 All right, good morning everybody and welcome to the options trading ProTrader webinar here with Tyler Wilson from Option Drops And let me make sure everything is working here in YouTube. I believe it is Yeah, okay, so what all right, let me go through some slides here introduce you to Tyler He's he's done a webinar with us before ProTrader webinar But this one and he trades a lot of options So this one is focused as you know the ProTrader webinar this whole week is focused on options and You know looking forward to we had Brent yesterday the recording is up You know he has some really good options traders this week So what you guys should be able to learn quite a bit tomorrow J trader Options millionaire on Thursday and then Doug plus on Friday So what you know really nice lineup here and today Tyler and let's get into it So you know Tyler's been investing for the last five years He started in futures and crypto and then slowly moved to or towards equities He has about 30k plus traders that follow him on YouTube roughly 10k on Twitter And he's also built a self-sustaining discord community of four thousand So I do have some Links here that I'll put into the chat If you guys are interested in more on Tyler So I don't have to copy those down, but I do need to go through the disclosures And then we can get into the presentation General disclosure all book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor Recommendations risk disclosure trading futures equities and digital currencies Involves the substantial risk of loss and is not suitable for all investors Past performance is not necessarily indicative of future results All right, so Tyler's looking for a video from yesterday's action So I don't know if you found it yet Tyler or yeah, actually I'm gonna go I'm gonna go over Friday And then I'm gonna use that as an example of going into yesterday and then kind of how I'm using CVD and Oh cool, they hit an order book. Okay, excellent. Excellent. Yeah, do you want to share your screen or? Project in discord there, and then I'll re-share it for YouTube Got it Okay, I'll set Okay, so I actually want to do something a little bit different so last time I actually went over specific equities and specific stocks And when you're looking at it right now, it's more of let's say a bear market in comparison to the last time I was here I believe the last most years around February So it was more of you hadn't had that really big drop yet on the market And so now you've definitely been forced to trade more ranges and if you've all known YouTube at all Do you know I'm always focused on indexes, right? So I wanted to give an example of what I'm looking out throughout the day and how I'm using book map Intangent with everything I'm looking at so when when I come to the market, obviously the only Indexes or charting to be looking out if you're gonna follow along is gonna be ES and NQ These are the only ones that I'm ever really using right These are my bread and butter if I don't like these charts that I'm not gonna move on to something like Tesla Google Or whatever option I want to trade right and now some might call me a conservative trader But the whole focus like I said in my previous time here was Reducing risk at all cost in order to have the safest trades, right? I want to have the most ones possible and I want to have my risk Is minimum as possible. That's the whole goal of what I do here, right? So what I want to use is actually Friday as an example. So this is actually the daily chart I'm gonna go into the one hour really quick. I'm actually gonna bring up an indicator It's just called opens and it's just gonna show you just basically show you each day So, you know, like this right here. This is Friday's action where you drop down came back up So we're actually just gonna use this and then we're gonna be able to follow along Right with this as well. So this is really the time we're gonna focus on and then we're gonna go into today as well And really what I was looking at Hopefully next time too, I'm gonna have more examples so I can go kind of like a whole week for you guys But let's just dive right in So I'm gonna go this is Friday's action basically the entire day from market open here all the way through and I did my best to screenshot the best Action because I want to look at the middle of the day and now when I'm using book map There's only really two indicators. I'm using on here. I like I believe it's the hidden order book I believe that's what it is Bruce stop stop with all your name Dops and icebergs. Yeah, and I'm using CVD, which is your bottom red and green one, which is should come Which should come with it. Um, so it's gonna be your base indicator All you got to do is go down to the book map You can open it up right here. You come down here and it's just gonna be the drop box right here If you don't know how to use it, maybe you do. So anyways, that's what I'm really using here Yeah, we're gonna go through today as well But I want to cover Friday specifically to what I was looking at now When I'm trading it's all based on price action key levels Supply and demand and volume volume is the ultimate indicator and that's why book map in my opinion is One of the only indicators worthwhile of if I had to purchase anything That's why I like it so much. So when we come back to the chart You're gonna get a lot of action specifically like I love to come back to trading view or whatever chart you're using Doesn't really matter and show you what's happening because if you really look at Friday You may not understand too much of what's happening here. We come back into this day specifically You you may look at this and you might just say this is chopped and that's really what it was It was a no trade time for myself personally. You can see it was a lot of chopped down You were stuck in about a 30 at right here locally at 15-point range on Looking at the ES and you slightly broke it down into that you got a pump So you can see that it was really a terrible trading day But when you use book map and the way that I'm looking at it It kind of can give you an idea of what to expect into the following day And that's ultimately what I'm using it for right now or to spot fakeouts or continuation So when we go back to that image, this is gonna be from Friday again So with CVD it's a very important and this is how I use it personally so you can use it in any way you want But some days you'll see CVD be in the green But you may be you know moving sideways You may be kind of pushing down a little bit and so you're gonna get divergences there as you will but when You're getting chopped like this and CVD continues to move up I use that as a very bearish signal or the next few days It's gonna be almost as when you're looking at CVD that it's important to look at as volume of buyers versus sellers, but you're not looking at the quantity of The order size so for instance if you look at someone that's buying a very large short position And that might not affect CVD in the same way as if there's a let's say there's 10 total sellers But there's one buyer but the one buyer is buying more than the 10 sellers CVD might still show a green look because the quantity of people buying is more than the sellers, right? So it's gonna give you that look at it And so that's the way I'm looking so you can see as you're coming down here throughout the day Which is really from 9 a.m. And I'm in central time So about 30 minutes after a market open through essentially lunchtime you're coming down You can still see CVD chopping sideways sideways sideways, right? And so when I'm looking at this this is basically just setting me up for the next day Or however, I'm looking to trade the market specifically because again if you're familiar with me at all All I'm doing is looking at indexes and then how I see them moving going into key events and how I'm trading spy How I'm trading the NAS that cues whatever it may be right specifically with options So I'm trying to always give myself some sort of edge So when we're looking here, we can obviously spot from the last video as well We all know this is would be a key support level that's holding in here at 3850 It remained there all morning long and we can see CVD's bouncing every time it even gets close to turning into the red Which is another major signal that you're gonna need to watch It's almost the number one time that I would not be trading or kind of day trading throughout the day is when you're getting the test of That flip from buying to predominantly selling right so you can see you're bouncing down here You're bouncing you're bouncing every single time you're tapping it you're bouncing back up now The price action is not bullish by any means right we can come back to this chart and you can see you are not bullish, right? Can we can we can all agree on that into lunchtime? You're you're making lower lows? Right, we can we can all see what's happening here all the way into lunch You continue to make lower lows and this is Predominantly bearish price action as you're making these new lows and then you start to make a high load out of lunch So we can still see that but for me because of where we're at and we're not getting any selling dominant selling here and We haven't broken through our key level our key support here That tells me this is most likely a no trade zone and we just need to wait on this right now Now if we start to get below this level and then we started flipping over to the selling side That's gonna show me a day trade could set up for this But it's important to realize that that did not happen and then actually until the end of the day as you move on You can actually see CVD ended up popping up higher and it's no coincidence when that happened You can see what happened near the end of the day coming back into this as well As you actually end up making your high of the day and you're here testing your actual market open from the previous evening Which is around 5 p.m. Central of when futures reopen on the market, right? So you actually see you test that and that's really into the day there So if we come back here again, you can see that this is all in tangent with that at that key level and that flip On CVD and next time I'll try to have a PowerPoint for you guys as well Just so we can kind of like keep up with it as well And you don't get really lost here, but that's what I'm looking at here. And now going into Monday I was going into this and you again what I was talking about this was Based on this and can you can see here with that the iceberg indicator? You can actually see that it was predominantly big orders coming in on shorts Right here. You're getting stopped out of positions betting on more downside for the upcoming week And then if you actually combine this with any other tool of option floor or anything like that You can actually see as well going into this that it was a lot of orders coming in for october 21st on the put side So not only were you getting selling here on indexes near the end of the day when you were actually reaching your highs, right? Which Coincidentally if you come back here, you can actually see that this is a retest Of your previous highs that you had made here. I mean of your daily open, right? This was your daily open of the day Guess where you top out at right there at that daily open once again coming into monday morning Do you see that happening right there with selling coming again? And then on top of that as well if you go to any any type of Order flow follower that you may use on usual wells cheddar flow any of those type of guys Or just on twitter where they post all that for free You can actually see that a large amount of orders are being established as well for the following month coming out Which we all know this week as well as going to be pho MC the fedments come out very important day You know for the market as well, which could be a really big trend changer, right? So as we move into today, right? So we can see that we're obviously Holding this trend to the upside and we can definitely see this is all green And then yesterday monday we actually got pure green action as well, which I talked about in my video yesterday I shouldn't get the chance to cover A screenshot of it. That's the only issue. I did not screenshot yesterday's video And then as you come into today as you're seeing all this selling pressure built up specifically with that iceberg indicator You're seeing as well as we come into today. You're seeing predominantly selling coming in now You can actually see you have not even retested the buy side You almost got to retest here You can see that you quickly rejected and as I said too earlier This is almost the no trade zone when you get close to that flip because you have to be respective of Seller stepping back in or buyer stepping back in as you get close and you can actually see here That you're making lower lows You're following the trend pushing down as well here and you're coming into a lot of liquidity now So the main focus of this is one my last one I was going primarily over using Just the levels and how to spot usual activity coming into the book now I just want to talk about specifically cvd cvd is one of the I think it's probably my favorite indicator Beyond anything even on trading view It's become my new favorite indicator and the way that book map integrates it with their Indexes in here. It just it respects it more than anything you're going to see on for instance trading view I don't like theirs. It's not going to be as respective and it's not going to be as accurate in my opinion So if you have book back already in which I assume you do if you're here I recommend using this one at all points of the time because it's going to really show you the way you're getting Especially with divergence as well We're spotting some of these, you know false breakouts and spotting some of the movement in between as well So I want to make sure that's highlighted as well. I actually want to bring up Icebergs as well with that load in Yeah, so that's what I'm looking at there and this is specifically with indexes I don't like to use cvd and I don't like to use Icebergs you can't even use icebergs with equities But I don't like to use cvd with equities because that's not going to be as accurate And you're not going to get the same amount of volume that you're going to get into equities as you will With something like for instance futures futures are going to be a constant You're going to get the best volume constant in and out and the biggest orders are going to come there Compared to trading something even like tesla or apple. It's just not going to be as accurate So I want everyone to know that and I highly recommend not using it on Those equities that's just for me personally Um because it's not going to work the same as I'm mentioning it here So I want to make sure that's abundantly clear here. Um, that's going to be the main focus So when you're coming into this, I recommend Charting futures so like in discord and when I'm talking to anyone on my youtube I'm always breaking that down as well We're always focused on where indexes are going and the Any type of edge that we can get into spotting the trend into the next day or the next week That's what we're looking at and then we'll move on from the data and we'll treat the same data We got from indexes Almost the same as to their equities as far as key levels and demand as well So I want to make sure that's abundantly clear here as well but So sometimes even if so if you get rid of cvd, you can actually see Here on the icebergs, you're getting some some buying pressure here, right? And that's what i'm talking about with using cvd to identify maybe some Fake signals towards the upside here, which icebergs are showing that there's buying occurring here Even though you're seeing predominant sellers here and we can actually tell that the actual volume here is on the side of sellers as well Like I said cvd is going to be an indicator of quantity of buyers Not the size of those buyers of how much they're actually buying or selling So that's going to be a really big thing to notice there as well That's why yesterday on such a low volume day You were still so green for instance the overall volume on the market specifically on spy has been on an average of 71 million It's got it's gone up from 63 to 70 million about a week But yesterday was a 71 million day whereas friday was 100 million and then the day before that was a 90 million So you're actually coming down right now in that volume as well So again, you're going to notice a key pattern with the way that i'm using this is going to be as far as volume That's going to be the number one thing is you want to see volume Buyers and sellers and any indication we can get into what big money is doing here because ultimately that's why you're using book map Is to see what the big money is doing here and that's where you're going to get any type of edge here Now we can see obviously there's a lot of liquidity here where this is going to be a key area You're getting buying coming into this liquidity So it's important to know but we still know here based on cvd That it's still pointing for more downside as long as we're still sitting in the red And then on top of that with all the signals that we were getting before as far as the big selling orders coming in on friday And yesterday as well that we could see from the icebergs And it's very important to know when you're looking at these icebergs They're looking at the size of them right so we can see this is 360 lots So we're going to know that this is not as large as for instance when we come back to friday's action And we can see that coming down here you're getting over 1500 right you can see negative 1500 So you're actually going beyond that at that point right there So you can actually see the size of orders that you were getting on some of these massive moves Were way larger than what you're getting on some of these short burst of moves and then are quickly being rejected right So it's a very important to realize as well because the biggest orders you're going to get Typically are going to come on big spikes either to the opposite direction or while you're trending down So that's where you're going to see icebergs typically step in as well Is they're going to be trying to buy the dip or short when you're getting to key levels as well Which is important to realize when you come back to trading view and having your key levels marked on your chart Which if you're not familiar with marking some of these levels on trading view I recommend using book map as well to get you started there Um, I want that to be highlighted as well So if you're not familiar with making key levels or finding resistances Book map is definitely going to help you with spotting those levels, right? So we can see here as well 386.5 to 380 3860 you can actually come in and see that this was a key area as well when we come to the five minute You can see that all this level here on es guess what guys it's coming right back down To where all that resistance was you can see this is where we were holding time and time and time again Over the past three four days, right? We can see that this was a key area and it's coming right back into book map because you'll be able to spot this based on The flow here It's no coincidence that you're going to see the bottom of that level maintain there And then as you get closer more liquidity starts to dump into this area because they're trying to hold it as a key level They're not letting they're not wanting you to get below and as you come into these key levels is important No as you're coming down You're expecting buyers to step in and as you're coming up You're expecting obviously sellers to come in because this is just how you know support and resistance works and Majority of your cases just think about if you're trading any type of chart, right as you're coming up to that area You're expecting that's why you're getting out of your trade. You're expecting it to come back down Even if it's a slight rejection, that's always what you're expecting here, right? So when you're coming down to this area, you have to Anticipate a balance even though your broad overall viewpoint may be bearish, right? So I have puts on the market, but I'm still holding these positions as we get here because overall On my broad scheme of looking at this. I expect this level not to hold now if you're just scalping day trading This would be an area to where you're like, okay, I'm gonna let this area subside I'm gonna see if we can get past this liquidity and start to move on and if that happens And obviously you're looking to reenter on a retest of that area as well But yeah, that's for instance, that's a majority of what I want to cover here. I can break down specifics of that bruce But that's the main part typically when I'm doing like the education stuff It's me going back and forth with a lot of the students And going over parts and maybe I wasn't as clear on if there's any parts you think I should maybe break down a little bit more I would love to because it's for me It's always I feel like I can explain my train I thought but sometimes there's key areas that I'm not able to dial in on as much that people may struggle with So I want to make sure that if there's any areas that kind of went over too fast or Did it break down enough that I can definitely own in on more No, no, no, I mean, I do have some some questions for you or everyone get your questions in for tyler Yeah, I love the answer There are some things in here like This is you really painted a beautiful picture here in the bigger picture You know what you're looking at why you're looking at it How you're getting indication from these areas in here how you're reading the order flow in book map Uh, and and then aligning that with the higher time frame This I mean these are such simple things that That we we try to get across in our education all the time And that's why we have traders like yourself in here to like to go over this and say hey look Look at the value. This is bringing is making you It's allowing you to create better decisions Uh, and and you're only talking about higher time frame stuff here um You know some of the things that you we had uh an options expert uh yesterday uh brent kachuba at spot gamma talking about You know all sorts of uh, you know pretty pretty high level stuff. Uh, he he tried to simplify it as well But is pretty high level stuff And now you're looking at it and the same things same perspective But you're looking at it from a different angle But your your higher level analysis was spot on with his direction as well and and then looking at the october You know put calls ratios or you know Where where people are starting to now position themselves And then I I really like your use of a cvd as well like Using it at kind of higher time frame level and also Divergences in a little little different way that I really like so the the question I have like You know You've covered the higher time frame the question I have Is now where are you looking for options? How are you starting to look at your options trading? in relationship to this So that yeah, that's exactly what I wanted what I was talking about in the beginning is when I came here last time It was you know, I think I believe it was early fit. It had to have been early. Was it February or March? It was one maybe it was March right before we had the big You know, you crane thing happened and the market started just getting hit, right? So if we go back, I like to just use the chart here Just so it gives everyone like a timeline example Right of where you're at and it's important to realize when you come in here of Kind of how the market's moving, right? So you have some people that like you may follow on social media and stuff and you know This is no way to say anyone's better than anyone. All right, but it's to say that you have to be kind of You know paying attention to where you're at on the market, right? So we go back to to March right early March about right I believe we're like bouncing right here. This is where we were Um, so in the grand scheme of things looking at the, you know, s and p 500, right? You were still relatively close. You're about 10 off from all-time highs, right? So at that point it was just a minor pullback and you know now we're Definitely getting hit a bit more about 20% from all time. No 25% give or take from all-time highs Um, but you're you know, you're definitely hurting more here. So For myself and a lot of traders that I know personally It's all about adjusting your strategy and like that was something that was mentioning heavily in the first one And I know a lot of people weren't here probably for that first lesson. Um, but somewhere it's saved So you'll y'all can go over that. I know bruce has it saved on the youtube page But we were doing a lot of equity looks and looking at like something like lucid and mid caps We're looking at a lot of mid caps for making those decisions here. Um, and as of lately, I have not been liking straight options on something like, you know Google, Nvidia, Amazon, Tesla as far as going back to here Before we had this big break, you know below this major level, you know I was very active in those equities as of lately the past two weeks since we re-broke down below here I've been playing more of the swings as far as spy But where where it lines up with that is more of entries. So the way I'm using book map here is more for finding entries and Combining it with everything else I'm using because I no matter what anyone says and I think bruce will agree Um, you know using book map is not you're gonna be your key level to know everything about the stock market And when to get in and when to get out, right? It's just going to help you and refine you more Right, and that's when when me and bruce first started talking before I even like You know came apart of the team and stuff and started talking to them You know, he was like it's important that that that we're transparent and showing you that You know, you're not going to use book map and use, you know One indicator and you're going to be a profitable trader, right? You're not just gonna it takes work and you have to you know And that's why there's some people that come in here and that are able to Twist it and use it to how they trade specifically, right? Like he mentioned the guy trading with off the the spot gamma and I I've looked at that tool yet I just haven't figured out how to combine it with my method even though all I trade is options, right? And so it's going to be different for everyone. But the way that I'm using um Using es and using the end. I don't really like using nq futures here Just because es is just the most clear in my opinion. I think me and bruce also talked about that es is going to be just the most clear and give you the best picture in my opinion when it comes to looking at any type of um True movement on the market and being able to use this chart to predict anything else Um, but where I'm using it to for options specifically, right? I like to try to spot weakness in the market for instance, right? Like I just said Yesterday was a very mediocre volume day. So if we're moving for instance So if we're moving down, right and we're moving or we're moving up Let's say we're moving up But the volume on the day is very lackluster. So we can come back actually into Yesterday's movement, right? I want to highlight yesterday's movement because it was such a good day And I cannot believe I did not Take a picture of yesterday's book map But if you come back into yesterday's movement, right, we're going to come in here really quick And you can actually see yes on a five minutes higher for me. It looks like you get a great It really does so from market open about right here This marks your market open where day starts until the end of the day about Three o'clock is when the market opens we'll say right here when the after hours close right there Get a great movement 38 60 to around 39 20 about a 60 point move Now in consideration when you're having big moves on es Nasdaq or anything else You're throughout the day you've been moving a little bit better, right? For instance, we move from our big drop from 4200 all the way down to 39 It's over a hundred point move consolidation and then we moved from 39 70 Down to 39 9 through 39 flat proceeded to dump even further right just continuous, right? So we got some steady upward movement here But the key thing to realize is back there. We're moving with a lot of volume So when you start to see a big shift in volume, whether it be from high volume to low volume That's where book map is going to give you your answer in my opinion So when we come back over here like I mentioned with yesterday again, sorry Take that screenshot But if you were looking at book map on es yesterday, you would notice that the entire trend was green You were just pushing up with cvd And so what i'm using this as is i'm using it as divergence and i'm looking at it from a lens of If you're getting minimal selling pressure And you're only getting buying pressure on the market, right? You need to be able to establish and realize what's happening So if you're getting minimal volume your lowest volume and most likely the past 10 days on the market yesterday And you have to recognize that with it being that low looking at them looking at the book and looking at what's happened There was no real resistance towards the upside here on book map Now when you look at that you can it'll tell you a few things and my opinion It told me that buyers on the book yesterday were extremely extremely weak And what i'm looking for whether it be any type specifically with breakouts But with any type of market you're looking for strength and follow through right So if we go back to the chart and i like to use this chart and i know bruce might get mad that i go back and forth so much But as we're as we're looking the biggest thing here when we go about the four hour chart Is look at the indecision over the past few days, right? It's back and forth back and forth back and forth. You you're not getting followed through volume, right? So for instance, if we go back to around the 13th, I believe this was last the beginning of last week, roughly You'll actually be able to tell that this was just you know, you were sitting in about a 30 40 point range And if you go back and we were looking at this You would be able to see the weakness in the market and the lack of follow through right And I like to tell everyone too when we're talking about on you know, youtube or anything I'm very clear in telling people that there's no secret formula that i'm using I give an example of everything i'm using here, right? I it's usually book map It's going to be a little bit of options flow, which is not that Imperative but on key dates you're going to be able to see where big volumes are so flowing But you're going to be able to tell when these the market starts to pivot Based on strength and what you're seeing from book map and now book map It's not going to give you a clear answer and say well right here that buyers are weak, right? So if we look here, I just want to like let you guys really look at what's happening, right? You can see that one you're trending down still we can obviously see on the day since market opened I was just in discord talking to guys, but as you're seeing you're trending down But guess what happens you're actually trending up on your cvd So what does that tell you that buyers may be trying to push you back up or more quantity of buyers might be stepping into the market But guess what they're nowhere near as strong as the bears right now because even you're still trending down With ascending cvd ascending buying coming in as far as numbers of buyers, right? So we can spot that here, right? It's a clear downtrend But your cvd is diverging against that so right here That's why I was able to start entering my position yesterday And I started just loading into puts for october for myself personally and those puts are doing well They're doing okay, but like as we're looking at this This is this confirmation of what we're looking at because ultimately when you're getting in out in a trade and out of a trade Your ultimate thing you're looking for is confirmation to make to make sure you're making the right decision Or again, like I said in the beginning reducing risk as much as possible um I hope this right here gives you an example, but this is like one of the best I love watching the divergence that you can see on book map with cvd, especially Sometimes you're gonna have to take off, you know, your your icebergs and I don't recommend, you know Relying on anything that much even cvd don't rely on cvd as a whole But for instance, I know a lot of guys that use book map In icebergs are their favorite or people in discord like hey, Tyler, are we getting any icebergs? We're getting you by pressure And I'm always telling them I'm like, well, you you may be getting some like right now You're seeing predominantly buying pressure kicking in right predominantly all across the board buying buying buying Because what you're getting you're pushing down, right? You're in a downward trend. What does that tell you? Does that mean that That the icebergs are irrelevant all the time? No, but we have to look at is The size of these orders, right? So we can tell that the size of these orders are a lot smaller Even the the buying pressure you're getting right now in this dip, right? Like I just said, you're gonna get buying pressure when you dip most of the time And you're getting that right here about the 400 lots. It's not that it's bad It's that it's nothing compared to what was happening on Friday and yesterday, which was happening at, you know Four times the size of what you're seeing right now, right? And so you have to be able to compare contrast of Buyers versus sellers and you really start paying attention, right? So I can't just come into book map and just say, okay Well, five minutes I spent here and I got my answer, right? You know, you have to like really start to, you know, break down the data of what you're getting each day Specifically what with what you're looking for Does that make sense Bruce and how I explain that I want to make sure Yeah, yeah, yeah, absolutely. Absolutely. And you know, uh, no, no worries. Whatever tools you use Is uh, is what to go over and cover. This is about how you trade. Uh, and uh, You know use also use book map. Uh, so, uh, yeah, it's uh, it's your show I just want to make sure that I'm explaining it in a way that's easy to understand and that I'm not losing I have to make sure. Um, just because from personal experiences with teaching anyone and going over things Um, I know sometimes people can get lost, especially with I tend to go on a bit of a rant here So I just like to make sure that it's, you know, kind of step by step And if anyone has questions is why I would love to answer anyone's specific questions Um, about what I'm using and how I'm looking at this If if part of this doesn't make sense because chances are too like I tell everyone on youtube and on discord Chances are there's 10 other people that have the same question. Do you have? Um, and they're just not asking as well. So Any question there's no real dumb only dumb question is when you ask the same question over and over and over Um, and you don't ask for someone to break it down a little bit different But yeah, I really encourage people to ask questions Even if it's not me in here You should be asking people questions one to make sure they know what they're talking about And see if they're just not spitting out random stuff But also too so you can get it broken down to make sure you're understanding what's being said because ultimately i'm here to Hopefully break this down to a better way for you guys to go to use book map and to understand just the way that i'm looking at it Yeah, in in fact, uh, uh, no, thanks for that. Um, uh, tyler the the um, uh, the question here I was just about to ask but uh, uh, motion vista already asked it here. Uh, so how do you choose your puts in october? Okay, so looking at okay You're not gonna get like that type of answer from book map in my opinion Because it's not just not gonna you know, you can't look at this and be like, okay Well, i'm gonna buy an option. First of all, you don't have options on yes You have to go more to spy. Um, when i'm looking at puts specifically, um, I love using thinker swim Um for use looking just looking at the book. It's just a really simple and easy way to use it Um, and but I use a different broker. I don't use thinker swim as a broker Um, TD Ameritrade, but I'm looking at open interest and volume for instance if we go back to Um, something like cheddar flow or anything like this, right? This and I I I don't recommend using cheddar flow by any means I'm not like I I just use them just to see where big contracts are coming in. Um to kind of notify me There's better ones out there. So again, there's no real specific niche to this Um, but I just want to use this as an example of looking at He contracts. So you can like I said, this is just this is just today, for instance, right? The biggest orders are all towards the downside so far today So you can go look at every day, but any anyone will be able to tell you there's cheaper options There's ton of my recommend doing your research on anything before you buy because nothing's gonna make you a great trader, right? Um, but what I'm looking at is going to be heavily open interest. Um, and volume coming in on contracts Um, so we can see like I've been telling everyone for the past few, you know days and weeks That what I'm looking at is and if you've heard you heard of this opex talk I'm sure everyone here has talked to heard about it, right? So we're seeing you you just saw on nasdaq a few days ago Right, and this is going somewhere. Just stay with me. Um, you saw on nasdaq a few days ago Or was it you saw a little gap? So right here, um this time right here This is where futures contracts rolled over and bruce. You'll notice I did not Said you a message asking you the new ticker this time. I I found it on my own this time But so when this happened, um futures rolled over and if you notice on On book map you had to change your ticker from es u to esz this time, right? That just means futures rolled over now You didn't get a gap up in the market or anything like that It was just contracts rolling over to the new dated contract and they kind of got the numbers Um messed up a little bit Then they ended up recalibrating them over the next few days because there were still contracts on the last one Going to this one, right? It's but the point I'm making here is that you had september I believe it was last What was last friday? Yeah, 16th. It was your opex day. It was your big day for contracts, right? And everyone was saying that this is the end of q3 fiscal year This is the big time and this is where you're gonna see a big movement chances are if you looked at last friday You didn't really see any movement, right there. You didn't see anything This was actually your moving here on friday. It was terrible. You this is what we talked about So this was your big day that all the traders were talking about But it was really easy to see if you went and looked at the actual Book and the flow because you can actually see this on any broker. It's free You just go in go to your contracts and go over the date and you can look at open interest An open interest is going to show you the amount of contracts that have been sitting there on those contracts Um on those specific days, right? So on strikes. So for instance, I believe there's 100,000 at 380 Another 100,000 sitting at 375 and then there's more sitting at 365 as well, right? There's just they're stacking up and up and up right now But you can tell by looking here and looking at contracts and this is just going to give you a quick visual But you're actually going to be able to see that in my opinion You're seeing most of these contracts. You're seeing some smaller orders coming in, right? These are they're coming in for october or for december november But where you're seeing the biggest amount of orders flow in and my this is my opinion based on the numbers that i'm reading on the chart Is you're seeing a majority those coming in for october 21st And so this is going to be different for every stock every ticker everything like that But ultimately you want to see open interest and volume For your ticker, right? I know I don't want to trade a very ill liquid stock for instance And we'll go into that here in a second But if i'm looking at for instance spy, you're able to see that One you're seeing this is all october and then two these are your biggest orders So I like to adjust this based on premium sides. You can do this again on your broker as well whoever you use But yeah, I use interactive brokers to serve windows And I believe book map is in the works with doing something with them. I may be wrong But that's gonna be coming out later But as you can see here, these are your biggest orders, right? I like to adjust them So today for instance your biggest order is 8.3 million that was fresh september But beyond that you're seeing a majority these very big sell orders are coming in for october october That was a buy for that's That's for a year out irrelevant right now, but you can see all these major I would say out of the top 10 Two of them were not for october 21st So that tells me in my opinion if I'm looking for downside and if I'm looking to trade again the market towards that downside I'm gonna be looking at those october contracts because those have the most volume and that's where big money is going Like I said, I always like to follow big money. That's and again if you're using book map I assume you like to follow big money because that's what the book maps for So you can see what's really happening here on the market You can spot the key levels where the demand is and how ultimately the market's moving so hope that made it Helped you out with a little bit was picking out those options looking at those Um, and it works the same way with equities as far as tesla apple those Um, but you're not you're going to see less volume, right? You're not going to see, you know orders Orders like this coming in all day long because it's it's just not going to happen usually So you got to be able to spot that But something like when i'm looking at swings for instance a longer data position I want to focus heavily heavily heavily where big money is at That was a good question. That was is there is there a spot where there's a questions? I did not even see that question That was on youtube. Um, so okay Uh, but uh, yeah, that was that's been it so far. Um, which is kind of kind of surprising. Um Yeah, interesting stuff. So, okay, I mean It's I love I love it tyler. I mean just really really simple straightforward stuff Uh, and you know exactly what you're looking for Uh looking for those upticks Uh in the uh in the open interest and uh and then and then positioning yourself Yeah, and I and again, I like to keep everything Extremely extremely simple when it comes to the chart That's when you come to look at my chart for instance And again, this is no way telling you you're wrong if you use, you know mac d and rsi I'm not condemning you go for it. I encourage people Test things out make sure you need you need to find out what works for you You know, there's over 800 members in our discord and I would say Maybe five of them trade the same, right? Um, it's just about simplifying what you're using and kind of picking out What doesn't work, but you're gonna notice on my chart. I use essentially nothing I use one indicator to really map things out for me And you know, it's like a cheat sheet that opens one But besides that all I'm really using is you know one EMA line and then VWAP I keep it very simple. I personally am a believer of the more stuff you add The more Room for error you're going to have on your chart It's just going to cloud your judgment and I like to keep things extremely extremely simple Very to the point as far as where buyers are showing up and where sellers are showing up everything else Um is a little bit You know up in the air, right because I want to keep it like and that's why I use book map is because it's so focused on The foundation of my trading which is buyers and sellers And volume the end, right? That's why it's so important And when you're using some of these other indicators as far as mac d and rsi and you know Trying to think fall in your bands or whatever you may be using, right? Those aren't focused on volume And and I just want people to think about it from a just uh a rational point of view and non-biased is How can you judge the way something's going to move specifically the stock market? If you don't if you aren't factoring in the volume behind those moves, right? So if i'm coming to a chart and i'm just looking right, let's just say we're just looking at this But you're not looking at the actual volume So if you're looking at this and we can notice on book map that volume's actually descending Right, then what does that tell us that tells us that this is setting up for another drop, right? So it's important to realize some of these things and to You know make sure your your trading is all aligned with each other So if I was using you know based on volume and using book map But then I was just throwing a random indicator in here and I was like, oh Well, this is gonna you know determine what I get in and out of a trade um, you can see how that would cloud the direction of my whole thesis on trading right because i'm using everything based on volume buyers and sellers And supply and demand based on Who's buying who's selling and the strength of those people selling and buying? But then I'm just throwing in a random indicator. That's only basing it off the candlesticks Because there's a really big difference between a candlestick And the buying power behind that candlestick because you need to realize that you do not need Extensive volume to push you up the market does not have to have Crazy volume to move in an upward direction. You you'll have to realize that you do not need it That's why yesterday again was a very minimum volume day and consideration But we still got an upward move, right? So when you get really strong volume any move up, that's when you can be like, okay This is a really powerful move, right? Now that's not to say that any move on the upside with no volume is irrelevant because it's not But you have to be able to identify whether it's a consolidation phase and things like that And that's ultimately how I use book map and how I'm going about this trading method Yeah, crystal clear. I love it. So I mean, I really have no questions for you. It's very very clear The only the only question I was so so you did kind of elaborate a bit on okay. Now I'm looking at, you know You know the open interest in some of these Options and How so and then that's basically it and just kind of jumping in or are you kind of working the order or So if I'm looking at specific stocks, I'll I'll go a little more into this So obviously when I'm looking at es if I'm looking at es and I want to trade based on es and that's it Then obviously I'm just gonna trade spy Um, and if I'm trading if I'm looking at nasdaq then I'm gonna look at qqq, right? Those are just bread and butter makes perfect sense. Um, but if I'm looking at stocks or equities Something that I'm heavily telling people in all my videos and you know in discord twitter youtube doesn't matter, right? I'm always telling them you don't want to bet against the strongest stocks, right? So like let's look at tesla over the past. This is a daily chart, right? So over the past basically, you know, since september 6 14 days or 10 trading days You've been making higher lows continuously. So this is something that I would not want to bet against right now Even though you're at a major level Even though book map I can guarantee if you go over to tesla, it's going to show you a big giant sell wall up here I don't want to bet against it and why don't I want to bet against it because it's performed so well, right? It's very important to know here now if I go into something like meta for instance facebook Guess what over the past 10 days. This one's gone straight down So as i'm looking here, I'm going to go into book map and I might say look, okay, yes It's lining up. I think we might get rejected here I can go into book map as well and it'll be able to actually spot you can actually come in here You're going to go. I believe it's dx feed. You'll go to meta and I'll pop up So that load in real quick But it's going to be able to actually show you like I said too If you're not very good at spotting these levels to watch for Book map will help you do that Very easily because it's going to come in there really quick You actually see get a zoom out. You can start to see where that liquidity is again So for instance, like I said, I want to if I'm going if I'm betting against the market I want to bet on stocks that are already weak or stocks in the same sector of something that's already weak So if I'm we got meta, I'm going to look at social media stocks pinterest snapchat things like that in that same sector And I'm looking at these levels. So 149 149.5 150 You can see the size of those lots as well We can see 149.5 is the biggest so far and we can go back in here and we can actually look as well coming back in 149.5 and guess what? You can actually see that's where that low was made, right? So we have the low here But that's where a bulk of that volume actually ended up closing on september 15th Before you end up gapping down so terribly down to 148 the next day And then eventually that same day coming down to 144 So we can see that's a key level right there. We can already see that. That's a major level I didn't know I didn't plan this beforehand This is me just literally showing you how i'm looking at these from here and how book map is going to be able to Literally show you along the way as well as you can come into like the 15 minute chart and look more at this and look This is that same level guys. I'm not making it up. This is You know, I can't make this up You can see that this is that 149.5 and that sellers are still putting a giant wall there where you were holding before You can see you bounced one two three four five Came through and got rejected six. So there were six major touches of this range here Right. That's in a one day period or no, that's going to be in about two two days roughly Like almost like a two three day period right here So we can see that's a major major level and it's still being respected here And how did I find that all I did was come in here One I looked at which stocks were the weakest in the market and I already know because I'm looking at these Basically 24 seven then I come into book map and I come in here and then I'm looking at where these are So I'm looking at the biggest sell wall. You can see it's obviously 149.5 Your next one will be about 150 and if that makes you feel a little bit better You can actually just do a zone like a supply and demand zone And bring that up a little bit higher to this 150 range about right there And that's what I would do personally So to have stops above this range and then be looking for options towards the downside If I'm looking at options, what am I doing? I'm looking at one A date that I'm comfortable with and this is where it comes back down to being very comfortable with your positions as well as far as options is You're looking at one how far out do you want to go right and so when I'm looking at spy I'm looking at big amounts of volume and I'm willing to swing that position But if you were looking to you know day trader scalp based on these touches For instance, you're looking for a quick touch and then a rejection, you know for maybe a dollar or two That's more of a scalp So you can look for one to two weeks out to make more money or more percent on that position as quick as possible Right, so it's going to all depend on specifically where you're looking right Those those are big things to focus on as well And again that information is going to be totally free on your broker Um, so you don't even need to pay for anything like cheddar flow All you gotta do is go to your broker pull up the options chain and then the open interest in volume is all you have to look at I actually have a video of that. Um, I believe my youtube is well going over that So all that stuff is really really simple to break down as well That's a very important factor to know but I literally just showed you How you can use book map even if you're very bad at charting even if you're you're like, I have no idea what's going on here I don't know what to expect Book map is actually going to draw that out for you And that that's why it's such a good tool as well If you are a beginner because it's literally color coded for you as well And when you come to some of these equities like I said, you see how much less, you know Walls there are here as far as going into indexes We come to to es futures s and p 500 futures Look how many levels there are they're they're it's like there's there's so much more volume so much more going on going back into meta A lot less right, so that's why i'm always focused on futures Getting my direction from those futures and then I move on to equities if I want to trade it equities specifically I that was how hopefully I was a much better breakdown of looking at those options Yeah, yeah, absolutely. Um, I I want to I want to dive a little deeper So pardon my questions, but like uh So that's great to hear so you so you're looking at the relative strength between the then the correlations between the markets And the stocks and what to trade And then it looks like it appears like your setup is more or less Or your holding time depends on your time frame in the setup So you you might be holding for some weeks Due to a kind of a higher time frame setup or maybe you see a smaller time frame setups And you only hold for a day or two or something like that Exactly exactly like That's what i'm saying people a lot of people ask to they're like well Are you looking to trade more daily or the day trader they swings? I'm like it's just what the market gives us right so for instance Just what I was looking at the market yesterday A big thing that I was pointing out was this level here on spy, right? So spy we know our previous lows from september 6 we broke down obviously you know to start I believe on friday you gap down right and you bounce back up So this was our previous low right here around 388 It's important to realize that you touched that at the end of the day yesterday And you got read that's that's where you were and then what happened today as the market opened you you gap down Nearly three dollars and then end up coming down to 383 roughly right so it's important to realize that um And this is you know you can come back to a daily time frame you can come back to whatever time frame you want And obviously the larger the time frame as far as the daily and weekly the more respected it's going to be But also too the more opportunity you're going to have to either swing and hold that position longer If you can hold a position longer for a swing Traditionally if it goes more of the direction you want so hypothetically if you if I If you were to get the rejection here and have a clear break of the next you know support level Obviously i'd make be able to make more money holding that position since I have time on that contract, right? Um, so it's all going to be dependent on your time frames and what you're looking at now I have people like that. I'm trading with daily and they're I might take one trade a day and they might take 10 Right based on what they're looking at they might be at the one minute chart going back and forth back and forth Now I just don't want to put myself through that mental stress all day going back and forth. I have no interest in that personally Uh, I would rather just have A smaller quantity of trades with a very high quality as far as low risk Maybe 10 12 percent and my you know profit potential being 40 to 50 percent, you know, you know in a perfect ideal world Right, so I want to highlight that but there's no real formula for having You know for knowing specifically of okay this you know every setup is going to be a day trade, right? It's all about giving what the market's you know giving you or taking what the market's giving you, right? So again, that's why I come back to you know, this time when I was in here You know the last time we had you we had our Last lesson was a back in you know beginning of march, right and you can see the market has Greatly changed since then right it's clearly on a downtrend. We can think we can all agree that right now, right? A lot of big things happening in the market specifically with inflation, right? And so we have to adjust the way that we're trading now if we go back to you know last year Things were a lot different. It was the opposite of what we're looking now It was you could hold a trade for a month and nine out of ten times you'd make money, right? Whereas this year if you hold a trade to the downside nine out of ten times You'll probably need to make it money unless you catch it on one of those little relief balances And that's just the way the market's been Treating us and what the market's been giving us because of what's happening within our economy right now So it's important to be able to realize, you know the overall scale of the market And I know this part might be a little bit more confusing for people or how to know when you're really shifting back to a bull market From a bear market, you know, I can't give you the answer on that I can't tell you when we're going to change back all I can do is react to the way And what the market's giving us, right? That's the really important thing to know Is that how i'm trading and how i'm using book map is all reactionary? So i'm trading based on what i'm being given every day. That's it the end I'm not using any secret formulas. I'm not reading any special papers I'm not, you know, I don't have any information about what the fed's gonna say tomorrow, for instance You know, some people think that there's just this crazy stuff and people and unfortunately people lie to people on the internet Who would have thought but You know, I'm just using this information as I get it, right? And as we come in here a base and it's all based around the foundation of what book map is It's buyer sellers volume the end. That's really what it is here Um, and you know, there's some tools that even I don't use here that I could probably take advantage of but I just I love the way that I'm trading based on what I'm Using right now with book map, right based on cvd and icebergs and like I said sometimes throwing in too much We'll just you know throw you off of you know, what's working for you So I think it's a really important way to find a medium of what works for you And making sure you hone in on that, right? So if something's working for you, I recommend getting a hammer and bashing that and just Keep hitting the nail on that because that's going to be the part that's going to take your trading to the next level It's really focusing on what's working and then we're finding that as much as possible, right? And that's ultimately what i'm saying here is how i'm finding these levels here and how i'm dictating whether it's a scalp It's wing or anything like that, right and book map is ultimately going to be able to give me a good indication too of If we start bouncing it's going to start showing me, you know, do buyers have real strength as well, right? That's going to be another really big point there Yeah, no really really great really clear, um tyler. I just a question on some of the options like, um In the and we're talking more about the kind of position and execution. Are you um looking at vertical spreads? Are you looking at just, you know, just puts or calls or are you selling puts and calls or like, you know Any sort of no secret formula we're looking for but just like kind of in general. What are you looking at? and trading Hello Did I lose you? I think we lost you tyler. Oh, sorry, my mic. My mic was me. That was coughing. I'm So right now during this market, it's been heavily in favor to the naked options And I know this is not a recommended approach, especially if you're a new trader I think it's a terrible approach for a new trader um, you should be taking advantage of spreads and you know Strangles and things like that and as far as commodities and the commodity section I think strangles are your best bet right now because you can make so much money in commodities and oil stocks energy gas But it's definitely knowing what your market's doing right now. Um, and I was actually and I did this From roughly I believe it was march into june And I I was basically doing a small account Tinkering with it and trading live with it in discord and then every day I would do a recap on youtube as well Um, and we were able to take that, you know from five all later out 15 And I just stopped it. I didn't want to do it anymore But it was heavily just in favor of trading the trend and getting you know Key levels in here on the breakdown, you know, if you're able to write some of these puts on then it's awesome, but If I'm looking at different type of options right now The only type of way I'm looking to sell options or to do some of that as far as we're looking at the market It would be more my longer term positions Well, if I'm looking to you know, like right now, for instance, my favorite stock to buy the long term It's my favorite beyond anything else just the way I think their company's gonna move. It's gonna be google What's my it's my favorite Stock that there is right now. I think it might drop a little bit more But I don't care. I'll be buying google till the depths. I do not care I will be buying google nonstop favorite company whatever But let's say you're trading apple and you like apple long term It's the great stock or basically recovered almost back to all-time highs So you can argue that it most likely is a better stock than google, right? google only came back to 122 in comparative to apple going Almost back to 146 in comparison, right? But if I'm looking here, then I would be willing to sell calls in some of these positions Shorter dated I would be willing to do that. Um, just because looking at the scheme of the market one I don't want to lose my position. I don't want to lose my I don't want to have to give up my my my google shares one So I would want to do more shorter dated positions. Um, where I would make probably less on those contracts But if that's something that you want to do, that's what I'd be looking at there That's not financial advice, obviously, but that's what I'd be looking to do there. Um, as far as some of this present stuff I just don't feel the need to Um, just because of what's been working again for me. I'm now again, there's people again Like that's why that's, you know, that's why I'm so big on talking about the community and stuff and as far as in here I'm sure there's people in here that, you know, there's probably 20 different trading strategies Just in the book map community, right? There's probably 50. Honestly, there's so many different strategies, right? What people use and combine and how they're tinkering and how they're trading Um, and so you have to you know, I'm okay with that like in in our community I'm totally okay and I encourage Different trading styles and I'm always open to being wrong and with what I'm looking at Um, but with what's worked for me. That's just how I've been trading and then basically I just take A majority of my profits and just dump it into my long-term positions Um, and that's just how I've been looking at the market specifically Um, and that's not to say that any of those spreads or anything are bad And they're probably going to reduce your risk even more But like I said, I've been taking a lot less trades recently But I've had a lot tighter stops as far as reducing the amount that I'm risking, right? So again, first thing I said when I hopped in here was the goal of my trading is to reduce risk as much as possible And create as much reward potential as possible Right, very very clear on that when we're looking here. It's like with spy For instance, I want to just give an example of what I was looking at here So on the go to the one hour chart, right? So I started entering and started establishing my position once you rejected at this level I started establishing in it and then you bounced through it and I was okay with that And I told everyone I was like, look, you might bounce. It's okay Like if I'm entering this position, but I do expect somewhat of a bounce and if you bounce My next level is around 388 that previous low And so I I ended up adding more positions near the end of the day And then you open up and we're up 20 of that position overall from averaging down as well So it's all about what works for you and your time frame specifically Now if you're not able to like swing and some people are not able to swing I've seen all types of traders They just do not have the mental capacity to watch a trade get down potentially, you know 10 12% Um and not get out of the position and that's okay But you just got to know what works for you and you know ultimately how you're trading going into the market Um, but yeah, so like going from the last time I was here bruce I was trading a lot of Quick in and outs on the market Just because I was unsure of the direction that we were going in and if you look back here when I got in here from Basically the beginning of march you ended up dropping down to You know lows of 415 on spy and bouncing all the way back to 463, right? So look at that just the the crazy volatility here Right, there's so much back and forth So it's going to be harder to pick a direction here than obviously ended up coming back down and breaking the overall trend So that's just my viewpoint of how I'm looking at the market And I know that's not a direct answer and to maybe what you're looking of you know No, it is how exact I'm coming up. No, it is. I mean you're keeping it super super simple I mean like what works for you and uh and just go with it. Um The simplicity is there all throughout your your whole process You know exactly what you're looking for and and then just getting aggressive and going in and doing it Yeah, yeah, uh Again, I I try to keep it as simple as possible. I just I never know if I'm relaying it And that's simple process in which I understand it I understand some people might be beginners and they might need a little bit more of an explanation But I always try to give as much as possible when they're they're asking those questions. No, it's really funny. I mean we just see that throughout, uh, you know professional traders that You know come in and do some of these webinars with us. Um The simplicity is um, one of the things that is just You know across the board is something they all share In common. They know exactly what they're looking for yeah, and I When it comes to anyone trading or whatever you're doing like It doesn't matter sports trading whatever it may be whenever you're getting into whatever you're going to do You have to have confidence ultimately in your in your trade, right? Because like I said to some people can't do swings or they can't handle them Um, because sometimes in swings you might get down 20% I wonder if you're in your position size usually on swings or are larger, obviously So when you're looking at that, I really Think it's important to have confidence in what you're doing And not being not relying on a bunch of outside or all in this case a lot of indicators, right? You need to be very confident in what you're looking at but also having a plan Um, and that's why again like when it comes to everything I'm looking at there's a clear plan There's a clear Level where everything gets invalidated and that's why I love looking at it from a volume buyer and seller perspective, right? There's no, you know There's no you always hear when you're looking at you know social media and youtube and a lot of people here probably are on social media youtube reading and researching stocks or Whether it be from news articles and there's there's always a lot of like You know, maybe Conspiracy theories about what's happening and you know, they believe people are holding the market down or you know Pumping it back up. I see it in comments on my video all day on my videos every single day Um, and I want to highlight that You have to focus on what you can control and what you can look at every day You can't you you can't trade based on No things that you think are going to happen. You have to trade based on what you're seeing happening, right? And again, that's why I love the product and that's why This is how I trade based on it. You know what I mean? It's all based on what I can see and what I can view the market is doing and has done before The end there's no, you know, looking down the road of of you know, comparing this to 2008 You're gonna see a lot of those comparisons lately But there's there's none of that here It's all just looking at the market what it's giving us looking at volume Looking at where buyers are ultimately showing up and looking where they're not showing up and then the same for sellers The end that that's all that happens if you're wrong, you're wrong You know, um as long as your overall strategy is working, you know Majority of the time when it comes to win and loss and p&l as far as risk and reward Then you're good, but if it you know, you obviously you're wrong, you know, seven out of seven times You gotta be concerned at that point but For me again, as long as it's working, uh, if don't it don't try to fix it If if your if your strategy is working in the long run of things Um, only thing you can do is try to refine it and you know control risk even more That's the only thing that I would say for there Yeah, yeah, no, I mean, uh, just um, yeah, I really really like it. Tyler. Just the the clarity and simplicity here And and if it ain't broke don't don't fix it. Um, uh One one question here and then we can we can wrap it up But I was just answering russ about the pros and cons on options compared to futures But I thought I'd throw it to you and see what what what you say So the okay this in my opinion the biggest thing from options and compared if there's two things actually um, one is gonna be risk, um Obviously, that's the big thing when you go into an option You're only risking what you put into that option Obviously, right and then you can get out your option whenever you want to take the loss at 10% 12% Whatever it may be you can do the same thing with futures You can get in and out of the position if you want However, the big thing with futures is one you could get stuck in your position possibly if you have like a stop Stop limit for instance. I know a lot of people do that I've heard I've heard horror stories and in my community for instance of people are getting into futures Um, they're not super aware of it Um, and when you're getting into that if you're if if you're knowledgeable then you're fine But if for instance, you've seen massive drops on yes before or just drops based on news or whatever may be Um, and when that happens if you get stop limit, you may not get your stop You may get stuck in you could get liquidated on your position or whatever maybe that's the big issue there But again, if you're knowledgeable you should and I don't recommend trading if you're not knowledgeable on whatever subject I just like for instance, I would don't recommend getting into options if you don't understand how an option works Right. That's just ridiculous um, so The next thing though the biggest issue because I come from trading futures and commodities specifically when I was in I'm Studying finance at u of h. That's what I did when when I consider it down in the trenches, right? I was just starting just making all any money that I had right I was living or breathing school work and then doing futures But futures if you really look at what you're doing here You have to understand the time aspect of it because there's three Well six major times you're looking at um throughout the day. So for a five minute example on yes I'm going to show you right now your big big levels. So one is going to be around this time right here This is going to be your I believe right here is your Asia open And then you're also going to have and again it stay with me for a second So going into about right here. It was coincidentally right here. This is your london open And then you have your obvious coming down into 8 30 right here You have your New York open Okay So the the biggest thing here is to realize is that these are your main times of movement on the market specifically with indexes And why well, obviously they're they just highlighted them. They're they're that's when the market opens here I don't know what time Asia closes. I could be wrong on that one So I I'm not positive on what time Asia closes But I know london which is either your market closes at around 10 o'clock or 10 30 Which is coming up right now, which is why you typically see reversal or some slowdown around this time So you're going to have a london closed right here. And then obviously you're going to have your Your close of New York around this time Right here. So this is going to be your New York closing you have after hours as well Right there and then there's going to be another box for whenever Asia closes, right? I'm again I just don't know that time. So it's not as important as london's closed Because it's not I don't I don't believe it's during market hours. So that's the big thing there But you can see look how spread out these times are so for for instance, Asia open Around 5 6 p.m. Central london open 2 30 to 3 a.m. Central America's open new york around 8 39 So you can see this the schedule here that I'd be trading or wanting to trade Is very sporadic because ultimately if you if you know when the market's going to move That's when you want to trade in my opinion, right? So if I know the market's going to move the most for a lot of options traders They're going to trade from 8 30. I know a ton of guys that just trade from 8 30 to 10 30 and they're done That's all they trade. They're done. They might come back for power hour. That's it And so that's like a two hour You know work day for them and you know, I'm not telling you that anyone can I don't do that I I do not do that by any means but some people that's what they do, right? But if you're looking here on futures, you have about six big times That you've got to be awake for to spot that liquidity, right? Because you're not going to be able to hold a position and just sleep on this I mean who's going to hold a thousand dollar few thousand dollar position overnight, you know You have to be awake for these times. So that's the big difference with futures is time And obviously, you know, it's going to go through sunday night all the way through friday evening So you have to be able to Answer for that demanding time that's going to be Entailed with that. So that's the big thing there and for me once I am I had to quit during college just because it was not manageable for me as far as My relationships my family and things like that. I just could not maintain it And luckily I got into options. Um, and then that's where, you know I ended up doing well also too. I got into options at a great time during, you know 2018 through 2020 so I was very lucky during that time. But yeah So that's to me that's a big difference is obviously there's, you know, direct risk and then time periods The time periods are the biggest things for me. Um, I like having almost a set work time From 8 30 to around three o'clock and some days Um, I'll just get up and I'll leave the desk for two hours You know go to the gym take some breaks because you're gonna have periods of, you know There's there's just no volatility. No movement Um, I'll I'll literally get up and leave the market for two hours at a time and then come back You know have alerts set But that's the big thing there is you have to be awake for those times when you're trading futures In my opinion if you want to be a successful futures trader All right. Um, yeah, that pretty much sums it all up. Uh, and uh Yeah, really really great webinar. It's been a while. Um, Tyler So, uh, we'll have to, um, you know do more events with you. Um, and yeah, I'm gonna try I'm gonna try to map out a whole week of book map and just for the next one um, that's really what I wanted to do and I just One the week wasn't great either the I had some of the screenshots of last week I was like, this is just a terrible week. It's because we're going to You know the interest rate decision, but I want to map out a whole week And I want to just go break down day by day of what I was looking at Just with notes from youtube so you can see in real time what I'm thinking what I'm looking at and how I'm breaking it down So hopefully next time um, I can do that for you guys. Oh, yeah, that'd be great. That's a great idea I mean, it's kind of like a mini course. Um, and uh, uh, that would be very very helpful. Uh, this alone I mean like my god, like and I just love the way you're using book map, too Just zoomed out your just buyers and sellers and and and volume, you know, uh, keep it really really simple here This isn't uh, you don't have to get too complex and and and get all confused about You know, what's happening or what where it's going etc Uh, just uh, you know, you know exactly what you're looking for Yep Yeah, I again I try to keep it as and I recommend to everyone here Keep it as simple as possible because once you start I mean think think about it from like a logical standpoint if you have to look at six to seven different indicators including book map I mean by the time you want to enter that trade, it's going to be no your entry point might be gone At that point, you know what I mean? So you have to kind of really keep it and Again have that plan. I I just believe book map really can narrow down having that plan specifically Yeah, yeah, um, yeah, thanks tyler. So uh guys if you like this, uh, please give us a like here or subscribe to the channel I've tyler. I put your links into both youtube and to discord here Uh, and um You can reach out to tyler, uh for special deals also, uh on On on book map and Yeah, that's uh pretty much sums it all up and we'll do uh another event with you soon Awesome sounds good. I appreciate it bruce. Okay. Thanks tyler. Take care everybody. Have a good one. All right. Bye. Bye