 helping clients start and maintain businesses in many different industries. He also has about 25 years of teaching experience at the college level. This inspired students to become more than they thought they could be, Jerry's married and a father, the three wonderful children ranging from nine to 16 years old in his free time, he enjoys computer programming, writing, cooking, music, remodeling the house and spending time with the family and friends. All right, Jeff, stage is all yours. All right, thank you very much. I appreciate you inviting me here and good morning to everybody. This is certainly a privilege to be here. I'm going to put a, excuse me, get the tech issues going here. We are going to put something in the chat here, which is a link and I'll tell you what that link is all about here in a little bit. And then I'm also going to share my screen. And right, hopefully everybody can see that now. So I apologize for that little delay. Okay, as he mentioned, my name is Jerry Allison. I am a CPA with Traders Accounting and we specialize in handling bookkeeping and taxation and consulting for traders. I mean, that's all we do. It's not all we do, but we specialize in that. We do have a few other little businesses that we take care of as well, but not that many. So our specialty is taking care of people like you who are trading full time. And so today, what I want to talk about are different strategies for tax strategies, basically, that you can help protect yourself, you can help save money, and that you can do a whole lot better with your income taxes. Now, before I get going too deeply into this, we do have to make the lawyers happy. So we're going to cover a disclaimer to the best of our knowledge, the information in this presentation is accurate as of today's date. I did go through this last night to make sure everything was accurate, made a couple of minor changes, but some of you may be interested in what I'm presenting today. These changes do happen constantly. You don't have to wait for Congress to make changes sometimes because the IRS has certain latitude to change things themselves. So before you act on any of this information, make sure you have a consultation with a tax professional who knows what they're talking about. The reason I say that there's a lot of people out there who think they know what they're talking about and a lot of disinformation out there as well. So you want to make sure that you have somebody that knows what's going on. Secondly, this presentation does not establish a professional confidential relationship between you, me or traders accounting. And finally, traders accounting is not a law firm. The information here should not be construed as legal advice. We're just giving tax advice, but no legal advice whatsoever. Then one other slide that I want to present before we get into the meat of this thing, our contact information. And I'll put this up towards the end of the session as well. There's a website address there and that's the same address I just put into the chat. And what you can do is when you go there, you can get a free ebook. That contains a lot of what I'm talking about. There's a few extra things in there. You can certainly do that while I'm talking right now. You can click on that link and go download it. If it doesn't, if there's a problem, then please let me know and I'll address that towards the end of the session here. Our phone number is 800-938-9513. And you can also email us at learnattradersaccounting.com. As I mentioned, we not only do tax returns and bookkeeping, but we do consulting as well. So you can sign up for a consulting session if you want to follow up on any of this information. All right, let's go ahead and get into this a little bit. We're gonna talk about some basic information. And this is really the key here, this first sentence. If you're serious about trading, you need to treat it like a business. Because if you're trying to make money for your family to live on or for the future or whatever you're doing, if you're serious about this, then you need to think about this as a business. Now, what does that mean? Doesn't mean you have to go to school and get a degree in business. That's not what I'm talking about at all. But you do need to understand some fundamentals. And the first thing is you have to be concerned about cash flow. Now, businesses, a lot of business owners are good on one end of the cash flow, but they're not good at the other end. Let me describe that. For traders, traders go to sessions such as this one and learn about trading techniques and how to make the money, how to bring the money in. Most business owners outside of trading are also concerned about getting customers in there and about getting the revenue in. But there's two sides to cash flow. One is bringing the money in, which you should absolutely pay attention to and learn how to do that and get your best trading strategies going on and use those effectively. But you also have to be concerned about the money going out. There's money going out in expenses. You may have data feeds. You might have subscriptions to software or something else. You may have margin interest. You might have other things, but you definitely also have taxes if you're making money. And so it's something that you have to actually take care of. Traders have strategies. They go and they follow their strategies and try to get the emotion out of their trading. And that's certainly exactly what you need to do. But you also need to have a strategy for expenses and definitely for taxes so that you don't have to worry about it April 15th of every year. You don't have to worry about it on December. In December, whenever it is, you start worrying about that stuff, the emotional stuff that will creep into your trading. And I've seen it happen many, many times that you start thinking about taxes. It creeps into your trading and you start trading based on that and your whole trading system is messed up. So my goal here is to help you come up with a plan or at least an initial plan for what you're doing. The second thing about treating it like a business is you need to make financial decisions based on your business needs, not on the tax code. I kind of alluded to this for a second. You don't go out and you just spend a bunch of money to get a tax refund. That's just, it's never going to work in that. I had a client a few years ago, he was actually an auto repair mechanic and he wanted to go out and buy a $20,000 tire machine just so he could get a ride off. And so we calculated, did some calculations, he's going to spend $20,000 to save $6,000 on taxes. So in that loss of $14,000 there. So that you have to recoup that somehow. And I asked him, I said, how often are you going to use that tire machine? Well, we're not going to use it very much. So it would have taken decades for him to actually recoup the money for that tire machine. My point in that is do not make financial decisions just in a hurry to save on taxes. It's not going to go well, it almost never does. So you have to treat trading like a business. You've got to be concerned with the money coming in as well as going out, particularly in taxes and don't make hasty financial decisions just based upon the tax code. That's going to get you in trouble. So in this presentation, we're going to look at really your tax and your protection options here. And this is what I want you to be aware of as we go through this. And as we get to the end of this thing, I will answer your questions. You can put those into chat. I'm not going to address them now just so it could keep a consistent flow about what's going on here. So we're going to talk about the tax and protection options for you. Now, one thing I do want to make sure that you understand is this is only US based tax. We are not into, we don't deal with Mexico's taxation system or Canada's taxation system or anything else. This is all US tax. So just to kind of clarify that up front. So the first thing we're going to look at is what's called trader tax status. And any trader can actually utilize this if they meet the qualifications. And this is one way to save in taxes. And so to get more of a refund or reduce your tax liability. The second thing we're going to look at are entities. You may have heard that entities may help save taxes. I will get into that here in a little bit. This is again for all traders. It doesn't matter if you're trading crypto or if you're trading Forex or you're trading stocks, options, futures, whatever it is, you can set up an entity. And then finally, we're going to talk about the mark to mark election. And this election is only for stocks and options traders. So if you're trading futures, this doesn't work for that or anything else. But this is something that can definitely save some money if you are into trading stocks and options. Okay, let's start off with trader tax status. Trader tax status is a choice that allows an entity to deduct the trading expenses provided they meet the criteria. So you get to choose whether to do this or not. And it's something that you might want to consider and definitely would consider. There are some pitfalls here as we go through this. Now, before we get going in this, I do want you to understand that the basis for what we talk about as far as taxation, a lot of it comes from publication 550 from the IRS. Now, that is something you can go to the IRS website, irs.gov and type in their search bar, publication 550. And you can download that to your computer. It is revised every year. The current version of course is 2023. And you can download that to your computer. And certainly read it. It deals with all types of investing and bonds and original issue discounts and interest and dividends. I mean, everything. So it's rather long at 70 something pages, but it does have some of this information in it. Now, it doesn't have all of the information in it. And the reason for that is that the guidelines for trader tax status are very, very vague in there. And I think sometimes the IRS writes this stuff very vague. So it gives their examiners a lot of leeway to decide what to do and what to allow and what not to allow. So what we have to do is we go back to court cases. And so the court cases give us something a little bit more definitive on when trader tax status can be used. So the first criteria is there should be 720 trades in a year. Now, the 720 trades can be spread out. You can do stocks, options, futures. I've had clients do all three. Cryptocurrency, if a client's do all four. Forex, just as long as you've got that number of trades, you can employ trader tax status. The second one, there is trading over 75% of the trading days per year. Now, let me explain this one. 75% of the trading days per year usually amounts to about 188 or 189 days out of the year that you should be trading. The criteria that's in actually publication 550 presents that you have to treat, if you're gonna deduct your expenses for trading, then you have to treat this like a business. Hence the slide that we just came from that you gotta think of this like a business. Well, these two criteria right here kind of imply that you have to spend the time. You're gonna be 720 trades, but if you're trading in over 75% of the trading days per year, that means you're not gonna go on vacation for two months. You have to treat this like a regular business and really pay attention to it and put in the time. You can take off maybe a quarter of the trading days, but you really should have some really in-depth time put into this. There is a third criteria also that you have to put in over 500 hours in trading, research and education. And so this amounts to actually keeping some type of a timesheet. Now, for the first two criteria, the 720 trades and trading in over 75% of the trading days, if you ever get questioned on that, you can just give the IRS your monthly statements. And they can look it up and tell when you did the trading, but this last one, it can't be done on those statements. So we recommend you keep some type of a log for how much time you spend. For example, you're spending time right now in this session. You'll probably also spend some time in the next session. Those all count. It's not just trading, but also education. So if you watch a YouTube video, record it. When you're doing research on what to invest in, record it. And there's no format specifically that you need. You can do it in a spreadsheet, you can do it in a database, you can do it on pen and paper, as long as you've got something to show the date and then the time you spent doing an activity. And I said that the hassle, I agree, but it is something that you do need to actually do. One question that I normally get here is do we have to meet all three requirements? And the answer is yes. On an individual level, you really need to meet all three requirements in order to deduct the expenses on your taxes. Now, the tax savings that you have depend upon your current tax bracket. And so if you're in the 39% or 37% tax bracket, you're gonna save more by deducting your expenses than you will if you are in the 20% tax bracket. It just makes sense. But you can deduct those trading expenses. Now, trading expenses include anything related to trading. So certainly margin interest and commissions and data feeds and your subscriptions, your computer, any office furniture. If you sign up for training like this one or you go to a show like the Money Show in Las Vegas or something like that where it deals with trading, you can write all that off. And if you have to travel, you can take the travel expenses and you can also write off the meals and the lodging. So there's a lot of expenses that traders have. And I'm gonna deal with one specifically coming up, but this can actually create a situation where you can save a whole lot in taxes. It's my contention that traders have a lot more in expenses that they could deduct than what they even imagine sometimes. So this is what trader tax status is. It is a choice. If you meet the criteria, then you're good to go and you can do this. Now, as with anything with the IRS, there's a caution because there's a situation here that we need to be aware of. If you're gonna do this on an individual level, in other words, a person deducting trading expenses. So you're investing and you're trading as an individual, not as an entity, but as an individual on your personal tax return, you must use the schedule C and the following things occur. Get it in your mind, schedule C bad, okay? Just here's why. First of all, with the schedule C, your audit is increased. The schedule C is actually a small business return. It still goes on your 1040, but if you have a small business, you use the schedule C. And it's been around for decades. So, you know, mechanics and grocery stores, small grocery stores or mom and pop stores, anything like that. Anything small would use a schedule C. So, a trader would also use a schedule C to deduct the expenses. Well, what's happened over the last decades is people have abused that form to deduct just about anything they've wanted, hobby expenses and things like that. So, what it has become is the schedule C is the number one most targeted form not just on a 1040, your personal return, but anywhere, anytime. This is the most targeted because a lot of it is not substantiated by the IRS. And so, people can put numbers on there that they make up. And so, the IRS is automatically gonna start looking at that. Doesn't guarantee that you're going to be audited, but it definitely increases the risk. Number two, and this is a deduction that I wanna focus on here for a while. It's gonna keep coming up. The home office deduction says may not be a table. It's probably not obtainable. There are a lot of conditions for taking the home office deduction on the schedule. See, there's a whole separate form for that. It's an 8829. And you have to fill out all this out. And if you don't have a profit, in other words, your trading income and your expenses, your minus your expenses, if you don't have a profit, you can't take the home office deduction. And so, you really have to jump through some hoops on the schedule C in order to take the home office deduction. Number three, there may be no asset protection. Unless you form an LLC on an individual level, your assets are really not protected. Or the other way you could form a revocable trust, a family trust, something like that, where you've got everything in there, then it's protected. But just the ordinary person who invests on their tax return, they don't have any asset protection. What that means is, if they were to get into a car accident, and the accident, it's their fault, and the max is out the insurance, now people can come after your personal assets, which trading would be one of those. So you don't have any protection there. Number four, it's difficult to justify having a W-2 job and being an active trader. The IRS for whatever reason doesn't like this. If you have a full-time job or even a part-time job, and you're trying to be a very active trader, they don't see that you can do both. And so, there are issues there that the IRS has with trying to trade and trying to be an active trader. So if you're going to do this as an individual, if you're going to trade as an individual and you're going to deduct your expenses, these are things you need to be aware of. Now, there are solutions here. And one of the solutions is our second topic, entities. Now, there's several types of entities. We have a sole proprietorship, we have a single-member LLC, general partnership, a limited partnership, a multi-member LLC, an S-corporation, LLC, S-corporation, C-corporation, and LLC, C-corporation. Okay, we're not going to get into all of these, but there are a bunch of them. And for traders, most of these really don't make sense. Now, let's kind of eliminate a couple of them. The sole proprietorship is what I was referring to a little bit ago. That's when you trade on your personal return and use the Schedule C. You have a sole proprietorship. Single-member LLC does exactly the same thing. The single-member LLC doesn't do anything for a trader. You end up reporting your expenses on Schedule C again. The only thing it does, it provides some asset protection so that once your trading assets are under the LLC, and by the way, when you create an LLC, you have to move your trading, you have to create brand new accounts in order to trade underneath the LLC. And so we will get to questions here at the end of the session, please. So these don't do anything for a trader. You just report everything back on Schedule C, both of them, and they don't do anything. Now, that leaves the other ones, and quite frankly, we're going to narrow this down to the multi-member LLC right now. But the type of entity that's right for you depends upon your situation. And the reason I say that is because really, there's three types of entities that a trader can effectively use. It's the multi-member LLC partnership, partnership basically. We can use an S-corporation and a C-corporation. Now, those three are the ones we narrow things down to. The others really just kind of flow on through. They don't do it really much else for a trader. But the type of entity is right for you depends upon your situation. And this is one reason where you're gonna have to consult with somebody. Now, generally, we recommend a multi-member LLC. And I'll talk about that one in a little bit specifically. We do have clients that move into S-corps. There are reasons for that, but you have to have a good amount of solid income in order to work with the S-corp. I'll tell you right now, because of salary requirements and things like that. C-corps, we rarely recommend except in situations where there might be foreign investors or things like that. So let's talk about the multi-member LLC here first. Now, I'm one person, I'm gonna tell you what the cons are as well as the pros. I'm not gonna lie to you, if you were to call up traders accounting and you want to set up a consultation with me and we get to that, I'm gonna tell you the bad stuff and the good stuff because I want you to be completely aware of what's going on. I'm not gonna try to hide anything from you. There's no reason to. Now that's not bad business practice anyway. So the cons about a multi-member LLC is you do have, some states you have a yearly multi-member, an LLC fee. Now, let me address this for a second. There are becoming more and more states that do not have a yearly fee. Matter of fact, as I was looking at things last night, Virginia has a one-time set up now. You pay, I think it's a hundred bucks and you never have to pay another fee. You still have to file forms every year, but you don't have the fee. I know Arizona does not have a yearly fee and there's other states out there that no longer have a yearly fee, but some states do. And I'm gonna give you example here on a little bit of one that does. So you do possibly have a yearly fee. You may have, you will have a tax prep fee because a multi-member LLC is a partnership. And so you have to file a partnership tax return. And so that's gonna be a separate tax return that you'll have to have filed. If you can't do it yourself, you'll need somebody else to do it. So that's an extra fee. And then probably increased broker fees. A lot of brokers because you're, you have to create a brand new brokerage account for the business and then you move your cash offer. They start to charge a little extra because they think you're a business and you've got all this money sitting around, which is really stupid, but they do it anyway. There are ways around that. I've had clients and even some brokers tell my clients that if you keep your personal accounts open, you can use some of the free stuff like the free real-time quotes and stuff like that that you get, use it on your personal side but do the actual trading underneath the LLC and you can mitigate or minimize some of those broker fees. Those are the three cons. Those get severely outweighed by the pros. The pros beat them to death. So first of all, with the pros, you do get asset to protection with an LLC. If something happens, there's a lawsuit, your assets, trading assets are protected. And so that's one reason we generally go with an LLC. There are other reasons. Matter of fact, the second one is when people are not completely aware of. You have a choice in taxation methods. So for example, most people realize that when you form an LLC, that's actually a state creation. And then you have to pigeonhole that into the IRS system. And when you form the LLC, then you get to choose whether you're gonna be treated, in this case is a partnership, an S corporation or a C corporation. So generally we recommend, okay, do the partnership thing first because that's simple because it's the simplest way. And if you lose money, no big deal. If you make money, then we can always convert later. Matter of fact, we can convert to an S corp. We can file an election with the IRS, let's say after two years, we have a multi-member LLC that's doing really well. They've got solid income. We file the election with the IRS to be treated as an S corp. And so we can change the taxation method. We can go backwards too if we want. So that's why one another reason of huge one for recommending LLCs because you can change how you're gonna be taxed. This could be vital if they change the tax laws. And so having an LLC, you can choose how you're gonna be taxed and maybe up find the optimal way of taxation. Number three, there is a reduction in IRS scrutiny. Remember I said if you do this on your individual return, then you stand a better chance of having an audit or some type of examination because of that schedule C. This gets all your trading off your personal return onto a separate return, partnership return or possibly an S corp return if you go that direction. And the IRS doesn't bother it nearly as much, not nearly as much. Matter of fact, we have any problems. So all the audits I've ever in my 30 something years in and doing working in taxes, almost all but one of them have involved a schedule C. And the other one had a payroll issue. So nothing as far, you really reduce the IRS scrutiny considerably. Number four, I said I would keep coming back to this, the home office deduction with an LLC, multi-member LLC, not a single member LLC but a multi-member LLC or even an S corp. You pick up the home office deduction and there are not any limitations on that. Remember I mentioned a little bit ago with the schedule C that you have to have, make sure you've got a certain amount of income and it's got to subtract your expenses and all that stuff that hoops to jump through. There are no hoops to jump through. If you make a loss on your partnership return, you still get the home office deduction. So that's very nice. That's very important too because I'll show that to you here in a little bit. Number fives, it solves the W2 trading issue. I mentioned a little bit ago that if you have a full-time job or even a part-time job with the W2, that can create a bit of an issue with the IRS and trading. And so they don't like that so they really create some problems. This gets all your trading off onto a partnership return. So it looks like you're investing in a business or a legitimate business. I hate to use that term in this case, but a separate business. And so the IRS doesn't bother you. Now, the partnership as well as the S corp are what are called pass-through entities. The income expenses still pass through back to your personal tax return. Partnership doesn't pay any income taxes. Neither does an S corp. It all passes back to your personal return but it goes on the schedule E and it goes on as summary numbers. It never touches that schedule C. And so it solves all kinds of issues here. It really doesn't make any tax difference except you pick up a couple extra expenses along the way. Number six, it solves the mark-to-market long-term, short-term dilemma. Now let me explain this a little bit and we'll get into this a little bit. If you've trade stocks and options and you make the mark-to-market election, one thing, if you do that on your personal side and you have long-term and short-term holdings, the IRS will try to put those long-term holdings underneath mark-to-market. Now, let me explain why very briefly, mark-to-market really values your account at the beginning of the year and at the end of the year. And so you may could pay tax on unrealized gains in your long-term portfolio. And the IRS will try to do that because they want you paying taxes now. So what we recommend to our clients is when you set up, if you set up this multi-member LLC, move the short-term stuff into the LLC. You trade there with all the short-term stuff underneath mark-to-market and then leave the long-term stuff on your personal side. That's as far away from the two that you can get and then you don't run into the conflicts of the IRS trying to put the long-term stuff underneath the mark-to-market. Number seven, and this is a big one, the tax savings can pay for your multi-member LLC. Now, remember the cons up there, you could have a yearly LLC fee and you have tax prep fees. I am going to show you that it's possible to get the government to pay for those. It's entirely possible. Now, let me give you some examples here. If you already have yearly trading expenses, here's what I'm talking about. The refund you get from deducting those expenses could pay for the LLC fee and the tax prep fee. In other words, a refund you get basically is the government providing for your fees, paying for the LLC. Now, keep in mind there's one deduction that we kind of keep bringing up over and over again. It's at home office deduction that you cannot really take on the schedule C side, but you can take on the multi-member LLC side. Now, let me give you an example of what I'm talking about. Let's suppose a person lives in Illinois. Now, I looked this up last night. The LLC fee every year is $75 per year. Okay, so every year you got to pay $75 to renew or re-register with the state. And the tax prep fee is $600 per year. Now, I'm just pulling that out of the year. It could be different. I'm just pulling it out, but you've got extra fees basically of $675 in a year. Okay, so some people look at that and say, oh, I don't want to pay that because that's a lot of money. Well, let's see how the government can do it for you. Let's assume that the person is in the 35% federal tax bracket and the 4.95% Illinois tax rate. So a combined tax of 39.95%. Here's my punchline. I'm gonna prove it to you in a little bit. This person needs at least $1,015 in trading expenses to get the government pay for the LLC. They say, wait a second. I don't have $1,000 in trading expenses. Remember that home office deduction I keep bringing up? Most people just in the home office deduction have about $1,200 and usually it's more. So once you start deducting the home office, that alone in this case that you can't do on the Schedule C, deducting that alone will get the government to pay for your LLC. Let me prove it. Here's the proof. So our trader has $675 in LLC expenses. That's the LLC renewal fee. That's a $600 in tax prep fees and a combined tax rate of 39.95%. Now we calculated there that the person is gonna have 1,015 in extra trading expenses. The refund would pay for the LLC. Here's the math behind it. Our total deductible expenses, there's the $675 in the LLC fees, tax prep and license renewal. And the 1,015, let's just say it's a home office deduction. It could really be anything, but let's just say it's a home office deduction. That's total of $1,690 right there that's gonna be deducted, okay? The tax savings, if you take $1,690 times the tax rate of 39.95%, you get a refund of $675, which is your extra expenses. So by forming an LLC, you can get the government to pay for the LLC fees and you pick up the home office deduction, stuff you're already probably doing, put those together and the government pays for your LLC. So that is a very useful way of saving some money on your taxes and really getting the government to take care of your LLC for you. So we have looked at trader tax status, the ability to deduct expenses on your tax return. We've looked at entities, particularly a multi-member LLC, excuse me. But again, make sure you consult with somebody before setting anything up because there are a lot of traps there and you wanna make sure that you set it up properly. Do not set up a single member LLC unless you immediately plan on going, changing it to an S corporation. So, but even then, I don't recommend the S corporation. And the reason for that, S corporations are required to pay their officers a salary. And so now you got a salary component, which means you need a payroll company, which means you need payroll reports, all that stuff. So that's one of the reasons we don't recommend going to an S corp right away because you do have some funding things there that have to take place, there's infrastructure costs. And so if you go to the partnership first, there's no infrastructure costs, you get your trading established and once it's established, then you move to the S corp. All right, well, a third thing that we wanna talk about is the mark to market election. Now, trader tax status was a choice. You can choose whether to do that or not. If you want to do it on a prior return and didn't do it, you can go back and amend your returns, no problems. The mark to market election is more rigid. This is an election you have to make with the IRS. And it's only for stocks and options traders. Nobody else can use this. Although I might, we might be able to bend it for crypto a little bit. Might be able to do that for crypto, but let's just stay with stocks and options right now. Any business entity or any person can make the election provided the TTS qualifications are met. So as long as the criteria are met and then you can make the mark to market election. Now, this is something the IRS does have to get notified of before you do it. You don't notify your broker. We had a client a while ago, they tried to notify their broker that they were marked to market, but they never notified the IRS. They don't have marked to market. IRS has to know. Now, what does this do? And I'll talk about how to make the election here a little bit. This election eliminates wash sales. Now, for those of you who are familiar with stocks and options, you know that one of the major problems are those wash sales. What is a wash sale? Well, if you buy something and then you sell it at a loss and then you buy it back within 30 days, that loss on the first transaction moves to the second one. That doesn't sound like much, but that loss just moved in time. Now, if you're rapidly trading stocks or options, those losses can keep moving further down the year and eventually they can cross over December 31st. Which means those losses are now in the next year, rather than instead of this year. And so now you're paying taxes on stuff you actually lost money on. That's a problem. And that's another strategy that I want you to be aware of is that it's better to take those losses down, get the money back and reinvest the money back into trading or anything else you want to, but it's better to get that money back now. Wash sales are what are called a deferred loss. In other words, the loss occurs down the road, you have to pay taxes now and hope to get those taxes back later. Also, this election eliminates the $3,000 loss limitation. Let me explain what, by the way, Mark, let me go back to wash sales. There are no wash sales with market to market. What you do is basically, it's based on valuation of your account. If your account is $10,000 at the beginning of the year and it's 1200 at the end of the year, you're gonna pay $200, that you're gonna pay tax on $200, period. Now you have to adjust for withdrawals and contributions and interest and dividends, stuff like that. But just the simple concept, it looks at the beginning value of your account and the ending value of your account. If it goes up, that's exactly what you pay tax on. There's none of this deferred loss stuff. Well, the $3,000 loss limitation is really also a deferred loss. Let's say you have a bad year. Let's say I invest again, I lost $20,000 this year. Under standard taxation accounting, I can only deduct $3,000. Now that $20,000 is after all my gains and losses have been added together. So make sure you understand that, it's a net loss. So I would deduct $30,000 on my tax return and then the remaining $17,000 will get carried forward to next year, another deferred loss. And then that would be used against future capital gains or another $3,000 just keep carrying forward. With the mark to mark election, there is no loss limitation. You get to deduct all the losses in a single year and I've deducted $200,000 in losses for some clients or sometimes more than that. And what they don't use gets carried forward to next year to be used up against other income. What's nice about mark to market losses is those can be used against ordinary income like your W-2 wages or your 1099R or anything else. Mark to market losses can be used against anything, whereas ordinary, regular capital losses under normal accounting can only be used against capital gains. So it really frees up those losses to be used so you get the money back from the IRS. So for stocks and options traders, I wholeheartedly recommend making the mark to market election. Now, one of the things that I didn't mention is in order to get the mark to market election, you must fulfill the trader tax status requirements. So we go back to that first thing, trader tax status requirements of 720 trades a year. You'll be trading 75% of the trading days per year. You've got to spend 500 hours in research and trading and education. You got to meet those in order to get the mark to market election. So the election must be made at the beginning of a year. So for individuals you have or existing C-Corps you have until April 15th, calendar year C-Corps. For partnerships and for S-Corps, existing partnerships and S-Corps, you have until March 15th to make that election. So the next time somebody could make it, let's say a multi-member LSE partnership could make it that one that's already existing would has to be done by March 15th the next year and it would start for 2024. It is never retroactive. You have to start it at the beginning of the year in which you want it to start with one exception. And the exception is new entities can't elect it immediately. And so I've been talking to several clients right now saying, oh, I can't make the mark to market election till next year. You know, I've got an existing entity that was formed last year and I can't do that, form a new entity. If you form a brand new entity, even November, December of this year, then you can make the mark to market election for the entity right away and now you can move your stuff under there and get mark to market for whatever's left in the year. And so we've got clients that are setting up LLCs even now, August, September, I'm sure we will, so that they can get mark to market for the rest of the year. And the beauty of that is once they move their personal trading assets from their personal account into the business account, it's now under mark to market. That that's a great, that's good thing, number one. But if their personal account sits dormant for 30 days then the 30 day rule with the IRS kicks in with the 30 day rule says, if you don't trade in a security for 30 days, all the accumulated wash sales for that security turn into regular losses. And so now we've got the regular, those wash sales converting into regular losses. We've got the new stuff under mark to market. It's kind of, you got two good things there that happen in this case. So I wholeheartedly recommend it for stock and options traders. All right, let me kind of give a summary. The tax trader tax status allows you to deduct trading expenses. If you qualify, you've got to meet the 720 trades a year, 75% of the trading days and 500 hours of trading research and education. Forming an LLC, a multi-member LLC, do not form a single member LLC unless you plan on going straight to the S corp. It provides asset protection, decreased audit scrutiny and it could be free. And more than likely we can find a way to get enough of a refund to pay for those LLC fees. And then the mark to market election allows stocks and options traders to pay tax on what was really earned or right off entirely what was lost. And so you have tax savings there. You get money back now so that you can actually utilize that money. We're gonna go to questions here in a little bit, but let me put that contact information back up. In the chat, I did put the website with the free ebook. Please go get that. You don't have to do it now. You can actually do it at another time. Do it tomorrow or whenever. Our phone number, 800-938-9513. If you want to set up a phone call for a consultation then we can certainly do that. Excuse me. We'll sit down and talk to you. We can talk to you about entities. We form the entities by the way, the LLCs. And some of you may be saying, well, I don't have a partner. We can figure that one out too. We have several clients who own the entire multi-member LLC themselves. That can be done either through a revocable trust. The second partner is a revocable trust or another single member LLC. There are ways to do it. So just believe me that there are ways to actually get that done. All right, and then our email course is learn at tradersaccounting.com. All right, I'm going to go to questions right now. So if you wanna type any questions that you've got into the chat, I'm not seeing them quite. There we go, okay. Yeah, for any of our members here really quickly, first off, Jerry, thank you so much for coming on and presenting. That was an excellent webinar for myself because I'm sure much like a lot of our attendees here, they're not as much in the know with what to look for with filing taxes and all of the nuances around it. I probably learned more in the last 25, 30 minutes at least in terms of the wash sale rule and multi-market or multi-member LLCs and anything. Fantastic. The last eight years that I've been with Fausto eating on yours myself. So for Lori, for Ken, for all of us here, just let Jerry know if you have any questions here. Sure, we've got them rolling in right now. So let me go ahead and take these. Would this work with IRA accounts? No, the reason IRAs are attached to individuals. And so you can't have an LLC with an IRA or put your IRA into the LLC or anything like that. You actually have to, you can't have a self-directed IRA and you can invest in the IRA. And remember IRAs are tax-free as it's growing. And if it's traditional, you get taxed when it's pulled out. If it's Roth, there's no tax when it's pulled out. But you can't put them into an LLC. You actually have to trade in those and just leave them the way they are. Let's see, Brendan C, hello, thank you. Can I get home office expenses made earlier deducted than a new entity formed? That could create some problems actually. In that case, I would recommend that on your personal return, go ahead and deduct the home office up to the point of formation of the LLC. And then deduct that on your schedule, see if you can. If you can't, then I would definitely just leave it alone because that could get you into a problem. Now that raises another interesting point. I'm glad Brendan brought this up. There are a lot of expenses that you pay before creation of an LLC that we can bring in to an LLC, they're called startup costs. Costs for education. We can bring computers and furniture that's already been caught. And we actually have a bookkeeper that will help you do that. So there are a lot of costs that can be brought from the past into the LLC. So I brought that up. Mike says, I trade futures only, what should I do? Then I would still set up an LLC, Mike, particularly if you're trading a lot and then deduct your expenses. Now you can't make the mark to mark election. However, futures actually have embedded in them a very huge benefit. Because if you're making money on futures, and most of you probably already know this, but let's say you make $10,000 on futures, 60% of that or $6,000 is considered a long-term capital gain. Even if you hold on to the futures for seconds, it's still considered a long-term capital gain and the maximum long-term capital gains rate is 20%. And so with futures, if you're making money, you've got a really great system there as far as taxation. So I would just say, trade the futures and deduct all the expenses you can, probably in an LLC. Is that your offer? Lori asks if that's our office email address above? Yes, that gets right to the office and they can answer any questions for you. Dave says, does home office deduction still always require 100% use? Yes, it does. You have to use 100% of that space and that's one of the requirements of the home office deduction. So now it doesn't have to have walls necessarily, but you do have to have a defined space that you're using just for business. Will you have a web on futures and taxation, taxes? Probably not unless we're specifically asked to. As I mentioned, futures, they really have that benefit there and that's the 60, 40 split where 60% of the futures are long-term. And so that's really the great benefit right there that you have a maximum of 20% tax rate. Now, the other 40% that's classified as short-term gain, that gets taxed at your normal tax rate. Most people, by the way, on the long-term capital gains rate, most people are not gonna hit that 20%. Most people are gonna fall in the 15%. There's actually three rates. It's 20%, 15% and 0%. And some people will even fall into that 0% category. Dave asked, can a multi-member be the trader plus their spouse? Yes, most of our clients, our husband and wife teams. And by the way, we have them scattered all over the United States. If you're wondering about that, every state we've set up LLCs in and so we cover the entire country on that. So yeah, if you're married, you already got your spouse, you got your partner right there. James says, does watching videos on YouTube count towards a 500-hour education requirement as long as documented in a journal? Yes, it does. So anything you do regarding trading, I would make sure it's documented in a log somewhere, even if it's simple as just watching a YouTube video. Absolutely. Rob asks, is it best to trade in a separate business or as part of an existing business performing other activities? Oh, this is a really good question. I'm gonna stop sharing my screen here real quick. You have to be careful here. Generally speaking, it's best to trade in independently of any other businesses. Now, theoretically, I'm gonna give you the legal answer and then I'm gonna give you the practical answer. The legal answer is, yeah, you put anything into an LLC. You want to trade, you know, you have 500 revenue streams and do whatever you want, but you gotta be careful. If there's legal liability to one of those revenue streams, then if you get into legal trouble and your trading assets are in the same entity, then you expose your trading assets to that lawsuit. Rental real estate is the key when we normally go after. For example, if you put rental real estate in your trading assets, you got a problem or could have a potential problem because if a renter sues and wins, they've got not only access to the property, now they've got access to your trading assets. So things with high liability, high legal liability really need to be put into their own LLC. Now, this is where things can get complicated. You can form a partnership like you and your wife and then you can form single member LLCs, right? For rental real estate, and then the partnership can own those single member. And so the liability for each property is still contained inside of each LLC. And so then you're not exposing your trading assets. This is where it starts to get a little bit more complicated. But that's something that we really should talk about really a consultation about what to put in with your trading assets and not. Okay, I think we've got the questions exhausted. Anybody else have any questions before we call it a day? Alex says, I'm divorced and I don't want to have any obvious partners. What do I do? Depends what you mean by obvious. You can't form, well, you could form a trust if you have like kids or nieces and nephews that you'd like to actually save up for. We can set up what's called an irrevocable trust. Now it's irrevocable because once the funds are allocated to it, not paid to it, but allocated to it, then you can't take it back out. And so if you have a beneficiary like kids or nieces or nephews, then it's building up a fund but it's on paper until something happens to you. So a lot of our clients, they're single people like this, they own 99% of that partnership and the trust gets 1% of the profits or losses the case may be. And so when the owner passes away, then the money that's due the trust then has to be paid into the trust and it's given to the beneficiaries. That is one method. Another method is you could form a single member LLC for yourself. And I noticed, I said to keep away from them but this is one exception. And then you form a multi-member LLC, the single member is one partner and then you are the other partner. And that way you own the whole thing. Now as to obviousness or anonymity, things like that, then you can run in, it depends on what state you're in as to how much is anonymous in that. But those are a couple of answers to you. Steve says, from a tax standpoint, is it more advantageous to trade futures versus stocks? Yeah, because of that long-term capital gains rate. However, that's really eliminating a lot of factors there. Yes, from a tax standpoint, it's probably better to trade futures. Well, on the upside, on the downside though, if you lose a bunch of money and futures, you do not have the mark-to-market election and those are capital losses and you can write them off at 3,000 a year. And that's where mark-to-market comes in really as a benefit for stocks and options. But everybody has to go where they have talent. Let me put it that way. Some people have a feel for options, some people have a feel for stocks. If you're a stock trader and you understand the stocks or options and you try to trade futures because of the tax implications, you're gonna bomb. Because you may not understand the futures. Remember what I said at the beginning is don't make decisions based upon tax implications. You need to go where you have talent and doing things that you understand. I kind of gave the answer there, but really it's where you fall. Some people understand Forex really well. Great, be there and do that. Mike says, what are our options if we do not make 720 trades a year? One of the cons for taxes if we do not pay have entities. Really, if you don't make the 720 trades per year, then don't even bother trying to write off your expenses. You're just gonna have to claim your income and your losses, your gains or losses on your schedule D of your personal return. And it's really pretty simple at that point, unfortunately. Although margin interest can be deducted through your schedule A if you can itemize. But that's about the only thing that you can do. As for the cons for taxes, if we don't have entities, you lose a couple of deductions there. I mean, the home office deduction is really tough to take on the individual side. And I can't think of one person this year that I've been able to take it for because of the restrictions. So you do end up paying a little bit more in taxes. Then Dan asked, can the 720 trades include futures? Absolutely, it can include anything. If you trade multiple stuff, cryptocurrency or forex or futures or option stocks, any of it, it can be spread out over all of those. And then you can do that. Tracy says, trades we take on crypto on a different broker, do those? Yes, they do. So anything, anywhere, you can have them spread over multiple brokers, you can have spread over multiple investment types. It doesn't matter. As long as you get the 720 trades in there, you're good to go. Okay, any other questions before I turn it back over? Oh, I apologize for joining late. Can you expound on broker data fees if you set up person or joint LLC? Even if you are still technically an individual trader. Data fees or fees are deductible provided you can meet the trader tax status requirements as an individual. Now, if you have an LLC, and this is something I didn't mention, it really went, it's very possible. This gets into a really gray area where if you have an LLC, those trader tax status requirements may not be as stringent. And I don't wanna dig into this too much, but it seems, it may not be the case, that the trader tax status requirements, if you look at those, they all in those court cases and even in publication 550, they pertain to individuals. There is nothing that talks about requirements for partnerships and S corporations. So some people think that means a looser interpretation of it. I'll let you decide that on your own, but it is still possible that you could still, if you don't meet the requirements in an LLC, you could still deduct those expenses. I'll let you chew on that. Steve says, so the best time to form an entity for 2024 trading would be now? Yeah, because you could get it into place now. And then, because if you wait till, can't talk, if you wait till January, to the first week of January, the state may not have it all together, and you may not get your trading account set up until the end of January. You've lost a month already. So you can get the LLC set up now. And then you can even get the trading account set up. You don't necessarily have to move money into them or you can move a little money, but you could get it set up now. And then on January 1st, you're ready to go. Now, I will caution on you on that because in most states, even if you don't have any activity, let's say you set it up on September 1st. And so you don't do anything from September 1st to December 31st. Most states still require you to file a tax return. And the IRS would too. So you're gonna have that cost of filing what's called a no activity return, even though you didn't do anything. And so there may be a situation there. So Tracy asked, any different for those trading funded or prop? Oh, Tracy, you just stepped in a big old pile. Yes, huge, huge implications there. And I probably need to warn some of you about this. Trading is what we've been talking about for your own money, trading your own money. Those are gains that are, they're just, they're taxed. They're just subject to income tax. However, once you start dealing with a prop firm, I'm gonna say, could you please repeat the question? Basically, she's asking about is taxation different for funded or prop accounts? In other words, if you're trading with a prop firm, they stake up a bunch of money and you put some of your money in it possibly. And then you trade it all and then you get some of the proceeds. They get part of it probably. What happens in a prop firm? Is those are no longer gains and losses to you? That they will issue a 1099, probably a 1099 NEC, although they probably possibly could issue a 1099 miscellaneous. That doesn't sound like much, but your income is now not only subject to income tax, it's subject to self-employment tax, which is an additional 15.3%. So that can create a big problem for you. Now we have clients that are doing trading through a prop firm and when they get their 1099, they'll be able to deduct some of their trading expenses from that. But whatever is left over, not only subject to income tax, but you do have self-employment tax on there as well. And that could come as a surprise if you're really successful in this. So I would be very, very cautious about that. Okay, any questions? You're very welcome. And Jerry, thank you again for coming on here. What we're gonna do is look to post your e-book coming up. We posted just about five minutes ago in the main chat here. We're gonna post your email that you had sent just across the PowerPoint as well. That's learn at tradersaccounting.com. There's the e-book one more time right there in the chat. So for Raymond, Anthony, Alex, all our members here just thank Jerry one more time, folks, just before he jumps off. Well, thanks to all of you. It was great to be in here and you all asked some really great questions today too. Absolutely, Jerry. Well, hey, traders, stick around. I'm gonna get set up in just about five minutes. So there's actually an extra webinar coming up hosted by myself here, Josh Levitin from Cybertrending University. I'm gonna get my webcam up in just a moment. So stay tuned, I'm actually gonna get my screen sharing just to set up here. All right, so stay tuned. We'll start in just about three or five minutes. All right, so folks, really quickly. So all of us here that are still with me right now, can you see my PowerPoint screen? We're actually gonna do a lot of live market here for this webinar. So just let me know if you could see the PowerPoint for right now. Michael says, yes, Dan says, yes, perfect. All right, so in fact, allow me just to get prepped up on webcam here. Make sure that we got good lighting right now. So one moment, let me have a brief moment here on that. I might need to be a mid host, Rich, Richard Gregg, if you can just pop me as host and then I should be good with that. Make the other Josh Levitin host. We got two of them in there. I want to share a screen, then I got ones to share webcam. So it can make the one that I'm talking about. You see there, there you go. Let's try. Nope, let's keep it going, Rich. Or you see the mic there. It says Josh Levitin, the mic just make me host and then I'll be good to go. There we go, perfect. There we go. All right, so folks just bear with me about 60 seconds to 120 seconds, one to two minutes. We will be good to go in just a moment. All right, just wanted to make sure the audio video is good here. All right, so folks, say we're about to begin here. So for all of us right now, just give me a quick mic check. Let me know if you can hear me loud and clear for all of our students and members and attendees right now, Eric, Alex, Michael, Tracy, Todd, Sylvain and all of us here, just let me know. A lot of participation, might I ask of you coming up here in this webinar folks? So here we're about to get things started. Let me get the webcam back up. You get to see my pretty face here. So, you know, I know a lot of us may not know myself just as part of doing these introductory to day trading webinars. I'm Fausto, Fausto Piclisi senior instructor at Cybertrading University. My name is Josh Levitin. I know I have a lot of students joining me right now and part of this workshop right now. So in fact, a special shout out to students like Alex P. I saw Antonio J. just before. I saw Phil just a moment ago, Jeffrey H. I see you here, Joyce and Kathleen. I got a lot of us here. So thank you to all of our students joining us right now on top of all of our new members just here. So without further ado, let me ask of you really quickly before I get to tell you a bit about myself and then further much more of what we'll be covering here. Mastering real-time order book analysis for trading equities for stock trading. So for all of our new members here, let me just ask, is this your first time watching Cybertrading University in general, whether it's Fausto himself or myself here? If this is your first time just listening to a Cybertrading University workshop, let me know. So I have a couple of follow-up questions. I'd like to ask just so we all get to know each other here. So for Nero, Bernando, or Bernard, I should say, a lot of us just joining us here for the first time. So welcome aboard. Now let me ask of you and all of our members here really quickly just so I get to know you a bit better. What style of trading do you prefer? Are you more of a stock trader? Are you more of an options trader? Do you tend to invest and do more long-term or do you do more of the day trading and intraday stock trading? Hey, are you into crypto? You do crypto too, or futures, let me know. For all of us here, Bernard says options. You got Nero saying options. You got Dave saying swing with options. Margaret saying stock trading. It's been a long day on the microphone, folks. Been on coaching sessions one-on-ones since 8 a.m. Got a little water here, but mouth will run dry. So Eric says stock trading. Alex says day trading stocks, long-term stock says Todd. Hey, a mixed bag, right? Well, I wanna tell you something here. This webinar is gonna be for any one of us, whether you trade stocks, options, whether you're doing more long-term or more short-term, this will apply to you. But the reason that you're here, though, we gotta ask. I mean, like, why are you in this webinar right now? Why are you listening to the old Josh here? Well, honestly, from the nine-plus years I've been with Fausto and instructing our students. I'll tell you a bit about my upbringing with C2 in a moment. Well, I've realized that a lot of new attendees are here for just a few reasons. Either A, you're making money now and you wanna learn something better. You want something that can take you to the next level. So, you know, hey, we have a lot of traders that are profitable already joining us, right? And I realize that you might be a trader or investor for 20, 30 years. You might have your groove on something already, but you're looking for that next edge, that next step, right? Well, hey, if that's not you, perhaps you're someone that is not making money and you're just looking to learn how to make money. You might be new to the stock market, new to the market in general, right? Not much of a track record. You're here to make some money, right? Supplement your income, perfect. Well, on top of that, unfortunately, some of us, maybe a lot of us perhaps are here because it's not that you're making money. It's that you're losing a lot of money at this point already, maybe you're bleeding out already and you gotta really look to rebound, right? Regardless of what that position that you're in may be, I just wanna let you know that this workshop right here again is gonna be applicable for your situation no matter what. So our whole philosophy at Cyber Trading University is to follow the big money, to follow the big buy orders and sell orders out there, that essentially is going to paint the chart that we'll go through here. But, you know, hey, why listen to me? Why listen to myself here, right? I mean, you may have seen Fausto each and every Thursday he does this exact webinar. Well, hey, I've been Fausto senior instructor now behind the scenes with C2 for the last eight to nine years, right? So let me tell you a bit about myself and just how I came to be with Fausto because it will relate to today, relate to August 17th, 2023. So actually one difference here between a webinar with myself and Fausto is simply, let me ask us this here for Lori, Alex, Anthony, Antonio, all this year, when you're trading, when you're looking to enter a position, could I ask you, are you looking at a PowerPoint when you're pressing the buy button? Are you looking at a PowerPoint screen? Okay, so we're not gonna be doing as much PowerPoint here, that was part of the reason is why I wanted to do more live market. We're gonna just show more charting first, then we'll dig into all the real tools that we follow the buy and sell orders off of level three and level four. But let's go back a little bit. Let's go back to 2014, October 6th, 2014. It was my first day with Fausto here at C2. I was actually a sales rep before I became an instructor. So really when I first started with C2, my eyes lit up like a Christmas tree, much like a lot of us have already and yours will come coming up here because I've never really seen a stock make a 50% movement across the day before 100% movement. When you see that for the first time, the first thing that you think is like, how the hell could I get in on that trade? How could I find that stock? How could I jump in on that trade? So let's go back to 2014, because when I first started, I know there's a couple of students here that have actually been with me since then that are here right now in this workshop. Well, let's actually go back to a stock called Lake. L-A-K-E Lakeley. Now, we haven't traded this stock really much since, well, actually maybe once since, but if we actually go all the way back, I'm gonna try and go back quickly to 2014. Well, this ended up popping back in October time. And this was like one of the two stocks that made me say, okay, how do I learn more about this? How do I really stick with this here? And really learn from Fausto and the other instructors back then and really get a grip on this. So back then this popped because of news with Ebola, the Ebola epidemic and crisis back then, there were a bunch of different trades that popped. Lakeland was one, APT was another. Okay, well, back in 2014, you could see a big squeeze here at the time, went from essentially 250 up to 10 plus. Well, hey, obviously that stock dumped off since, but it's just the high volatile move that I see that I say, if I know how to get out of that trade before it ends up pulling back, or not even that, if I can get out of that trade with a profit, with a smile on my face no matter what, then, hey, I wanna learn how to do this whole time. It's pretty funny because Lakeland and APT, this one in particular, well, fast forward a little bit, if folks remember COVID, yeah. APT was one of the many stocks during 2020, 2021. They were making this big pop when news with COVID came out with all these testing kits, antibody stuff, all the vaccine talk, of course. Well, hey, this stock ended up making a big pop. INO ended up making a big COD yet. History often repeats itself. So if you're sitting here and you're like, wow, how do I get in on that trade? How do I find these stocks? Well, it comes with teamwork. It comes with just being inside a live trading room. We host our live trading room each and every week. So we invite you to join us coming up at the end of this webinar. But, you know, hey, even with these trades, you might be more of a long-term investor. You might be sitting here saying, you know, these stocks really, and they're pretty volatile for me. I'm not trying to jump into these. Well, hey, following the big buy orders, following the big sell orders there, it's applicable to following the entire stock market and some of the name brand companies too. So even today, stock today, not from like, you know, long time, but CBS news came out on CBS this morning in relation to health insurance company, Blue Health of California discontinuing a deal with CBS led to a big drop in pre-market this morning. This was a phenomenal short with the stock, but not only that, hey, you could buy puts for any of my traders here that said, hey, I trade options. Well, not only can you follow the stock, as long as you know how to follow the stock, at least, you can buy the option. You could buy the put and follow this on the way down as some of our students did inside our room. So the question is more how, right? You know, how do we find these stocks before they make their big moves? And then how do we jump in on them before they end up finishing up the move for the most part? We're not trying to be perfect. We're not trying to buy at the bottom, sell at the top. We're not trying to short of the top and get out of the bottom right there per, we're trying to get a good amount of the meat off the bone, but we're not trying to be perfect. We're just trying to have a smile on our face at the end of the trade, right? So if you're someone here that is not really finding their groove with making money, stick with me here for a little bit because you know, hey, but these charts that you see here, I'm gonna peel back these charts in a moment and show you my entire platform, just, you know, the scanners, the volume-based tools that we use between level three and level four coming up. But, hey, a lot of us here, if you're new to CTU even, you might be pretty familiar with just following good old charts here, right? So it might be very easy and hindsight for me to tell you, well, yeah, of course, CVS dropped off this morning in pre-market and then after the market opened up, it just crashed lower. It seems like once it broke support from right around here, 66.73, seems like that could have been a great opportunity, right? Well, that's easy to say after the fact. I could tell you that a stock made a move after it happened and, you know, hey, that's easy to do. But how could we anticipate this to happen before it actually happens? How could we plan ahead of time, feel confident in the moment and then execute and then look to just follow the stock afterwards? Well, that's what level three and level four are really for here, folks. So let me ask us really quick, I'm gonna do a lot of demonstration actually right now. Is anyone here not familiar, not familiar here with the program level three? If this is your first time at CTU, you may be unfamiliar with the program level three. It's essentially the order book, you know, the buy and sell order book. And there's no more prominent order book out there than the NASDAQ, the NASDAQ book viewer. And I'm gonna show you that right now. So for Lori and Marina here joining us, perfect. They say it's their first time here, perfect. So I'm gonna show you a live demonstration. Power points are great at first, but you know, in terms of really understanding why a stock is moving and we gotta watch it real time here. Well, this is live right now, picture this is live. And in fact, this is what level three is here, the NASDAQ book viewer. So as this is moving live, what you see here is a few different columns split up in two halves here. You have the buy side here on the left here and then the sell side here on the right. So let's say if you happen to see a large number here of shares on the buy side, well, that means that there is a buyer or maybe a group of buyers that are looking to purchase a lot of shares at a specific price level. So when a stock is dropping and dropping and dropping, well, if we happen to see a really substantially large order pop up here, you know, right now on the buy side, you see really nothing more than like 1,000 shares. Just for a very quick example, let's say live, right now, if at $65.60 here, what happens if a 70,000 share order pops up to buy? Well, that is substantially larger than everything else out there, right? The more obvious it is out there on the buy side, well, that's actually gonna create a support level. So the more the stock drops towards that iceberg, as we call them, towards that support level on the buy side, it's more prone to bounce off of there or at least hold above that price at the given time. So if you were short on the stock, if you were buying puts on the stock, well, that would have been a great opportunity to exit if there was a big iceberg out there on the buy side. Well, that actually could create a great entry to jump in short too, ready? Because I'll show this later on as I demonstrate not just level three here, but the program next level four earlier today. If you could take my word for this, I'll show this to you in a moment, but earlier today, there was an extremely large iceberg order out there, I think it was exactly at the price $63 or $66.30, just bear with me actually for a brief moment, I'm gonna try and confirm that actually really briefly, yep. No, no, no, my apologies, $66.70, my apologies, $66.70. I'll show the program level four in a moment which actually keeps track of all these live orders out there from level three. So from earlier today, hey, this stock dropped down and if you could take my word for it, there was an extremely large order on the buy side earlier today, right here at the price $66.70. So at first, yes, it crashed into that iceberg and it started to try and bounce back up. Well, the easy to say part here is that the bears won the battle, they continued to win the battle and this ended up crashing under this support line. And once it did, it sure led to a nice drop. It sure led to a great short opportunity from there. That could have been a great price where you could look at the premiums to buy puts and then look to jump in once that support line breaks, right? So with the buy side, that normally generates support but the more it cracks into that support level, support gets broken through, right? And when support gets broken through, it allows the stock to continue to drop perhaps down to the next iceberg level over time. And I'll show level four as I had said again in just a moment. Well, hey, really quick, just before I even go on into level three again, for any of my students and members here that are familiar with just basic charting principles, basic charting principles, this is all we're asking here. What happens after a support level gets broken through? We know the stock drops, it's evident right here. But let me ask us what normally happens to that exact same price after that support level gets broken through? You know, a core charting principle, even if you're new to CTU, you may have learned from YouTube, you may have went through other courses. Well, let me ask you, normally that support level should become what? I mean, my water breaks here well. Resistance for Alex and Rob and Rob, and we got a pair of Rob's there and Alex and all of us here at Margaret, absolutely, that should become resistance. So it hasn't moved up there just yet. It would be quite funny here by the end of this webinar by a little after one o'clock Eastern if it moves up a little bit higher for it to try and test that as resistance there. So we'll find out, but otherwise though, hey, the buy side normally generates support. So that would create a potential bottom until if it ends up getting tested over time, it may crash and break. Let's see actually what the next support level may be on this trade. Well, there's not really too many big shares out there, but about 24 total orders here making this up about 3,000 shares right now on the buy side, on the bid, and that's at $65. So it does look like earlier it was chopping around that price. So I'd say for right now, 66.70, that past support level should become resistance. And then here for right now, there seem to have been a good number of different buy orders out here making this up. So 65 could be the next support level coming up on this trade. So that is how we look to identify support by looking on the buy side of the level three program. Well, if that's the buy side and in fact creates potential support, well, I'll tell you the ask side, the sell side of level three should create resistance. There were a couple of trades from earlier this week that I would love to share with you more in hindsight, but we'll see if we can cover this one coming up. This was like a cheaper stock from earlier today. I'm not as normally accustomed to trading a stock as an inexpensive like this, a stock that's like a dollar, $1.50. But if it ends up showing a nice trend, then if it has good volume and everything that we teach our students to watch for, it has it, then we're not going to discredit it. We'll look to try and follow that trade and hey, let's say if you're on a smaller account size, this could be a great stock for you to try and trade then, right? Let's be honest here. So on this move, well, right now live, this stock dropped off. So I think that this move is finished up right here. It ended up running up towards a high of $1.58 and then pulled back. So this isn't really worth our time now, but let's actually see if there's any big iceberg orders out there on level three for this stock. Well, if you go all the way down and this is more still in support, I wanna get a good example of resistance coming up, but on the buy side here, you have support all the way down at 101 for this trade. Doesn't mean it's gonna drop all the way there, but as of now, that would be a price to watch, perhaps over the next coming days. Let's see if there's a stock that's making a nicer move on the way up here. Perhaps we can go through some more larger cap stocks and Amazon perhaps or an Apple will actually stick on Amazon for right now given this trends. Let's see. So on a stock like Amazon, it's more expensive, right? So something more expensive, you're not going to be seeing big orders out there more often than not. In terms of finding big support or here big resistance, it's always relative to the order book. It's always relative to what you see, meaning, hey, there might be something here like with CVS where maybe 5,000 shares could be a big level of resistance. Looks like everything here is pretty tiny for the most part, about 1,000 shares or a few hundred shares at least. Well, as we scroll down on the sell side here, the ask side of level three, the NASDAQ book viewer, there's 7,000 plus shares here. That sticks out compared to all these tiny orders here. Try and follow that right there about 7,700 shares. It's at the price, $136. And not only that, look what stands out the most actually. There's a total of 109 different orders that make this up. So when you're looking for big support or big resistance, there's two columns here that you really want to focus on that the shares column looking just to see the discrepancy in size. There's about 7,700 shares that traders want to sell at 136. So for right now that I'm treating as resistance, especially since it's a total of 109 different people that make it up, I think that's as many people as we have in this webinar live. So imagine that, right? I'd like to certainly figure that would be resistance over time here. The more it goes up and up and up, I would anticipate for this year to be the big level. And it looks like it tried hitting it earlier, it punched it earlier, and then it came back down pretty hard. So it does go to show the strength looking at the chart there. Now we have a lot more to digest folks. This is mainly going to be a live market presentation here. We're gonna try and slow the pitch down here, slow the pace really. I'm gonna keep it on the charts for right now and I'm gonna keep it on the NASDAQ Book Viewer. We're gonna go over a couple of other examples live. Does anyone have any questions though here for me? For all of us here, Anthony, Antonio, John, Jason, Barbara, Kathleen, Brendan, Nero, Rodney, all of us here. Let me know if you have any questions here in this chapter. NASDAQ Book Viewer, question I may answer ahead of time perhaps here. Now I will type my email address here as well just so you can contact me personally after this webinar and I'll give you the link personally. But if you wanna know how to get and purchase NASDAQ Book Viewer, just send me a quick email, joshitsetutrading.com, that's my email address. It's $15 per month, one five. So in terms of locating these big orders out there, I'm not sure about you, but I'm not trading 7,000 shares of Amazon, right? Actually as I'm talking, looks like a new order may have just popped up live. Look at this, live right now, about 8,400 shares popping up here suddenly at the price 135.50. So right now live that seems to be an even bigger order compared to 136 that we had here. So yeah, we treat that as a bit of a resistance as it's now beginning to shake down from that price, right? Look what just happened. It looks like it just pierced under that price level and as soon as it did, a new big order popped up on the sell side, doesn't look good for Amazon there. It's dragging under that price and then we see an even bigger order compared to the people at 136. I mean, I think the writing's on the wall here, the writing's on the chart here even, right? Oh, really quick. So, okay good, that was the hosts and panelists. You don't need to send your email here in this chat. It sent that not publicly, that was to just the moderators there. So just if you wanna email me, please Josh at ctu-trading.com. Josh at ctu-trading.com is my email. Just email me after this webinar and I will send you the link there Rodney. All right, so hey, that was a great example live actually. Look at this thing dump off right now. Now, hey, I know a lot of us here if you do follow a stock like Amazon or a stock like Apple, of course they're bound to go more with the markets, the major indices. And right now it looks like the spy SMP ETF here. This is something I follow day to day and Fausto and all of our students in our room. Well, I'm getting a bit of a pullback here. So no surprise Amazon goes with it. But mind you, in terms of seeing how these big orders create support resistance, of course, if the market pops, Amazon could go with it. But I'm treating 135.50 now. Once again, as resistance here on this trend. All right, so hey, let's keep it going right now. What I wanna do is introduce level four in just a moment in just a few minutes here folks. That's the next step from level three. So this is the NASDAQ Book Viewer one more time. It's right from NASDAQ. Just email me here and I'll send you the full link. Rod asking, can you do it with the ES? So great question with this, really good. So the NASDAQ Book Viewer here, this program applies just to stocks, this right here. Now, hang on with me for a second. If you are on a platform that offers futures data, then it's possible that there's a tool on your platform that has it. Let's say just for a small instance here, I use trade station. This is actually a variant of level three. It's what we nicknamed level three. It's called the matrix. If you trade futures or if you trade ES off of trade station, I believe they have the data for this on this program. Now that could be said with interactive brokers perhaps too with their level three program. But level four, as we fully know it as book map, they have data for the ES. So you would be able to not just see the iceberg orders live, but that's the next level up. That's the next tool ahead. I'm gonna introduce that next drop. So stick with me there for a bit. Just full transparency. I personally, personally don't have the data myself for ES. I'd love to show it to you myself just that maybe, you know, should prove that point better, but you could apply it to your account. It's a choice through book map. So I'll show that in a moment, all right? So, hey, let's just stick on NASDAQ Book Viewer just for another couple of minutes, then we'll jump to level four though, all right? So, hey, let's just see what's doing out there in the live market. We'll take a look at a stock like HE. Obviously, everyone's aware of what's happening and now we in the unfortunate events that happened there the last week or so last few days, perhaps there. So first, of course, our hearts go out to anyone that is suffering or has family that has been suffering through there the last week or last few days, just my prayers go out to everyone going throughout that situation. You know, one thing I can shed light on though is that with disaster for us here as market participants here, it creates great opportunity, right? Does anyone here recall? PCG, the company, PCG, it's technically known as PG and E. They're the electric company in California. They got held liable for all those wildfires back in 2018. Don't ask me how I remember all this, by the way folks, I have no life outside of this. So it's like a roll of decks up here. It's like an Ebola in 2014, the PG and E trade. So PG and E was back in 2018. This thing crashed, right? So it led to a great short as the disaster in California was going on. But as you could see over time and eventually bounced it, created great intraday opportunities for us to trade this. Not as much as a swing trade for this type of example, right? But, hey, the first thing that I thought of once I saw the ticker H.E. was, well, hey, back in 2018, PG and E, right? Wow, that company crashed. So on the first day of this stock, it ended up, you know, making a big gap down in pre-market and after hours and shaking around. Well, over time, this just continued to tank and it was, it has been a great short. Well, today it ended up making a nice slingshot here as we like to say when the market opened up, popped right away and as a day trade, this was a phenomenal opportunity. Actually, I know I have a few of my students here, not just attendees in this workshop right now, but actual students. So I got Antonio with me right now. I had Kathleen just before Michael B joining us. He's actually in Hawaii, not in Maui though. So let me ask us here, what time for my students that we train? What time do we normally anticipate reversals? Fausto often discusses the cyber clock and you know, we tend to see specific movements throughout points of the day. For any of my students here, what do we typically see reversals within the stock market in terms of Eastern time? We'll say 1030 Eastern time, right? 1030 Eastern, 930 Central, et cetera, et cetera. So pretty funny how, at least generally speaking, generally speaking, just like we train you in class, it ran up nicely at first, it flattened out. So if you took the money and ran beforehand, it seems like you made a pretty intelligent decision. You didn't miss much. And then from there, roughly around that 1015, 1030 area, well, this came screaming back down, right? Now I bring this up to new members here because you might not be as keen to buy a stock like this. You might not be keen to day trade a stock like this. I get it, right? Everyone has a different pace and different personality, especially if you have experience within the market. So for he, the stock HE, it made a great move up. A lot of our students capitalized on this trade. Actually, I think he's here right now. Special shout out personally to one of our students, Phil. I think Phil made like a dollar and 24 cents on this stock. I'll show that in just a moment actually. But you know, hey, just based off like that simple reversal time. Take the money and run, right? Well, what's it doing right now? It looks like it's just beginning to inch out a little bit here. So let's look at level three. Let's look at just the NASDAQ book viewer. I'll keep it simple there. Whoops, pardon me. I'll just do that then, I guess. There we go. So as of right now, this very second, doesn't seem like there's a clear resistance based off the order book right now. So this is where you could perhaps just rely more on simple charting here at this very point in time. Just looking at perhaps the highs right around like 12, 20-ish, 12, 25-ish, which you just peaked at. But hey, if there's a new order that pops up here, let's say just from the hip here, suddenly if there's a big order that pops up, well, I'll have to respect that as a clear resistance at the time. And something like that would scare me from not only trying to buy it right then and there, but from hanging on to it if I was in the trade here already. So let's see, just as we scroll down on this trade, it looks like we see a larger order out there. It's not drastically too much bigger, but about 2,800 shares. Well, 28 total sellers make that up. That is a big difference in terms of like the order, the number of orders that are out there on the book. So it does seem like 1292 is your next major resistance in terms of volume. So the more this pushes up and up and up, perhaps you could use that as a target on the trade. All right? So I think a lot of us here are familiar with level three and if you're not, then certainly look to join us inside our live trading room. We show this all throughout the day on our trading platform. So learn more about it through our live trading room, but let's just go to the next step here. Let's go to the next level. Level three is great. And for the last, or about five years ago, we were introduced to level four before that point in time, level three was the Krem De La Krem. It was the best tool out there for finding icebergs. And it's still an extremely usable tool. And we advocate for members to get it and use it at first. However, level four, formerly known as book map, is an exceptional tool when it comes to not just, looking for these orders live, but remembering them and actually having the order book painted across the chart. Like, hey, if you see this regular chart here, well imagine seeing all the icebergs painted across the whole chart here for you to remember, not just see live. So that is a huge benefit for what we show in our trading room and what we teach in our classes, level four. So let me show that here to you really quickly. For anyone that's new to level four, it's anyone that's not familiar with level four. Well, it might look pretty funky, it might look pretty odd at first. So bear with me here. You know, it just takes a little getting used to it first initially. Let's actually jump back to CVS first. Let's go back to our CVS trade. Let's go back to that 6670 here, right? I told you, take my word for this. We had an iceberg order at 6670 earlier today. So let's take a look at level four. We'll just fancy this correctly, make it as clean looking as I can for you. So over time here, what you happen to see, if you see the green and red squiggly lines going down, then up and down, that's the stock, that's CVS. So just keep your eyes on that. That's the movement of the stock itself. I want everyone to chat back to me on this question. For all of us here, I just want to make sure we're on the same page. Does everybody here see this big dark orange line going across the page right here? Everybody see that there? Full answers here. Just give me a quick Y if you see it. So on the bottom of the screen, my cursor's going across it. That right there is the iceberg. That's the iceberg on the by side I was referencing from before. I couldn't have shown it to you on the NASDAQ Book Viewer because the NASDAQ Book Viewer, as great as it is, that shows you the data live and just live. It doesn't keep a recollection or history of those orders out there. This actually allows me to show you this from the morning. So this is long from the morning at 9.45, 9.50 Eastern time. Well, this actually was your order on the bid. It doesn't say how many total orders made it up, but when you just look at A, just seeing the darker red orange stripe going across the page here, that is how we read this heat map page. So for me, there might be a lot of noise on this page for you here, just looking at all the different shades and colors and this and that. Focus on the dark red, dark orange lines that stretch across the page. And that's it. Just do that. So that allows you to attract your eyes more to this price level here, 66.70. Well, to explain that further, that was about 11,000, almost 11,000 shares that were on the buy side there at the time. So at first it ended up kind of coming into that order or into that price level and bounced up from it. And actually the full story of this is that this iceberg order showed up after it kind of dipped around this price level and moved back up. So this order showed up afterwards. It created the support afterwards and it was holding for a period of time, but what happens when this fails to run off of support? What happens when this fails to go back up? Now, mind you, CVS was coming off of bad news based off just like we said a moment ago, kind of that reversal time, 1030-ish Eastern. I'm not really expecting this to bounce really, right? So with that, what happens simply when support gets broken through? Well, right at this point, this is when support broke and it led to a phenomenal, absolutely perfect short trade. Easy to say it moved down to begin, but when you're trying to identify a clean level to try and trade and actually enter, it's not just looking at a stock and throwing a dart on the wall and hoping it lands. And I know that 99.9% of us don't think that way, but it's a matter of being prepared and knowing where the big buyers and sellers are beforehand. So once this iceberg, once this support level got broken through, all bets were off, this just crashed. That was it, right? Now over time really quickly, just to give you a very simple summary of this trade, it ended up dropping all the way down. It looks like there was a pretty big iceberg. I don't know why this is here, there we go. That's $65. So the more this dropped, it looks like we had a pretty big order out there on the buy side, even larger compared to the one up top there, about 16,459 shares at 65 bucks. So long story short, well, it was chipping around that price. It was trying to break lower, trying to break lower, but reversal time looks like the bears ended up finally losing momentum and then it ended up bouncing back up briefly. So for right now, 65 is still support. Looks like there's even more orders out there or larger size compared to when we were looking at it before on level three. Right now, live, look at this orange line here. This means that there's even more volume on the buy side, about 12,500 plus shares. So we were correct, 65 was support. And yeah, for right now, it's just kind of chipping away. Looks like it's holding just flat right now, that's all. Question coming in here in the chat board, then I'm gonna just jump back. Let me just remove this here for a moment. Just go back to the regular chart for a second. Rob's saying, so to reiterate, if the bottom is red at that price, there's a good chance you could see a little bounce there or in your case, it's 65 bucks. I'd like to think so. It's not a guarantee, nothing is guaranteed. Outside of our strategy and what we teach here, nothing ever with trading is guaranteed, right? And I feel you know that, Rob, I just wanna say that out loud, but I'm treating that as support. And hey, if that's support and if it's leaning towards that mid-morning time, I'm adding one and one together and I'm getting two every time, right? So it will lead me to think one way and more often than not, it happens. Now, does that happen every time? No, that's not more often than not. So here over time on CVS, it's possible that we might see this pull back to 65, this might keep dropping across the day. It's possible that we continue to see bearish momentum, sellers to continue to drive the stock. So no guarantees, but that's the thought process behind it, yes. I'd look to see a little bounce from there. In my case, 65, like we said. All right, let's go through one or two more examples with level four. We'll go back to that key stock, Hawaiian electronics here. So from earlier, we were denoting that we had a little resistance. It was more off the chart. And then we said, I think, what was it, 1292? I think we said, but otherwise though, what is level four show? What is level four show live right now in this trade? Wow, look at this. I think that we all see this right here. Let's see if it pops up on level three right now. Okay, so this could be a big difference right now. See, this is one difference between level three and level four. This is just the NASDAQ, which is very large to begin. It's the largest ECN and most liquid, but actually Bookmap has extra data outside of the NASDAQ order book. So there seems to be a huge, huge order on the buy side right now at the price 1198, about nearly 73,000 shares. Folks, that's a live reaction. I didn't know that was there until now. So it's a great example. So this is at least a benefit for showing level four. It has extra data on top of just the NASDAQ order book. So with this year, I'd even further think that there's a great shot for this to try and continue. Right now, it seems like there isn't too much volume up top until 1237-ish, 1240-ish out there, but this is extremely large, about 72, 73,000 shares right here at the price 1198. So I'd like to think so long as that order remains out there and it's on level four, then why not be led to believe it's gonna try and pump a little higher first, right? Now in terms of like how you actually press the buy button and jump in, there's not as much time to go through everything, right? We're trying to show you how the sauce is made as much as we can here in the 60-minute workshop, but otherwise joining us inside our live trading room and then eventually becoming a full-fledged student, you'll be able to really learn everything, the full A to Z process, but so far so good. All right, so folks, we're gonna wrap up this webinar in just about 10 or so minutes, maybe 10, 15 minutes here. So I wanna ask one more time. If anyone has any other questions, open house right now. Let me know if you have any questions here, join us in Zoom or on our social feeds here. How about this? Ready for this guys? Ready for this one? This isn't me with this order. I'm not this buyer right here controlling this. So I can't write this stuff. I can only react to it. This order at 1198 just got pulled. Notice that this went from dark red to like ghost blue. That means that that iceberg order just got pulled. Watch out right now, the rug just got pulled on this trade. So if it continues to hold around these prices and whatnot, that's good, that's okay. It's actually possible where that buyer moves their order up to actually try and drive the stock up more and more, but right now you can't guarantee that to happen. We have to react to what we see here live. And when we see this iceberg getting pulled from the buy side like that, that's like asking what happens when the rug gets pulled. So, unless if it ends up holding right here, I'd say be extremely careful for a drop. That's all. All right, now actually there's, we kind of wait on any questions that may be coming in right now folks. Let me just jump back to that. One last stock. So we talked about a couple of stocks that are not as well known at least of late, but how about Amazon? Amazon looks like it's trying to push back up. We just talked about it here, a little resistance that popped up at that 135.50 and just smashed above it here briefly. So let's see what Amazon looked like on level four on book map here. All right, so you know what? We had our bigger resistance initially at 136 and it's still pretty big actually in total. It's about nearly 13,000 shares looking to be sold at that price. So that still is your larger resistance for right now as well as right here at 135.50 or 136.50, pardon me about that. So those two lines create resistance on this Amazon trade. And for right now, it seems like it's not really like holding around any other prices too well. It's just kind of shaking around here for a little bit. So my key to following level four since it might look like there's a lot to work with here. What seems to be the darkest red and orange going across the page are always going to be your larger levels and then be otherwise the longer the amount of time the stock, the longer the amount of time the order is out there for the longer I respect that price. The more I respected meaning tongue is getting tighter at them. So with that, notice how long in terms of time this dark orange line is out here for at 136 for how long it's out there for and for the dark orange red, it appears to be it's 12,612 shares that I'm treating as my bigger more large major resistance to work with there. That's all. All right, so folks say one more time open house. Let me know if you have any other questions here. I'm going to turn back to each E then we're going to finish up. So we just said, watch out rope just got pulled on the street. So be careful there. All right, so really quick, I'm just going to jump back to my PowerPoint just to finish up. Hey, I thought you said no PowerPoints. Well, we're pretty much done with the power with the presentation folks right now. So for any of my new attendees joining us right now, certainly we'd love to continue this conversation with you inside our live trading room. If you're not familiar with Cybertrading University, certainly I'm sure you weren't with myself before today. I thank you for joining myself here today. I'm Fausto Piglisi senior instructor. So he's normally hosting this type of webinar right now but between him and myself and of course our instructor is otherwise at Cybertrading University, John, Alex, Rich, et cetera. We are very well respected in the industry, Fausto of course, himself as one of the pioneers of day trading. So we've had the fortunate chance to work with major companies and more so brokerage firms like Interactive Brokers, Thinkorswim, Tastyworks of course, TradeStation of course, Fidelity Active Trader Pro, Schwab Street Smart Edge, Metastock even on top and of course other companies like Nasdaq as a whole and you'll see Fausto on Nasdaq's platform every month. And alongside with that, hey, level four book map. So Cybertrading University is partnered with some of the most well-respected companies and brokerages within the business. We were rated 4.9 stars on Google. A lot of our students making great comments at least day to day but it's because they see the value in what we provide. Not just looking at stocks and oh, look at this, look at that but holding your hand and showing you firsthand how to take the trade, how to scan for these stocks, how to be more well-prepared across the day, right? To me in the classes I teach for our students that's my biggest point of emphasis. If I'm not prepared to trade even if I know what I'm looking at do you think I'm gonna react as well if I'm not as prepared? Come on, so we teach you how to be prepared and then we teach you how to follow everything as it's moving live. So for all of our members here if you're not already a part of our live trading room we certainly invite you out there right now. We have audio commentary beginning at 9 a.m. Eastern time. Fausta will be back next week. He deservedly so might be tuning in right now, who knows but he is in Bermuda right now. So he's with his lovely family enjoying the well time off. He will be back on Monday of next week. So hey, if you're looking to join us and hear from the man himself he'll be doing the morning meeting coming up at 9 a.m. Eastern time on Monday. You got me here for the remainder of the week. But hey, we continue audio commentary all throughout the morning up until 10.30. We have audio from 2.30 in the afternoon leading up until the market close. So those are the best times of the day to be actively trading. During the middle of the day we may call out all throughout the day inside our chat board but there's not as much out there. So we're not trying to advocate for students to be very trigger happy and take this, take that, take the more that you trade like that you're gonna lose. It's like going to the casino. That's not what we want you to do. So during the day we have commentary in the morning and then we have audio commentary going into the later stage of the close myself. Hey, there I am. We host a live workshop each and every Tuesday morning called Traders Talk inside our live trading room. Now actually we're hosting it on YouTube as well. So I look forward for you to join me there as well. That's where we have the chance to go over really more specific trade scenarios. That's where I go deeper into level three and level four. So for Lori, for Reginald, for Raymond, for Nero, Anthony, Alex, all of us here joining us right now. I wrote my email address in the chat board personally as I did earlier, josh at ctutrading.com. One more time, josh at ctutrading.com. If you want the link for the NASDAQ book viewer let me know, send over a quick email and as well as any other questions that you got from me. But here is the link right now. You could actually go right to this link right here. If you're good and fancy with your cameras I like to say without your phone, without your camera you could scan that QR code and get you access to our live trading room for a full week. Get you access to the audio, the workshops, all the recorded versions of that as well. Actually, little caveat here, give me a quick second. Let's actually take a quick look inside our live trading room here just before we wrap up. All right, so this is our live trading room live right now. And thankfully my colleague Rich tagging in for me here as I'm doing this very workshop. So I wanna actually scroll up for a moment because from earlier today, there is the stock each E, right? Each E and all throughout the morning we were trading the stock and calling it out. So you know, hey, you see students like Ryan he was in from 1157 out at 1188. Chuck was in on this trade from 1091 out at 1187. Where's my guy Phil? Phil got like a dollar on this trade just earlier. There's Felix checking out on a trade he took. Here's Chuck again. Ah, Phil I wanna give you a big shout Phil. Phil got like a dollar 24 cents on his trade here. So that is where you're seeing the camaraderie, the teamwork all alike inside our live trading room. We look forward to having you there folks. So let me get that QR code up one more time before we finish up. There we go. So again, you can go right to this link or you could scan that QR code with your phone. Take it to the loading page to get access to our live trading room right here as well. You'll receive access to all of this across the seven days that you're with us. Three pro workshops, all of the recordings of my trader's talk workshop that I do and the first 20 new members that join us here coming up today are gonna get a one-on-one coaching call with Fausto. Not me, my mouth is dry. I've had enough talking today. You're gonna get a chance to do a coaching call with the man himself when he's back next week at least, Fausto across Monday and next week. All right folks, so here we are concluding right now. So last call folks. Hey, let me know if you're interested in joining us just scan that QR code, give a call to our office. We actually posted our office phone line right here inside the chat board 516-280-5350 toll free line 877-702-9237, but otherwise we look forward to seeing you there. And actually as we wrap up, we had mentioned that Fausto is a regular attendee participant on NASDAQ and on NASDAQ trade talk here. So actually really quickly to finish up, what I'm gonna do if I can get it playing is I'm gonna get this here show and just for you folks here, this is a Fausto's latest interview with Jill Malandrino and NASDAQ trade talk. All right folks, hey, we hope that you enjoyed. We look forward to seeing you coming up whether it be later this week or coming up next inside our live trading room. Take care.