 All right. Good morning everybody and welcome to the pro trader webinar today, August 18th with Jack. You guys probably know Jack He has been doing some fantastic work over here on our discord channel Jack big fan of a Bookmap and he won the blue jacket Competition I think I'm first or second maybe the second time We held it and then he's been just really creating some great work over in discord Great content, and I know that many of you over in the discord channel already know him So let me give a little bit of a background here. Jack is entirely self-funded trader who began his market journey In the early 2000s upon move upon moving to graduate school in 2013. Jack Utilized his undergrad background in mathematics mathematical Analytics leading to volatility and price models these models have anchored Jack's trading since then And he's leveraged level two and time and sales data in a variety of markets Macro fundamentals and market structure help frame Jack's market bias including futures mega caps tech or Options and hedging strategies. I have whoops. That's incorrect This is the correct information here. Let me just fix that right away Sorry about that It's all right. John's a great guy. Yeah. Yeah. Yeah. Absolutely. Absolutely. So the Links here we got for we have for Jack We have his Twitter handle and read it as well if you want to reach out to him So let me go over the disclosures and then turn it over to Jack general disclosure all bookmap limited materials Information and presentations are for educational purposes only and should not be considered specific investment advice nor Recommendations risk disclosures trading futures equities and digital currencies Involve substantial risk of loss and is not suitable for all investors past performance is not necessarily indicative of future results All right, so let's turn it over to Jack Let me get his screen up here and let him take it away Good morning. Good morning. Looks like the screen is going. So we've got that What's going on Ahmed? So as Bruce mentioned, we are both in the discord channel and in YouTube Feel free to ask questions in either if you're trying to find out where it is in the discord You can see over here special events. It's kind of in the English trader section You can ask questions there You can also ask questions like I said in the YouTube if you want to ask a private question And you don't want everybody to know your question necessarily you can ask me Just send me a DM on discord. That's fine. I'll be answering pretty much any kinds of questions As you kind of get into things We're at basically my favorite part of the day and that's the first 30 minutes of trading We get the opening range. That's what I define as the opening range Everybody kind of has their own take on what the opening range is. I personally like the first 30 minutes I'm coming into today. I had a couple of different opportunities on how I could Take today's price action or Today's webinar I could have gone with a more formal kind of like slide approach where I just see here and bore you to death with slides Or I could rely on today being kind of a decent day with monthly options expiration And kind of go with a more organic Presentation. So if you have questions you have comments, please ask those questions Please ask anything you want to know about whether it's directly about book maps something on my charts Or just about some trades that I do in general. Feel free. It's not going to bother me at all kind of coming into today we saw A pretty healthy sell-off yesterday as we exited the day and then that sell-off kind of continued as we progressed into the Sorry That kind of progressed as we moved Forward in the eth session. We sold off another 30 points yesterday or overnight now for me um, as you saw before I look at Volatility and pricing models and that's a just kind of a weird way of saying I look at the way volatility interacts in the market And that kind of gauges and shapes my my perspective coming into each day Or into each cycle and what I mean by cycle is that monthly cycle that we're currently in Some of my trading that I do kind of primarily goes around Macro fundamentals and that market structure and I take that market structure from the options complex as a whole and We can actually see what the options complex prices in on any given day By looking at an options chain and this can be incredibly important if we take a look at These numbers This is the iv percent that the market's pricing in and having those numbers allows us To get the relative expected move in a given day And right now the es market is expected to move about 26 to 27 points Now that's not every time accurate. It's about 68 percent of the time accurate Which is A common distribution if it was normally distributed We would expect it to be accurate 60 percent or 70 percent of the time roughly And that's about what you get with the expected implied volatility in the market And I use this to kind of gauge what I think and With volatility being high coming into the day I was expecting a compression in volatility as we started the day I was expecting us to push back to those overnight levels and maybe go back towards What is set as the put wall today? So if we take a look at the start of the market You kind of see we get an initial impulse down for where we were a sell-off of about three points And then we get that push up And that was really what I was looking for right off the rip. I really wanted to see something like that If we kind of go more into the micro You can see that we've got heavy buyer influence And then on the pullback very little seller influence You can see a little bit of an imbalance here as we push a little forward And as we did that I'm looking at volatility. I want to see what volatility is doing And you can do that in a number of ways Primarily we use the vixx Volatility is generally going to tell you what's happening in the market. You have two options really you have the vixx alone but more recently we've gotten the vixx 1d And the vixx 1d is based on the same calculation that the vixx is However, it looks at An overlap of a basically one day As the end of today progresses on it will start to look more at tomorrow And what the option complex is pricing in there And you'll get your volatility numbers from that Both of those numbers kind of tell me what the market's expecting and how I should proceed If volatility is compressing I'm looking for a more long style trading If we're already high in elevated ivy Again, I'm looking for ivy to compress from those levels 18 is a lot of volatility in the vixx right now compared to where we've been most of you probably know we've been in the 13 14 handles for several days several weeks actually So the poppin 18 with the consistent down moves with op-ex I was leaning long on the start there as I mentioned And we get exactly that We get a push-up and we get our key gamma levels right here the put wall And the combo strike levels. These are the areas of highest gamma And then we get a nice pullback and this pullback allowed for another entry or if you are conservative And you didn't necessarily take an entry here You're looking for a little bit of confluence here And if you zoom in a little bit You can see you do get a little bit of that exhaustion down there and that's what that green line is You can see that sellers came in they are lower volume relatively But then just kind of disappeared as this liquidity kind of builds up And as this liquidity builds up you can see the market kind of rejecting away And this kind of gave me a clue that I continue wanting to be long when able And I'm looking for those kinds of concepts right now Similarly looking at liquidity in the market as a whole right now You really need to look at this area right here Let's change these colors up real quick And you can see that this liquidity right here is in the market and this entered as soon as we pulled off of that area So if you did go along from the VWAP area, which is a very common trading technique And you are using that order flow style you can see that you do have significant buying delta You are seeing buying volume come into the market and at that specific time our pressure our volume pressure indications from market polls We're showing that buying everything was screaming buying at that case And you could look at a potential target at that upper liquidity range And that's really what I was looking at for a second entry on today's uh today's kind of push higher And then what we got when we cleared out we didn't get any follow-through We didn't hold the level we fell back within these key levels right here And at that point I was kind of looking to be flat Um if you get a kind of a triple bottom pattern here multi bottom pattern And so I was looking at these areas We're waiting for these and a little push off of them to kind of take my final profits out of the trade that I was in Um, and that allowed me to kind of get out Now we did get a little push higher We did get that resolution higher, but again we we got the same kind of Small volume at the extreme ends and we didn't get any follow-through from there So at that point I was really looking flat and we were kind of setting up for today's stream Now as I kind of push through a little bit further You can see that most of our moves are really correlated with the NASDAQ and that's what this blue dash line is on my charts This is a correlation tracker to the end queue and we can look at it zoom out to the five minute here And let's take a look at the end queue 835 to 840 And you can see those same patterns overlap in the es chart it's going to re-scroll me But you can see these same bottoms as we go And this just allows you to keep track of both markets. I found that Both markets are heavily correlated because of the underlines within them um, this has kind of given me a unique perspective on that kind of On that kind of trading if NASDAQ selling off the s&ps are likely going to follow in one way or another There's a there is that high level of correlation And I look for that as a confluence in my trading and I utilize market polls pretty heavily for that Especially with volume pressure and volume pressure and balance So as you can see I kind of got that That topping pattern here We did come up and touch this liquidity and we did push a little higher But this put wall is Very magnetic. There is a lot of options concentration in that area And as vixx started to expand as volatility started to expand we did get that push lower And you can see that as we get this push lower, this liquidity is starting to exit the market So are they serious about being sellers and buyers or are they entering and exiting the market? looking to just kind of Push price in a direction and right now it looks like they're not really active participants in the market So that's what I'm treating them as right now. So if we come back to those levels, I'm not treating this like it's going to be active liquidity Because every time we've come to a It's kind of left the market and this is a kind of a holdover style From trading with the dome or trading at the front You'll also see liquidity entering and exit the market, especially in a price ladder This happens in all market And when you see that that can be an indication of intent and that intent Helps you formulate what you're looking for So if they're not willing to be buyers and we get a sell-off I'm not looking to step in front of that. I'm not looking to get long at that spot Because that liquidity hasn't shown any respect for the market And as you can see we're kind of just bouncing right now into this This little combo level this gamma level From our market analysis And we just can't quite make it up But again, if we take a look at volatility It'll give us some insight into what's going on and you can see that volatility is compressing You see we did get that initial pop vix 1d is delayed in trading view But you can see that volatility is compressing and if it is compressing we know that the value of those options In those long positions is losing value And as those options lose value that hedging flow isn't necessarily needed to Drive the market as much And market makers can let go of some of that hedging flow They can buy back some of it in this case in a negative gamma environment And as time progresses the same thing somewhat applies If volatility doesn't pick up and those options don't continue to carry premium Then those options will start to decay in value and as those options start to decay in value We'll see market makers also continue to buy So another confidence today is if we see volatility compressed going into this op-ex and it being a friday We could potentially see a little bit of a rally as we progress through the markets Right now we do have a little bit of a sell-off are we coming back to this liquidity and this will give us a good idea Of whether or not this liquidity is going to interact in the markets And as you can see we got a little bit of a push off of view up But we are on relatively low volume And we're not really seeing any follow-through On the offer nobody's coming down stepping down to to kind of counter any aggression That comes from the buy side And we're not really seeing that very much right now This liquidity is building up here And we do have a chance and it does get interacted with Now our seller is going to continue to be aggressive and push through and hold the levels And then kind of push down into that that next gamma level at 40 43 55 Or they're going to reject and it looks like because of the way order flow was in that lower volume There was no follow-through and without the follow-through you get the imbalance As all that selling pressure kind of leaves the market And now you saw the liquidity right there Pop up 531 contracts popped up right there And the market immediately went back to it So there is an appetite for selling as long as they see liquidity in the book And that's what they're looking for there And a continuation down into that gamma level which we talked about just a second ago At combo level and we can see that there We do see the offer filling up now But now there is a little bit of a conviction there and we are reaching that overnight low level And we are reaching this opening range low For those that have seen my charts often you will know that I mark the opening range with that kind of yellowish line I often look at the midline As well that is a major line for me Throughout trading and it makes sense if we kind of go over midlines Does anybody know why midlines are kind of important in the opening range? Does anybody have any ideas about that? You can you can post that in chat while we kind of go over this Now one of the things we've also got down here is that overnight area that was an area of interest London did push down to that level Are they going to continue trying to push down to that level? Are we going to continue to see that expansion in volatility? And it looks like we got considerable amount of market participation on the buy side here There is market participation people jumping in In the liquidity in the order book here one second Manage this Jack I have a few few questions for you Yeah, what's up? So the the VWAP there did you anchor that at the beginning of the session cash session or did you I have it set in VWAP settings to automatically reset At 8 30 at the open. Okay. Okay. I I only really care about the cash open the RTH Open and the reason is is Over the years one thing that I've noticed everything that the eth does The RTH the US market is just a toddler about it comes in Kicks over all the train sets and all the toys and undoes everything that eth does almost every single day And really what what we saw right at the open there in the first 30 minutes was almost that We pushed off right from the get-go all the way back to the overnight live line Basically the halfway of the entire range of the overnight session um That push was What is that? That's 22 points 20 22 23 points Which is almost the entire range that we were talking about with volatility as a whole Um, the reason I look at The opening range in general One of the biggest reasons I look at it is because of What it shows us with market participation. Let me go in here and Do something real quick now if you think about the opening range what what you see in order flow in general with that kind of concept is that The market pushed in one direction and once it got to a point a lot of Market participation showed up in counter-aggression. So if the market pushed lower in this case We opened slightly lower We saw a lot of buying pressure into the market right there that tells us market participation tells us interest at that level At the top end we got to that top end level and we saw a lot of seller participation if you look here You can see exactly that as soon as we got to this level. We swept into it We immediately had an imbalance. We had a lot of selling pressure You can see that in the volume delta and we just rejected all the way back to our key levels here our gamma strikes So one of the reasons that I look at that opening range is because It gives me that that flow overall It gives me that understanding of where the market is Kind of aggressing as a whole and the reason why I use the opening range primarily over the initial balance Is that the initial balance looks at the first hour and the opening range gets you that first 30 minutes of really large volume And we've seen after that little chunk Since then we've kind of had some lower volume We've had some volume drop off once we got down to this key level here We did see market participation pick up But we really see a drop off in volume and so I've kind of Transitions to more of an approach looking at That opening range because of the volume numbers because I want to see what the market is doing from that aspect And at least yeah, it is the first 30 minutes. Yeah It is basically half an IV if you want to think of it that way And there's a lot of statistics around initial balance, and I still use initial balance often in my trading I just rely on that opening range Now I look at the midline because if you think about what's happening with order flow If you go from one extreme to another extreme You've set Expectations of participation and what a midline shows you is That's essentially where the market found a balance between both aggressions And what you'll see is a lot of times You'll get some confluence as you get there. You might oscillate around these areas As I kind of get my magic pen You might oscillate around these areas And then get a push off Then you'll get a rejection back and you might oscillate back around A lot of times you'll get something even more interesting as a downtrend You'll get this kind of impulse downtrend a push through and a support here And if you're expecting a support here, you'll have an entry To get short in the market or conversely if you're going long in the market You're looking at the impulse here and a lot of times You'll see me post trades that are very similar to that and I look at those Those are kind of my bread and butter order flow trades I'm looking at a trend developing us crossing a line that I'm interested in A key level whether that's the opening range or a gamma level where I know market participation is supposed to be And then support off of that level Now in this particular case We've interacted around this put wall Very often this gamma level does it kind of look back here You can see the amount of volume we had here You can see the amount of volume we had in the midline there And as we've kind of come back into this balance again We're getting that same kind of market participation over here as well This is congestion It congestion was hard to trade Because you don't want to take a breakout Long here because it did reject pretty hard And you can't really be confident because you can see we broke out here Right Let's go ahead and draw that in red You can see we broke out there, but we didn't go we didn't have any continuation. There was liquidity in the book There was market participation. You can see the buy side aggression But we didn't get any of that follow-through that we really would want to see We didn't get any of that continuation initially. So it didn't really give us a great entry Also, if you take a look this move is very sharp This is a very very large move in a very short period of time For the level of move that we would expect we had all of this chop here A sudden impulse down in a sudden rejection high This tells me that there is a little bit of an imbalance potentially here There might not be order flow kind of continuing in that direction as we're looking And that's kind of what I'm what I want to see is I want to see continuation of trend I want to be trading with trends Looking at my key levels And as you can see here if we'd entered a trade we'd just be going sideways right now Now there's nothing wrong with going sideways Sideways isn't losing money, but it's not making money And if you get A large sell-off in an industry product such as an apple or an amazon or something like that that that's an underlying there that can influence A large part of your trading as a whole That can that can influence the way the market is If we had a news event or you know something came out with apple and you're just trading sideways Well, apple has one of the largest market caps in the world if it loses, you know a dollar or two Very quickly due to a binary event Or something coming up That's going to tank the industry a little bit. You're going to see a reaction in the industry for it So I don't like to enter consolidation because you don't know what every product in the industry is going to be doing at a given time It's kind of right now. I'd be sitting on my hands. I'm just kind of looking at the way things are developing We can't see an interesting exhaustion level here. We zoom into that You see A little bit of exhaustion here lack of buying and that lack of buying Is rewarded with a little bit of selling as it kind of pulled back into that view up point of control area And it pushed down to that midline And that's kind of what we want to see go ahead. Jack. What's the the blue line that you have there? That is the nasdaq correlation I've got you like I said, I really like correlation market correlated markets I really look at market pulse to give me some of that correlation as you can see the uh, The nasdaq actually had higher pressure there initially Than the es market and you saw that sharp move in the nasdaq and then the sharp move in the e-mini mark So nasdaq can be a leader in those violent moves and it can kind of give you that indication and with the market pulse out on You can see quite a bit. Not only do you see the price change here, but you see the volume pressure imbalance This is really showing us that this is sellers volume If you don't like the delta Volume dots the green and purple and you just want to see one color You can change it to that and then you can just rely on that volume pressure a little bit more And you'll get a lot of similar results. That's kind of what I do I like correlated markets. Um, I like to trade correlated markets I also like to know what's correlated so I can trade against what's correlated trying to to diversify some of those uh techniques so That's kind of what i'm looking at there again a sharp move down Would you have a sharp move down similar to this move down? What do you expect you can expect some form of imbalance as that liquidity Doesn't have the chance to fill back in fast enough and you can see that same thing here We had that sharp move down not enough liquidity and it does get a little bit of a pullback We can actually take a look at nasdaq as well And you'll see the same concept sharp move down in that same pullback Sharp move down and that same pullback here Obviously nasdaq is a bigger bigger numbers. You got to zoom in differently But you get that same concept and That can be a confluence there to kind of give you what you're looking at At this point we have what I like to call kind of an inside day And what I mean by the inside day is the opening range Essentially set up our entire range Now what's interesting about days like that that I've seen is a breakout in any direction has a chance to just run And that's kind of what we were hoping for for today in general We're kind of hoping for a breakout at some point of these levels We don't really care which direction honestly when it comes to to trading the spot directly An active portfolio management if you're looking at you know options straightings or hedging strategies Direction matters a lot more Um you if the market's selling off and you're trying to be directionally neutral Well, you're probably long a lot of delta now and you probably need to get short delta by Shorting something you can short any correlated product and kind of balance your delta flow out that way but in spot we're not necessarily looking for that we're looking for A little bit more whatever the market kind of gives us we're looking for that organic feel We've tried to push into this liquidity a couple of times and we haven't we are seeing heavy buying on the volume pressure As we reject a little higher Back into that midline area Jack a question question on that like so yeah, um, so that first moved out So there's there's been heavy buying in in this zone there by the liquidity a few times Um on that first leg because we saw it in real time. I'm just wondering like if Because your bias was long Uh to begin with uh, and then also you had your v-wap set Uh, I you know, I don't I don't think you're much of a v-wap trader, but in case you were Uh, you know, you've also got the midpoint there, uh, or the yellow line Um, would you be looking? Uh for that move back up? Um into there after it traded into that high liquidity around 55 and then you saw the skew in the book and the volume come in on the buy side So in this particular case, no and the reason is is kind of what I mentioned before I was long on the rip from the start right and I did get long towards that put wall area But it's this congestion this This right here Doesn't like it's moving This congestion right here is kind of uninteresting to me. I want to see Less congestion and I want to see more directional trading If I'm looking to scalp on a a specific trade I will look for that impulse down Into this area and I'll look to scalp a small trade here I'll I'll look to get long On what I see as a rejection in that area And then I'll look to take a couple of points and that'll be out of the trade And that that'll be basically all I'll take from that kind of stuff um Now you did get a full reversion on that particular one as you see here As you kind of see here But on the next one down you you don't get the same reversion Not not immediately, which is why I kind of focus on just taking a couple of points in a quick scalp um There's different ways to kind of look at that if you look at the more microstructure and this is kind of It's a little more difficult if you're not used to looking at order flow Whether it's in a heat map or in book map itself You can kind of see that as you zoom in the market's really fractal and you still have these up and down legs I would have looked to get long Essentially at to this point right here as we broke this and I would have looked to try to take This point right here and the reason being would be this is where the midline is And you can see that we had the same volume right there So if I was looking to scalp in that in that imbalanced direction, that's what I would be looking to do I do not like counter trend trading For a long distance because it generally doesn't work trading with trend Just generally it works better in my experience My skill is off isn't but your bias today is is long. I mean wouldn't that be the It is but we did have that sharp down move, you know So we've we've reached this put wall and this put wall holds A lot of value overall in my trading bias. We're running into that put wall We're not exiting and volatility is staying high. We've still got volatility 18 handle 18.6 actually right now And because it's not really going down any longer It could take time in the market in the options complex. You're looking at vana and charm And what vana and charm is it's just Greeks, but all they mean is it means volatility and time If you have more of one you need less of another If you have less of one you need more of another so it works conversely and as we've got that kind of sideways price action I don't want to be long until I see that we have more confluence in the market more more participation as we break through there Or I see that Time is passing volatility is compressing and I have more of a confluence there So right now I would only be looking to scalp. I would not be looking for a long directional trade I would probably be looking for rejections here Um and rejections here To try to take these trades into a scalp I would probably take off 50 of my positions on these particular areas To lock in profits immediately and I would adjust stops very immediately and the reason is is because it's only three points wide And when it's only three points wide And you're looking at potentially getting an interaction there and we're looking at it in real time here Getting that interaction there it could revert we could get that buying or that selling pressure back into the market right there So I don't want it to reverse into my face and taking profit off the table locks in that profit It allows me to be a little bit more liberal with my My stops So if I would have entered long here at that area My stops probably would have been here at the previous little swing low that you could see as we moved a little higher And then I would have taken profits probably right about where we ended up a couple of ticks below that level and then now I know That if this trade reverses on me, I'm basically at scratch I don't need to be focused on it and I can kind of let it take its course We do get that interaction there and I take off another half right now. That's what I would be doing right now Because we've now reached the levels where I see everything is good. I don't need to worry about them Now I do something a little different here If I'm interested in that level in a longer term scenario I will pull my trailing stop down In conjunction with how much I've gained if I'm willing to take some of that conflict Because I'm willing to let this trade kind of breathe a little bit more It's made profit so it can't hurt me necessarily And if it can't hurt me then I don't need to get in in its way How often have have we as traders kind of gotten me the only way of our trades and not let them have the room They needed to kind of move we see price reverse It comes right into our stops by a single tick And then it goes right the direction we were initially in So I'm not I'm not necessarily one that kind of holds that oh, I locked in I locked in my profit I don't need to worry about too much more and as you can see now it would have paid off pretty immensely We get that push off like we wanted we're looking at that liquidity in these levels And probably now I would move my trail up. I would honestly probably move it up We're probably looking right about here is where I'd be looking We're locking in some of that profit and we're looking to see if we get that confluence of trading at our Q levels So we want to see go ahead. So you you um From your opening range trade You would still be in this and this would just be a scalp that you're kind of adding in and taking out Along the way. Is that right? So I exited my opening trade to my opening range trade today mostly because it's very tough to Yeah, because it's very tough to focus. Yeah, it is very likely that I would have held a runner Just in the market in general Sometimes what I'll do is I'll one for one transfer a letter because you can't be long and short The es market at the same time. However, you can be long and short the es and the me s so I might look at Taking the exact same trade And moving that trade to the me s taking the commissions there for the the entry in the trade fee And just letting the me s run and then look at New trades and new setups at es. I might also look at using an options position to lock in some of that profit in different forms. It could be a long call option or it could be A sold puts I could be doing a put spread there So it really kind of depends in this particular scenario kind of looking at it. I probably would have looked at exiting Around here at this level down here as we push down to this this overnight low Because of the conflicts that we had before we we kind of traded down from our opening range high We kind of rejected off the put wall lower several times I probably would have closed my runners around here somewhere Or or maybe waited for the imbalance and let those run kind of into that imbalance But I probably wouldn't have had them on At that point I would have been looking at something new and it probably would have been around this liquidity area here As you can see we pushed into the liquidity. We did get resolution here and it's very similar to what we got here There is a lot of interest at those areas And it interacted And anytime liquidity interacts I'm always interested if the market's willing to participate I'm willing to be there and participate too So I probably would have looked at something like this And you'll see a lot of these kind of setups in In this in the channel there in the future channel And I would have called this a lower high setup or higher low setup I maybe have entered probably at a half position I probably wouldn't have entered at a full position and as we get the move that we want I would have looked to break the midline And as we broke that midline there I would have looked to trade In this particular case you can see that the point of control VWAP and that opening range midline are kind of all interacting at the same area That gives you a lot of confluence that that area is important They might not be lining up perfectly But I would be looking at any confluence right here to add it to my position And one of the things that I talked with Owain about it is scaling into positions and scaling out of positions Taking those profits early allowing you to stay in those trades longer And scaling into a winning trade if you've got the direction right You don't necessarily need to just hit the buy button in the morning walk away and come back in the afternoon You can scale into a position as you get the market right And you can look to scale out of a position as you get some of your your key levels You saw earlier as we kind of pushed up We interacted with this level We interacted with that liquidity there. We did get a little rejection. Well, we got something very interesting in return We got support at our key level. We've got volatility continuing to compress We can see that here as volatility is compressing We're looking for the market to try to recover and try to go up In a long scenario A home run kind of area is getting back to the close yesterday That would be amazing as we pushed down from that area yesterday That would be kind of where I see like the longest expectation that we could have The the overnight mid area That the 43 71 kind of where we're at now is kind of where I would expect things to kind of peter out But if things do progress and we do get some of that recovery there That's what I'm looking for. I'm looking for those areas and I want to be looking at kind of What this liquidity is doing in the market You can see we have some here, but as we kind of go up, there's not a lot in the market Until we get much higher So those areas really aren't significantly of interest right now Um, there's nothing really there. That's interesting me So any long trade I might be kind of keeping my trailing stop a little closer You see we got that Rejection in that area. I'd probably be moving this up As we go And we're just looking for confidence and we've locked in essentially another point or two in the market And we would just let these runners kind of go Um And if they kind of reverse on us, it doesn't really matter because the trade's already profitable one of the things that I try to Try to impart on people especially juniors is You don't need to make home runs in the market to make a living I can promise you that because I don't shoot for home runs. They do happen They happen decently enough Enough to be happy about But you're not looking at getting a 15 point trade every single day And if you're not looking to get a 15 point trade every single day It relieves some of that pressure off of you And one of the hardest things I feel new traders have Is dealing with that pressure and dealing with They're sizing up and I I have a hard time trying to get through In understanding those emotions Because I was trained I was trained essentially from the take your profits now pay your rent Eat some hamburgers. Have a good day. Come back tomorrow and do the same thing Take it slow. Take it steady You're in this for the long haul. You're not in it to get rich in a month You know, we're not looking to put a down payment on a Lamborghini next month We're looking at kind of making this, you know a career path essentially and I know a lot of new traders Try to do that and they try to look at those elements But I think that they get hung up on the numbers They want to make profit now. They need to make profit now And if they don't get that instant gratification They don't feel Rewarded. They don't feel necessarily like they're they're doing the right thing That could be incredibly tough when you put that kind of pressure on yourself But if you think about it, it's a lot simpler than you realize if you made $40 in MES over the course of three months Every day $40 Just practicing your trading routine low risk low reward just $40 And you work through that through your paper trading and through everything else And you get to the point where this is consistent You can move to the es the e-money market and it's 10 times And you're at $400 a day essentially with the same leverage you're not doing anything different You have just scaled up organically as you've learned and experienced the market And if you think about it, there are 252 trading days in a year And if you're averaging $400 a day, that's a hundred thousand dollar salary And that's what it is You're not gambling a hundred thousand dollars. That is a salary. It is a job And that's the way you need to think about it from that aspect You don't need home runs in the market. You need a couple of good trades throughout the day Understanding what the market's given you and understanding How to take these trades and how to manage that money and then reinvest in yourself as you grow You don't need to buy all the software at one time. You don't need to buy Every indicator in the book You just need to develop and put the time and energy in to understanding how markets participation works How order flow works and how different confluences for these elements will work as well What's interesting right now, um You can't really see it here, but this is the z-contract Because we're so negative The z-contract is actually moving quite heavily As hedging flow is increasing and that's a correlation that I also keep track of And I'll utilize this um Mainly if I want to take a a longer trade That I don't necessarily know is going to pan out today Maybe we're at an extreme low and I don't like where the market is I'll use the z-contract which adds duration And I'll place an options trade And I'll allow that trade to just kind of mature and by doing it that way One I'm avoiding initial margin and overnight margin which is 15 to 20 times what it is intraday depending on your market or your broker And that can be expensive This allows me to kind of hold the position in the option of the market Knowing that maybe we are a little low, but we're seeing a lot of activity in that contract comparatively to Really over the last few weeks. We've been trading basically at parity Which means that likely because we're higher The market is expecting higher whether it's short term or long term And the liquidity in this market is much less We can you can see um The the number of contracts here, you know, there was 2000 volume here It's going to be a little bit interaction. There's three there So orders of magnitude different But there is participation there which tells me that The market doesn't think that it's staying lower for longer It's going to go back to an upward trend to a degree and they are essentially Utilizing what liquidity they can to kind of offset those positions as needed in those later cycles It's actually this is a really good confluence to what we're looking for today If volatility continues to compress We could continue to look to the upside for the most of the day Um and take any kind of longs that kind of develop In the lower area if volatility continues to compress and time continues to go Um ed once I changed my mindset to look at trading as a skill set rather than making money things change for the better. Absolutely Uh, it's incredibly important when you think about it that way You're developing a set of skills. You're developing something Very rarely. Are you ever good at something off the rip? You might be better than others, but you might not be the best that you could be And it's only with time and experience and effort that you're ever going to get that And you need to look at it from that perspective in the markets the same way you would any other skill or profession Or anything else you need to treat it the same way I spent I still spend Probably 10 or 12 hours between the markets and research almost every single day Doing a variety of different Activities and I could have been doing this for a while and I still spend that amount of time A lot of that time is a little bit more Passive than active. It's not as efficient as it was when I was younger You know, that's the the disadvantages of having one of the best advantages and that's having you know a kid Um, he occupies a lot of my time So I don't spend as much active time But there might be there's generally something on in the background whether it's, you know, bluebird news service or Something like that kind of going off as I can kind of keep an eye or an ear on the markets as a whole And a lot of times you'll see me often in the the webinar streams in general I frequent bruce's stream and I kind of talk about different things there with with the chat and It's the consumption of knowledge that really kind of propels you as you kind of move forward and it's really shaped I think all traders in the last five to ten years that kind of Wide spread wide reaching knowledge that we have on youtube when if you think what I started trading There was probably like three trading channels on youtube And one of them still trading every single day. Well, I think it's four days a week But he's still going he's been going forever But now there's so much more information You can get so much more information you can learn so much more In trading just getting started in the process and it doesn't matter what instrument you trade Um, also fees fees are significantly cheaper now than when I started trading. I remember paying Dollars for each contract every single time and now it's only like two dollars options contracts Were, you know, two or three dollars each contract. Now it's 65 cents a contract or 50 cents a contract So fees have come down quite a bit I remember market data used to call cost me about a hundred dollars as opposed to the 30 that we get now and we get better data so We've definitely been advantageous in this information age In the markets. We're kind of petering out here I'd probably look at getting out of a position and a sell-off back to this put wall It's kind of what we're getting as we see it We got a lot of selling pressure here. You can see both markets are selling The volume pressure is still selling and you see that order flow developing kind of in real time there As we reject lower And really the drop dead area is this area right here Can I speak on market manipulation and what it looks like orders being moved and pulled Bookmash will flash and can get bright and then go back to where it was. So It kind of depends on what you consider market manipulation In the futures market itself, there is very specific rules from the NFA where you have to have some interaction or you have to move price before it gets within certain levels And as long as you follow those rules, it's not technically manipulation and essentially I don't treat it as manipulation Instead in those particular cases Where we see that liquidity kind of moving around like we saw earlier in this area over here Where was it? It's right here where we saw this liquidity kind of leave the market as we push down I don't look at that as manipulation as much as I look at it as kind of a rebalancing. You got to remember Awesome. Yeah, you got to remember though that the markets if you're training futures You and I we're trading futures directly. The vast majority of Futures participation is institutional dealer flow hedging flow And what they're looking at is balancing different Underlying so if you see a sell-off in tesla, you might see a corresponding action in the futures market Maybe they're short tesla and they're long in the futures that way if the price moves again They can rebalance their trade based on delta delta equivalency And if they're using options, they'll use delta and gamma Consecutively depending on the duration left in the trade, but I don't think of that as specific manipulation Now if you're talking about forex markets Currency pairs currency to gold those markets, you'll see a lot more Manipulation and it's not necessarily manipulation in the fact that orders are being pulled It is that large Blocks of orders Get reallocated for every event that happens. You got to remember that if you have a currency pair, whether it's, you know Sterling to USD or Aussie dollar to USD or even USD again When you're looking at those markets All of those markets are correlated And you can trade any of the two pairs essentially in any direction that you want But if one event happens in one of those markets The entire global space of the forex market has to adjust its position And it does so dynamically it does so based on its ratios in its individual programs And a lot of those are large flows that are moving very very quickly and if you've seen forex When you've seen one of those adjustments those liquidation events, you'll see price moves drastically in a very short period of time and then kind of stabilizes in a very short or tight little range That I consider more manipulation and it's mainly just due to The way liquidity works in those forex markets Um, I do think you see a lot more manipulation in crypto markets Large blocks of traders can push price very quickly in either direction. I think that those markets Have a lot more concerns for manipulation But in the es I don't consider Passive liquidity moving around in the book manipulation just because the the futures market itself doesn't So algos algos can be very very beneficial A lot of traders think that they work against them But I think that it's kind of a perspective on The way you're viewing the market so Kind of going into these gamma levels We know that gamma is built off of open interest Within the options complex and I could talk about the options complex for hours on end Which is kind of pushing forward with the topic We know that as we interact with these levels, whether we break above or break below those levels Those portfolios that are in those positions need to adjust their deltas if they're short that position And the market's working against them. They need to they need to be long In the futures market to offset those positions If they don't do that, then they're just going to take a loss Which is drastically different than the average retail trader If I was in an options trade and I'm short the pull wall and I'm long somewhere a little bit lower Forming essentially a credit spread I might just sit there and eat that and I might not necessarily take A spot delta gamma trade Looking at trading the deltas to balance my overall exposure If it continues to work against me Um, that's kind of a disadvantage that retail trading has One it's cost prohibitive. It's expensive to make a futures trade because you got to make a trade for each commission but you got to look at the quantity of Of each trade that those fund those dealers those banks and those hedge funds are making and it's Advantages for them to make sure they lock in those profits or minimize those losses Um, one of the things that we see at the end of the day is market on close I mean, you'll that's what that power hour kind of comes about and you've seen if you look at financial juice They actually post market on close if you have access to time and sales data. You can actually see market on sales close comes through This can be incredibly important Because they are hedge funds repositioning But they have to do so out of penalty If they need to reposition a hundred thousand shares in an underlying Let's say tesla apple or something if they need to do it They have to lock in that they're going to do that and they place a market on closed trade and once it passes a certain timeline They can't change that trade So that gives traders an advantage And maybe you've seen at the end of the day where Apple or amazon or tesla rips up and you're in along there Market on close kind of helped you in those cases and you can get Some of that hedging flow and that i'll go working for you Similarly, I posted something in the in the previous I think it was a blue jacket digest where we kind of talked back and forth I posted on how you can See an i'll go and if it's been there for several days you can anticipate how it works And if you can anticipate how it works you can trade it either with it or against it So if you know that an i'll go at this point has placed xyz number of orders every time you've come Into a sell-off into it You could get short the market right here Set a limit profit taking order right below The i'll go pushes you directly into your profit taking and you take a quick scalp Or conversely, you know that the i'll go once it places those orders You can place a buy order and get absorbed get absorbed back into the imbalance hire There's a couple of ways to use those The issue with those is you do need to know where you are At in the market and you need to know that the i'll go is there because not always is it going to be there um And right now we're in an interesting position where some of these i'll goes and these rebalancing efforts are sliding a couple of points But the reason they're sliding a couple of points is again due to volatility The level of volatility in the market has adjusted substantially from monday to friday So where they were earlier the week is slightly different If volatility is staying level Whether it's high level or low level when it's staying level and balanced They're generally in the same same area sometimes even the same ticks. Nothing's really changed Um, what other questions anybody have any other questions? Because we're kind of getting towards the end of the wire there We're still looking at that that long area. We haven't rejected back and we see volatility kind of going Going down go ahead. Yeah, it's hanging in there Still it's it's holding. Yeah, i'm not i'm not really interested in shorting this market in the long term at all I I think that as time passes we're going to continue to get that volatility kind of compressing And I really do think that we're going to get a break of this this opening range Maybe around lunchtime when that volatility kind of drops off Or volume not volatility, you know as london leaves the market We could get a break in a continuation and if we do Where we closed yesterday is not a bad area to be looking at a potential target And it could get a headwind I mean Or not a headwind a tailwind and we've seen that happen before where An option to expiration hits we see volume coming in on the buy side all three indices right now all three indices Have strong buying volume volatility has dropped Almost a half a point since we started talking That's intense. That's an amazing level of volatility um Compressing it's it's really losing value in those in those puts in the market for that hedging flow And as we kind of push forward I'd be looking long honestly for probably most of the day unless I see something different We get a push right through those liquidities What I want to see is I want to see take the second. I really want to see it take the second I don't want to see it stop. I want to see it push clearly It does now. I want to see it kind of come back into this range Yep, perfect. Great stuff And that's that's that's what I look for all day. That's my favorite part of the day looking at this Um, so um, let's see jack. I had a couple questions for you. Um, uh, regarding, um The well, I love the way you're using market polls, uh, and you've got it up there on the screen and that uh, you're looking for that, uh, it what I've really liked about it was the um It's right there in a little widget So you don't have to go and look at other charts like, you know, it's right there and it's gonna. Oh, okay Well, I see price change and volume picking up. Oh, I'm you know, this is the correlation. I'm looking for Uh, stay in the trade, you know, exactly and I also keep like I said that correlation tracker for NQ I keep both of them right there Um, they're incredibly important tools I want to know what the rest of the market's doing because there's so much market overlap So much market overlap and we're kind of getting that pullback that I'm looking for now We need to be able to hold these levels. We need to be able to hold these levels or I'm Looking to kind of take profits and not really stay in things But I love market polls. I love market polls to the degree where When we get to that kind of sideways part of the day that almost always happens around that lunch time I Kind of don't look at my bookmap chart for a little while and I really start getting my annotations and everything done That's generally when you'll see me start posting in the futures channels because I can kind of now like Digest the the last three hours of me adjusting my earnings trades and the options market my active portfolio my trading and In the futures market And it's finally the time where I get a chance to breathe right before I get lunch um I'll pull market polls down. I pull all of these widgets Down next to my brokerage platforms next to my annotation tools where I start early going through things So I keep an eye on the markets anyway I really like price change because it tells me exactly what price is when I have my equities up I keep track of whatever equity trades. I'm in those will be here as well And I keep the volume pressure up for all three indices like you see so I can see that And then specifically I keep the volume pressure and balance and yes, I The volume pressure and balance has has earned its place on the chart For ever now because of the way it just shows me those those counter impulse moves I am a huge fan of them I I think market pulse is a fantastic tool. The only comparable tool is tick strike and it is significantly inferior No, it is great. I mean You know and plus you got several algos In market pulse like you like like you can see there you got your price change and your volume pressure But there are and you and you have your volume and balance pressure as well So No, it's good stuff. I really like it as well And I like I just what I really like is the way that you're managing your trades with it And that that's really the key because like it's telling you something and it's just like, oh, okay Well now now I kind of know I have more information To to make a better decision You only get correlation in one market. You don't get you know that that overall correlation that you're looking for Maybe you don't stay in the trade as long You know, maybe that that is giving you information and it's important that you that you take it as information Take the information and not understanding for what it is If you get this that that large all three market moves like we saw Well, that's confidence to stay in and let it reach that target. That's what it's telling me Yeah Yeah, yeah, absolutely. So let me if I if I can I just want to Please get your questions in for for jack. This is this is your time you know, so Let's let you know get it in the recording so you guys can come back and watch it You know jack has been working a lot over on the discord channel And I'll I'll mention some other things that that he's he's working with us on as well Um, but if I can just kind of sum up what I gathered early on when you Started here and and just kind of put like a bit of a checklist together So you're looking for the opening opening range the first 30 minutes And and then you're um, you're also looking at your options levels Yes time in sales deltas Yeah, rob you can ask questions in this chat as well This chat or youtube your choice. Yeah, there's the the chat on discord. There's the um, there you go rob's got it It's the special events Hashtag special events chat just above there. So Above the special events voice channel before the opening range. So I am looking at that bias. I want to have Some bias. I want to either be right or wrong When the market starts opening because if I'm wrong that tells me something and I can reevaluate what I'm looking at Yeah, I missed something. In fact in in this example, you would have you wouldn't have waited for the opening range You would have been in already I was in already. Yeah, I was talking with he earlier and I was telling him I was going to be long pretty much from the rip Um, and I I used the default uh, Jlex the default volume pressure imbalance so this this I'll go went through beta testing and I put in so much feedback with regards to the market pulse add-on and I know a ton of other users did and they responded Overwhelmingly each time with different things in the background We could see some changes as it kind of progressed The defaults are perfect for me and I have no need to change them. So they are default Yeah, that's that's what I use as well. It's just fine. Um, let's see. Um, all right So, uh, opening range options. You've got your correlated markets there with it with the NASDAQ. You've got your market pulse You look at the vixx as well. Um, that was that's volatility in general not just vixx But volatility in general vixx 1d and the vixx market as a whole Um, yeah Okay, uh, and then at that point that kind of sets the tone for you Yeah, and uh Now you're looking at order flow You're looking at the uh liquidity and volume at your specific levels that you have Set in the overview exactly Yeah, okay great and that overload builds off of um Underlines as well the mega tech stocks have huge impacts on both indices So I I keep track of their market structures as a whole and we see a large buy so you come in there Yeah, um, a lot a lot of good volume there. Um And I keep track of all of those things as a whole and I I utilize The underlines to give me an idea if everything in the underlines are telling me that they're going to move lower I'm not necessarily going to be looking to go along in the market because the market is made up of these these mega cap Docks and I know that they're going to have an impact on it So I might be looking for smaller trades I might be looking to go short in the market in the short term in those kind of conferences Uh rob had a question in discord. How do I handle burnout? I'm at a point where I seem to be stuck with my progress This is a good question and I kind of alluded to it a little bit earlier and what it is is If you're looking for results results are the last thing you're going to find Um, it is one of the toughest things to do is because you you have this inherent Just normal personality everybody does where you are results oriented you want to see results And when you start trying to find those results You start near picking the things that you did wrong and not the things that you do right necessarily You're not focusing on the things that you're getting right or the things that you're seeing and that could be a major thing Um, aside from that the way I handle burnout is I just try to put more time in which is counterintuitive I know But I found that for me If I feel that kind of overwhelming this it's usually from anxiety And the way for me to counter anxiety is one of two ways either. I just kind of avoid it Or I kind of like head on collision into it until I can work and brute force my way through it Um, I don't personally do well with walking away from anxiety For those who know me kind of in my personality in general, and there's a couple in the youtube chat I know I am a conflict oriented person. I like to meet Discussion with frank in fruitful discussion I like to to kind of run headfirst into my problems Because I can kind of get a resolution a little bit better and I just kind of try to take responsibility for this One other area and I did this a couple of times in the earning cycle this time I sized trades improperly a couple of times. I got a little too big in certain situations for earnings overnight trades, which are incredibly binary and volatile and When I did They hit me in the face Sizing is incredibly important Um, what is my process for vetting a trade setup? I'm trying to figure this out So I have at least one verified setup with an edge. It's going to be that opening range It's going to be that opening range every single time and it's going to be looking for short profit targets Take it take it from this way. Let's say you're trading MES Just for getting used to the markets you take the opening range strategy You're not looking to hit home runs You're looking to just make profitable trades and you take that opening range trade That is one of my bread and butter trades And you can see it here And it's set up like I said right here We were looking for a pullback into this area Sure enough, we get our pullback into this area And all I'm looking for is to meet where liquidity was before Where did we trade before? Let me get some profit right off the table and if you look at that trade that's 43 76 43 72 three or four points. I'm not looking at a home run I might even a scalp the scalp the target right here at this level halfway between the two Maybe it's three MES that you want to trade right? I do one at the halfway point one at the next target and at that point There's no pressure on the trade to perform and if there's no pressure on the trade to perform I can sit back and let it go. I've walked in a good amount of profit here So I don't need to worry about those concepts That opening range setup is is one of my bread and butter setups. I would use it every single time If you're coming from the top down Rob you've probably seen this one as well if you're coming from That that initial balance area, maybe the initial balance is up here in this case You're looking to break in you get that retest right here I'd be looking to take that opening range trade down to the midline Um In that midline We talked about earlier because we're kind of locked in here that midline is that level right there That's what I'd be looking for Those two trades will get you on on a ton of Small little trades and I spend the entire day in the markets Open to close. I spend the entire day in the markets. I know what different underlings are doing I'm adjusting my active portfolio. I might not be trading every minute of the day But I have the markets up I have an idea of what's going on and I constantly look for either confirmation Or conflict with my bias and if we look at today We got what we like to call confirmation And if we take a look again at vix we started up here in the 188 handle We're all the way down here a full point lower We're getting the volatility compression that we were looking for in the markets We've had time pass now for two hours Yeah, two hours. So we've got all of those Long puts kind of leaving the market and we can see that we're getting this continual buying pressure To the upside as these markets kind of go In this area this 4380 area 4384 is honestly my biggest target right now And it is the reason I'm looking at that specifically Is because that's where we closed yesterday So a runner there it might take off a little piece there because That's where we closed yesterday. There was a reason that we kind of closed there. There was market participation there Because it's power out. It's the end of the day So that's where I'd be looking for if we were if we're along right now I do not have a website. I actually don't I don't sell any products I don't I don't have any coursework or anything else My dms are open for any kind of trading discussion knowledge anything like that So if you just want to ask me questions about a trade in general You are welcome to do so. You don't even need to use bookmark necessarily. You can just ask that Who was that I believe that was dr. G If you are still there So I am active in the bookmark bookmark discord There's a couple other discords that I'm active in as well But the bookmark one is probably one of the most active I I post setups almost every single day um I think the rob working on it is is what you got to do. I mean I started with monopoly money literally monopoly money It was paper trading with actual paper on the initial setups that I learned the marketplace in and At the end of the day, we were given monopoly money that the the it was a prop floor And it was an actual prop floor not the current prop trading you see and In those concepts at the end of the day, we you know count out the monopoly money And at the end of the week you'd get you know different prizes and stuff like that And by having that kind of competitive competition and in good hearted nature without that risk on the board You got that sense of Accomplishment you got that sense of pride, which is incredibly important when you're learning a task Nobody wants to learn a task that they just beat their head against Trading doesn't need to be a souls game. We want a little bit of success here or there We want to know that we're making progress um And I think that that kind of concept is important. I I can't advocate enough about Paper trading. I don't think that traders utilize it enough. I think that Prop trading is great. The prop firms that is they currently exist I think that they're fantastic because they give traders an opportunity but it's Very easy to get into and I think that traders don't necessarily practice enough Of what they're trying to do and their understanding in the markets And put it in real time use until they start putting money on it and that's rough Amid Yeah, your stop loss needs to make sense. Absolutely. Um I think Amid is one of my buddies there if I remember correctly based on that last name Um, I I move my stops often and I make stops differently within the markets I don't necessarily use that I need a five to one risk reward every trade I make I find that that is quite often a losing process If I think that a trade is going to go two points But I know that it could reject also two points before it makes those two points I'm making that trade with the knowledge Of that so I'll place my stop loss accordingly. I use the swings of the market. I use those market levels heavily in my process on where I'm looking If you followed some of my trades and you've seen them before in the discord You've seen that I also front run my targets Often I don't stick around to get to the tick. It doesn't matter. I don't want to be doing that Um, I think that that the kind of trading is very difficult and if you get too tight You just get you just get ticked out. How many times have you had a trade where you got It went literally to the tick where you were and then reverse they went the direction you want, you know Or you've seen it do that It can be incredibly painful to watch So I always give that three tick room. I think that's incredibly important Yeah, I'm at tp based on Some sort of gauge metric like atr or scalps I'm big at scalping. I'd like to scalp out targets. I'll scalp out targets based on liquidity and based on distance so in Down here at these levels If we had a trade coming from the opening range Crossing over the midline here. Oh my my magic my magic pen's not working. There it is I'm looking to take a profit Probably 50% if we get that pull back and long there I want to take profit off the table If I don't see any major liquidity levels in there I'm looking at 50% if there's like a large band of liquidity Sitting directly below that 50 that 50% level I'm looking At that working for me. I'm looking at taking that liquidity and I might front run that by a tick or so Or maybe I'll sit directly in that liquidity as a target and just watch the trade actively Anybody else have any other questions? Am I going to be regularly scheduled streamer or a special event? I believe that this is a special event I will still be posting content regularly in the futures channel um It kind of I would assume that these kinds of events are really up to User participation if users want to see more content They get the content that they want bookmaps really been pushing kind of that user engagement if you want something Let the guys know, you know, and they'll they'll push forward things there So, uh, yeah, if you guys want to see more of that. Yeah, I would like to take that further Jack, can you can you can hear me right? Yes, sir. Okay. So, um, yeah, I'd like to take that further It kind of segues nicely rob. Um, look, we're open here. I know you can't see this jack unless I You see it in youtube now. I've got you up. Um, but uh, uh, so you know there's a lot of opportunities here as as you know, rob, uh, and we're looking for, um, you know, people that are engaging, uh, and uh Want to do this, uh, if they're interested, uh, and uh, Are are passionate about it. Um, here's a path for you In fact, this is exactly the path that jack took. Uh, he was already in discord already contributing a lot Uh, and uh, it you know, it popped up on my radar and you know, um You know He then he what he actually did was he joined the, um, blue jacket Um, uh competition, uh, and then he won it Uh, and then uh, he was invited to the bookmap junior academy Uh, once he's in the junior academy, uh, you that that's this program here, uh, that I that I'm showing here I just I just want to briefly go through this so you guys can understand the path that like jack took and others took Uh, and uh, you know a little bit of promotion here at the end. Sorry jack, uh, but it was just such a good segue into this I I thought I I'd bring it up. I found a grotto. I found a lot of value in the bookmap junior academy in that in the competition specifically yeah Yeah, go ahead and then I'll then I'll mention how it kind of affected me a little bit and how I was able to transition That that would be great. I mean like so so anyway, I'll put this into the chat It's just bookmap.com slash academy. Uh, and then the pathway is here Uh, so there's first you apply uh to the junior academy Uh, and then you have to kind of prove yourself or have a track record in there And uh, if you can do that, then you're invited to the bookmap junior academy Now you can see there's a link here to the blue jacket as well. This is step one, right? Uh, you can click on this link and it here's the junior or the blue jacket competition if you want to join that Um, and then uh, so then, you know, you can see what you do and what you get here, uh for the, um, junior academy If you get accepted, uh Then you're boosted up into the bookmap academy and you can get bookmap for free Basically what we're saying is you put the time in You've put the effort in uh shown shown your passion for this And have created some great content and You know, we're willing to uh You know help you out there. Uh, so we'll compensate with the, uh Free book map at that point now If you do well here in the bookmap academy, uh, then you can Get into the bookmap academy coaching Basically, you're you're up to a point now you've uh reached where you can turn around and come back into help these academy junior academy guys If you do that really well, uh, the next step is academy streamer And uh, the path the path is here. So for example, jack is in this path right now Tom B Moby uh and Doug Doug plus uh, they're they're streaming Okay, so they're they're already over here. Uh, we found some great traders, uh, and we're happy as can be Uh, and uh, and therefore we're gonna offer opportunity. Uh, so if you guys are interested There's a path here. Uh, just wanted to let you know about that and and jack if you have any other words about about that Love to hear. Yeah, of course, uh, slightly before that I'll answer a couple questions. Um, I draw on the screen. Yes, I You can see I have Initations left and right. I keep these all the way while we're kind of going in there We saw this rejection lower a break at that level. I'm not that's something I'm interested in interested in exiting along if I was in along but uh, Aside from that, uh, Jackson how much to buy stocks? So I utilize portfolio margin to buy stocks So it's essentially a portfolio margin costs, which is six to one leverage when I'm buying or shorting a stock If I short the underlying specifically Um, I will do that to some degree. Uh, it just depends on the underlying because I trade mega caps I generally only will do that on one or two underlines Um, because to get any significant Return for reward there you're putting up quite a bit of capital and it gets tied up for t plus two time plus two days Whereas I could take an options trade use up less capital and take a shorter term position So it depends on the situation Obviously options they do have Uh, their cost as well It's generally about 50 cents per contract on the higher volume traders If you're a little bit lower volume traders, you look at about 65 cents probably So that's how much those generally cost Trading for a living you love these events. Yeah, man. These events are great You can get a lot of good information. You can see a lot of different techniques Um, there's not just you know order flow from my perspective. You got volume profiling traders market profile traders Jay trader comes in a lot. He's got a huge following there. You can see those kind of Taking it back to bluejacket and uh that that competition as a whole So I hadn't used book map At first it's a start of october I was time and sales oriented footprint oriented and tick chart oriented. Those are really how I utilized everything there um and It's great. You get a lot of information with footprint I don't begrudge those guys of the process in that technique at all. I think that it's fantastic One of the issues with it though is there's a lot of numbers on the screen And those numbers change and you're constantly looking at things And it can be very difficult on the eyes, especially when you're trading multiple underlies Especially when you're keeping a lot of other levels in your head as a whole It can be incredibly difficult But I wanted to try to find something that was doing something different something that I was able to use and I kind of stumbled into um Book map because of that because a friend mentioned it. He's like, hey, maybe you like this because I know you're like visuals and it is exactly what I need so I'm getting the footprint information Right here in the chart. I can see that we're getting This buy side. I can see that in ratio and in conjunction compared to the sell side We have more buyers at that specific moment and that tells me something um also the fact that it is real-time streaming Is massive for me because I don't need to focus As much on market profile because I can see the market profile as it's taking shape in real time If this was the first 30 minutes, you might take this as the a block here And I can I can kind of keep that in mind there and I can kind of see the way the market profile is working as a whole So it kind of combined a lot of little Techniques that I was already doing in a more visual manner and because it did that It was very important to me so I purchased bookmark for that reason and A week later O'way and posted the start of the competition And I'm very big on journaling. I'm very big on annotating as you can see on the charts I I trawl all the time on my charts Um, and it was a good way to get familiar with the tool and that's exactly what I utilized it as Um, I'm not necessarily a junior trader, obviously So it didn't have that kind of appeal to me It had the appeal of this is going to give me the best in the most use out of the software is by competing Not only that But I'll put myself out there and if I'm understanding the way bookmaps working differently than I should It's going to generate conversations somebody's going to tell me something different and instead what I got was a lot of um confluence on these kinds of trades and kind of techniques And people started asking questions about different things that I would do and that kind of led to Larger annotations and you could see some of those in the previous uh Little information thing that I did with O'way and with blue jacket on youtube as well as it's still posted in there All of those things are archived into the discord. You can see them at any time If you want to see specific things at any time just send me a dm. I've probably got it I've got it saved in a spreadsheet that I utilize and I have them saved on my hard drive. So I I journal and I annotate regularly and it's incredibly important Is anybody else have any other questions? so just uh, there's a question on the on the cost for this academy, uh, just to let you know About the pathway here, uh, just scroll down a bit further There's faqs down here that you know could probably answer your questions, but Um, basically down in this area here, uh, you you apply Okay, so but what you're applying for is, uh, the the junior academy at that point You're not in it. You're you are applying for it And now there's a second step though. Just because you apply doesn't mean that um, you've started What you need to do is then go into our discord chat room And uh, and there for the um, book map, uh, academy or junior academy, uh, applicants You need to request a spreadsheet. So then this is this is why it's a two-step process. So then I know that you, um Have signed up and I know that you're part of our discord room That's where we're going to communicate is in the discord room, right? So what and and you need to get the spreadsheet in there It was technically easier to just have you go in there and request it So, uh, that's you sign up first and then you request your, uh, your spreadsheet and And if we want to go over to my side there bruce, yeah, sure Pull your window down. Um, can you see there you go? Yeah Um, that's my spreadsheet. Um, I I archive my stuff every day I archive it in my own personal way on offline and then I also post All of these things in here. I think I'm mostly up to date. I'm a day off That's on me But all of these are in the discord channels. You can see that I have different discord channels for different posts I post on twitter reddit. Um, you can see those and What what you're looking at is consistency and that's what You need to do to be a successful trader is you need this consistency This is what I was also tracking in my equities trading as well Became a lot more tedious to duplicate that effort. So I just tracked futures right now for the most part But that's what a spreadsheet should look like and What bruce really wants to see in the blue jacket academy if you want to join that is that consistency Um, you don't necessarily need to be trading every day. That's that's not it You just need to be when you are trading you need to be consistently actively journaling documenting your process putting yourself out there and In putting yourself out there you'll start to iterate on your process You'll start to take feedback from other people or be able to converse about your trading style And as you start being able to do those things you'll start progressing and that's That's one of the things that I used to leverage again Like I said, I wanted people to see my bookmark trades so that they could tell me I was doing something wrong Or I was doing something right they could give me their influence on it So those those were techniques that I looked for importantly there We took it a pullback Like I said, that is not great We came right back to the level though And we kind of rejected higher that it's kind of nice. Are there any other questions? Does anybody have anything else for me? I think that's just about everything That's it. Um, if you have questions, like I said, you can put them in you put them in the future channel You can put them in the general chat. Just ping me feel free. You can also DM me if you want I'll answer those questions. I'm around often. So feel free to ask whatever you want Bruce, I appreciate the time We appreciate it jack. Thank you very much. Uh, it's been uh, been excellent. So, uh, we'll um, uh, continue on We'll do it again. Uh, and uh, sounds great. Yeah. Yeah. So, uh, yeah, thanks. Thanks everybody And uh, we will catch up another time Thanks guys. Appreciate it. I am uh, I'm going to continue my day. I got to balance a bunch of stuff So you guys have a nice day