 Good morning everybody and welcome to the webinar today with Gary Norton and the Norton method is something Gary has developed and Intro here Gary's been a professional trader for over 30 years and including several years in the trading pits of the of the life fee And as a senior trader at some of the world's largest investment banks He's a co-owner of the NN squared capital and the creator of the Norton method a unique style for trading order flow and Gary is an author of an end-to-the-bowl and technical analysis exposed why most technical analysis traders fail interesting read or interesting subject. I have not read it Gary, but Anyway, I really like the title So I I have his websites here if you guys want to reach out to Gary The Norton method and then also Gary Norton calm And I'll put this into the chat for you Let's go through the disclosures and we'll turn it over to Gary and he'll go through his presentation here All book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations Risk disclosure trading futures equities and digital currencies involve substantial risk of loss and is not suitable for all investors Past performance is not necessarily indicative of future results. Okay, so we're all set Gary, why don't you share your screen and then I'll broadcast it out to YouTube here Excellent. Thanks very much Bruce. Just working on that now There it is We'll see that good well Thanks. Well, thanks for inviting me bass one and I think really in conjunction with the upgrades that you're doing with your DOM And you know, we've been talking about this now for a few weeks and it's great to see book map and your developers Working on these new tools for the DOM. So I think your your clients are gonna love them So to coincide with that really, you know, we sort of thought okay, let's do some webinars about the DOM And I thought what I'll do is start right at the beginning Because I was there and I was sort of part of that Development of it and the DOM, you know to go back to right to the beginning of why this thing was built this way Why it looks this way? I think it will help over the coming Webinars in the next few weeks and months a day trading using the DOM why the DOM is such a powerful tool So, you know, I think knowing this is gonna help explain some of the things that I'll get to because the DOM Evolved and it originally was built by Pro traders and then essentially New things were added some of those things as we're gonna see are probably not gonna help you so the the first of the major futures exchanges the major exchanges with you know thousands of people on them that became Screen-based was really the London exchange And it was really the when London life law transitioned to electronic that or a proliferation of new software developed APT Automated pit trading which was its after-hours Trading platform And it was you know, it was trading for you know, I think at least a decade before life went screen-based So this was when about it started about half an hour after the markets on the floor closed So roughly 435 o'clock and it went for about one and a half hours Banks, you know brokers locals all traded on it And there were no signs that locals had any any problem with trading in an electronic format So locals on the floor and all traders all brokers everybody worked on the floor Most people you had to get License to trade APT like everything on the floor You had to pass exams make sure that you were able to use the software and make a market properly But there are no signs anybody really struggled right trading on their locals would sometimes trade on there in the evenings But to understand why you need to understand what APT was and so before we get to the DOM I thought I was sure now I looked for four images about APT. I could find nothing I could find absolutely no images Let's go back. I could find no images anywhere on APT funds so people weren't taking photos So I've kind of recreated a little bit on the screen of what APT kind of one of the interesting points was you signed in under your mnemonic And then you would pick a pit so this doesn't matter what this bit to say This is a footsie pit or whatever the contract we want to call it It literally was like a rectangle on the screen each of the each of the markets And the people would show up as these little boxes around and inside that screen So, you know, I've just put, you know, my mnemonic which on the floor was Uzi You said I so there's me at the bottom left hand corner You would log on and you would just appear in the market and if other locals or bank traders would appear There's there the other boxes around and if I had a bid or an offer in the market It would show what that was. So, you know, here it might show me 34 30 bid for two lots in the middle of the screen in the middle of the pit There would be the best bid best offer And the sizes of rich how many on the bid how many on the offer And you would see what the last trading price is and you could see the last trades And I think what's crucial here to understand is that you could see the traders Right, so you knew who was buying or selling on APT just like you knew who was buying or selling in the pit So this this APT system operated for say about a decade And it was an automated pit training. It looked like a pit You could see everybody who was trading you knew who was buying after hours and selling after hours and it looked like this So Given that you could see the same information and and that's probably why it was not an issue to trade on it, right? You know, not a problem to work out who and what was going on Most traders felt that when the the floor eventually went computerized that this would be the model right for computerized trading That that's what a you know, it was automated pit trading. It seemed to work Okay volumes after hours are not the same as volumes during the During the day, but it still seemed to work people thought that that's what this type of market would be When the floor eventually closed down But a few months before the floor closed and it literally was a few months life announced this project life connect Where essentially life announced that they were going to open up their data to whoever wanted it data vendors platforms to link to the live data and Essentially dozens of new platforms Decided and data vendors, you know decided to join up and this was literally months just a few months before life closed The pit trading closed So this was all a huge huge Change right for everybody and there were I can't I don't even know how many new platforms or how many platforms You know a work created to to trade or be ready for when life closed So there's some names that RTS obviously TTC now Pat's easy screen GL fast-filter some of those you would have heard of So, you know, very few of them are still actually active Some of them you may not have heard of Okay, so that there were many more than that So this was a big shock As this transition happened And it also meant that some data was not going to be provided under life connect Right, so who was trading was probably obviously the BS piece of information that was not going to be provided So huge change and it meant that the new platforms would not look like a PT so traders that had used this automated pit trading and platform for years and expected to just roll over into this we're then faced with it's not going to be that way and Then they had this choice of which platform you're going to use and there were lots that the choice itself though Wasn't just a wide choice. It was actually going to be limited depending on who your clearer, you know, which products they offered and Remember, this is 1999 So there's no trading from home. So when the floor closed Depending on who your clearer was, you know, you would basically they set up rooms In the clear so you would have a direct connection to their server These are usually, you know within spitting distance or almost sometimes in the same building as the life servers but certainly within a very near radius so You were generally most locals had a long-standing relationship with their clearers Okay, it's one of the big things when you're a local you have a good relationship with your clear You're usually with them for years. So most most most locals stayed with their clearers And they simply use the platform that the clearer supported And you know a couple of the ones that were the most popular probably because they were also a Couple of the cheapest ones were were pats an easy screen and some of the bigger Brokers bigger clearers in particular certainly pushed their locals towards pats. I know many many locals that use pats Now, you know I was fortunate at that time. So I actually that this coincided with The birth of my first child so I actually took several months off around that time I missed the closing of the floor the last of a few weeks of it I missed the first couple of months of screen trading because I was just you know being a new dad Which turned out to be a bonus right obviously because I got when I got back there's been some you know A bit of carnage here now. There are many other issues associated with the transition from floor to screen and maybe it'll be a topic I discuss at another point It's a very interesting time. There's a lot of Misunderstanding of what happened then and and you know whether traders were successful or not successful for traders But it's not as simple saying that the floor techniques didn't work And we're gonna talk about one or two of the issues here that led to the creation of a DOM as well But you know, certainly some of those early platforms were very very difficult to trade I say I was fortunate when I got back these some of these issues are being noted and I actually moved clearer because it was obvious to the to my sort of Trading group people that I I was close to and worked with that TT was way way better than everything else. And so we moved to a Clearer that offered TT and just to explain like TT at that time I Was paying a thousand pounds sterling a month for it and also paying a thousand pounds sterling a month for a seat and a desk in my clearers office in there client little trading when they set up Pats was about 200 250 pounds a month So it's a massive difference in cost right between the two platforms perhaps understandable why a lot of traders went towards Pats, but often it was because just what they clear are offered So that that decision by the way was a huge one for me in terms of in terms of profitability going forward Making that decision to go and trade on TT despite the fact my costs were significantly higher than others If you're a professional trader, you don't worry so much about costs if it gets you better trades and you know, was it worth it? Absolutely So not as simple as saying that floor techniques didn't work Choice of platform actually was a big factor behind whether a local or any trader could successfully Transition from the floor to the screen it became you know at first everybody just thought our platform is a platform, right? It it wasn't that way and I saw that first hand I did I had a couple of clearers and I was in another one of my clearers trading rooms at one point and I was using I at that point. I wasn't using TT that's actually I'll get to this in a minute why but I was using a different product that I was consulting to and Developing tools for So I needed to move to a different clear at that point to be able to test that platform And the tools that I was helping to create and in that room everybody else had Pats And it was obvious firsthand that I was taking trades off of these other traders I could hear them as you know as they were missing trades and I was getting them This other product other platform wasn't quite as good as TT But in many ways it was it was it was good enough and it was certainly better than than the ones that the other traders were using So for some techniques You know even today the choice of platform remains a crucial factor So there are many platforms available many doms that are just not capable of supporting like the northern method the style that Myself and my students use there are many platforms that are not I would say there's really only two right now that probably are And book map obviously is one of those two and you know we're developing more and more tools for the for the book map dom as well So platform even to this day the dom the platform we use is still a big factor if you are More of a swing trader or you're only trading once or twice a day Then your choice of platform is not going to make too much of a difference probably but if you're actively for trading a lot more which certainly a lot more professional styles are you know trading In and out in a few seconds or less than that even and trading Multiple dozens and dozens or even hundreds of times a day Platform is a massive a massive issue for you. The choice of platform will still be a big factor today so Going back to this so obviously there were different platforms back then and the choice of platform was a factor But the the early even the sort of dom and I'm putting dom in inverted commas there because they weren't really a dept of market They were just purely just almost just a Well, you'll see in a second again my my little representation, but they didn't look like today's So again, don't judge the failure of some traders back in 1999-2000 which is when the stories of of floor traders can't transition those sorts of stories Started at this time so by the time that Chicago started to transition these stories were sort of became part of folklore All right. Oh, yeah, you can't transition from the floor to the screen Well, it's very different than the time that Chicago Transitioned because the platforms that improved a lot because of the failures it's bit like the early days of the aircraft industry and you know, I've got a story about that as well for myself so The early platforms look nothing like what the Dom does today So again, don't judge them by don't judge the traders then and I don't judge floor traders who were using some of those other platforms If they struggled they didn't mean they were bad traders or they couldn't you know It was just a fact of if you look at what they were using just wasn't going to happen You just couldn't and that's what will lead on to the rest of today and in the next few weeks So some of them only had five price levels They didn't even have each price level, but they rather would show you the best prices So and I can't remember like my first TT if it had five or ten I seem to remember it was five. It's a long time ago. There's been a lot of wine drunk since then But the type of thing it looked like was something more like this, right? And again, I couldn't find any images for it, but You would have in like the middle of the screen you'd have to build an offer Okay, what you'll notice about this is it shows me the best five prices But they're not like now you have each price has its own Its own little box, right? But you'll notice for example on the offers, right? You got the offer of best offers 29 and it's 31 above it That's because that's the second best offer is at 31 32 35 36 40 so you can see That is not 29 30 30 132 it would just show you the best prices and in the early days there were gaps, right? It wasn't as liquid as the market is now this was important because it it affected the way you traded and it affected what you saw and It also you think about this there was a lot of in those days You would trade differently and I've always said nor the method has evolved over the years and in this time It was slightly different same philosophies and but there was some slightly different things Here what could happen was someone would come in and they would buy a bunch of let's whatever this product is and The 27 bid could go to could say 38 bid right two seconds later because they just bought everything Now if I decided that that's just nice shouldn't go up that much. Okay. I would sometimes hit the bid there, right? Which is? Not a normal start of trading for me, but at this time it was possible Okay, but the thing of course was that this was not this square was not a square for 38 bid It was whatever the best bid is so if I click there to hit the 38 bid and at that moment The 38 bid had already been hit or it moved and the next best bid is 30. I'm hitting 30s Okay, so that's it's different today. Whereas now that square would be 38 Okay in 37 36 and accordingly so if I click that square to sell 38, so I'm only gonna sell 38s It wasn't the case back then So again look very different. You had to trade very differently It had the potential to make good profits on this but it also had the potential to screw you over sometimes and one of the early styles of trading that was very very profitable this was really a profitable way of trading was what's called diming now a Diming in the pit days was something you just didn't do right? It was like It's not this more than etiquette if you were someone that dined You would be hated in your pit now. What is diming? Diming means jumping inside a price Right usually by the minimum amount so in in a pit for example I was an options market maker in a pit if the pit basically, you know We come out with a price 14 18 for example 14 bid 18 off it Diming would be someone saying I'm 15 bid Right the way it works in the pit is if the pit said I'm 14 bid I'm 14 bid Diming if you someone went 15 bid, you know, it was just not something that was done. But if we go back to here Diming became something that was very very possible. So what would mean is let's say the best bid 27 and the bid below it is 20 okay now rather than Trying to put into my keyboard. I want to pay 21. So you got to do it manually. We used to use Three three button mouse So left click was input the order right click was pull the order middle click is dime So what I would do is if this if this was a 20 bid for example, I would middle click it and It would immediately place me the minimum above that so let's say it's one tick It would immediately put me 21 bid and what I'm trying to do is trying to capture if someone's tries to sell 27s And there's a few left over. I feel like if I can buy 21s, I feel like I can make money, right? So dining became an absolute way of trading back then And it was a you know a very profitable way obviously dining is not It's not relevant now right because the the platforms are different and the mark is different What I'm just trying to explain is how different trading was how the platforms are different And so we traded a bit differently and a bit differently to how we were traded on the floor as liquidity improved this changed as well But it was clear that there was improvement was needed for these doms Okay, so traders were some traders were struggling not all and again There's another story behind the failure eight than just our floor traders couldn't transition You have to have a look at who these people were that were trading on the screens and they weren't all locals Again, I'll maybe tell that story another time But it's clear that improvement was needed. All right, because there's a lot of information. We couldn't see and We had to obviously change our styles, but these things weren't they weren't gonna hold up for what we wanted so most platform sort out This was you know a few months in and can then continuously profitable X floor locals to consult on improving There's these these platforms again. I wouldn't really call what we just saw as a dom It was just some kind of a a matrix almost showing us the prices. So They saw out X locals. So as I said, I Consulted to two or three. There was actually many of us were in the same sort of building There was a building just around the corner from the life floor where it housed a number of our clearers It has a number of small locals. It housed some of these Software firms and trading platforms all in the same building. So we would often go just up and down the list And I would often be visited by a platform guy says, you know, what's going on what you want? And this took place over several months. So I said that I Was consoling to one firm and helping to develop some tools for them And and I think it's fair to say a number of locals were doing a similar similar work And I feel very much like we were kind of like test pilots We were coming up with ideas and then testing them and just like test pilots It doesn't always go well and I'll you know, I'll just give you a story So I said to you I moved to a different clearer to test the platform Now this platform I had worked with them one of the issues I was having again these products were very vanilla was I was trading footsie and Was trading two lots and four lots generally, you know Try to say two lots and sometimes up to four lots depending on the conditions and one of the issues becomes around partial fields What happens if you get one lot and the doms are very vanilla in terms of you could trade You know, you set them up for two. So I would have a one lot a two lot Three lot and a four locks if you're trading for you sometimes get filled in three had to be able to get out of all It was a little bit messy So what what I asked for what we you know ended up developing was if you picture a dom with your columns Where you you know, you click on to put your bid and your offer in Okay, you would have a number of those Just outside of each other the first one would be a one I could default to a one lot column the second one I could default to a two lot three lot four lot So I could have one dom and just click, you know The first if I could click my two lot column I'm trading two lots if I get filled in one lot I can just quickly click on the one lot column to exit the trade. I thought it's pretty cool idea Certainly compared to you know, what was available. It was pretty cool to be able to get an out of different size in one dom So we worked on that or they worked on that developed that I then had to go and test it so I went to this other clear as my clear I wouldn't support that platform and Cut a long story short It the feature worked fine. Okay, it worked fine. There was another problem as they were developing the feature They forgot something and there was a bug The bug is actually meant and I don't know why it happened But it only started in the afternoon. It just worked fine for me all morning and then sort of in the afternoon I noticed I was I thought I was should be getting filled on trades and I wasn't and Then I saw I just cancelled them and it's happened a number of times I should be filled there wasn't filled cancelled it cancelled it cancelled it and I went home and then my my my clearer rang me and say, you know, Gary, you're normally flat at the end of the day I'm really I am flat. I made sure I was flat at the end of the day I like no and I think I was short like 30 40 for some reason they were all short trades that got What happened was there was a bug in their system that wasn't recognizing the fill from the exchange So the exchange was filling them. We didn't recognize it in the in the platform only happened in the afternoon And as always happens in trading sod's law is that when you're short 30 footsie in the after-hours trading It's just ramped right it did just I don't know how many ticks it gone up But feet footsie was at like 40 or 50 after hours Can't remember exactly the sizes and the numbers. I do remember it cost me in excess of 10 grand Which was a fair amount, right? And and one of the things is like, you know, obviously the next day I go to the platform provider that I'm consulting to say look There's a bug something happened and they go back and fail. Yeah, thanks for that. Now. Yeah, it was a bug We've we found that out. Thanks very much. So very much like a Test pilot who's where there's a problem with the plane I wore that loss right as part of the relationship is that we all help to develop things help to improve the doms Help to come up with new ideas and sometimes they hurt us right because of this was not my fault But there was a bug in the way they developed it But gradually more and more improvement and then you end up with the doms more like the doms that we have today so key things to remember are that The doms, you know, certainly that when the first sort of Changes and the first dot of new doms were created by X-floor traders or the flow traders essentially, right? This is they created them the tools that they wanted So what sort of tools did these people want what sort of tools did our sex floor traders order flow choice? What do we want? Well, we obviously wanted every price level displayed not just the ones where there are bids and offers Okay, so that was one thing that changed so that now you have the whole ladder and every every price has its own Its own little box and and so accordingly if there's nothing there, it will just be empty We wanted the ability to change trading sites quickly We would do that whether it's because we get partial fills or whether it's because market conditions change and we will just change our size Accordingly we wanted it easier to see the last traded price These are things we always want to know. Where's it trading? All of these improvements are driven by X-floor locals. Where is it trading? How can I get in and out quickly? These are the kind of things that we're looking for these are the kind of changes that were made And you know actually reasonably quickly the best doms became really good And then the others basically just just fell away. Just no one wanted them, right? It was reasonably quickly that happened So we want to see that the local driven improvements are that we want to see the information as objectively as possible This is what we were wanting. I want to see this information just what's trading. I just want to see what's trading I Want to get in now quickly as I said, where are we trading now? That's the question that all the flow traders always need to ask themselves All the flow traders should not and we'll get to this in another Webinar talk about all the flow trading pure order flow trading really not interested in the past Where are we trading now? Can I judge liquidity and I will talk about that topic a little bit more as well in in a future web and I'm sure but liquidity as well became an issue so It's a huge issue for the order flow traders. It's a big part of what we do There's you know part of it. I could say order flow trading is almost judgment of liquidity It's not necessarily judgment of price so these are the things that locals wanted and these were the early and the Most of the first adjustments on the best platforms were to fix these problems What we didn't ask for and what you didn't see until a little while later was obviously standard price charts Right normal price charts that are made and the ability to trade off them. We had no interest in that We had no interest in indicators. We didn't want that order flow traders shouldn't use indicators We didn't want anything that sorts the information subjectively or on a time basis Again, I think I said another topic. I think I've lined that up for perhaps the next webinar to talk about that point just that point about Time basis, but we didn't want to look at on a time basis It's one of the main benefits of using a DOM is you do not look at the market on a time basis It's just that's what happens now and it just continually shows you what happening now That's a massive advantage if you learn how to use that So these types of tools were added later at the request of more retail oriented traders But some of them became standard tools, right? They just became normal tools and people then what happens is that you've got now this this sort of Combination of tools that were created by real order flow flow traders and real order flow experts And you had tools that were created by sort of more retail oriented people And then they all kind of get mushed together and then that's kind of where I think the last you know from sort of ten years to You know even reasonably recently for many platforms That's where they've gone right there and a lot of people don't know the difference They don't know the difference between which tools were more retail on which ones are not and there's some tools Which are believed to be sort of standard DOM tools which in my opinion really shouldn't be on there And they're more like a different form of TA So To sort of summarize You know here and this is really to set the platform right for future ongoing Webinars where I'll talk about some of these points in more detail But I just thought I would start with the history of this so you can understand Because the DOM you know DOMs were created by and for professional traders that style That's what they wanted to see they wanted to see it in that DOM format. We could have chosen any format, right? We could have asked them to do it in in various different ways, but we didn't we wanted it in this format for a reason It's important to understand the DOMs that we see today Are the evolution of the work of both professional and retail traders? so that means you know Some elements of some DOMs are good and some are not Some will help you and some won't and knowing which features are important if you if you're by the way If you're trying to trade in an order flow in and out quickly scalping style, right? If you want to trade in that way, then the DOM is number one. It's the best tool for you But number two, you got to know which tools are helpful which tools are not There's still the talk the tool of choice for professional order flow traders DOMs. Okay, that to me it's It's night and day I'm still a massive fan of DOMs and you know, I was there at the start I know why they were created and you know, I understand exactly what the strengths of them are And I think they have significant well, they don't know I think I know they have significant advantages Particularly over-priced charts if you're trying to day trade and actively day trade in particular and you're using just a normal chart You're a massive disadvantage to a DOM trader for a number of reasons and I will explain that later so I also wanted to throw out there that if you have questions about DOMs or order flow style trading and you want to send them in and they could be a topic for for one of these webinars I'm more than happy to You know to take on board some comments and requests for topics as well But today I just wanted to set up, you know using the history of what these things are And you know, I know that book map are doing a lot of work And it's been great to work with them in the last few months helping to develop these new the new tools for their DOM And I think it's it's gonna you know, it is a great offering So, you know by all means if you're not using DOM Have you know have a look and start to understand that So, yeah, that's the end of me. I think Bruce you're gonna show some things. Yep. Yeah. Yeah. Thanks, Gary And I actually if you can go back to your last last slide for just a second. I had a few questions actually for you And then we'll get Maxim on the developer here and he'll go through some of the features He he'll just be able to go through it much quicker than than me Okay, yeah questions on the last slide. Yeah. Yeah. Yeah, so the significant advantages and I'm really everybody like We're very lucky to have Gary Agree to to come in here like a couple times a month and give this presentation on on domes and You know go go through More and more information on order flow trading He's an expert complete expert as you can gather When you hear people talk about That it's about the here and the now and no price chart is just a distraction It's I mean we're talking about pure order flow or I really liked your comment about this is about liquidity and judging the liquidity more than than anything else and Something about a book map To just let everybody know Our history is very very different Very different than than this history on the depth of market Developments our our history from book map came from the algorithmic side And our software was developed for ourselves To Understand how our algos were performing That's why book map can go down to these really low sub-second levels nanosecond, you know resolution basically to understand like where did we exactly get filled And then you know from that it was a good representation of how the market works and and and you know showing Supply and demand and etc. I was wondering though Gary like about the advantages that You said you'll explain it in another webinar, but like What what is it like that a lot of the dome traders find as an advantage because Well, I guess maybe part two of it of the question is I See a lot of dome traders on there. They might be swing trading or you know day trading longer term They're not getting in like, you know every second or you know several times or hundreds of of contracts per per day So what kind of advantages? Do those Does the dome offer these free higher frequency traders and then like also like a longer-term trader Yeah, it's good question. I would like to I'm gonna hopefully break that down into specific areas over the next few webinars, but From from what I can see like if you're a swing trader, I really don't know what the dom offers you I'm always interested to know why swing traders would use a dom Because I kind of feel like they're trying to use a professional tool and make it look like they're doing something professionally But it doesn't it's not really necessary It certainly wasn't the reason why doms were created So I can't ask really answer why they would use it Because I don't know I Obviously they've got some sort of setup somewhere that they're looking at but in terms of entry and exiting if you're good You know holding a trade for you know, half an hour three hours or something like that The ability to input in it, you know one click trade and all that kind of stuff Is not really needed I suppose, you know, you probably you know, you're not so Conscious of the of the price that you're paying for obviously for me. I'm you know, I'm trading for a couple of ticks It's really important But for them if you're if you think you're gonna make 30 40 50 ticks and those sorts of things are not important. So why is the The dom, you know, as I said has lots of advantages and I'm gonna talk about it specifically So, you know, one of them is about what are the deficiencies of looking at the market on a time basis? but Dom obviously to sort of hit on one point just straight off is You you have to be in the now with a diamond and I'm a think if you're a day trader I think it's a strength is to trade the now the Dom if you had just the Dom nothing else This is how I teach my students. I don't want any I don't want any charts up alongside it You don't know what it looked like half an hour ago. All you see in the Dom is what's happening right now That's a massive advantage. I reckon for a day trader I'm not interested in what happened half an hour ago. I just need to know what's happening right now Bearing in mind as well. I'm in and out in a few seconds all it's important I said that the Pure order flow trading is as much a judgment of liquidity and actually just written an article on My sub stuck about this and I'm saying I'm gonna discuss it more in a further webinar here as well hopefully at some point but It's really just a pure order flow trading has to have an element a large element of liquidity analysis Dom tells me that chart doesn't Dom shows me the liquidity right now and I need to know that I need to know about what the liquidity is It helps me make a judgment of whether I can trade and how I can trade right now And the chances of me getting in and out of this trade in the way that I want in the time that I want And I've seen more than anything is you know if I'm trading order flow trading and as I say I if An order flow trading which is another topic. I'm going to discuss because that's become an absolute Shitfest of a topic right like there's there's so many things that people call order flow trading which are not order flow trading Again, I discuss it myself so I can want to talk more about it in another webinar that will have here Hopefully because I think it's a huge topic So what many people think is order flow trading and they go, well, you know, I need this dom for this order flow trading Yes, what what you've been taught ain't order for trading That's just another form of using levels or technical analysis So pure order flow trading has to have a reasonable element of liquidity in it and the dom is the product that shows us that equity That's why it's so important. I know you guys with your even with your heat map, you know liquidity is a A key feature on it right to see What what the liquidity is on on different levels at the moment as well If you're any kind of professional style trader you are as any if anything as judgment of liquidity, it's huge So being in the now being able to judge liquidity. These are two huge advantages of a dom All right, that makes sense. Absolutely. Absolutely, and Yeah, yeah, I'll I'll refrain from any more questions on that because it's because a spoiler for your for your next few webinars or in the future, so Yeah, that was the only question I had Well, except that the 880 Tp APT I'm wondering about like So it looked like that originally it was kind of a mock Or the the markup was or the mockup of it was like like an auction And people made the transition. I really liked hearing about this history That they made the transition very easy. It's like, oh, yeah, it's just like a pit, but it's on the screen Exactly, and and then that really got turned upside down into you know showing depth of market and Like you said like being able to make that transition and interesting history on the software development and also the politics involved in it with it with your your connection as well so and then you then because of that kind of Revolution there you lost a lot of people. They could not make the transition due to the different visualizations of the of the market is what it sounds like or Yeah, it's tough one because they didn't have the advantage either Yeah, there are a lot of things happening in that transition But one thing I'll say so a lot of local firstly the vast majority of people that works on the floors were not locals You know vast majority were not locals. I think you'd say the biggest cohort on an exchange would be Clarks Okay, and then the next biggest cohort are gonna be Brokers and pit fillers now on the floor everybody wore a color jacket in the pit called themselves a trader I pit trader But there's a difference between locals and people that were filling orders for a broker I very different business ones trading risk for his own money ones is filling orders the majority people in the pit were people filling orders now and then you know what percentage of traders in a pit were locals Hard to say, but you know, I think you're probably looking at 10 to 20 percent Maybe some pitch would be more than that I maybe some pitch everybody 30 percent depending on the pit right, but most people in the pit were not locals and What's important to understand is that when the floor closed those pit fillers execution traders for all the brokers You know the cargills and the ref codes and the Geonites and the tullets and all those sorts of firms, right? They all had pit traders. They all lost their jobs. They all got redundancy payments So what's the what's the key thing they're gonna do? What are they gonna do with their redundancy payments? Someone went and got jobs some decided what have I done for the last 10 years of my life? I've been in a futures pit filling orders. I know futures markets So they went and started to trade futures in some of these, you know Properims and their clear as they put that, you know, their redundancy money and they put up their, you know Money and started trading what's really important to understand is they were not locals on the floor They were not traders as such risk takers on the floor It became this and so when you hear about all they all the floor traders failed a lot of the people that failed in that first six months We're not locals They were people who were pit fillers Execution brokers and many of them very very good execution traders, right? They could fill an order in a busy market really well, but that's different To working out where should I bid where should I offer? Where is it? You know, are we going up down all those sorts of things all the decisions that a trader makes? If they were that way inclined they would have become locals when it was on the floor but they weren't so This again gets confused right people don't know about the difference between pit fillers and that so they just say Oh a lot of floor traders lost money Yeah, a lot of them did but that's because they turned to trading for themselves because their own job didn't exist anymore But they weren't locals on the floor So in terms of locals Some just decided not to become screen traders, you know, there were a number of locals that basically had already made their money They only went every day to work because they just loved it Right, they just loved the floor and the camaraderie and the fun and the jokes and the singing songs and all the Drinking all the things that were good fun. So when the floor finish that that's gone. They're not going to trade anymore You know as I said, maybe you know 10% maybe less of the people on the floor were locals So that takes a percentage out Some did continue. There were some locals that did very well in screen trading Again, this gets lost, but since there's you know, some forms of trading became easier and I'm talking about spread trading Spread trading became much easier. I think TT was the first platform that had the spread matrix, right? But became much easier to spread trade Then it was on the floor you on the floor if you're trading, you know Red June green deck or something like that. You got to keep asking what what's green deck? What is it? Who's there is there's the guy who's bid for red red June, you know And you just have to keep trying to figure it all out. Whereas when he went screen based It's there in the matrix. He tells you what the bids are what the offers are and I know a number of you know Spread traders who are very happy when the market went screen based and and did very well Until faster traders came along at least so that transition be very careful by like who fouled and why they fouled And then of course like you said Bruce and I was saying here you can't judge him by the platforms You know, it's like saying why didn't early pilots, you know fly across the Atlantic You got to look at what they had right? It's you can only do what you can do With what you've got and as I had to come up with a whole new bunch of ways of trade No, I wasn't a future trader on the floor. I transitioned into it So I was starting from scratch came up with some ideas, you know I talked about timing and things like that and then again always had to evolve always using market-making principles But always evolving and changing and to the as this as the platform changed But yeah, it's a very you know It's very hard to judge and there's a lot of stuff about all their techniques didn't work. That's not what happened and Once we'd changed the doms once we had worked on them and improve them It became a lot easier to trade, but of course some didn't make it to that point. That's a bit of a shame yeah, yeah, no, it's it's really good to hear the details on this and Understand like how this kind of unfolded because I yeah, there's even a movie on it like Floored I think is what it's called And how they couldn't make the transition, but this is this is a very different story Then you know what I heard from from that movie And it's great it's great to hear this because like it yeah, this is the real history of it here So hold on a minute here. I think I've got Maxime on yeah, we do and he's gonna show his screen here Gary and so like basically just to transition into This here, let me let me get Maxime's screen up here What we have What we've done is Yeah I'm not sure how to fair the whole screen. Yeah, no, you see only my My book my pride so I don't see any don't correct it. It just just book map Okay, I see screens here cool So I have just few minutes. So let me quickly walk through it. So now you see my All book map with some doms Settings, etc, right? Yes. Yeah. Yeah cool So let me briefly walk you through what we have in in a new version of dome, which we can release tomorrow So there are several features, which we think are quite cool Like third feature. So you see my dome on the left side and You see this black line. So this black line is our previous center. So now we have other center, but Now we can see where we are previously before the center So I can move with my button click and you see that the center was moved and the black line indicates where we are previously so you can switch on and all this line with this button wrong setting, sorry I Need to be here and You can switch it off and on any moment Then second cool feature is single click move. So if I enable it enable my trading here And I create an order then if I want to create another order and cancel this one I don't need to do several actions now. It's done with just one click. So what happens behind it? It just Perform a move action. So you can move your order with just one click and it works on any side of your dome so it works same way on Be the next side and I think it works also on your stop losses So it's quite cool Then What we also have now we have customization of your last trade price. You see it was black by default in the button There was no way to change it. Now you can use any color you want and it will be set up here That's one more feature another cool part. So Important thing that this new don't works with only book map version 7 4 and that works and supports New shortcut that guy so in this new shortcut you can have Shortcuts related to sound specific add-on in our case. It's don't pro So in the original don't edit the two shortcuts in future versions You're gonna make some more lists. It's related to drum and there'll be a lot of other shortcuts, but now we have re-center Unfortunately, you cannot see what they click on my keyboard, but let's say we have this active instrument re-center and I'm here I need to close this window and I'm in my dome So to be able to center previously I had to click on this button now just need to make a click on my keyboard I click why? Button which is what's configured like for this active shortcut active window shortcut and also Responsible global short cut global re-center. So if I have multiple domes Let's see. Yeah, it changes position Center position in all windows with one click Yeah, so there are some minor improvements like Now when I click a button, you see that my Bell is highlighted and I see exactly where I click and when if I have it saying, okay, I have multiple I Have single click move So if I have multiple orders and I choose one to move so you see exactly where you click before it wasn't highlighted And it was that clear and one more thing which is not available in paper trading I need to restart my book about I don't have time for it But like just believe me my word. So let's say I place a limit order and here in this column You see this position Q column, you'll see your real order position so it will be like 100 something position and Okay, probably somebody's testing in parallel We have shut the count. So you'll see your position Of your order in this column. So it's a quite cool feature There was I need to go. So I think I covered all features So thanks for attention. Okay. Yeah, thank you Maxine and Let me get back here to the presentation Yeah, positioning Q is central redshift tracking Yeah, so basically What What we're Doing here is exactly what Gary had been talking about is we are going through again the Evolution here of listening to Gary And other dome traders and what do they want? What are they looking for? and And then delivering on that The the changes that Maxine just went through is precisely this So it's very very different than it's a very kind of you know different clientele that You know, we're talking with it and they're looking for Again these very very quick Ways of trading and and being able to execute Very very effectively and efficiently and that's what's important here So in the dome or the and click trading We have these new features that Maxine just went through that will offer this. Okay, this is precisely coming from Gary And and others. So hope you guys enjoy it. It's kind of a a little prelude or A peak into the release tomorrow So you guys can play around with it tomorrow. It will be released tomorrow All right, so just wanted it to give you that sneak peek here today during Gary's presentation All right, so yeah, I don't know Gary. Can you hear me? Can you're still in here? I had a problem there I'm still there. Okay. Okay. All right, so Anyway, yeah, we're kind of just over our time here Gary, did you have any questions on that or is there anything that you wanted to wrap up with here? I'll give you give you the last last word. I Just wanted to say I'm really really thrilled that you're you're making you made these changes been really cool to you know to chat to you and your developers and These are all exactly what we talked about where where's the market? Where am I? Where can I see it? Where's it trading? These are all all huge things even though they're small so well done to you guys And I think all these all these improvements are excellent. So thanks for that and thanks for having me on Excellent. Well, thank you very much Gary. Looking forward. We'll have you again in a couple weeks and You know do it do it again here Look forward to it. Thanks very much. All right. Goodbye everybody