 Good morning traders and welcome to the Bookmap ProTrader webinar today with John Slazas and let me get up and running here okay everyone can see my screen and Hear me okay Yeah, it looks like it. Okay. Good. Um, all right. So Well, this is looking been looking very forward to this event for actually years now We've had John on many years ago trading futures and had very specific quantitative Trading strategies for his futures trading and now he has moved that over into Dharma capital trading and with a focus here on the crypto markets so this is unique in my opinion at least that to see that we have a professional trader that is in the crypto markets here and In going through it in detail, I'll let him explain more about it here Let me jump in and give you the overview of his biography and then we'll turn it over to John So John Slazas is a co-founding partner and chief and investment officer at Dharma capital John is responsible for digital asset investment and risk management decisions portfolio construction And market research research consisting of quantitative and qualitative analysis John has 35 plus years of experience in technical market strategy algorithmic trading systems design And risk management and has worked with this CME. He's registered commodity trading advisor a CTA and also pool operator With the NFA National Futures Association I have John's website here and some other links that he wanted to share with you about self-awareness and peak performance I'll put these into the chat for you. If you're interested in reading those or reaching out to John I'll go through the risk disclosures and then we'll turn it right over to John General disclosure all book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations Risk disclosure trading futures equities and digital currencies involve substantial risk of loss and is not suitable for all investors Past performance is not necessarily indicative of future results. Okay, so John Let let you take it away here. Oh You are muted at the moment Hmm There you go. There you go Thank You Bruce. Hello everyone Have been involved in trading pretty much my whole career and You know, if you're here, you're probably passionate about it, too Looks like we've got some Activity going so I'm gonna kind of go through this. I know we've got Paul speaking later. So we're all getting geared up for that Let me go right into my presentation here you know, I Started trading You know as I got involved and back in the trading and you know, I kind of moved away from trading my original business, which was You know working with traders and providing them with resources I've you know, I've had it going on for you know over 35 years coming off the mercantile exchange and now we're you're really starting to get back into it and you know one thing that I That I miss I think the whole business really misses is a lot of the integrity that was out there that you had on the trading floor You know when you did a trade you look people in the eyes and you know If if you didn't follow through and and you had too many outrage with that person the next day You know people just didn't trade with you, you know, and then as the market moved to the screens You know, we start to lose some of that integrity. So You know, I do want it, you know, I'm looking to bring some of that back to the business as well as You know, I feel that the market's gone so Quantitative and there's so many high-frequency trading out there I mean my business was all local traders back in the day and then all the prop firms just switched to high-frequency and so You know, then you had this big disparity and then with the in the futures markets The look the volatility just dried up and so no one could make any money and but now the volatility is coming back and back testing doesn't work like it used to because things are happening that never happened before and We need some risk takers. So that's really what I got together and Formed a dorm capital trading to you know, really be a conduit to that and before I get into it I just want to give everyone an overview of people know me from JS services You know, that's basically Dharma capital is really kind of an umbrella of you know, three things the analytics is still You know, basically JS services JS analytics the applications We've got a new one that we're just launching called the playbook that I'll share with you as well and then on the analysis section Dharma capital is really a Training professional development. We've got a virtual trading floor and we're doing prop trading So I'm not, you know on crypto, you know, there's a show of hands on how many people trade crypto and own crypto You know full disclosure. I totally drank the Kool-Aid. I started trading You know Bitcoin 2013 You know, absolutely, you know, absolutely was more greed-based. I felt that you know You know, I bought the break out above $30 and I thought you know, the Bitcoin is going to happen million bucks and then and then the industry took some time to kind of evolve we had a You know a couple good hacks and it was extremely volatile and then in 2016 Ethereum come came online and And it really kind of my eyes to you know, what the digital assets can be and what they can do and you know big believer and fan of web 3.0 and and if you're not familiar with that I highly recommend that you You know kind of Google that and you know Really get to understanding of what's happening here in the digital asset space And there's you know, what I wanted to tell Bruce I wanted to get into a little bit to talk about digital assets Of a lot of the risks that people, you know, aren't you might not be aware of or they're not appreciating enough because there's you know when I started trading crypto, I literally had it take a a money order to the CSV and And and hope that it was going to get to the exchange that I was trading with And then sometimes you wouldn't hear for weeks back until you you know, they received it and You know, it's just kind of crazy So it's come a long long way from them But we still have a lot of issues that have you know, and they've been in the news You know, so on the digital asset risks, you know, just like the regulatory risks This is a real thing, you know, the the government's can try to come in and try to shut this thing down Any day or at least it's going to cause a disruption in trading Which is when you're trading crypto, it's always risk first Because those events can just come out of nowhere as we've seen this week. Well, I'll take a look at that a little bit But it's something to to really respect end of the day the industry needs regulation So at the end of the day more regulation is good, but you'll get these new jerk reactions You got to be aware of you know counterparty risk, you know, you just we saw the collapse of FTX You know, who do you who you put in your assets with? when you're doing it absolutely the blockchain allows you to you know Identify the addresses that you're working with but who's behind those addresses and you know, if you're trading professionally There's or managing a fund that becomes even more important You know the volatility in digital assets can be kind of crazy and you know a lot of people you'll be You know when you're talking about cryptocurrencies, they're throwing the whole lot in there You know layer ones layer twos layer threes, you know, I'm I basically trade Bitcoin in Ethereum and you know base layer protocols and You know, so that they still are very volatile, but they don't have the the issues of some of these these tokens And you have to remember that these a lot of these tokens are still just white papers You know, we're looking at the whole industry in general if you know we it still is just being accepted and What is the base foundation of that? You know kind of a new internet? I believe Ethereum it is But you know, there's a there's a lot of arguments of yes and why and no, but I think that the biggest thing is Just the developer base, but you know bottom line is you know, there's extreme that can be extreme volatility that in that's caused by a lot of liquidity and you know what they're there's just so many market makers that are in these different, you know exchanges and You know the volatility is more called but you know by these market makers kind of pull in the orders And you get these you know these crazy moves You know, there's there can be manipulation, especially in the smaller tokens you have to remember that you know The these tokens are issued to people that are investing in these firms and In the idea and they give you know the people that take the risk with these people they give them tokens and and so you've got You know You've got the founders that need to need that those assets to build their business And then you've got the investors and and then you've got people that you know kind of pile on and and who can we sell the Dream to hire so you have to be Be aware of that if you're kind of straying away from the main protocols Exchange risks, you know, it's a different world out there when you you know in terms of You know when you're dealing with decentralized exchanges that aren't regulated and you're dealing with centralized exchanges you know, you know bookmap does a great job with creating some Some you know consolidated order books, but you're also able to see the individual order books, which is interesting but you know just you know in for Crypto, you know, they're basically dexes and you know and centralized exchanges So you've got decentralized exchanges that are actually trading on the protocol and I think that's going to be the future It's the most secure. It's the most efficient right now. It's just It's not fast enough for the way they side trade But you know people that if you're trading slower and looking for permissions That's definitely something to to look into Because you don't have the same risk as you're dealing with the centralized exchange Which is just basically a business and so if the business is mismanaged You're at risk With the crypto exchanges you need to be on top of the exchange health A lot of these exchanges You know they just especially when you have volume spikes, you know, they can't handle it and you know You'll see different Different issues happening all day long and all the exchanges And so some of them aren't a big deal Some of them are, you know, you just need to be aware of that and you also and they all go down for maintenance and then In the futures markets, it's everything's kind of standardized it basically four o'clock central standard time You know the exchanges are going to roll and all the clearing firms roll and And that's and it's and you can and you know the exchange is down, you know, and a lot of these The crypto exchanges they they choose a time and sometimes You know, they're getting better at it, but a lot of times back in the day They wouldn't you wouldn't even you wouldn't know until it's upon you So it's it's something to be a you know, definitely need to be aware of because if you've got orders in there All of a sudden it's down and you know, there have been situations that these maintenance periods They were supposed to be ten minutes turned into three hours turned into four days But things are getting better, but that those are the risks custody You know if you're you know big and if you have if you own Bitcoin or Ethereum and you have it on an exchange You don't own your keys So you don't really own that crypto And that's that's fine if you're if you're trading it But if and if you want to be a long-term investor, you know, you definitely want Your crypto off exchanges. You just want really to have your risk capital And you're whatever you're trading on the exchange, but otherwise you want to either have it with a custodian or you're gonna have it in cold storage Another thing with these exchanges and it's getting better, but do you know is the terms of agency where Does the exchange have a prop desk that's trading against you? Do they sell do they you know provide or sell your information of your trades to to funds? Absolutely some exchanges have prop desk that trade against you that you know they you know Not all exchanges, but they you know, there's definitely you know, there's so many Exchanges out there. You just have to be careful with who you're dealing with You know These people you know if you know where all the all the leverages and where all the margin is It's easy to you know create these sweeps. So It's just it is a bit wild west out there But you've got to be concerned about who you're working with and then yeah another thing I want to make a point of is I just understanding the difference between You know trading spot and trading tether USDT you know an understanding that that is a stable coin But it's it, you know, you need to really do your own research of understanding, you know what tether is and Who runs that who runs tether tether and to make decisions on your own if you want that additional risk Because any of those pillars fall, you know, it's going to just affect that token You know I touched on on the settlement that's a you know, it's a big deal when if you're trading with margin you know to you know all the banks and all the you know centralized exchanges pretty much geared towards The futures settlement. So it's that four o'clock, you know Chicago, you know central standard time as a time where they roll their books But crypto doesn't trade on New York time doesn't trade on Chicago time. It trades on UTC time And so that's that you know for me that's six o'clock in the evening. So there's it You know, you've got this kind of a gap between What with the different settlements of how the world works? Which can which can be an issue and it's something to be aware of that, you know crypto basically opens UTC 12 a.m. And the other you know the part of the you know with digital assets, you know since it is so new It's such a behavioral market Which for me I like because all you know our analytics are all quantitative, but they're behavioral based And you know kind of I took the position of instead of going you know for Inefficiencies in the market rich, you know a lot of funds or high-frequency trading firms go after Going you know trading off of behavioral moves and and where behavioral decisions are made It it grows with the size of the market because the bigger the market, you know the better that stuff works So yeah, I just want to make it you know point that out and I don't know if there's any questions You can kind of throw them in there and I can take a pause at each section. I'm going to start talking about fact-based trading and You know Basically everything there's a lot of people that feel you can trade crypto Like you trade futures, but it's a it's a whole different game and it does have to do with the behavioral aspect of it you know it trades more like a yes Seismograph than a than a regular chart So you have to be you know it a lot of things that you that people say You can things just don't translate and you need to be aware of that and it's a lot lots to do with What's that? What's the price of Bitcoin? What's the price of ether? Each exchange has their own price and then you you do have You know they're consolidated prices, but what are they made up of? You know different things like that come into play on how why certain subjective tools just don't work So I have some questions for you John sure so, um well first off I mean there's a lot to unpack there And and it kind of even it begs the question like why even trade crypto? Just because of all of the like the you know, it's unregulated and the different brokers and The different exchanges you're not owning the coin But I had a question on this settlement though was kind of kind of odd So they there I guess it makes sense. There is a settlement in the exchanges Or the brokers there, but I mean this is all blockchain, right? So why would yeah, there's no there's there's there is no settlement. It's always it's always settled Always trading. Yeah, it's just if you if you if you are taking margin on from somebody and they're gonna charge your rate They're gonna they're gonna settle up because you're gonna have this you will have some similar You know when you trade futures All the day traders they don't have enough margin to hold their position overnight So they got a big get out of their trade and then if they wanted to get back in You know to deal with it overnight and then they need to reenter it Otherwise they have to pay a rate or you know put money in their account So that's that's what I was talking about there, but to you'll go back to your other point Why traded at all, you know Well, you know as a trader it's it's got the best volatility of anything you can possibly trade and Also as a For me and as I mentioned before, you know, I'm a I'm a big believer in the technology so to me, it's it's just a big buy and I know that my risk is zero and the market can go to zero. So if you buy so right now you know the Ether is trading at 1500 and the all-time y'all time high is is Well, no, we're 1546 and the all-time highs. Let's just say it's you know for a brand You know, so, you know, even if we you know buying ether here and it goes to zero and it goes back to the highs It's still it the risk reward which is still pretty decent. So But it's it's a bit of a war right because we've got centralized systems that have been around since forever Kings and Queens and everything's all that if all the power is centralized in these in you know, all your Google owns all your data and You know, no one has any identity on their own. Everything's got to go through the Fed. I mean, it's We're transitioning from the centralized system to a decentralized one and it's gonna be it's gonna even things out And it's a you know, it's a war right now between the haves and the have nots are not even they have nots It's just you know, the centralized systems and decentralized systems And so so that's what we're going through and we're experiencing right now. So it's it's more of a fucking You know, we're building a new foundation and along with that. We have you know, there's tremendous opportunity to get involved the sad thing is that you just have a lot of striasters out there that are You know aren't on board with that and just looking to take advantage of people. So That's the sad part Because what the technology is is is fantastic And that's why I'd highly recommend it You kind of stick with the basics and stick with the main protocols and don't Kind of don't don't stray too much From that or if you do at least, you know what you're doing or you know the founders and and they're allocating you You know from their treasury from the get-go Okay, so and then from what I understand, I mean the the Exchanges just I want to clarify this point for a lot of Traders out there that I mean the exchange is here. You're not you don't have the the coins You know, you are just speculating on the exchange And you you do not own the coin and in fact like the exchange depending on where it is is Could be unregulated And you might not get any of your money out, but I don't if you can just talk a little bit about that Yeah, absolutely. Absolutely just like FTX, you know, the well, here's the thing with FTX. So I am There is FTX Global and you had FTX US the US part was regulated And I had some I had an account with FTX and but I am the US side but at my Traders friends of mine and I work with in London They they they weren't want to get out of that side because they if you're outside the states, you know You you you don't know that you know in the states. You can't really trade options on crypto and you Well, I can talk about that later because there's a way to do that, but and the futures is different because it's not regulated so You know the on the FTX side I Was able to get everything out of FTX in fact when I heard everything drop I immediately went I hadn't been to my FTX count a while and I went there to Grab my stuff and then you know, you know, I was traveling and probably at airport or something like that And I I tell you I couldn't remember my password. So I'm like, okay, you know I want to reset it and then they said always now you got to wait a day I'm like, oh you kidding me and then But then the next day, you know, then I got back, you know and the next day I went in and Everything worked and they on the head of the website said hey, you better get your stuff out of here because we don't know what's happening was able to get all my my tokens out and My friend who was on the international side. He lost everything. Yeah, I mean it's just brutal So who knows how long it's going to take to get it back. I mean the mount gox stuff is just happening now and that was 20 Did that happen? 14 15 And it's they're fine. That's finally that bankruptcy court, you know, they're starting to distribute some stuff So so who knows so so yeah, it's you know You've got you've got understood, you know, if you're trading on chain with a decentralized exchange That's one thing you're trading out of your own wallet. You know, you are the you know There is no intermediary at all if you go to a centralized exchange Yes, you're you're you don't own those tokens and that exchange goes down You've got nothing You know, it's just like a you know, just like if a bank went out of business, you know But you know these exchanges they aren't you know, how much are they insured by I mean And you've got that, you know, they're it is what it is I mean, so when you if you go put your money with a broker, it's the same thing You know if you had your money with Lehman brothers, whatever, you know So there's lots of Examples of centralized businesses going on a business Yeah, yeah, I mean just in the bigger picture. It sounds like this is exactly where it is squaring off and and budding heads This decentralized model with the centralized model. Oh That's it. That's the war that is absolutely the war that's going on right now And that's what and and everyone that's serious in fighting that war there That's why so it things are kind of so complicated because the people that are involved that really know what Happening are so busy and programming and developing so hard they don't have time to like write tutorials and what what's going on here because We you know, there there's things that have to be invented still that are you know And these guys are doing it and so Lot of you know a lot of heroes out there In my opinion, you know, what's what what these people are developing and and the world that they want to bring Which is a it's a positive thing. It's good for humanity, you know, basically, so yeah I think it's you know bottom line is it's an investment for the future and your kids It's a it's a better way to do things. It's not hackable You know, you know why own it, you know, why trade it the volatility is great and for me I like the you know, the fact that it's behavioral based It it plays into our fact-based approach of how we look at the market. No, we do things Okay, sounds great. Yeah, so, you know what when talking about you know fact-based versus You know subjective base, you know, there's so much it's objective trading tools out there and it's it's you know It's so much conjecture and it's it's kind of sad because people What you know, what drives the market money drives the market who has the money the funds? Do they care about? Point of control or some, you know indicator. No, they don't you know, they you know, they they care about Price they pretty care about the clothes because they have to pay because the margin, you know And and what they have to pay on that they care about, you know You know, what's the what you know, last year's clothes last quarter's clothes last month's clothes Because that's how their performance is measured So, you know, they definitely live on a higher time frame So it's you know with a fact-based approach, you know We want to kind of change it and move away from subjective stuff and is completely focused on what's the truth? What are facts? You know, this is a great quote, you know, everything makes sense in hindsight and This is this is the big problem with technical analysis I mean you you can go through technical analysis at the end of the day and just you know, it's just perfect You know, so then you get this overconfidence that you you can kind of predict that and You can't but if you're dealing with facts you can you can you can be in the moment and And process things in real time, but because you have a you know more of a statistical benchmark But this is the problem, you know It's the simplicity the buy by low-sell high proposition, you know creates the illusion that trade is easy and Supported by technical analysis tools that clearly explain hindsight. How do she trade in excess? You know, the problem is traders are disillusioned and they're always searching for new ideas They think you know, they can't seem to you know that they care It's just in front of them because they see at the end of the day. Ah, I could have done that I should have done this but it's you know, it's all inconsistent and You know either you you you can't you you get paralyzed or you just you don't have the consistency You just you end up losing you know blown out of your trade You know, this is you know just going into the research of you know, and this Paul meal is which I was turned on to by the late Scott Minard from Guggenheim and Another book the by Daniel Kalman thinking fast and slow, you know, it really talks about the value of you know, removing You know these biases that you have, you know, you know So if to me just to really succeed you want to perform intuitively and without thinking, you know Just like an athlete or you drive your car. You're not thinking, you know that you have those moments in trading where you're You know, you're out of body almost and you're just killing it and then when you try to do it all of a sudden You know, you're back to your old ways. And so how do you stay in that moment? How do you stay in that state of flow and you know What you know research suggests that you know to really maximize predictive accuracy You know the final decisions should be left to formulas, especially in low validity environments Well trading is very low ability and you know, but dealing with facts based tools You can you'll bring a little more consistency to that and that's what we try to do and so the solution you know to improve your ability to make better decisions in the moment is to have this statistical outside view so have a You know a fact-based foundation as a benchmark or kind of a reality check Of what's most likely to occur, you know when you when you play blackjack, you know, and you've got you know What cards do you have? You know, you've got you've got some sense of probability, you know Based on what you see what the dealer has of how you're gonna bet You know and with a trader, you know when you have this statistical baseline of facts and truths You know, there's there's less thinking, you know, if you know, you know in a bull trend Markets in a bull trend. It's more likely. It's gonna go higher as long as this whole structure is what it is You know, no matter what you think That's what you know, if you need to focus on those facts and whatever your strategies and whatever you're you know If you're getting a cell signal You know, you need to make some adjustments to that tactic Because you shouldn't be betting the farm versus if you're getting a biasing, okay now, you know, it's in line in alignment with what the truth is But you don't want to you know, so many people, you know, we're just focused on a too short term and too subjective But you know the end result is a lot more confidence and You know the end a lot more consistency when you're focusing on a fact foundation and that's what You know, that's what our method does and that's what I'm gonna kind of go into today and just point out You know, what are some fact focuses but and then a little bit on our method and how we're incorporated with an integrated with bookmap? That's what we do completely everything that we do is all quantitative all statistical and We we you know, we kind of break ours into you know strategy tactics risk management and probability and You know when you're in the moment, you know if you you know And you had you know you read something in the paper in the morning or you've done some work at night You've got this you put you anchor yourself that you're buyer you know, you're gonna you're gonna come in and and That's gonna be your you know, that's gonna influence your decision-making process and You know what the best thing to do is always to go kind of fact focus first and kind of run through You know make sure instead of just intuitive knee-jirking making reactions You're going through the facts first and by doing that it's going to minimize any kind of Cognitive biases that you have and I can't recommend enough this Daniel Kahneman Thinking fast and slow book if you haven't read it It's fantastic and it really kind of talks about you know the outside view which is more about you know It's a statistical view and the inside side view is really your you know your intuitive picture of how you see the world and it really It really give you some great insights. I do recommend that book All right, so what are what are some great trading facts? You know, I think you know as I mentioned before, you know, the the big money just cares about, you know The main things they care about is they you know, how was there? You know how much capital they have under management and and what's what's their return and basically they're they are benchmark to these You know what what last year's clothes was, you know Do you know what the last year's clothes was and whatever market you're trading? You know you should you know those are these are some major major things that That any all the money knows and that's what they care about So these are you know big big things and so if we talk go to the very most basic thing We're talking about price and time. You know historical price data and understanding the dynamics between lower and higher time frames You know on the time wise, you know a big thing, you know, what's a fact focus is what time frame are you in? What type of liquidity it should you expect? You know, so, you know when the optimal times, you know the best liquidity type of spreads well It's gonna, you know, definitely be the US open Right, I mean even a little bit before that. So let's just say, you know 6 30 a.m Central standard seven o'clock and then everything comes in starts coming in at the old 720 opening of the the financials And that that liquidity basically lasts through let's say 10 30 11 o'clock in the morning That's because that's when Europe's open and America's open, you know You know, and you've got other you know periods of good liquidity, you know, it you know the European open You know for me, that's like 2 a.m. You know, so you're gonna have some good liquidity when they when they open And you're gonna have some look, you know, just you know just after they close But then you know you get outside that And you know you get this you know marginal equity So if you know if the markets getting to move into an area that you're trading and you know You're you're participating and you need to know what the context is And then we talked about before settlement is a big deal because you've got people that have to settle up You've got you know funds that need to do the same thing You've got the positions need to be adjusted. There's a lot of different things that come into play during the settlement period If you have a trade on you need to be aware of it because I mean We've you've all seen these you know, you you're in a trade You caught the break and all of a sudden you're coming into the settlement period And they just the market just runs it up and takes back all those profits that you had and then the market settles You had to get out because you don't have the map margin and then it opens up and goes straight back down You know that happens all the time. So it's you know understanding that the biggest thing is the context What is that context? When we're talking in for price, you know, just it just the simple You know under you know, the simple, you know, high low high little close last and in the midpoint is it, you know, of Of the you know each again for the funds, you know, they really don't go lower than a day You know, absolutely when you know if they're executing, you know, they may get involved in Interday, but what's more against the VWAP? But you know these these the time frame is important, you know looking at the weekly monthly longer term and understanding you know what the high low last is and the end the end that midpoint and And you know when you when you combine these periods, you know in these days, you know days or weeks or months, you know And you create, you know, you get structure, you know You know basic facts of if you're defining them if you you know, hey I've got it my tactic is to trade with trends or my tactic is to you know Reversion to the mean Well, what's the price structure? So if the price is, you know making high-move high-side or lows and holding structure That's a positive trend. It's positive price structure You know, so your tactics are in alignment with that. You know, if we break structure Well, then it the market's not in a positive trend, you know and just based on price structure You know, we are missing some information. Are we just is it working negative price structure now? You know and you can kind of just flip it and just start, you know monitoring lower highs and Lower lows for the negative price structure, but you know that is just a basic price structure fact that you always want to be aware of Yeah, so with what we do in our now's analytics, you know We're looking to standardize our approach across, you know any market any asset class any trading style and We do that by providing a statistical baseline and you know, we've got you so we have these Well before I do that I want to let me jump into Let's take a look at What I'm talking about here on this price structure So what we're looking at here. This is today. This is yesterday This is the previous days high and we have the Previous days low Tuesdays midpoint This is the previous weeks close previous day close So these are just these are just the facts Right, so we have the market. Here's the settlement period and markets coming into the opening and You know being aware what's previous days high? It's going to be a point You know if you're if you are a buyer and the markets trading here This is your issue. You've got to get beyond this point to you know really kind of kick that into gear We have the you know previous days midpoint is a great momentum number It's a rotational number. It's you know, and this is this is basically the VWAP yesterday, right? And you can it kind of rotated around that that midpoint yesterday and then you coming into today It's a momentum area to say hey if it's above the midpoint should go maybe to the high It's below the midpoint go to the low kind of simple as that but you know understanding that you know With the previous midpoint is and today's VWAP You know, what else we have going on well We had the previous week's clothes coming in here and the previous day's clothes And so we had you know kind of a lot of a lot of things happening around the previous day's midpoint and You know this turned into a good rotational momentum area right now You know the market started up below. We had the transition above which we're going to go can go here Markets you know chopping around here starts to build structure beneath the previous day's midpoint as a momentum area and You know it just and it's the market's just you know This is what this is when we talk about using facts to recognize things in real time. So here we You know at the end of the day or at you know right now We're looking at this and say oh look at how this was working negative below here And you had the you broke you had this you you're you're building some negative structure on this This impulse here this this impulse off of here. We had the positive structure working We break we break that positive structure here now. We're transitioning negative. We're holding this You know it but you're able to do it if you're focused on these facts and you know that hey Here's the previous day's range. Here's the midpoint if it's above it is positive it below It's negative and now we start to rotate. You're lower and we're going below the closes And then we get this release, you know, we you know and we retest this and we go lower You know if we blow this out I've got the This is the previous week's low and this is the previous week's midpoint the previous week's high You know so now you so you get this now you have this other context of You know the factual context, you know and just and being aware of those points and this is what this is what's important because this is What are the money's looking at it's looking at these these this long-term structure? And and you know and like you know here. This is the opening of crypto So you're getting some good action here, and then you're getting into that marginal period, which is difficult and he Any questions on this No, not not yet. I mean so Yeah, I mean I think maybe maybe questions will arise once you start to get into the book map and the order flow elements here Okay. Yeah, I wanted to I was really just wanted to tee up the integrate you know what we do in book maps so it makes sense and so that's why I wanted to talk about the fact-based and price structure and you know and And also talking about context, which is so important understanding that context And so what what we do is we define this context in terms of a state So, you know positive trend negative trend bull trend bear trend, but you know trends just don't go There are different types of trends. There's accelerating trends. There's digestive trends. There's corrective trends And so each of these different states have different nuances and so some of the some of the things that we do We we really further define those states and Instead of looking at price structure and breaks and price structure We're looking at market structure. And so market structure has to do with where states shift So if I'm in a positive bull trend, what is the price framework that defines to make that true? Because if I know if I have better understanding what the context is and I can I can identify what you know The characteristics of a bear a bull trend then I can line my tactics for that environment But and as long as the structure is holding the structure breaks now, I need to readjust my tactics Because if the market's not making these high move highs higher move lows It's no longer true and I need to adjust with that and so that's that's what our our structure analysis does and You just Show you my playbook real quick here So this is a fact-based tool. We call it the playbook You know basically you can see the different tokens and it really helps to you know, I guess said we is it all quantitative It's all fact-based, you know, what what's the you know, we've got Ash clothes in a bull trend, you know man is in a Bear trend correction, you know either is is currently in a neutral negative shift So I know that you know, so basically, you know What's a new control negative shift market's been going side, you know, it kind of shifted from a positive situation it dropped kind of downshifted more into neutral Is the market gonna more likely it's gonna trade sideways and so we just kind of you know What is that environment? You want to know it you want to own it and but the more you own it the more you Can trade more intuitively in it because then it's easier for you to kind of really sink in and get into your flow If you get if you have that that baseline that statistical baseline that says hey, this is you've been in this trade You've been in this environment. You've traded this before this is an awareness that that's what you're in now So you don't have to look back You can look you can focus on what it is true now and you know that it's true as long as it's holding structure And if it's holding that structure, then you can it's in that those characteristics are true and so That's what this this and now analytics does This is what we call our price map and this is this is the structure that we've integrated into into book map and so I'm gonna throw my Structure on this and where I'm going to be doing a The series with book map every Tuesday So we can you know kind of get into more details on what all this Stuff is but But when you combine, you know some of these facts with with structure it starts to get Biscuits all about clarity right? How can you get more clarity in the moment to make better decision? and so With our book map application, you know our structure Is right on the heat map And one thing on it, you know talking about book map with Kind of special You know so what what I like to do, you know, so I'm looking at You know a lot of Definitely other pro traders outside America are trading that you know trading a lot of perpetuals for a little liquidity So I definitely like to look at what the perpetuals are doing, but I also like to look at what the spots doing Hey, John, can you get a little closer to the mic? I think we're getting that you're a little bit distance and a distant. I hear a bit of kind of 747 jet. Oh Yeah, that's uh, that's just my fan. I'm not sure if I can turn let me see if I can just turn my volume up If that'll help that better. I'll just speak louder. Okay So With book, let me see here So it's interesting here What I'm able to do is look at the Before I even get to that So what you're looking at here is a monthly structure You know, it's just it's the nice thing about the market structure. It's unified just as the daily bar chart It's kind of the same thing where you've got the context for the different periods You know, here's this this is just what we're talking about that volatility and crypto And this is why and this is the big this is a behavioral nightmare To deal with this connection. So we've had some kind of difficult You know trading of late, but it's you know, I talked about before the different time frames It's always important to go big to small. So with you know with My analytics I'm looking at, you know, I want what's what's what's the market look like within the long-term structure What's what's the market look like on the the weekly structure Where are we within the weekly structure? You know, where but this is my sentiment bias my over under number You know, so below here the markets vulnerable and you know, I am and it's vulnerable on a weekly basis Do I call validation points? So, you know, just kind of always, you know just going into further and further detail, you know from the highest levels to the To the more minor, you know the minor structure and like I said that you know the really the the smallest structure is the is the daily and So so once I'm here and I know that you know the market You know the market has, you know, I saw it you know, we saw it take out the Closes and the midpoints and we had this flush and a flush down to a structural point And now it's back here, you know, are we is that it? Is that it and now the markets going to transition or is this or is this a great cell right here? Because we're right back up to that that crux point And so now we can take a look at the microstructure and see what's happening in the order book And here I've got this is you know with book maps interesting because you can look at the different order books You know, I can see what's happening with Coinbase. I can see, you know Where the orders are placed in Coinbase where the where the liquidity is coming in? So it starts to come in here at 58, which is kind of you know below the market here And I see the offers are coming in 68, which are kind of up here on Coinbase Similar situation this liquidity that's happening This is the VWAP so you can see the You know, this is this is typical and what you know for me You know, just as you know, if you're just taking the the daily facts or if you're taking the you know Or if you have our structure, you know, where does that alignment come in? So here the VWAP is not in alignment with structure market structure and Where's that other chart is this one? So here we you know again, it's awareness. So even without looking at our analytics You know knowing the factually that we've got this the weekly previously low is here And now we just came back up it's in this crux point You know, we've got the midpoint the previous weeks close and the previous days close and that's becoming this momentum area for the market and so I don't have the view up on this chart But here's the VWAP and that's going to be a good rotational number which is going to which is coming It's just underneath, you know, it's just above the the previous days low point Just at 54 and you can see kind of the liquidity build up here So is the market just going to get you know, you know more likely we're going to sit here and go sideways within this area and until Powell comes out and speaks and then we're going to and then I'll make a decision but with With book that we're also able to combine the Exchanges in a multi book, which is a really nice feature. So now I can not only I can see What's happening in finance by bit and okay X and as a consolidated book And I can also see what's happening in coinbase and crack and and bid stamp together as well And so, you know from when I'm in the microstructure. I'm looking for you know To me I just it's just love book map to me I'm able to see the cancel replaces coming in. I'm able to see You know kind of micro wind and pull out as well, you know looking for this, you know For selling the market, you're at you're absolutely for this liquidity shift And then for me, you know, especially if you're at these when you're at one of these stress points You're at the microstructure and you want to see is the liquidity in alignment with your structure And when you see liquid liquidity shifts, like, you know, that all of a sudden the sellers are shifting down to the low point of the structure That's where you you're going to get your Your momentum moves and they'll initiate from those structure points So, you know if the market when the market's trading here and you're focused on that, you know The previous day midpoint is big What's the liquidity you look like there and The trigger when you get that that initiation move is going to happen when you see these liquidity shifts kind of Since these are you know the what I found with the crypto It you don't always you know, you don't get a lot of resting paper that kind of sticks there for you I kind of some centralized exchanges sometimes you do and and sometimes you do have a big order that comes in It just sits there in those in those skew things and that's why it is it is interesting to You know kind of flip back and forth and just see what what's happening in in the other order books, you know And you know understanding that okay, well, you know, we've got a lot of liquidity here at the top at this top metric But it's just one order so that that could be fleeting, you know And do I see the same thing happening and coin base, you know, no, I don't so looking for alignment like that is important John can you talk a bit about that like I'm the We've talked about it before in the past like just how different these markets trade Compared to futures and stocks and and why and what what do you look for and how do you keep yourself from getting just run over? Yeah, you know the well the big issue and you have to do you said to be aware of the You know, they there's a lot of people that want to take your money out there and there are these and you know the Since there's so many different exchanges There's only so many market makers and they're not all in all these different exchanges So you have limited amount of these market makers that are playing the game inside of these places and and a lot of times And they also not that they do this but you know and or they mean to do it But you know a lot of times, you know, they They just you know, they pull the liquidity. It's just gone You know, just it's just kind of it is crazy that that happens, but That's why you always have to think the risk, you know risk management first and And you know the more times than not Like even on this break here more times than not the market will give you a chance to get out So we have you know, we have this previous low point here 56 so you know just looking at what happened before it just grew up You know, they they start to break down they start to break structure and they do give you a chance to get out So you just have you have to The way you succeed in crypto too is you just you take small losses and you just really Stick with you stick with your winners. I mean it's just it is classic, but you you have to respect this potential This is real. It happens a lot You need to protect your money because if you did catch this short here, they just took it all away from you And it happens a lot. They'll go, you know this, you know making new move lows You know, you really have to be aggressive Locking in your profits, you know, that's why you know having awareness of where structure is so important When you know that this is a structural I don't it's not really you know, it's gonna act as a support area and you know when the you know that the market's coming Here and having resting orders You need to have resting orders in place because you will get these events and if you look at you know Compare Binance to Kraken to Coinbase to their individual structures based on their price They're all gonna be a little different and you know depending on the liquidity and Kraken It may have a bigger flush versus Coinbase you know, so that's That that can that can be an issue, but you know one thing I want to mention about liquidity too is You know one way to get around it from working with these exchanges is going directly to the market makers so saying up an account with a OTC counterparty The benefits there are you're not going to get gained So if I come into Coinbase and you put a number out there All of a sudden the markets could have been officer gonna move and then they're gonna game you to get your order off You know if you're working with OTC counterparty because a lot of those because the line the exchanges you got You know, you've got market makers. They're there to make money. So they're trading against you and And they're gonna they're gonna Move their bin offers based on what they their their algorithms are saying that that's just what you're looking to do Whereas if you're working with it our counterparty You don't have that they're not a you know, they're they're on your side, you know, they're just you know They're looking to give you the they want your business and they're they're not trading against you They're and they're not they're also giving you the price They're not giving you a when you turn on Coinbase and you think you you bought it at X price Well, you really need to factor in the fees because it's really a dollar and a half or two dollars higher Let's say on the ether For what you're where you're really getting in when you work with counterparty, you know what that spread is And you know you can accept it And so that that's another way to so how do you filter for your exchanges? How do you know like I I mean I've had this conversation with you I'm a couple of some years ago and it was fascinating to hear is like. Oh, yeah That's just one market maker right there. You can see it in in this exchange And that's it, you know So You know how I mean What kind of tips and tricks do you have on kind of understanding? I I tried I tried with OTC. Oh I want to see what's happening. Primarily. I'm doing everything OTC if I'm trading I don't if I need to move my own assets Then I'll go put them on the exchange and do what I need to do for more of a position But if I'm trading the market, I'm trading OTC. Okay over the counter Yeah All right, and I work with company. I work with work with company called block fills Okay, and yeah, so if you know the benefit also that you know with on our proprietary trading side we're affiliated with them and and so if you know Someone anyone here is interested in What we've seen today and wanted you know want to check out our structure and play around with our tools and You know absolutely, you know You would basically set up an account with with OTC kind of party liquidity provider like block fills and So do the other benefit Do you own the coins coins then? They they can custody them, but that's it is the same difference that if I had money with them I do it if I do the money I have with them if they go out of business then yeah, I've got you know My assets are at risk. So again anything that you're trading It's not in your cold storage Anything that you don't have in cold storage literally is vulnerable, right? That's just that's the new world We live in unfortunately. It's just it's just a fact, you know It is what it is. I mean basically, you know, you need to understand what that is and you need to respect it and you know you need to take charge of your own assets and But anytime you're you know, you know and a lot of the stuff with you know with us You know if you're doing a contributing capital proprietary trading You know then you're getting access to leverage and then it's you know It's kind of the same difference where you're just you know, you're trading that leverage in her day or swing trading So it's it's just you're trading your P&L, you know, just your money anyways It's not so it's not really your your hold investment You know, it's just you know the way that you want to want to trade with and the other benefit with working with us Is you can't trade options Which you don't have to be a QEP investor When you when you work with us on our prop side and you get access to trading options Which is a it's just a great feature for crypto because you can you can on the swing trades or you know Like there's them, you know, we've got events come this week is crazy events. So having some option spreads on to You know to kind of avoid, you know these, you know, so if you're a buyer, you know and You're long from here Off of this and also okay. I'm bailing, you know, and then you know, they do this But then immediately do that and you know if they started trading back above here, you know You got stopped out and did you get back in you know versus having an option position You can kind of sit through a lot of volatility because it's gonna you put a spread on that's gonna You know, it's gonna shrink when it's wrong and it's gonna blow up when it's big, you know And and it gives you that kind of base foundations and then you can trade You can kind of trade your your spot around it. Okay That's that's a nice feature. But yeah with with but that with with book map You're able to kind of see the whole world. You're able to see especially, you know, they can you know, they you can dive into the The microstructure to see what's happening in the moment, you know And just you know, just you know to see where the liquidity is starting to build up Having the advantage of you know kind of seen it all and then With us we've got our integration built in right here So it's at your eye level and so I can see is you know, is this liquidity is building up here You know Depending on you know, what my tactics are saying what I want to do You know, this is this is this basing here is giving me you know, you know, we're gonna make a play We're gonna put a little positive squeeze here after we just flushed everybody out here Try to get everyone along again before you know before more news events come up Yeah, I mean like the moves that you just showed I've seen so many times in crypto. It's just How how do you ever get a trend? I mean, I obviously we've seen massive trends as well, but like These big dips and then they come all the way back to the other side and then kind of accept in the middle again Yeah, that's well, that's what I said. It's like a seismograph You can't use the technical tools that you think you that you think you know, you know They subjective things don't make any sense, you know, it just you it is what you know The structure is what it is. It's holding structures holding structure. It's not it's not and you know, it's You until it's broken. It's not broken, you know, and you can't look you know, so it's And again, you know risk less go for more put yourself in situations where you know, if you're identifying Just these simple tools that I just went over today are very impactful you know Just really you know focusing on and you can add your monthly you can add quarterly yearly with these structures and you know Just looking at price structure and and when the market, you know breaks that structure. It's it's an issue You know the fact that we did this It tells it, you know tells you know the fact that this didn't just go to zero And it came back here as a science going sideways You know, it broke, you know, it's not it's having a heart These this trend isn't you know, this is a classic Negative trend and it just dumps and then this should maintain negative structure and it doesn't You know, so just simple the simple lower highs lower lows, you know And then it comes back above here. It's this is kind of a sudden to me. This is a signal of digestion So more likely if the market does break down to new move lows, it's a buy Because the market is not it's having a heart. It's not trending So that's what you look for is the market to have propensity to trend or not and today this session the market saying no It's not trending. So if we do get a new move to the downside I'm gonna fade it and if we do get a move to the upside it's more likely not gonna follow through least today So are you a lot of times that it sounds like what you're looking for is these kind of Obviously your bigger picture in your your open high low close of these periods But you're also looking at the structure to tip you off to a trend direction that might be very short-lived Yeah, well, you know, absolutely potentially is very short You know, well, it what's your time frame, right? I mean, yeah bottom line is what I found out is that, you know You know, you do have to trade this stuff I mean, it's it's kind of sad when you if you're short and you gave up all that money, you know And even if even if it's still, you know, it's still negative, right? I mean, it's below it's below the the midpoint It's it's not below the previous days low if we start trading below the previous days low You know, that's it's hard argument to want to buy this stuff, right? I mean until you get down to these levels, right the previous week low, you know So, you know, what's the just focus on the facts fact is we're below the mid yesterday's midpoint You know, we're right at the VWAP for today You know and and so we start, you know, we start trading, you know We start trading a little more likely we could take this out But what you know based on this action as a whole This isn't trending action. So if we do make a new mobile, oh, it's it's more likely It's not gonna follow through just because the market's telling you it doesn't want to trend when the market wants to trend It just trends and literally Here's it It's real It's pretty to me. It's real simple the markets either perform perfectly or it's not because I want to I want to be involved in something that's perfect Because in my open on a textbook oven says this is what a positive bull trend looks like I want to be on that mold and if it doesn't look like that if it's not behaving like that then it's not that Now I need to change my expectation. I'm always going for the perfect So like this is a this is a this with this break when it broke structure here And it started to transition through the midpoint. It's starting to be, you know a nice downtrend You had structure. It held the structure here on the midpoint. It held it here It validated through the you know the closes and said hey, I'm weak It held it maintained it below there and then here it even it gave you another like we're going lower This happens all the time in crypto where it makes its move and it gives you a nice squeeze after it And it gave you you know this set up here against the closes and then it just threw up But I've you know, I needed to have my you know In you know, let's go to the smaller time frame. I guess I could just use this So the red is the offer the green is the bed and this is the trades. That's the yellow So, you know, this is a nice feature of bookmark to you can really kind of see where the market traded where the structure is So as we Came into this. I know it got This is a peak here John are you Are you using the liquidations indicator as well? Have you played around with that? I have not played around that, you know, I also You know, I'm at fault of Figuring out what works for me and that really expanding us So I definitely I definitely gonna start playing around that tool because it didn't I what I read and you show me it didn't look It did look interesting, you know for me. I like to you know, I want to see Intensity of trade, you know, so that you know, you know, I'm able to set my volume dots This is a perpetual so it's It's higher It gives me a sense of you know, we're people are puking out or we're the you know, we're some money's coming in to add That's why I also want to look at the size that's coming through. So when the market is You know trading at certain levels if it's making shifts, I want to see what the clip size is Does the clip size start changing or pick up? and so, you know seeing exhaust you know having a market make a big move and You know, it starts to sell off and then just this intensity of trade just continues and just blows up especially when it's happening at Structure So you have a big move a lot of intensity of trade and it's coming right into a major structure point You know, that's a bit of a tell that okay, you know, this might be over but to catch this move and to get filled on this Trade I had to have limit orders in there. There's no way. I'm you know, if you don't have limit order This is so fast You know, you're you're lucky you're buying them back here the best Yeah, but you know and and definitely, you know, once the market breaks this structure here I know that okay, this this breaks over for now So, yeah, absolutely, that's another great tool is understanding, you know You have these you know when you do have these big surges and you do get this in kind of big Intensity of trade and it happens at around structure or you have and same with this one You have this surge that comes up and you don't see the same intense that you're not seeing that buying you're not seeing You know, you know, the kind of a more of an initiation that things gonna probably power through More likely the clip sizes were super low when this is happening And they were bigger here and then they were lower here and then that just tells you that this Market the buyers aren't so interested here and when that's occurring at a metric point Or let's just you know, that's occurring, you know You know here it's a little you know, it's not it. You know, that's where the market structure Is is helpful It gives you you know kind of gives you that metric and then when if it can't stabilize above that metric It's it's a bit of a tell and especially when you have this kind of action on the microstructure Where you have the intensity of trade You don't have the same interest it's occurring at a metric point and then when you then and then when the market was at this point And it's weak and then all of a sudden you start to see the order book shift and the liquidity shift That's your tell that it's it's time to sell it and then you're looking at this saying okay If the market does hold this we had this big squeeze from the downside. This is our downside pivot up to what we call our directional That might be it especially with you know, we're still waiting for some more news events And then the market starts to work negative structure and now we've got liquidity building up below the directional metric Yeah, so You know a lot of information biggest thing take away is focus on facts You know don't get rid of the anything that you can't put into an if-then statement If you really question it the biggest thing is just don't you know make sure you're not leaning on it so much is is Is the big thing? you know Understand what it is that's a it's subjective the more facts you build into your portfolio Trade decisions the better, you know with ours with our playbook, you know, we break it down for you Here this is what the state is This is the structure of the state because it's in this state and structure These are the strategy themes you want to you know focus on these the optimal themes the market holds structure And these are the hedge themes with a market break structure, and then this gives you that statistical baseline that that that that foundation What are what what are the facts and then you know visually you can see that and then you then you go from the bigger Larger time frame into the microstructure and to really succeed in trading You know you can't play the high-frequency game You can't scout this stuff you've got to take some money off the table because when you put capital at risk You're you're you're immediately jumping into slippage, you know you there's you're at risk at certain amounts You've got to make more than that and so you you know risk less always go for more Enter at alignment Because that's where the funds are going to come in that's where they're going to be better liquidity If you're trading outside of alignment, that's it's all dominated by HFT, and you're just going to get chopped up See you trade we're where things come into alignment like this, you know even just this This kind of stuff this is good alignment. This is where you want to focus your trading and Then you're focusing on the extremes Yep, sounds great. Yeah, so yeah, you know welcome everyone if you want to come to our website You can register with us We do have a complimentary You know we're offering a Recharge personality profile assessment, so you know the You know Sun Tzu Art of war, you know know yourself you win all battles, you know, basically that's where you start You know really having a good sense of Who you are and and it kind of breaks down Your helps to identify your core strengths and and how they align with with our structure, but also how they Align with your trading and what the best part of it It's a good and you can go through our site and kind of read about our method and You know everything that we've got going on, but when you register you won't You have to put a card in but you won't you won't be charged And then you're free to you know, you're free to take a trial on our playbook or you know Check out our you know our trade rooms are more for trader development people are involved with our getting involved with our prop trading and If that's something you're sitting then you know after you take the assessment you send us our We'll get your scores and and then we can kind of take it from there and talk to you. Yeah, maybe I don't know if you're ready to talk about that more or the the prop trading I think might be really interesting to a lot of traders Sure. Yeah, it's a you know basically, you know based on your assessment if we feel like, you know, you align with us Then We have a 12 you know, there's two things we've got a 12 month program that you can get into and we also have a capital contribution program So if you come in and you set up an account then we can you know leverage you up With our partners and we which will allow you also to trade options and then we have a We do have a trader development program that we you know, basically I Understand each other understand who you are understand what you're good at and then we align we help to kind of filter through your Tactics that you you currently use like I said into more if then So we stay in line with what you're comfortable with and then we we align that with our met with our all of our analytics and applications and then we We monitor you and we do you know, we basically go through you know, we start trading and we you know, we basically just kind of you know Continue we educate you on all of our analytics and then we monitor your trading and and We get you involved and then if as you go forward and if you're finding success and we're working well together you know, then we we bring you into some other analytics and And you know and it's your kind of your decision on where you want to go from that But the currently the prop side is capital contribution So you're bringing capital in and we're leveraging that capital up and then we are we are working together to make you profitable okay so Any questions out there about that I put John's link for Dharma capital Into the chat if you have any questions you can reach out to him directly On the website here both in discord and in YouTube And let's let's wrap it up John anything Last words that you'd like to end with Yeah, you know the fact focus It's really it's really everything that it is. I mean it's so and also you can you know as you definitely after you take this assessment and you and you and it really it does a great job of You know pointing some things out that you already know But it's it's one of those things that you know it and it reinforces it and you're like yeah You know what I'm gonna do something about it and Your emotions are fantastic indicators, you know, so the fear and greed, you know when you come to our site You we've got some great tutorials on Trader insights and you know fear and greed and hope and you know these different emotions and and these emotions are great Tools, you know, I use it all the time, you know as soon as I get like greedy and I'm like, oh, you know, let's say I bought the you know, I got filled on on my my DP buys here and You know the markets trading here and it's breaking up, you know It's just easy a gritos a grito move. We're like oh, it's gonna go up to my upside pivot now I'm gonna start leveraging these things up, you know it that it whenever I get greedy and have those greed feelings I'm like, I've got to tighten up my wrist. I have to tighten things up It's just a great indicator your own, you know emotions are great indicators same thing when you're super fearful, you know You know the markets breaking down and you're like and you're you want to panic and you just have to just you know Just hold your gut in and just say, you know what what are the facts fact is the markets holding structure, you know Fact is it's everything's all good, you know This is these are just the markets trying to shake me out, you know, and And so if you do it, you know with versus okay, yeah, the market is breaking structure And yeah, I do need to get out and more likely it should have been a lot earlier so It comes down, you know when we talk about facts your body of your body is you got two So you got yourself oneself to you got your body that's doing things you get your ego That's thinks it knows what it's doing your body is absorbing all this information Okay, it knows and when there's a conflict and your body knows that you should get out of your position and your hope says stay in it That's anxiety, you know And when you when you recognize that and you can and you understand yourself you understand those emotions and you just Okay, I'm I get in that state of flow. Well now it's just like okay. It broke structure. There is no hope It is the fact is that it broke structure and this isn't working. What's the best way to get out of this thing, you know And and that's where that's where you really I'm you know, it's more calm and peaceful It's not like it's just it is what it is, you know You treat you trade the facts and it keeps you out of trouble remove that subjectivity as much as you can and that's That's really where you find success in with crypto, you know Risk a little to make a lot Get stopped out get back in Okay, well we have one question here regarding why you're trading this like a Why you made the jump that? Jono is Asking that Why not trade the the futures in the S&P e-mini? It's to me. It's this is the future. So I believe in the technology. I believe we're transitioning from centralization to decentralization So and also the volatility And the fact that the markets don't close it's the most pure market that you can be involved in So there's not it's to me. It's not even close You know, you know, I really believe in it, you know, the future S&P is manipulated too, right? I mean, there's there's there's a group of market makers that high HFT guys that are that are in that those markets They all see each other's orders They all see all the you know, they know everyone's order and what's going on and you know, there's It's it's kind of you know, there's it's a more sophisticated game So there's more efficiencies in crypto. It's which are you can take advantage of yeah There's some risks, but you know, I believe in it and you know, basically cryptos the volatility in crypto doesn't even compare to what What's going on in the in the futures? And you know, I made a transition a while ago. So it's And that's when the futures were you know, the volatility was kind of subdued, but now futures are happening. There's there's there's things to do there You know for me my style, you know, I've got but you know, it's kind of a simple focus, you know, that's just how I work and So I'm basically trade either Bitcoin and either Bitcoin spread Okay, all right. Well, I think that's all of the questions we have and thank you, John Looking forward to having you weekly here. It'll be on Tuesdays at 1 p.m. East Coast time and we have someone here with just a wealth of expertise and trading experience In the crypto markets and it's it's rare from what I have seen But really happy to to have you here, John Oh glad to be here. No, it's I'm looking I've been waiting to You know get to get together with you and such a big fan of bookmap. I Turn everyone on to it It you know to me, it's you know, it's the only way to look at it I mean you used your website used to say, you know, you have the guy with the blindfold on him, you know, yeah And that was just perfect. You know, you're I'm blind without this, you know You know, how do you to be able to see all this information versus a regular dome? All the cancer replaces where the algal activity is combined, you know, this is my microstructure with my macro structure It's a beautiful thing Wonderful wonderful to hear Okay, well, thank you, and we'll catch up with you next Tuesday then I Thanks everyone enjoy your day. Good luck. Cheers