once I get those on we'll have a special session It should be interesting. You guys can see me flipping thousand lots and you'll see exactly what I used to do all right, um So we're waiting for a retest failure here Yes bounced exactly off that area. That's why I got a two Right there and look at that. We're right when that right when the blue starter coming in That's where I popped out So, you know, I see so many people knew the book map using these bubbles to trade off of you got to be very careful Right. Yeah in certain situations like that definitely, but you can't just these are just market orders coming in there and taking the orders, right? You can't There's certain situations you can use them, but don't be just every time you see a red Oh, I want to sell every time I see a blue. I want to buy it's way more than that Right as far as what you want to be trading off, but they're still important in certain areas like this one There's the one blue bubble out of this entire Move here for the five point move. That's why I hopped out But I knew I did that because it was an important level, right? All right, so quickly She'll have a lot of breath. Give me some questions first Bruce so I can take a drink of water here sure No, it sounds like a The Ludwig levels you can you're offering a discount from your website or do you have to be part of your trading room? Well trading room has a very special, I don't know exactly what she gives just book map viewers We have special pricing for my trade room as well. I think above and beyond. I literally just go to levels People in here her site from 1982 which is fine. She knows it. She doesn't care. She said it does the job I agree coming here fill this out three-day trial say saw in book map webinar And she'll have special pricing for you You can try them out for three days and I tell you you will be absolutely hooked and amazed and shocked and so on so forth especially with Come back to this to those soybeans. I was really fired up on that especially in conjunction with book map Psi indicator vibes that are so that leads me into this right so Unless you have other questions versus kind of probably gonna be Detailed don't be talking about it at length. So if you have any questions first, I'll Know that was it I think we're kind of caught up here on the question. Oh, there's someone saying like Rory from youtube is that they're saying there's something like 6k ice on the es from april to For a puppet that hi there 4255 to to 42 60. Yeah That's good work. That's what you want to wait. I talk about that in my room all the time when you see excessive icebergs in an area Mark those track a bit on your chart your longer-term chart because I have these zones people we've done this in here too. Actually, I think it's probably still in here Might have deleted it, but I don't think I did Maybe delete it on the roll We would have I would have areas you've seen it before in the webinars where I would draw like put a shaded zone on the bar charts Where the areas were because like we're looking at these zones where the market reacted Well, there's nothing more important than, you know, huge Huge volume areas icebergs aka icebergs You know that the market is going to react the market has a memory that it's going to react when it gets back up there And you can see we got right up here and then fell but definitely. Yeah, you know, I'm not talking A couple thousand, but if you there are instances like the one time we saw nasdaq it was like 6,000 ice, which is crazy Other times in the es you see, you know 10,000 15,000 icebergs in an area marked it up on your chart and pay attention because you will see reaction Most likely on that on the retest there, but that's very good that you're keeping track of that stuff Um So basically now since I already got out of a couple of these Get into this test project. We're doing in my trade room So now I'm just waiting I mean I got I covered a few I paid myself for being right a little bit Talk about that now my rules are I didn't need to see So baby lug, I'll probably get out of a couple if we get down there because I don't I don't get out of these are baby lugs, right? It's a little guys not the major ones major ones I get out of the fall on my full position almost always baby lugs I'll get out if it's confluent with something you can see this one is confluent with This vwap the other thing too that I didn't notice I still got out of a couple I probably should have one more because this is a very important area This is the top of this prior market profile composite. These are all areas that I get out at. We'll talk about that right here Be it myself as the market makes money available to me lug levels and market profile composite highs and lows and POCs Web standard deviations important pre-dividing zones, right? We talked about most of this stuff today, right? So this is confluent. What's confluent? So well, it's when a lot of stuff matches up. So you've got yellow lug Prior prior red you can see it came right down there and then confluent with a prior market profile and see when this is from Composite so again composites are just days merged and we use the value area of the composite The value area is where 70 percent of the trade occurred So you can see this one was from april When when was he talking about the ice that had to been in april, right? Yeah, he said april, yeah um, so you can see this was The bottom of this This was multi-day, right? So all I do at these just quickly show you guys You know, this is elementary for a lot for a lot of guys, but I know there's no trees on newer traders. So these were single individual days, right? So here was day one day two if at least 50 percent of the value area again We're 70 percent of the trade occurred that day overlaps the prior day by at least 50 percent This is probably 70 percent of this day overlap the prior day and then I merge them, right? Emerge that then this day overlap that day you merge that This is just range. Basically. It's just a fancy way of looking at a range This day overlap merge that Then what you do is you draw That's what these blue zones are they are market profile composites. So a lot of those four or five days Where however many that was 70 percent of the trade occurred between 42 40 41 80 right These areas are very important on retest. You can see that go over here We did trade through this a little bit here. We built a new one, but you can see here It's still remain relevant, right? And this is your number one. These are really important areas You want to pay attention to to enter trades exit trades So on and so forth you can see here and you come up with a story every day. What's going on? So this thing launched out of here today It's trying is this going to hold and do that or are we going to accept if accepts back in you expect the other side right, so if this gets back in here this Could come all the way back to you expect that that that's what happens in the majority of the time, right? So this is a very important area right now as far as if this market's going to finally pull back a little bit And this can flow in here So I'm going to actually get out of one more here because I know this is an important area because like I said Yeah, you can get out You know, I have my position will be more than half my position I'll take off here, which is not a huge profit, but as we move down you're going to get new setups, right? so well, hopefully Lately that the setups have been in few and far between just because it's august and it's a horrible month to be trading I'm going to give this one, you know, if this starts to roll up again, then I'm going to get out of one more here I want to keep an eye on this too, you know, if these things aren't getting hammered And I want to get out of some one more Got a whopping $300 profit in the Russell. We'll go check our areas in that as well All right, let me get out of that one more. All right. Yeah, so I still have two on now if you guys are short Congratulations, this thing is going to drop like 30 points because every time the market crashes guys I'm just like anybody else, right always complaining always thinking the markets against me so on and so forth, right? I've gotten much better at it, but it's still it's just human nature, right? You get ticked out every time you're like, uh, someone there's a camera over my shoulder and you notice right when I get out Here we go. No, it's starting to hit these That's fine. We still have some on and there's going to be an opportunity to put more on We almost got a retest of this on a nasdaq to give me three three short positions, but we did not So nasdaq so I go within two ticks of the retest of the zone and es um In nasdaq I it's two points, right because it's way more volatile Didn't this one this got within four points. So I did not retest According to my rules. So it kind of sucks. This one really sucks up here I wasn't gung-ho about being aggressive up here. Anyway, like I said, we were through that zone at the time But this is doing what I said it could possibly do right it poked its head above here It's important very very important zone A little poke and now we're back in it, right? So all that is guys is what do you think that is? Big money. They this is so obvious a lot of time It'll pop right through there because they know all the stops are right here based on this Everyone stops out and then it goes All right, so I had a longer term position on He has probably heard it fire off and I had my stop like a rookie right here I got stopped out and now this thing is, you know, 100 points lower so You got you got to get out of areas that everyone can see if you're you know using the stops and that was right up here Wasn't really a stop run stop runs were more down here, but there was definitely cell ice in that area all right I got that we got this so We need this not we this market needs to get below Actually what so I'm not going to get out remember I said I was going to get one more at baby lug and In view app here. I just took one more off here So I'll just let this go and see if we can get pushed through here You know if it bounces off here fine I got out it cost me a couple points big deal But I really want to see this thing getting here and I really want to start seeing some setups Will be below yellow lugs and now my setups I can get in short aggressively I don't have to wait for retest fail and I think we can make it back down there You know, this is an area this could pull all the way back to this latest structure stuff over here All right, this could come that's the most recent moment yesterday. Definitely can get back down to here Important spot gamma level all and speaking of which pretty much called this So you really want it so spot gamma guys. I highly recommend those other levels on my chart He's Options players so he reads his his expertise is reading the options and options activity You've got to remember the options players the market makers are a big Percentage of the trade in here, right? So these are the levels that he deems very important where there's high concentrations high concentration concentration of Of options, right? So when there's high concentration these serve as support and resistance so Because I told you the minute I got out of that thing was going to die Because these are where dealers need to hedge their positions So these options dealers have to hedge here. So I you know, he gets really really in depth It's really really interesting. We'll read his commentary for today But I use these as support and resistance if you if you're below them You play them as resistance if you're above them you play as a support You can see these pop sometimes they'll go a little further But it's a real real important sign if it tries to hold above and then doesn't That's that's another just another way to help you read the market to figure out what's going on You can see here. I told you the second I got out of that last one. I was going to die. I've seen this movie before What do you know a new setup All right, so we got You go double whammy now So important in so many ways one I can trail my stop new setup, right? So this is when I get out of the position if an opposing setup comes in This isn't opposing yet, but I can add to this now as well I don't know you guys think this is important information to know. I mean it's the information Again, if you're not using this, you just do not have all the information And if you do well, you would do way better With this information, right? So anyway This is the classic double whammy The dumb money puke into the waiting hands of the smart money The only reason they're smart is they because they can trade bigger and push the market around, right? Does that mean it's going to hold? No, it could this could break The you know Odds are this will hold at least temporarily, but if this rips through here. So first of all, let me trail my stop Got other stuff firing off of NASDAQ. Yeah, make sure I'm not missing a trade in Or my accident in Russell. So ATR is 5.69. So we round up 5.75. I go a few ticks out of there. We'll go six quarter Why don't you guys tell me to get out of that other one? I should have three on right now So six quarter puts me at 42 42 50 42 75 is where I will stop out of that less Right now on the flip side Because this is below the yellow log look at that in a second I can add to this trade So I can add to this What do we say five and it's five and three quarters. So six and a quarter. So no three ticks outside there. So 26 25 75 I can add to this trade based on this new setup Got it. Is that clear? NASDAQ actually first. Let's see here We'll come back to the It's about gamma stuff. I just want to make sure I'm not missing an exit point here All right, you can see we're pretty close to the yellow log. Nothing really here marker profile So See right around 1988.2. We're almost there right now. So I'm gonna hop out of two here I'm gonna wait a second though, right? Let's see these things. They're hammering. This is not what the Russell's made up of different stocks But I'm you know, it's following everything else. So you can see they're starting to buy it a little bit here I know this is close to the yellow log I'm gonna get out of two of them So I will add to that trade Let's see what happened My buddy NASDAQ So you see here, this is large 159 that's threshold by itself. And then right after that was 251 So you got over 400 icebergs here by ice So somebody's stepping up somebody's coming back someone just woke up In the Hamptons and said, oh, wait, let me let me let me play some ball here. I want to buy here Because there were no real players in here before I mean there was icebergs, but I'm just kidding I have no idea if that's happening nor do you need to know nor do you need to know why someone's buying here, right? You guys somebody you guys get so caught up in the why Why why why are they buying what are they getting out of lungs? Are they covering options? It doesn't matter Every every webinar you're gonna hear to the day I die Stop trying to understand why they're doing what they're doing You're never gonna know unless you are God Almighty, right? And you don't need to know you need to know what's here And you need to know how the market reacts and how it should react Right and after watching thousands and thousands and thousands of these I have a system that I trade them That's my edge, right and we'll get into that. Hopefully we've got time I'm not sure if I have to bring my daughter to school today or not All right, so I will trade off of this new setup. Let's see where we are The yellow lugs I can trade aggressively. I just got to be careful. I'm not too close to the blue lug Which is still about 80 points away. So ATR in here is 26 I can short this just outside that So I'm going to go 30 ticks outside or 30 points outside that puts me in 92 That's where I will short this That's going to be fun being short all three It's going to be a blast at least I covered some of them. Any questions, Bruce? Let's see. Larry, he's short. You just covered that Chris is saying 10-year and the bonds are going crazy Nice correlation there I haven't you know I pay attention to that stuff, but it's like I you know keep an eye on it If that's what you want like to trade off of but you know let the real-time buy him tell you I haven't really heard anything in here today I don't have 10-year on this computer. I have on my other computer No thresholds are extreme in this one Yeah, so you can see here 1900 sell ice right here another 1100 So my new course I'm going to have thresholds for this as well So you can see all these different products I can't have all these products on my main book map because I don't freeze or I'm afraid I don't freeze Um, but I'm going to have all of these like soybean oil hog lean hogs Cannell 10-year note. So my new course hopefully I'll be done by this weekend. We'll have the thresholds for these markets as well but you can see some The most sell ice of the day is coming in right here. I'm not currently trading that right now. I got enough I got enough going on Actually, I'm supposed to be out of Put the rustle on on this test account. I was supposed to be out of two more here We'll go over these rules for this test account and what we're doing in the room here But I was supposed to be out of two more at a major lug Which we just got through I was supposed to be out there So I'll just let me get out of two here So this is another area you want to pay attention to Trading in thirds not a new there you go What's what's this right here? What do we just bounce off of anybody know what this call is called? Goldstock stocks lgc 199 contracts not messing with gold today That market is the biggest switch saw nonsense to that history of the planet I've already explained what this is anybody remember what I said this is or anybody know You should know Anybody chime it in No, I'm not seeing it These are very good listeners. This is called daily value area to one standard deviation from v-wap These are areas where how goes kick in these are the extremes. That's all these bands are right? That's not like I have 45 things like All these different channels and rsi and all this other stuff, right? I keep it very simple All these are extreme standard deviations of v-wap. There's v-wap here is the one standard deviation Here's one and a half here's two and a half to the upside to Pay attention to these areas because these are where these algos kick in especially if there's no big time volume coming in, right? Well, that was a good cover the magical lugs All right covered a couple right there or right off the hill So I will now hold my remaining position until I see Blue lug or an opposing sub that turns bullish then I'll get out other than that I hold on to position guys. This is one of the biggest probably the biggest issue with traders They can't hold on to trades Because one they're looking at their p&l told you guys before when I finally took off and started making millions of dollars Is when I turned off my p&l and stopped looking at it and just traded traded what I knew and what I was seeing You're pleasantly surprised at the end of the day as long as you have a stop You know where you your broker steps you out in case you're getting killed and you're not looking at your p&l Um Yeah, where I was going with that Uh, what was I saying on that purse? Were you listening? Yeah. Yeah, I mean, I'm Not looking at your p&l and Doing well after You took that off your chart. Oh, oh, right Right, so the biggest biggest mistake traders make is they can't hold on every time it does one of these they're they're panicking out, right? I have my rules my rules are set I don't get out until I get out at a major lug of a couple especially when it's confluent with something like a yellow lug Or major lugs Can't get down in other areas where you can piece out like I said, we'll go over that here in a second But other than that, I will hold this now until for the for this account whether until I get an opposing setup or Change your lug the other way and that's it like I'm not questioning anything I'm in the trade until I see one of those two A new rule I have implemented because especially in crude Like I'll be wait. So say it'll be like down here. This happened. I think I should do guys last week That was pretty much created on my part. It was like right here in career. They actually was on the upside But I got right there and I'm like, well, it didn't touch the lug and they there's no new setup And I let the thing come like 180 ticks back and it stopped me out So I haven't implemented a rule if the market moves two atrs two five minute atrs away from the area That's my third reason to get out. So let's implement that right now, right See there's still pounding these stocks 43 so that means just outside. So double the atr for five minutes. That's 86 ticks Let's round up to 90 so 90 90 ticks out of here is where I will cover this Just not in case it slows down and nothing occurs. I don't want to let this come back all the way and then stop me out, right So that's something you can employ. I've just done that recently because I'm sick of watching things come back So that would be 50. So that would be right here All right So that'll still be a decent profit. So that's canceled Other than that, I'm holding for major lug or an opposing setup. I can do the same thing for res too Oh What was that? Oh, that was my work like I didn't put that in there I have a bad habit of doing that by the way That's one of my weaknesses for getting stuff in the order book and then finding out my position Later the day or whatever So anyway, the same is going to apply to this 6.2 So just say six and a half 13 points. We'll go out just outside that 14 points back above here. I'll step out of this That would be outside 282 five-minute atr Because the market shouldn't come back that far if it's going to continue lower obviously, right? So We'll just go from here. So that would be 38 I'll be out there And if you know if you do that in the middle of the zone get it outside of the zone So I didn't have that problem here. Don't stop out in the middle of the zone make them get back through this volume event Oh, that was my that was an order of mine. That was my head Sorry guys, not very sharp today. Um, all right. So that was my I don't know how I forgot about that You know when you're talking about 45 things you tend to forget so again atr is now 6.07 that this makes me very nervous to add here just because I know these markets Right. I'm waiting for this to snap back, but it's my rules, right? So I just follow my rules I don't know. You don't know what's going to happen. You don't never, you know, you never know what's going to happen Right. All you know is your rules and follow your rules. You can't control the market You don't know what's going to happen next put on the tray This is probably not the best place to add here now that I see the spot gamma level It could definitely bounce off of here Whether I want to cover a couple of these out of here Let's get out of two of them here I just know, you know, I know this has moved down pretty significantly This is an important support level. We'll read that here in a second So I don't need full size on right here. So, you know, sometimes guys, you got to make some Use some judgment in certain certain areas, right? I know, you know, I use these for support and resistance So why the hell am I entering right on it? Right? So I still have some on as an ad, but I'm not going to add full size My stop for this is going to be 6.16 so we're going to go just out so round up six and a quarter three ticks outside there This is seven points. So I will stop out at forty three quarter Top of the zone is thirty six quarter. Actually, I'm sorry thirty six half That puts me at forty two half forty two three quarters. Is that right? No, I said seven quarters. Sorry So thirty six fifty forty three fifty forty three seventy five is my stop for this new ad So I'll get out of two two ATRs If it comes back to ATRs on the original position and then I'll hold the other one until it stops me out of full Five-minute ATR above the top of this zone. This is not the best place to be heading. No, like I said It will still short this and I'm short this too. This should be fun. I'm short all three already Here we go 28.64 So I'm going to go like five points outside that puts me at thirty four Thirty three sixty four. So I'm going to go thirty four points outside here. So I'm going to stop this one I said thirty four Sixty six ish This might hurt follow my rules Okay, so many trades I put out and split even in my room I'm like this does not feel like this is going to work But I have my rules and I follow them. This is where traders are getting in trouble too. They're too subjective Right, they've got all these cross Signals coming in. Well, this is kind of like I did with the Spokama, but that's a major area, right? I still put on the trade I just lighten up the point is you got all these things where you're like, I don't know. I don't know This has gone so far. I don't know if it's going to keep going. Well, you're never going to know anything Just follow your rules, right So I'm I'm sure Scott on that like a how often do you find that you like right right right now you are Unsure about it, but you got to follow your rules How often does it work out? Do you think? Well I gut feeling used to be the driver of my trading with my with my scalping Now my gut feeling is wrong probably 80% of the time So That's why I have rules because you got to remember these out a lot of these outlets are they know human nature They know, you know, how guys respond to certain areas or how most traders will respond so on and so forth So it's it's pretty shocking to me That my gut feeling is completely opposite most times, right? So it's like I can't and I still have a weakness, you know, I'm trading multiple accounts You know, some of them will be like, well, this feels like it's gone down far enough You know, I fall I try my best not to do it, but I still make mistakes sometimes, right? Like this one just feels like this is going to rip right back, right? Because that's what these markets usually do but No, I just I try my best to follow rules. I mean, I have my my stopouts in place So it's you know, if it comes back it comes back It could just keep going so you don't know so you all you know are your rules If you have an edge with rules, you will make money Over the long term, right? So that leads me to this so And this will probably be it for me So we're going over In my room This is just literally verbatim a lot. Well, I've added a little bit to this obviously But this is out of trade in the book trading in the zone, right? So Incredible book The first part of it talks about why you do certain things and you know, why you're afraid like for instance, you're afraid I'm afraid that this isn't going to pop back, right? Well, there's a reason because I've seen this rip back So you have that in your mind like, oh my god It's just so analogy uses as a kid that gets bitten by a dog, right? So it's like You know after you got first you found all dogs friendly So that's kind of like in that too when you first started trading you put on your first winner Or maybe you put on a series of winners. You're like, wow, this is this is easy, man Wow, and you just making money and all of a sudden you take a monster loss That's like getting bit by the dog, right? So now you have that Getting bit by the dog and your your subconscious kind of like I watch these markets so many times just rip straight back up That's why it hard for me if I was just trading by gut to put on another short here, right? But the point is So that kid now thinks every dog is going to bite him, right? So like I think every big dumb move is going to snap back in my face, right? So obviously not every dog is going to bite him And then not every move is going to snap back. Some will just keep going. This may go 100 points You don't know all I know is to trade my areas my volume setups and my rules, right? So that's what he talks about the first part of the book and then he gets into this so You have to create a belief that you're a consistent trader first and foremost because if you don't have that in your subconscious You never experienced it then you don't have that to to fall back on as far as just read the book I'm not a psychologist, but this is what this is what this talks about, right? So This this is you know, you can see this in here But I have this in my room as far as the rules and everything I posted this I'm a consistent winner because I objectively identify my edges So I get a setup whether I think it's gonna this is a you know I feel like this is gonna go back up I still took my trade because I objectively am watching the market action I objectively know that this double whammy it got a full atr below there That's an objective view of the market. I'm not you know And or the other way where I'm just not I don't just keep adding unless I see something else because I think something's gonna happen I let the market tell me So the this is my edge. I don't know if you guys know about this, but I've mentioned it once or twice or 5 000 times Um, and speaking of that mean dog. This is it's trying to do that to me Uh, I prefer I predefined my risk in every trade just outside an atr for both entries and stops, right? So important I was going to do a webinar for the public for this I still may you guys are getting some extra stuff here, you know that My room is getting So I already know you've seen me place my stops, right? I know why I'm gonna get out where I'm gonna get out and I put my stop in and if it comes back there I don't move it. I let it play out. You can't move it if the atr starts to shrink or expand, but that's you know It's nickel and diming it, right? You can keep an eye on it and be like, okay atr just expanded I'm gonna move my stop a little bit But you don't move it because you think something's gonna happen like I think this is just a You know a nonsense pullback it starts to come up here And I'm like, I'm gonna give this a little more room and then do that and then it comes up I'm gonna give it a little more room very easy to do another huge and stick most traders bank, right? So I pre I predefined my My risk I completely accept the risk or I'm willing to let go of the trade So I know if that pops out pops back stops me out I'm willing to let go of it wait for my new setup and trading correct size To my risk one and a half two percent of my account size so important if you don't follow this You're going to blow out your account. It's almost a hundred percent eventually I act on my edges without reservation or hesitation I pay myself as the market makes money available to me. So these are some of the areas I get out You've seen them all the day love with levels market profile composites Highs and lows pointy controls Pointy controls just the the exact price where the most trades occurred in those areas vwebs standard deviations We've talked about every one of these things important predefined zones based on canal structure Or or an opposing SI setup. This is where I get out right I continue to monitor my susceptibility for making errors this happens all the time for me, you know, I've had One day last week. I was didn't sleep and just just don't make good decisions, right? Then got killed and make sure if you're feeling these didn't you just cut down your size or don't trade that day The markets will be there tomorrow always, right? So Um seven I understand the absolute necessity these principles of consistent success and therefore I never violate them This is straight out of trading in the zone guys get the book the audio book. They got it You know, obviously the written and also on Um kindle You need to create the experience of trading mechanically and respecting rules So this is what Trading is it's just putting The percentage of putting the market in your favor putting the The edge in your favor and that's all casino does they know mathematically they have the edge So they keep letting players play and they know by the end of the year They're going to be profitable the same thing with this stuff You're going to have drawdowns because it's a percentage game Job the object of this exercise. So this is the exercise i'm doing in my room Um is to convince yourself that trading is just a simple game of probabilities and numbers Genuinely puts the odds of success in your favor You can think about trading in the appropriate manner five fundamental truths Which is down here and we'll get that in a second You can do everything you need to do or series of trading and then like casino You can own the game and be a consistent winner Of truth anything can happen. You don't need to know what's going to happen next Is that this is all the stuff I've been talking about today, right? Like I think something's going to happen anything that can happen You don't need to know what's going to happen next to order make money I know my setups. I put them on and if they work they work if they don't they don't I know they work overall keep putting it on There's a random distribution between wins and losses for to get a set of variables to find an edge Read this closely. There is a random Distribution between wins and losses For any given given set that should be given Of variables that define an edge That means you are going to be stopped out many many times. Would you have an edge your equity curve will look like that And then every moment in the market is unique So even if we get the setups and you've seen it 45,000 times before like me It still means something could happen something can come in and negate that right? I'll just go over this one last thing. We'll say this other one My actual Strategies you got to join my room to see that or maybe I'll have a webinar, but Um, I gotta I gotta keep some I guarantee my room guys are like, what the hell man What am I paying for if you're giving all this information out for free? Learn to trade an edge like a casino The purpose of the exercise is to convince yourself that trading is just a simple game of probabilities Until you can accept that you are not going to be consistent At the micro level that all comes to individual edges are independent occurrences and random Just like a casino guy Well comes in and wins a series of hands in a row. They're on 600 ran They know at the macro level that all comes over a series of trades will produce consistent results This is what an edge is you can be the casino if you have an edge that generally puts the odds of success in your favor I know I have that and you can think about trading in in the appropriate manner the five fundamental truths That's it. Then like the casinos you will own the game and be a consistent winner So that leads me right into your next guy that's coming up Um, hopefully you guys are learning a little bit. I'm actually taking a chin here So this my my fear is it's it's not founded yet I mean, this is just back into the zone But I follow my rules this loses it loses if I could this comes back I stop out onto the next trade out of the next trade on the next trade like a casino Any questions Bruce before I bail? Yeah, so Do you ever feel that trading just a few instruments might be more profitable? Uh and require less mental space Of course, I mean some people don't have the mental bandwidth to watch I'm watching like 15 markets to keep an eye on 15 markets You hear them hear all the stuff firing off in the background, right? Some people just can't That I just have a large capacity for that that that's what helped me become a scalper where I was able to process Stuff firing in the order book Oh non-stop and And trade it right But it doesn't mean you just stare at one market and that is a huge mistake And for some reason everybody likes to stare at this I was going to use a bad word there Yes, right. This is not the ideal market. I in my opinion, right? Yeah, I mean we caught some winners in here today, but You should not be because when this market is dead or nonsense or algos like it's been You're going to be forcing trades because a lot many traders that are trying to do this for a living You have to pay your rent. You got to you got to put food on the table What are you going to do just staring at a screen not trading is not going to put food on your table, right? And that opens up the mistakes where you just start forcing trades in bad areas And then you lose money and then you start this downward cycle, right? So you want to have between You know at least more than one I say three to five that you keep an eye on and you just wait for yourselves And you know, this is why I show this stuff So you guys can trade like I trade or try to incorporate some of my rules Doesn't mean you have to do exactly what I'm doing like I'd say every webinar This is the science how you trade them is the art, right? So you want to be able to I lost my train of thought again getting tired, but What was I saying before that? We're sorry You know why someone's texting me and it's three jobs five different five different uh markets and uh, oh, yeah Yeah, so you want to have multiple markets that you're watching? So if one sucks two suck three sucks, there's always something firing off Everyone asks me what what mean when they get the Ludwig levels are like, which market should I watch? I say they're like I already have esm q rty. What are my other two? I say You know usually crude oil it's been very hard since the war but crude oil and I would say soybeans Those would be my top five to watch if you're gonna add markets, right? Get the Ludwig levels for those set them up set up your alerts on your si indicator Set up, you know, if you don't have You get my course to find out what the thresholds are So you don't have to watch thousands of setups to figure them out yourself Then you're ready to go and then you wait for you set up your voice alerts It's it tells you when something's firing off. That's meaningful You come draw your zones you trade your zones with you know with rules That's all you need But i'm telling you staring at one market, especially this piece of you know what is not the answer You're gonna force trades when it's crappy and it's been crappy and it's probably going to continue to be crappy You're going to get very seldom moves like this in in august just because it's uh, you know, there's no big traders in here Like I said, overall, you know, there are some obviously we've seen some icebergs and stuff Um So that's that anything else No, I think we're we're all caught up Excellent scott. So, um, thank thank you very much Problems so you guys see where my stops are here There's a guy in my room that i'm not going to name him But he's a really really really really bad trader right now and he's refusing to learn But for some reason he gets in and he's always like, well, what are you doing? I don't understand what you're doing. I mean, these are the orders guys like you saw where I got in These are where I'm getting out and it's it's slapping you in the face. So It's a verbal lashing every day So if you guys like to hear verbal lashings come on in my room Even though I bought I'm not going to do it anymore because it's getting ridiculous, but He's usually like I kick people from my room that are just terrible traders and they keep posting nonsense Like it's not good for the room But this guy is so bad. He does everything wrong at a trader He does opposite of what you should do to be a good trader I'm letting him stay in there for now because it's opening the eyes of a lot of people in there like wow I do a lot of stuff that this guy's doing. So it's actually a good day. I mean, he's pretty comical But other than that he's really really bad. So if you guys want verbal and here's some verbal lashings head over Head over in my room. All right. So this nasa popped up and I never you know, this is where my stop is So let's just make sure this is an instance where you want to make sure your atr is correct So you see this popped up to 28.3 So let's say 28 and a half. What did I say? What did I put this at? 20 What's that 35 so I can actually pull this in a little bit. I don't have to risk a full This is where you can adjust as a atr shrinks or expands. That's when you can move your stops around a little bit But not not ridiculous, right? All right guys, I'm out of gas I'm about to talk and hopefully you guys learned a lot today because we went over a lot of stuff This is the most important get the book if you want to see the tests trades. We're doing in my room We're doing we have three right now that we're going to be doing we're doing one at a time the first one I'll let you see because this is showing you How important the stuff is or how you can literally You can just trade these setups. The first one is just to show everybody that this is such an edge You can just trade off of these. So here's the trade test Any threshold setup that has an atr retest fail taking three ticks outside the five minute atr with above exit rules So the exit rules right here right so Meaning I'm not know how we've been looking at zones and market profile composites and stuff like that to help help come up with the thesis For the first test all I'm doing is drawing the zone. I don't care where it is. I don't care if it's a major lugwig level I don't care where it's at atr retest failure. I take the trade either way That's it And I will promise you it'll be profitable because I did it last December for an entire month to show the room that this is the ultimate edge Then when you can start adding in important areas Like a lot of wig levels zones with everything we've talked about today Then you have a really really powerful edge, right? So this alone will make money That that first test. So that's what I'm doing. I'm doing on the apex trader So once again Go to my website. There's the discount codes on there. It's like pulsating 50 I think do apex if you're trying to learn, you know, if you don't have the money Don't be risking your account if you're learning stuff you're learning risking real money Go in there use it for test testing and hey, if you do well, then you're funded if you don't All you're losing is the kind of the money to enter the thing which is like, you know, 100 bucks or something It's it's nothing. So I'm not going to get into that today, but that's a very good alternative So you don't blow out your account while you're trying to learn stuff All right bruce. I'm out. Thank you for having me Excellent, thank you very much scott And I put your contact information both in discord also in YouTube there so if you guys have any questions or you got you got a link to his marketplace Course his his website his trading room his email, etc. So All right, well, we'll connect next thursday then Oh, thank you. I'll see you guys later. Okay. Good day. Thanks scott. Bye