 Good evening and welcome to The Road Less Travelled in Trading. My name is Charlie Burton and I'm your host for this evening in conjunction with Tick Meal. Just 60 seconds on who I am. I've been trading since 1997, so I'm in my 25th year of trading. I started in 97 on the side of my career and then by the end of 2001, so about November 2001, I left my career and to just trade. Now, I've been trading all of that time since then. I'm an FCA authorized money manager. If I am going to be teaching anybody, I always think that I should be able to put my neck on the line and being an authorized money manager, it doesn't get much better than that. I'm five times undefeated trading head-to-head live trade-off champion at the London Forex show and that was five years running. I won that for the five years that they run that. But most of you, if you have seen me before, you may recall seeing me on the BBC TV program Traders Millions By The Minute where I was washing my Porsche on the drive and many of you people always remember that moment in that TV program. Is there anything else to mention? No, I think we're pretty much there. Although I have my own funds, I also have a trading education company as well called charlieburtontrading.com. You can always check me out on social media. Let's get into the presentation. This road less traveled in trading is all about the road less traveled. It's what the majority of traders don't do. That's what we're going to be discussing tonight, what the majority of traders don't do. Because I want to be doing the opposite of what they do do. So let's have a look through this. But before I can go any further, we do need to go through the risk disclaimer. The disclaimer material provided is for information purposes tonight only and should not be considered as investment advice. The views, information or opinions expressed in the text belong solely to the author, not to the author's employer, organization committee or other group or individual or company. High risk warning. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 74% of retail investor accounts lose money when trading CFDs with TICML UK Limited and TICML Europe Limited respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. That's the typical regulated disclaimer that we have to go through there. Okay, so what we're going to start off with is the overview. What is it that so many traders do and should we be doing the opposite of what they do? Now, most of us know these sorts of stats. Around 80% of retail traders fail. You've just seen on the risk disclaimer slide there, 75%, a figure of 75% there. So we'll go with a rough 80% of retail traders that fail. So what we need to explore tonight, first of all, so what we're going to be doing is explore the things that they do and see if we can do the opposite. And then I will show you an entry technique that I typically use and I'll give you some examples of that. Now, the one thing I'm not going to do is I'm not going to insult your intelligence by showing you some nice cherry picked examples that all went and made me money or, you know, I got in and got out and, you know, at given levels. I've actually cherry picked two examples that didn't work, but they're still quite nice examples and I'll explain those to you. So there's one thing that I hate doing is taking screenshots of charts and then saying, oh, I got in here and I got out there. That's not for me. So I'm going to show you the ones I got in and the ones and why they didn't work out. So we'll go through that here this evening. So we've got a bit to go through here. So what we need to do is look at the things that retail traders do and can we do the opposite. So the typical traits of retail traders to start off with, they want to avoid being wrong at all costs. And this is why we have to have these risk disclaimers in the first place because so many retail traders do things like don't use, stop, stop. Oh, yes, Dave. Yes, sorry, just seen your comment there. Better to ask forgiveness and permission. Yes, I remember that one now. Now, thanks for a reminder. So they want to avoid being wrong at all costs. So the reason that we have to have these disclaimers is because what? People don't use stop losses because if you don't use stop losses, then you're not being wrong, are you? And the market may always come back for you. So it's amazing the power of the psyche when it comes to things like that. So that's a typical thing that they will do. They will either not use a stop at all, hence why the risk disclaimers, because that's what so many traders do. And then that's how they end up blowing up accounts. Or they'll use ultra wide stops or move their stops as price gets towards them. It's amazing the typical things that traders do. Now, when I say that these are the typical things that traders do, not the well educated traders here at Tickmill. They have a great trading program and educational webinars, putting on regular webinars. And so because they have a vested interest, they want their customers to trade responsibly. They don't want people doing that sort of thing. So that's what we're going to be focusing on here is doing the right things. And I'm sure most of you are. So I'm probably preaching. I'm sure I'm preaching to the converted. But what we're interested in is those masses out there. That's what I'm interested in. I'm not interested in the retail traders who actually do do it right, who use stops and have technical strategies or macro strategies. That's fine. I'm interested in what are all those others doing out there who are blowing up accounts all around the world all the time? Because if I can tap into what they're up to and their psyche, then that can help me. Okay, so another typical trait of traders is that they bank profits too soon. They trade on gut instinct. They don't have a trade plan, a lot of them. We tend to, but most of them don't have a trading plan. And they'll do things, therefore, like they'll short rising markets and they'll buy falling markets. Now, before anyone has a go at me for saying that, I'm not talking about if you've got a specific strategy, which actually may well get you short on a rising market or get you into and buy a falling market. That's different. You've got a risk management. You've got a trading strategy. That's not what I'm talking about. I'm talking about people trading on gut feel when it comes to the markets. It's amazing what the masses tend to do. They see a market going up and they think, oh, it surely can't rise any further. I better short it and they go on gut instinct. Or it might be that their stochastic indicator has got overbought and they think, well, that's it. It's overbought. I better short this market. So all those sorts of typical things they do. So let's have a look at stops, first of all. Why are traders so afraid of losing trades? Coming back to that of trying to avoid losing trades at all costs. Well, it really comes down to survival instinct. We are hardwired to survive. So going back millennia, we need to make sure that we're not when we're out on the plains or wherever we may have been in our tribes, that we're not going to get attacked. And if we get attacked by, for example, wild animal, we need to make sure that we can run away from there. So it's just typical survival instinct is hardwired into our DNA. And the problem is that that flight or fight response that we get, and if anyone's not read it, there's a great book on fight or flight responses, and on our biological responses to trading, and it's called The Hour Between Dog and Wolf. I'll say it again. It's called The Hour Between Dog and Wolf. It's a great read. It's quite hard going at some points because the author is a PhD biologist, but it's a fascinating read. It is a trading book. So The Hour Between Dog and Wolf is that book. So don't underestimate our survival instinct there. And the other thing is, it's how we're taught in the real world. We go through our childhood, all the way through our schooling, into university, and then into the working world. Being taught that being right, being correct is the right thing. And we don't want to be wrong. We want to get as higher marks as possible in our exams and then again, likewise, into our careers. And that is correct for the real world. But we have to toss it out of the window and not worry about that stuff when it comes to trading. We have to turn it upside down and say, well, actually, the survival instinct, that vital flight response to run away from trouble actually doesn't tend to serve us well in the markets. And trying to be right as much as possible, which does serve us well in the real world, doesn't serve us well in the markets. If we try and be right as much as possible, then all that ends up doing is training becomes stressful because we're so focused on trying to have as many winners as possible and not focused on the whole process of trading and looking at overall profitability. So traders will do what they can to be right as much as possible. And yet we know that the majority lose money. In fact, another UK broker did a study just a few years ago of their own clients that showed that their average clients across all clients had a win rate of 64%. And yet 75% of their clients lose. So how is that? How can they have a 64% success rate and yet 75% of them lose? It's because they run their stops and bank their profits in relative terms too early. So if you've got super wide stops, but then relative to that, or if you use stops at all, so you're taking big risks if a trade goes wrong. But when you have your profitable trades, you tend to bank them, then you've got an inverted risk to reward, so to speak. And that's why that broker's clients actually had a reasonable win rate. And yet they still lost money because their risk reward was inverted. So traders will widen their stops or don't use them through the fear of being wrong. And those two primal emotions that we have, fear and greed, as most of you know, are huge when it comes to trading the markets. Okay, so let's have a look at banking profits. Let's see what else they do. Well, it's that same fear of being wrong ensures that traders will jump out of profitable trades too early. It's very difficult seeing open profits disappear if a trade reverses. So what's the best thing that a trader can do? Bank it. And I've heard traders use the phrase, I'm sure some of you have heard this before, you can't go broke banking a profit. Well, you can. If you're risking 100 to make one, well, at some point you're going to lose 100. And you will go broke if your risk reward is too inverted in that example. So I understand and we know that it's very difficult to see an open profit reverse. So that fear of being wrong is the same driver of banking the profits. None of us want to see a profitable trade roll over against us and then become a loss. None of us want to see that. But unfortunately, we've got to run towards that type of thing, embrace it, rather than try and push away from it. Okay, so it may be difficult, but that's what the masses are doing. They're banking their profits too early through fear. Some of them will also be banking their profits through greed as well. We'll come back to that. So you imagine you're a trader, you've just had a trade, it's been in profit, and then it's rolled all day over. What are you going to think? Well, I won't let that happen again type of mindset. Because of course, as human beings, we naturally want to fix things. We naturally want to fix something that we deem to be wrong. So you imagine you've just had a profitable trade, it was running quite nicely, it's rolled over, stopped you out for a loss, let's say. And you think, right, I need to fix something. This didn't work out. This isn't the way it's supposed to be. And so next time, the next time you're in profit, what do you do? You start banking your profits. And that's a typical sort of trade and the sort of things that go on. Like I've said, it can be a greed less led decision as well. So again, a greed based individual, so we have greed based traders and fear based traders, a greed based individual who may have the ego is going to say, well, well, if I bank it, then at least I can prove again, prove that I was right on that trade. So it can be an ego led decision as well to bank profits early. So as I've already said, as humans, it's very difficult holding on to profitable trades. Most of you, I'm sure, whenever you've been in any profitable trades will feel that it's quite difficult. We naturally want to get in and get out. It's that natural instant gratification that we would prefer to have. Unfortunately, with trading and likewise with investing, and you just listen to anything that Warren Buffett says, delayed gratification is where the true wealth comes. Okay. So we've already ascertains now that holding a position can be hard. Okay. So what else do they do? Well, they trade on gut feel as well. So they can look at any trending market and we'll, we'll see professionals in the main trading in that direction. Just look at the commitment of traders reports and you'll see the pros are normally trading in the same direction of the market they're trading. You can see that in the commitment of traders reports. However, we do have access to data on websites, which will show us retail traders positioning, which is quite useful. And so often when a market is running up, retail traders will be doing the opposite. Coming back to what I said earlier on, they trade on gut feel on emotions. And so they see a market going up and they, they don't, they can't bring themselves to trading on that in that direction because through fear that it might reverse. So they think, oh, it can't possibly go any higher. And, and then they start doing that. Now, don't get me wrong here. I'm not going, going against people who are, who know what they're doing, who, you know, will fade a spike in a market or a run up because they've got certain levels they're looking at. That's different. I'm talking about the masses who are trading on gut feel and just on things like overbought and oversold indicators and doing it the wrong way. So two reasons they believe that they can catch a turn because it can't possibly go higher. And their oscillator, as I've said earlier on, has just gone into overbought territory. So they decide, right, I've got to short it. And we see it. We see this information all of the time. If anyone wants that information, I can show you at the end of the presentation whereby we can literally go and see, get a visual of what retail traders are doing. So I can show you at the end of that. And this is a typical sort of thing you might see on, on one of these sites here where, you know, markets actually go in higher, but it's showing that 73% of retail are actually short as the markets actually go in higher against them. And all that happens is because so many of them don't use stop losses, they go under water, and they go under water some more, and then they start adding to the losses, you know, it just gets worse. And no wonder we have to have these risk disclaimers these days because to try to ensure that more retail traders take trading more seriously and do it in the right way. Okay, so the desire to be right as well. So all the traits so far are embedded in that desire to be right. We go through life, as I've already said, being educated, that we need to be right as much as possible. But this doesn't work well with trading and call actually causes stress. And a lot of people who strive to be right as much as possible are more likely to be stressed, because they don't use stop losses. So if they go under water, then it gets very stressful for them. And that desire to be right raises those cortisol levels within their, within their bodies, which is not healthy over the long term. So we don't want that realistically. As a trader, you don't really want to have much emotional response at all. Now we are human beings, so we are emotional things, but we want to try to tame the emotional responses that we have to our trading as much as possible. We don't want to allow ourselves to get down on a losing trade. But likewise, we don't want to be euphoric on a winning trade either. Because if we allow ourselves to get excited or euphoric on winning trades, how are we going to feel when we next have the next losing trade comes along? Well, it's like we're going to be a bit depressed and frustrated and all that. So we don't want to have that range of emotions. So you're going to feel it a little bit in response to trades, but we want to try to limit that as much as possible. And there's all sorts of things we can do to do that. I said earlier on, we need to run towards some of these things. And we do need to embrace uncertainty. The fact is that on any trade that we go into, in any individual trade that we get into, it's a 50-50 call. And so it's uncertainty. Doesn't matter what the work, the effort is that we've put into our trading. The outcome, the answer is, we don't know. We do not know at outset. So what we can focus on is the things that are in our control. So work on what we can control, worry less about what the market does once we've executed a trade, because it is outside of our control. And the better we get at that, the better we get at following our plan and just focusing on all of those ingredients, the things that we can control, the better we are off not worrying so much about the outcome. Because over 100 trades, the outcome should sort itself out. Okay, let's go into a typical trading approach I use. So the main point I've made so far is that retail traders, what they do, they want to bank their profits early, and they want to have a high win rate, as much as possible. So I'm going to try and do the opposite of that. Okay, so that's what this path less traveled or road less traveled in trading is that I'm doing here tonight is all about. So the way I approach the markets is a top-down multiple timeframe analysis. So I'm using multiple timeframes to analyze the market. I'm using intermarket analysis. So if I'm trading something like Euro dollar, I'm not just going to look at a chart of Euro dollar. I'm also going to look at other currencies against the US dollar as well. I want to see that, okay, if the Euro dollar's going up, is the pound dollar going up? Is the Aussie dollar going up? Is the Kiwi dollar going up? You get my GIFs. So a bit of intermarket analysis. And it's not just that. I want to also see a winner generally speaking, a risk on environment. So a risk on environment would tend to see currencies going up against the dollar, the US stock markets rising generally as well. And so that intermarket analysis, bond yields probably falling, US bond yields falling. So that typical intermark analysis is quite important as well. So I want to identify an overall trend. And then I'm going to use a pullback combined with divergences to trade in the direction of that trend. Simple stuff really. It's a very simple approach, but trading is simple. You're either buying breakouts or you're buying pullbacks within certain moves. And that's all this is. But it's then about how I go about applying it and looking for targets and all that sort of stuff. So let's have a look at an example here. So this is an example. In fact, I gave this very presentation at the end of March to two tickmills clients in London at the end of March. So just a few months ago. And I've just updated the some of the screenshots here. But I've left these ones here because it's really ideal because if anyone here tonight was at that presentation, it was done in the shard at the Shangri-La Hotel, then you might may remember some of these screenshots. So first things first, this is a daily chart of the euro dollar. And the time that the screenshot was taken, I had first entered my positions here. So I'll go through all that in a moment. But for starters, this is the daily chart. Now on the quarterly chart, I said I use multiple time frame analysis. So on a quarterly chart, I had identified this long term support, which is what the euro dollar had hit back in down here back in September the 28th of last year. So this was a key, key level because it was the high of the year 2001 of the I think it was the high of the quarter that the euro actually launched. So it was the highest in that first quarter when the euro actually launched. And then of course, this is a composite chart because it's going way back into the 80s here. It links back to the composite low back here as well. So we'd had this, this low that had been made back here. So at this point we're coming in now that was low made in 28th of September, as I said last year. The daily chart that I just showed is at this point where this screenshot was taken. So coming back to the previous chart, we can see that low there of, I don't think you can see my cursor. I'm not sure if you can or not. But anyway, so that's the low there of 28th of September. So we've started trending up. I've got a 50 day moving average here. So it's just a very commonly used moving average there and price. So overall, we've been trending up off of that kilo that was there. So I wanted to be a buyer using my top down analysis. There was a few other things. If I go back to the other chart, we'd come down to this low here. We'd come back up to this long term trend line, this declining trend line. I was looking for a break. We'd already breached that trend line back here, but ultimately rolled back over. And then coming into the early parts of this year, we've come back up to that trend line. So I'm looking at that point for it to break what it was breaking at that point. So I'm looking for another secondary attempt to break out there. You can see that I've got on my chart here, a long term channel. So yeah, we've got a long term overall channel break that's actually taken place to take us down to here. I would actually quite like. That would be quite cool if the euro at some point in the future comes back to retest that channel line, but that's probably way out into the future. Okay, so coming back to the chart now. So what I'm looking at, as I've said, is I'm looking for pullbacks and then divergences in order to get myself long. So on the daily chart there, I'm using an MACD indicator down the bottom, just standard settings, 12, 26, and 9, just standard settings. And we've got a divergence down here. So we're making these progressive lows down here and the MACD indicator is making the blue line is making higher lows at each point here. So price is making slightly new lows, but the indicator is making higher lows. Very simple stuff, but just look at the MACD line itself and you can see it making higher lows every time price makes a lower low. I'll go into a little bit more on this in just a moment. So essentially I was looking and I was buying through here. In fact, I'd already bought for the purposes of the excise, I'd already bought here because it was already diverging at this point. Price started going up and then credit suice CS took place on this big down day here. So that was when credit suice blew up and price came all the way down. I had to stop right at the lows. I know some of you will say, oh Charlie, you shouldn't have had your stop at the lows. Anyway, that's what I do a lot of the time. So I got nicked out there and then just had to go in the day later once I could see that the divergence was continuing. So again, just showing you, I'm not here to show you, oh here's one I made earlier and this is how much it went up and all of that. I'm giving you the realities of what actually happened. So I had to get in again having already got stopped out. Okay. So just zoomed in here, you can now see that MACD indicator making those higher lows from the first one there at the same time that price was making lower lows. So during this, I'm looking to be a buyer. I'm seeing at this point, the euro potentially working its way up towards one 12th. So one 12th area was my target. Okay, keep that in mind. In fact, there were divergences on more than one timeframe. This is now the 12 hour timeframe here. It's just using FXEM feed. It's just on trading view. It doesn't matter which feed you use. So again, we can see those lower lows here on a 12 hour timeframe. It's probably a bit clearer here, this distinct divergence that's taking place on the MACD indicator there. So I had enough to get myself into the trade on the back of all the other analysis that I do as well. So this is where we are at this point. At this point, yeah, okay, we've got to 107.95. And I think I even took a screenshot. There it is of my P&L at that point on one of my accounts. It was at 16,930 pounds at that point. Okay. And that was, that was a, it was a, I can see the screenshot was taken at 108.30. Okay, 108.30. So yeah, just a little bit. 30 pips above where this screenshot's taken. Okay. Well, I'm next. Let's go and have a look. Right. Well, it carried on trending. So that's where it was at that point when I delivered that presentation and it carried on moving up. But did it get to my target? Ah, didn't quite do it. It got to just under 111. My target was 111.85. 111.85. I'm just being honest with you here because that's just the way that I trade. You have to be honest with yourself and your trading. I'll always be honest when it comes to delivering presentations as well. So it was a good run. The profits were built because I add to positions as well as I, as they run in my favor. I was told many, many years ago, probably about, probably about 17 years ago, I was having a conversation with a little boutique brokerage who dealt with hedge funds at the time. And I will never forget the CEO said to me, he said, the best traders I've ever seen, he said, are those traders who get into a trade and they ring it out for everything they can get out of it and they'll hold it, they'll add to it and they'll hold it until it rolls over. And that, I always remember that conversation, but I didn't actually do anything with that information. I think that information, that conversation was around maybe 2006 or something like that. And I didn't do anything with that information for years. It took years before I started getting into trades and adding to them as well. So I didn't go off straight away and start doing that. But anyway, that's what I'll do. If I see an opportunity, I think is a larger opportunity, I will be looking to add to my trades. Now, as we can see, the euro didn't quite get up to 111.85. It rolled all the way over here into what the end of May down here. So I got stopped out. So it rolled all the way over and I didn't make anything out of that money, that trade at all. That account had actually got to 42,000 or so. This screenshot was taken when it was at 110.64. If we go back, yeah, it got to a high of just below 111. So up there in the mid 110s or so, this account was up 42,000. So and that pretty much all got given back. So going back to what I was saying at the beginning of the presentation, a lot of traders would want to try and fix that. Yeah. So, oh, well, we can't let this happen again. I must fix this. I trust in my processes. I trust in my analysis. I know that there's absolutely no way out of a hundred trades that start going into a nice amount of profit that a hundred of them are all going to end up getting to my targets. I have to accept that some are not going to quite get to my target and they will just roll over. Trust in your process. And on this occasion, it didn't happen. But the entry was good. And that's what I'm talking about here tonight, using the divergences there. Once you've got a piece of analysis, divergences are great for getting you in on a pullback within a general trend. And I'm just showing you there that, in fact, this one didn't quite work out. In fact, now if I go on, this is where we were just as of when did I take this screenshot, just a couple of days or so ago. So the Euro, as we know, and I think as I'm presenting here tonight, I haven't looked at it, but the Euro was up in the 109.70 or something like that, not long before I started presenting here tonight. So it has actually come up. And so it's working its way back up again. Now, funnily enough, what happened down here in this zone, not on this timeframe, not on the daily chart, but on the lower timeframes of the, I think it was on the eight hour charts and the six hour timeframes as well and the four hour timeframes, it was diverging again down in this zone here. So the trend is still very much in place. Price has done another pullback and it's diverging there in that, in that place. It's not diverging on the daily, but we have to look, I have to look at other slightly lower timeframes as well. Anyway, the Euro's up again as we speak up. And that's why it's called the road less travel because most people don't want to get into trades and then see them roll back against them. They want to trow their stops up. Now, there's nothing wrong with trailing your stop up, but the problem with trailing a stop is that in the main, it's going to do its job of trailing stopping you out. Now, for some people with certain systems of trading, that's the right way. However, in a lot of the testing that I've done, trailing a stop actually limits the total profitability of my approach. So there's no point in me doing it. I have to put up with these trades that do roll back over against me. If I just keep trailing my stops, then yes, that's all very well on this instance with the benefit of hindsight. If I'd have trailed my stop up to this latest low here, then we could say, oh yeah, well, you know, it rolled all the way over. So you could have come out up here, for example. But that's fine with the benefit of hindsight. What if it had just pulled back a little bit and then took off again? And I've just allowed myself to get trailing stopped out. So I can't do that. So I have to put up with that. And that's why I say this is the road less traveled. It's allowing your trades to breathe, not choking the trade. And if you've got bigger targets, the bigger the targets you have, the more room you need to give the trade. Otherwise, that trade that was up, what was it show? 42,000 at one point. Okay, it never got there. But if it, you know, out of 100 trades, plenty of them will, and then it would have been a whatever the profit would have ended up being it. So I have to put up with those that roll over. Anyway, let's move on. So here's another example. Now this is actually going back just a couple of years to 2021. And same sort of scenario, but this is now using combined timeframes again. So this is on the weekly timeframe. And it's at this point here, when the Euro again pulled back to the 50 period moving average, a key moving average. So it's been in a nice trend all the way through this, then it's pulling back, pulling back to its average price. And it's lovely that the average, the moving average itself is sloping up. So coming into that zone, I'm on the lookout for buying opportunities. So what am I going to be looking for? I'm looking for a divergence going down through my timeframes. And at that point, we've got a divergence from this low, then down to this low, and we can now look at the MACD indicator. It's now higher at this point than it was down here diverging against price. Then I just need to wait for a price signal to get me into a trade. So I need a price signal, i.e., I need price to start coming up to confirm that that divergence may well now be in place. So that was a trade. This was, like I said, just over a year ago, nearly two years ago, going back there using a combination of a weekly timeframe, right away down actually to a four-hour chart that ended up giving me the divergence to take a trade on that. So you say, okay, well, that had a great run, didn't it? Because we go back out, we go back out, we can see that for weeks afterwards, it looks like a couple of months, it had two months worth of upside. So I'll come back to that in a minute. Now, I do have something else on my chart here. You see these two wiggly lines, those two wiggly lines are two five-period exponential moving averages. They're exponential MA's moving averages. One is set to the high when you put it on your chart, and one, the other one, is set to the low price. So most moving averages, when you put them on a chart, they will default to the closing price. But most charting packages, you can actually choose whether you want a moving average based on the average high prices or on the average low prices, and that's what I'm doing there. And that creates these little bands, if you will. So what I'm looking for when we've got the divergence building here, I'm looking for price to close back up inside or above in this instance, but inside those two five MA's. And once I've got that, that's my signal with a stop below the low to take along. Now, there's various different ways that you can trade this, and we have various different ways in my community of trading this, but I'm just giving you some overall heads up information here. Okay, so you'd say, well, that's great. That was an excellent trade there, Charlie. You know, it went up for eight weeks. Well, it did. And it was a great trade. And I added to the position along the way. Guess what? It got to within 50 pips of my target and then rolled over. I didn't actually make any money on that trade either. I've purposely showing you trades that don't work out. Because the trade setups are great here. And on the other example, by just want to purposely show you ones that actually didn't work out, because it just is too easy for me to just say, oh, yes, I got in here and I got out there. So I'm deliberately picking out a couple of trades to say, yeah, that one didn't work out. It was a great run. Didn't quite reach my target and rolled over. But that's okay. It's the road less traveled. I'm not going to try and fix anything at that point in May or June of 2021. Just carry on. When I follow in my processes, some of them will work out. Some of them won't. And overall, it's a very profitable way of trading. Trying to run your trades, running them for targets, doing your analysis. Sometimes they won't quite get up to those targets. But it's okay. It's okay. Don't try and fix it. Because if you start trying fixing it, fixing it, then you're tinkering with it. And then tinkering it, then messes up your entire results. Okay. So in summary here, sorry, okay. There might be some comments I've not seen yet. Analysis for me always comes first. Top-down analysis, intermarket analysis, even sentiment analysis. If you want to see some sentiment, then I'll show you in a moment what those retail traders are up to right now. So the analysis dictates my targets. Entries come from those lower timeframes using divergences. And this gives me a trend-based trade. So all I'm doing is buying a pullback. So I'm fading the short-term pullback. So I'm buying into that short-term pullback. Using the two five EMAs gives me a helps me define the stop, waiting for price to close back inside those. And then I know, right, if I can now get in, and I can now put a stop below the low. I can also add in as the trade moves in my favour. So if I've got a nice big target, then I will look to add into a trade. And that is the secret source. I don't do it on every trade, but the trades that I've got big targets on, I will look to add into. And those are the ones that I often say over the years that nowadays, you know, these sorts of trades, they're not the trades that make your week. They're not the trades that make your month. They're quite often the trades that make your year, this type of trade. And I love to embrace this. It's not easy holding on to trades for multiple weeks or sometimes longer. It's not easy, but and that's the challenge of it all. But I know that that's not what the masses want to do. The masses want to get in and get out. I want to do what they're not prepared to do. Okay, by all means, check me out at Charlie Burton Trading dot com or go to my YouTube channel, Charlie Burton Trading. And so by all means, check out plenty of free content on all on mindset and the likes on YouTube as well. And the final piece of advice before I actually come back and look at questions here is a nice little line here. I just to use this as an arresting mechanism sometimes, if you have that propensity to want to bank profits early, just remind yourself, I can't afford to bank that profit early just to act as an arresting mechanism sometimes just to use that self language to say, can I actually afford to bank this profit right now? Because if you do bank it might make you feel good in that moment. But is it going to pay for the losers because there's going to be losing trades that come along. So if you're banking it just to make yourself feel good in that moment, then that's a great line to use. Anyway, that draws us quite neatly to the end of officially of the presentation. Let's have a look and see what questions we've got here. Okay, so Alex was saying, sorry, Alex. I'll read out your comment here. You've put it to host some panelists. That's fine. You said, man, this is actually a problem for me. I'm glad I stayed home and came to see this webinar. That's very nice of you, Alex. If you want to expand on that by all means do you did put that comment just to host some panelists, but I have read it out for you. You can just change it and put anything else there. Alex to send everyone can see your comments. Do you use MACD for confirmation? Santanu, let's go back. So where we've got the MACD here, the MACD is to tell me that we've got a potential divergence. So at this point down here on this red candle here, I know that there's a potential divergence because the blue line here is higher than what it was over here. Okay, so we can see it's diverging, but I need that big up candle or price buy. I don't have to use candles. I need that price bar to go back up usually just inside the two five EMAs. This was just a very large one and then it up closing above the upper one. That doesn't often happen. That then confirms that that divergence is there. It's not a guarantee that, of course, there's no guarantees and this is still going to only have a given win rate. So it's not a guarantee that it's always going to go up, but that's the entry criteria. Okay, so and the nice thing is with this sort of stuff is you can go back and test it, of course, anyway. Right, let's go back here and higher time frame good for beginners are higher time. I think Santanu higher time frames are better for beginners. The problem that beginners have is they want to they want to be active. They want to do a lot. There's lots of questions coming through here. So I just realized how many people are blind me. So I will endeavor to answer all these questions as much as I can. So I will get to all of your questions here. I'm just working my way through. So yeah, I mean for beginners, beginners tend to want to be doing a lot. So like we do, we go to work and we want to feel like we're doing a day's work, so to speak. We want to feel like we're we're doing something when we go to work. And it's no different if we're trading. But even a beginner who's not full time trading, because most traders just part time trade, they're still better off trading off of the higher time frames because the higher time frames, there's less noise, less noise. And so for beginners, that's good. Beginners start going down to five minute charts. There's loads of noise. They get caught up in the noise. And that's how they end up losing money and getting emotional. So yes, in answer to your question, higher time frames are better. Are the markets manipulated? Do they sweep for liquidity knowing where stops are laying, taking out stops, and off they go in the direction that you had forecasted, or are they algorithmic? Okay, so there's a load of questions in one there. Are the markets manipulated? Okay, one of my members in my community is a 33 year veteran bond trader, Dave. And so he worked on the other side. Okay, he worked for an institution managing, I don't know, however much it was, they were billions, they were processing. Okay, they are not bothered about what retail traders are doing. There's a lot of stuff out there on the internet about that sort of thing. That's good for people who are out there on the internet promoting all this sort of stuff, because it creates fear in individuals, and it makes you go and buy their courses. Okay, so the reality is the institutions are not interested in what Joe blogs is doing and where their stops are. What the market will do, it is in, at certain times, it will gravitate to where orders are. So if there's a big collection of orders, then a market may well go to where those orders are. Let me show you on the chart, though. And I think this is really important because people get really caught up in the whole liquidity zone stuff, which is liquidity zones, it's just where orders are. It's just a more common, more in trend expression of just where orders are. But markets still won't necessarily come down for it. Look at this chart here. Here's a low here. Price could have very easily come back down and taken that low out, because there will have been a build up of stops at that point, but it didn't. Then it pulled back into this low, went higher a little bit more, higher a little bit more, could have done a flush down into this low, and then come back up. Now, one of these people on the internet will go and find plenty of examples of charts where that type of thing has absolutely happened. What I'm trying to say here is it doesn't happen all of the time. So if you have your stop below a typical low or above a high, there's still no guarantee that price is going to come back down for your level. If the price wants to go up, it's going to want to go up. If there's more buying pressure, that's more important than market manipulation. So markets, I'm not saying there's not manipulation of sorts that you couldn't have some big players out there trying to move the markets around during less liquid times, but when you're trading something like Euro dollar, which is a highly liquid instrument, then manipulation per se isn't quite there. They're not interested in what you as an individual trader are doing. What they are interested in or what the market is trying to do is fulfill orders. That's the market's job is to fulfill orders. So I'm not a massive conspiracy type. I'm not saying that market manipulation is conspiracy. I'm just using that word, but I'm not really into that. The markets just move. Sometimes if they move against you and you get stopped out and then it starts going back in your direction again, well, we can get back in again. Rather than worrying about what these people out there on the internet are saying about things like they're out to get you and all of that type of stuff, I don't buy into that. I've been doing this thing for 25 years now and I'm an authorized money manager. So you'd have thought that I might know. And like I've said, I've got one of my members is an ex institutional trader and he said, yeah, why would we ever be interested in what retail are doing, which is fulfilling orders of our clients. So yeah, don't worry about that. What have your returns been like over the years on average? Well, Matthew, good question. They vary. I trade a number of different accounts you see, Matthew. I trade my pension money, which is very low risk. And actually, on my pension money, I only aim to make sort of between sort of 10 to 20%. If I have 10 to 20% in a year, I'm more than happy with that. So that is all comes down to how much risk I take per trade, of course. So on my pension trading account, then I'm taking less risk per trade. So it's really a cruel measure to say how much do you make in returns because really it depends it's about relative returns, isn't it? Relative to how much you stake. Now I do do trading challenges as well. And the trading challenges I do take more risk on. So I'll risk sort of one and sometimes up to 2% on an individual trade. So on those trading challenges accounts, and if you go to my YouTube channel, you can find my live broadcast of when I've done, I'm doing one at the moment. And the current challenge started at, I started with 20,000. And when I did the last update, it was at 95,000. And that took about two and a half years. So two and a half years. So 20,000 pounds into 95,000 in two and a half years. So it's about just under 400% as of the last update. So I do, I quite like doing these challenge ones because, you know, they're more attractive, they're a bit more sexy and in that regard. But my main pot of money, I don't trade like that because that's a lot more speculative. And so I don't want to trade speculatively on my main accounts. So I have to make that clear. However, with this 20K challenge, I am over the next six years going to see if I can get it to the big seven figures. You never know. Maybe I won't be able to get it there. Who knows what will happen. But that is the goal for that current challenge. And I'll keep doing periodic updates on my YouTube channel on that. What strategies do you use to add into positions? Jeff, I don't know if that's the Jeff Roberts, I'm not sure. But maybe not. Well, obviously you are the Jeff Roberts. I used to know a Jeff Roberts as well. When it comes to adding into positions, Jeff, what I'm looking at is existing open risk. So if I bring the pen up again here, so if I've got in here with an initial stop loss down here and price has been going higher, then it's not necessarily a strategy per se to add in. What it is is, well, okay, well, once my stop loss has been moved up a little bit, it might not be at break even, but it's been moved up a bit. Then I'm in a position and price has moved away far enough. Then I'm in a position to add a new entry up here because I've reduced my risk here, which means I can allocate new risk up here. So essentially that's what I'm doing. It's a bit more complicated than that. But that's the type of thing. It's not a strategy per se. I guess that is a strategy. But that's what I'm looking at. Once price has moved far enough away that I can move, reduce my existing risk, then it puts me in a position to add a new put new risk on. What are some of the things you can do to avoid being emotionally involved apart from walking away? Is there a way to train yourself to don't care? Great question there, Andre. Thank you. One way to help with not being so emotionally involved would be to risk less per trade. So downsize your position. Sometimes people will feel the emotions more, and so the more you feel the emotions, the more likely it is that you're basically position size too big. So one of the easiest things you can do is immediately go out there and half the size of whatever your existing positions are. So if you reduce your position size, your emotional attachment will come down as well. Don't worry. You know, you might say, well, I only risk 1% per trade, let's say right now. If I go down to a half, well, that's fine. Go down to a half or go down to a third or whatever the position size is, where you're less sensitive towards the trade. Then over time, as your experience grows, then you can gradually move it up back up to your original risk levels if that's what you wanted to do. So that's a simple one is reduce the risk that the size of your positions because it could be that that's an issue. But like you said, apart from walking away, so that sounds to me like your day trading there, Andre, so what I would also suggest to you is to have a look at introducing some semi swing trading. You don't need to be trading the way I do, where I might be holding on to trades for multiple weeks. But with the advent of these timeframes, like four, well, four hour charts have been around for a long time, but more people are starting to use six hour timeframes, eight hour timeframes, 12 hour timeframes that you can actually trade off of four hour charts, eight hour charts, hold a trade for several days and then you're still out if it gets your target based on those sort of timeframes. So you're less inclined to be sitting there screen watching if you're trading off those slightly more intermediate sort of timeframes. So that may be something as well to help. But the other thing, and I would suggest getting Mark Douglas's book trading in the zone, but one thing that he talked a lot about in his book was clustering grouping your trades together. So one thing you can do is to say to yourself, this is just one trade in the next thousand trades I'm going to be taking. That helps desensitize the importance that you're placing on this trade right now. If you can start using that type of language within yourself talk to say, look, what am I worried about the outcome of this trade for? This is just one trade in the next thousand trades I'm going to be taking. That all of that helps to desensitize. I do a lot of work on this with my community, but there's a couple of ideas there for you. Many good trades, many good trades argue you ruin your average entry price by adding to winners. Yeah, that's right. Yeah. Hence it's better to add all your size directly if you set up if you're set up is good. Any thoughts? Well, absolutely. So I mean, I think one thing with trading is it's a very personal journey. We all trade differently. Everybody here tonight, we all trade slightly differently. So I'm not here to say, oh, yeah, you have to trade this way. What I am doing, and I should have said this at the beginning of tonight's presentation, is I'm showing you a way and it's a way that most traders don't want to trade. So I would rather do that. But coming back to your point, yes, and it's a valid point. So I'm not going, I'm actually in agreement with what you're saying. So if you, in this example here, if I've put my trade size on, so let's say I was risking 1% of my account on that trade. Well, whether I add into this trade or not, I can still only put 1% if that's my maximum risk into the trade at this point. What I'm talking about, Amin, is you put your maximum position size on here and once it's got up to let's say here and your stop loss has been moved up a bit, well, why not add another one here? Yes, it brings your average price up. You're absolutely right. And that's why people don't like it. And that's why people don't like it because they're too scared of what it rolling back over and them getting trading stop and they get nothing out of the trade. And that's exactly why I presented what I presented earlier on. It's the road less traveled. I want to be where the masses don't feel comfortable because it's not comfortable, but it's highly profitable. It's not comfortable. You have to take yourself outside your comfort zone and therefore work on your mindset, but it's highly profitable. So that's what I love about it. Okay, hopefully I've sort of answered that and it was the pen gone. Do you change your targets after you're in a position meaning to say is it a static or dynamic Enzo? Thank you. What kind of risk-reward ratios do you look for as an average? Okay, good questions here. Do you change your targets after you're in a position? Mostly no. At outset, I've already done the analysis before I actually enter a trade. So I've already done all the analysis on targets before I get into the trade. So when I get into the trade, I know, right, I'm getting into a trade here. My stop loss is going to be here. My take profit or my target price is for argument sake up here. So I know all that in advance. So would I ever change my take profit or my target price up here once I've got into it? 98% of the time, no, I'll stay true to that. So what is the 2%? I guess if there was something like a presidential election, something really big, a major move, and I'm not talking about FOMC or anything like that. I'm talking about something major, major, major that where I might say, actually, I'm going to adjust my take profit. And I've got close to my take profit. And actually, we've got this major event coming out, not just non-farm payrolls or anything like that. But like I said, it's a very rare occasion that I would actually adjust it. Or it might just be that I've missed something in my initial analysis. That would come in that 2% as well, where I've had to adjust it because I've missed something in the original analysis. But that's quite rare that that would happen. And that's why I'm saying 98% of the time, because I can't think of an example at the moment. What risk to reward ratios do you look for as an average? My trades will vary depends. I do take bread and butter type trades, which will just be a one to two type risk to reward ratio. My biggest risk to reward ratio was one to 56. Just to give you an idea. Are all inverted risk to rewards a no no for you under any circumstances? Hi, Michael. No, no, I you can make money with inverted risk to reward ratios, you just need to have a high win rate. Like I said in the presentation, though, the that the only problem with high win rates that I I've seen is that I tend to find people get more stressed with high win rate strategies because they're they're so focused on trying making sure that they are right eight times out of 10 or whatever that if they're not they get stressed by it. And traders with lower win, win rates tend to not be so stressed because they have these bigger slightly bigger risk rewards. So yes, you can add you can make money with inverted risk rewards. But there is a trade off with that that for a lot of people, they find it a lot more stressful. Okay, right. So I've got another one here. I've got so many questions here. There's there's probably too many of us here tonight because I am working my way through. But I've got so many questions. Ed car, I'm just getting on to your one. But I'm just going to switch over because there's some in the question and answer boxes as well. I'm going to quickly, there's about four in the Q&A boxes and there's loads in the main box, we will work our way through. Panducana says, do you ever take partial profits? Also, would you recommend moving stops to break even? Yes, and yes, I do sometimes move I do take partial profits along the way, but on certain trades. And yes, I will move stops to break even but I don't I'm not in a hurry to move the stops to break even. So I only moved the stops to break even once prices moved comfortably away. So yeah, what have Matthews asking? What have your trading returns been like? Oh, I've already answered that one. Thank you for the webinar is very useful. How do you manage risk while adding to a position? I think I've already answered that one Vivian. I've got one in French here. I'm sorry, I don't I can't read French. Will a recording be shared as I missed the beginning? Colan, I think that might be. Yes, sir, you are you've registered. So, Tick Mill have said that yes, absolutely. It's being recorded here tonight. So you will be sent the recording. I'm sure if you're not sent it get in touch with Tick Mill. They're a great broker, by the way. And it's really it's an honor for me to be working with them like this and being able to do these presentations. So Edgar said, I think he did one or two great trades, then he had 10 or 15 small losses, then one or two great trades again, and then many tiny losses again, all in a day. Then I somehow managed to blow up my account. How can I stop this? Wow. Well, for one, you're over trading Edgar. If that's all happened in a day, you're trading too much. And so that's the first thing to sort out. You're way over trading you at the moment are a typical retail trader. So you're taking loads and loads of trades. Of course, within that, you're going to have some that work out quite nicely, but you're having too many losses. So it's likely. And if you're blowing up just on having small losses, then something isn't quite right. So you need to look at your average risk and reward of your trading. And because if you're blowing up, then it sounds like I don't know what your it's a risk management issue. Definitely. Hi, Charlie, how do I become a certified money manager? How do you go about it? Thanks. I'll come to that at the end, Lincoln. But essentially, Lincoln, if you want to do that, you need to go to an umbrella organization. And you need to go through some tests. You can still get the equivalent of a CF 30. So you can take that exam. And that would be a way of doing that. And you also would need to have a track record, of course. So usually a three-year track record and all and all of the experience that comes along as well. So that's but there are companies out there in London that will regulate you if you do all that. I mean, when you add to winners, how do you manage the risk? Do you move? I think I've already answered that. I did that on a previous one. So that's fine. Why don't you close partial profits or move your stops to break even after a reasonable moving price? Also, do you plan for swap fees when planning your position size? Great question there, Panda Canna. Why don't you close partial profits or move your stops? So if we go back to the let's see if we can go back to this trade back here. I did say in the presentation why I don't move my stops up. I would bank partial profits. Panda Canna, in fact, that 111.85 was a level, it was a take profit. But it was also, it was a partial take profit. I was still going to hold on to some of my position in fact. So that was where I was going to take a partial profit. So it still hadn't even got to that. It was a great run. With the benefit of hindsight, you know, of course I could have come out earlier, but we don't have that benefit. So and like I said in the presentation, I could have just carried on, you know, trailing a stop up here and here and here. But, and yes, with the benefit of hindsight, I would have made more money that way on this individual trade. But like I said in the presentation, I'm not interested in the outcome of this trade. I'm interested in the outcome of the next hundred trades or a thousand trades. And so I have to put up with the fact that there's going to be trades like this, which will roll all the way over and I end up getting still to stop that down here. And so why not bring my stop up further? Why not? Because there will be plenty of trades like this, where I bring my stop up further, it comes down, stops me out and then goes all the way back up. I'm now out of the trade. And, and I've now missed out on having built up a position as well. I've banked to profit, but I'm not interested in this trade had the potential to be, I guess, on that account I showed earlier on, I don't know, maybe a 60 or 70,000 pound trade. It was only at 40,000. So I'm never going to make 60 or 70 on that account. If I'm always coming out at well, at this point, it would have been around about 30,000 profit. So I can choke my trade and guarantee a profit or I can hold on and make a sacrifice of seeing some of those trades roll over and amount to nothing. But it doesn't matter because there will always be those trades that do carry on and make those larger profits. Like I said, we want to fix things. Well, no, we can't let that happen. Reality is I'm looking at the overall profitability, not the outcome of this trade. I would have loved this trade to have carried on, of course, but I have to look at it as an entirety and over the years of trading that I do, I've done, I have to look at it that way rather than trying to fix it and think, well, I'll, I'll trial the stop up next time. And then I'll, because all that will happen is there'll be plenty that, that happened like this, like it trading stopped out only for it to go higher. And then, and then you end up kicking yourself saying, oh, I shouldn't have done that. And I could have, you know, should have held on for the main target. So there's your up. As far as swap fees are concerned, of course, I plan for swap fees. Swap fees, I always see it's just the cost of doing business. So they can, you know, swaps are going to build, but they're not that big. Now I'm trading the majors here. And all right, if you're trading dollar yen, for example, and you're trading on the wrong side of the swap fee, then that's going to accumulate probably a bit quicker. But so there might be slight decisions to make in that regard. But in the main, I see it as just the cost of doing business. And it's just a small part of the profit. What if I choose intraday trading tamer as my trading star? I am, am I going to be a good trader? I don't know tamer, you might be. So in answer to your question, yeah, I'm not saying that you have to swing trade, but the statistics, the statistics are that swing traders fair better than intraday traders, not intraday traders who have got loads of experience. What I'm talking about here is people who get into trading, a lot of people who get into trading think that day trading is the holy grail because they're going to be sitting there and doing lots of stuff. Well, one, you can make just as much money from swing trading as you can from day trading, because I used to be a day trader. Like I said, I've won day trading competitions five years in a row at the London Forex show. So I've done a lot of, you know, day trading over the years, but you get to a point for me where I wanted to have a bit more time on my hands. And so swing trading is a natural move to enable that. So I don't know whether you're going to be a good day trader or not, but the statistics say that people who get into trading, the people who go to day trading, there's a bigger fallout rate of people that get into day trading than those who get into swing. And it's all because of emotions. It's because of that emotionals, the emotional discipline that you need in order to day trade. And a lot of people find that very difficult and then they'll make mistakes. So, you know, it's up to you. I'm not trying to say don't do it, but the odds are slightly more or are more against you in that. Don't get me wrong, there are plenty of profitable day traders, but they ask a smaller in number. Do you scale out trades and take partial profits, all the answer that? What is your YouTube channel name? Charlie Burton Trading, Santanu. Why price for good uptrend, downtrend, without any key levels? I don't understand that question. Will we be able to see a replay? Yes, it is being recorded, Stephen. Thanks, Dave. No problem. Jeff, it is Jeff Roberts. Oh, nice to see you if you're still here. Still remember that, yes. Yeah, exactly. Yeah, absolutely. Well, you know, time has to move on, Jeff. So, and yeah, how do you avoid losses with your stop? Some traders don't use stops and wait for the market to move up, leaving them open to negative open trades. Mark, how do you avoid losses with your stops? Right, yeah. Okay, so that's my point. If you don't use stop losses, then you're more likely to blow up an account. Because if you get into a trade here, and you have no stop loss, and the market just starts coming down and down and down and down, and it doesn't come back up. It just carries on coming down. Well, you're just going to sit in it. And until you either blow up an account, or you get to a point where you can't handle the pain anymore, and you close out, and you've destroyed 70% of your account. It's not a good thing. So, you don't avoid losses. My point, the whole point of using a stop loss, if I've got a stop loss here, is to guarantee that I'm going to get, I'm going to have a loss. I'm going to get stopped out. That's the whole point. There's a point at which on the chart, and using with a given, with a specific strategy, where I say, right, if I'm going to get in here like I did, with a stop loss down here, if I'm wrong, and it comes down to here, yes, I'm going to have a loss. But if I'm only risking 1% of my account on that trade, I can afford to have a lot of losses. So, it's just back down to the basic risk management. So, only risk, use calculators, position-sized calculators, which will help you to get the right position size for the stop loss you want to use. So, if that stop loss was, for argument's sake, 80 pips, you would put into your position-sized calculator, your account balance, your total account balance, how much you want to risk. So, let's say, I'm just making this up 1%, it might be half a percent, whatever it is, you put the, the, how far away the stop loss is going to be, and it'll give you, tell you what the position size is going to be. So, it might say, okay, you've got a 0.06 of a lot position size. So, you put that position size on, if it doesn't work out, all you've lost is 1% of your account in this example here. So, just normal good risk management. You answer, yeah, leave that with you asking for a PDF of the presentation, I think. Yeah, I'm sure if you ask TickMail, then I can sort that out for you. Andre, you've enjoyed the presentation. Thank you very much. You've got to run shortly. Yes, we are running, yeah, an hour and 20 in now. So, we're going to have to, I'm going to try and run through these questions, I'm catching up, but my word is still another 30 messages I've just seen. So, what we're probably going to do is I'm going to do 10 more minutes, we will finish at half pass. I didn't realize there's so many questions here still coming through. So, one of the top three philosophies you stick to that has been the most rewarding for you, were you trading crypto for 1 to 56? No, I wasn't trading crypto for 1 to 156, it was an FX trade. The top three philosophies I stick to that have been the most rewarding, were certainly adding into trades. That was something that I only really started doing in about 2013. So, adding into trades was something I started doing in 2013. So, you've got to bear in mind I've been trading 16 years at that point before I started doing that. That's certainly, and I've really enjoyed that process. So, that's one philosophy, so to speak, of adding into the winning trades. I like it because I know the masses don't like it. Another philosophy is mindset. So, trading doesn't matter how good your technical strategies are. Trading is all about mindset. I've seen thousands of traders over the years, and I've seen traders with lots of experience and traders with not lots of experience. And all of them, if they don't work on their mindset, struggle. So, one of my top tips is always work on your mindset. Like I said, I spend a lot of time with traders on mindset. So, that would be, is key key key to my trading. I'm trying to think of another philosophy for you, you say to stick to. Always using stop losses. So, just a technical one, always having a protective stop. So, I would never trade without a stop loss. That's what again the masses would do. Right, if I was a day trader, or if you were a day trader, would your trading philosophy be different regarding letting profits run and adding to winners? Yeah, on day trading, I wouldn't necessarily add to winners on day trading because the whole, you know, you're not running trades for as long. So, in the main, there might be the occasional one, but I mean, but in the main, no, I wouldn't be adding to intraday trades. No, less likely. And yes, would my trade management be a bit different? Yes, bearing in mind, you know, I did use the day trade quite a lot. Then I think in day trading, you need to be a little bit more, what's the word, maybe a little bit more aggressive in some of the trade management. Thanks, Alexander. Thanks, Tamar. Okay, great. You've got a team viewer that's got a risk calculator. Oh, I've just realized I've got, I'm getting to the bottom. Do you believe in linear exponential bet sizing, i.e., for example, risking half percent on C set ups, one percent on B set ups and two or three on A set ups, and not just one percent on every set up. Great question there. I do actually, I mean, I do like to vary position size on, based on the quality of the set up. Yes. Oh, it's nice to hear. Well, it's not nice to hear. Oluwa Damil, sorry, says that trading without stop losses have done more damage to his accounts. We all have to learn. When I started trading 25 years ago, I blew up an account. I didn't use stop losses. So, everyone learns and starts somewhere, but it's not nice that that's happened to you, but at least you've learned from it and you'll always use stop losses now. Adding to trades mindset and stop loss, your advice has been most helpful. Oh, thank you, Zee, and another one from Kresen saying, thank you. Let's make sure. Great, we've got to the end. Well, that was a lot longer than I thought. I think we're going to be doing another one next month. So, I'll be doing another webinar on a different topic next month. Hopefully, some of you can make it there. And thank you ever so much for attending tonight. We'll call that an end to tonight's webinar.