 The broadcast is now starting. All attendees are in listen-only mode. Good morning, everybody. This is Bruce at Bookmap and welcome to the Bookmap ProTrader webinar series. Just make sure everyone can hear me. It looks like I'm broadcasting correctly and you can see my screen correctly here. Yes. Okay, excellent. Thank you. Thank you. All right. Well, it seemed to go through the risk disclaimer first. Trading futures, equities and digital currencies involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Today, we have Futures Trader 71, Morad Asgar, a trader of 19 years. He started off as a sows bandant trading high volume equities back in the day. He has since moved on to futures for 16 years. In 2010, he opened his own prop trading firm. He's recognized as a pioneer in volume profile analysis and he currently is the head trader and director at Convergent Trading. So let's go through some of his information here. I will put all of this into the chat for you as well as the recording. These are all recorded and I'll put the YouTube link into the chat for you as well. So here's FT71's information, his website, Convergent Trading, his Twitter feed at Futures Trader 71, YouTube Convergent Trading, and then also Futures Trader 71 videos and his email info at convergenttrading.com. There are some special offers you can get through FT71 here. I'll put this link as well into the chat if you're interested in book map with the special offers that are available through FT71. And just to get started, let me just turn it right over to FT. Thank you, sir. All right, just one quick correction to what Bruce was saying. I actually started my prop shop late 2003. I shut it down. I pared down the operation in 2010 as it became obvious that I needed to kind of expand what I was doing as opposed to scalping markets in a prop environment. So I let my traders, the last trader go in 2010 and I started to focus on the online presence. That's where I gained my Twitter following and all that stuff, just offering the best information I could. Anyway, Bruce went through the risk disclaimer, which I'm required to provide. I appreciate that, Bruce. I'm going to talk about stocking a trade and most people, when they look at order flow, generally are looking at just the order flow itself, but there's a lot more to it. So book map is the tool I execute on. Been doing so since they started releasing, I think in 2014, worked very, very closely with the book map team to build a lot of the features that are in there to help kind of get it the way I like it. And hopefully other people do too. I use a product called CT book map. It's a version of book map, but it's got some extra features in it. You can get it at ctbookmap.pro, again, ctbookmap.pro. Here's what I'm covering today and we're going to try to get through this as efficiently as possible. Everybody's here to trade, so I don't want to sit here and talk a long time. What I want to emphasize is this, what you have in front of you is basically the holy grail to trading. This is a summary of what I cover with convergence traders on a day to day basis, along with other head traders and the head trader channel. And so preparation is like 90% of the work is done before the markets are even open. Preparation is key as it is in all endeavors, high performance endeavors in life. And so it's, you come in and you sit down and you really don't have a clue what key areas the market, the bigger participants are watching, where the market saw supply, where the market saw demand, and so on and think that you can kind of trade from the gut. Maybe some traders may be able to pull that off using order flow, but I can tell you on a sustainable basis, meaning long-term trading. Organization of the information and creating an outline of the key reaction areas is key. So first prep is key, organize information to outline our plan for the day. I do this publicly every morning. You can watch this every morning. If you follow my Twitter feed, you can find me at twitter.com forward slash futures trader 71 or at futures trader 71. You'll see that every morning at eight central nine Eastern, I do a live broadcast at last sitting or between 15. And if I'm rambling or covering some big things that happen that may go 25 minutes that takes us right into the open. And I cover in it how things are kind of shaping up and what my expectations are what my actions are likely to be based on how the market responds. It's not a way to predict what the market will do or to set myself up for being kind of biased. But it is, it is a way to have a plan for whatever the market does. And sometimes the market does something completely different, which case it means that I need to sit back or reassess. So outline the key reaction areas very, very important. If you trade in the middle of nowhere, just because you see something in the order flow. Again, maybe that works for some people for scalping, but I can tell you as someone who used to scalp about 3000 to 3200 sides a day 1600 round turns a day on average in various futures product products, the DAX, the Euro stocks, the S&Ps, mainly. I can tell you that it's a tough game. It's an expensive game to focus on scalping alone. I would discourage anyone who trades online on a retail basis to do so. Next, you want to watch for how, where or where the market opens and what it responds to. What kind of an open do we have? Where are we opening relative to yesterday's auction? How are we doing versus the overnight? And the idea here is to figure out who is in control the auction today, right? So today sellers were, you know, short timeframe traders were in control early sellers stepped in. This is a trade that we talked about this morning in convergent chat. I can give you a glimpse of that. And we set up the targets and stops and all that stuff. And then it pushed right through and it went actually a lot farther than expected. It took out the overnight low as expected, although that given the open, I thought that would be a long shot for today. But we watched the auction and then we come up with a bias. Once we have a bias in that moment in whatever timeframe we trade, different people have different timeframes. But in the timeframe I'm trading in, I'll create a bias, which may be very different than your bias because you may be looking at 15 minute bars where I'm looking at a two tick Renko and my timeframe is between two and five minutes or something. So I form a bias in my timeframe. The next thing I have to do is sit and wait, sit and wait and see what the market, what the market does towards the areas we want to react in. We will stock the trade. In other words, we will watch and kind of be a predator here and stock the trade using book map using various features that I talked about in the past, collisions, liquidity being collided against how the collisions responded to things like that. The term collision is something that didn't exist before I started to talk about it. And then we trigger the trade, we control our risk, and then we let the trade play out. However, once, once the trade is done, we log it, make sure you log and journal your trades. If you're not, it's very, very hard to find problems and to become consistent. Your duty as a trader to yourself and those who support is to figure out what mistakes you're making and to eliminate mistakes. That's our main job. And then we repeat this entire process. That's how this works. Okay, so let's look at today. Let's look at today here for a minute. Close this Today, let's look at the overall picture. A couple of things to note. I have my dots filtered to 50. I don't want to see anything smaller than that really. So minimum trade size is 50 lots, otherwise it just gets a little bit too noisy for me. I use the color spectrum, and I'm using full depth here you running the DX feed which is available through book map I think I think for for fee. Initially, I come in as I did this morning for the trader bite which took place here at 8am all the times here shown here are Chicago times I'm right in the center of Chicago. So I came in and I saw that there's quite a bit of liquidity in the 72 73 area this morning which is also a stock zone you see how it says stock zone and the cloud notes. These cloud notes update automatically once I update them on the server, all of the convergence members have these and they just get updated as update my levels throughout the day is necessary. You know, the 72 had some liquidity early on today that was a key response area. The next area up 77 where we're tangled right now above their 80 80 81 50 are really important areas above and 53 where we bounced here. 53 had a lot of liquidity available on the bed and you can see it on this chart and this is the beauty of this product is look how far back I'm pulling, even from yesterday we see that there was liquidity here at 52 53 this is important. I couldn't see this before when I was a high volume scalper I wish I had this tool because it would have shown me who has been around for a while and offering for a while versus those who are just spoofing or flipping the book. But when I zoom in here you could see that 53 and a quarter so had had resting liquidity for the entire session also 51 75 52 those are important areas below from an order flow perspective. Currently, as we made this high here at 77 at about 77 76 so you can see that there's liquidity that's been resting here. One of the more important things I look at is how this liquidity acts as the market comes to it so let's grab this for an example. So we see that as the color moves to the right of the spectrum up here, you can see my pointer actually let me pull up my epic pen. I know people can't see the go to webinar tools very well. I have another tool that allows me to draw here. So as the mark as the heat map moves in this direction, we have more and more depth. There's always some price that has read and then everything is colored accordingly, you know, on a relative basis. And so when when the market starts to move up and there's resting liquidity. What I want to see is I don't want it to see it go from darker from red to white to light blue to dark blue dark blue dark blue to black as the market moves up I don't want to see that what I want. What I want to see is it's white maybe light blue turning yellow turning darker yellow turning orange turning darker orange as we see here and potentially read and what this is saying is that there's an intent to. Have that level trade. Okay, so this size that's sitting here in the 512 they are consistently increasing so if we mouse over if you look down here if you look down here at the status line. The second you could see that back here we had 329. 329 329 quite steady and then it went to 342 a little higher 342 then it became 360 and then as we get closer and closer closer it starts to move towards 512 or so it gets deeper and deeper we want to see that if this is you know for me this particular level. This particular area is not really something that I planned to trade in so it doesn't this liquidity doesn't fall into a stock zone area again a stock zone is is what we call it's a register trademark and it describes. An area that we expect we've identified as a key reference area or reaction area and it's I want I want the liquidity. To align with the stock zone for me to respond what I don't want to do is trade in the middle of nowhere. Where I haven't pre identified a potential reaction area. Then I'm basically becoming a scalper of probably a long term a low odds trader and I don't want to be that. So as this kind of gets darker as the market moves up. If I had some reference point here in the cloud notes column, I would then be ready to stock the trade. My bias and and everything that's involved in in putting the trade together comes first so my bias is really important coming up with a bias and a plan for how we're going to attack the market is very important. So let me show you what happened this morning. First of all I'm just going to show this. These are my charts they may seem noisy they're not. But essentially this is where we open this is yesterday's day session this is the profile for yesterday this is where we ended up the profile the volume profile. This this histogram that you see here that's light gray and black this volume histogram is simply showing us how much volume traded at each price. And what we know what we're using here is we know that the highest volume price that traded yesterday. The entire day was a 296650 that's called the point of control. That's called the point of control it's the most traded volume of the session or the most accepted price this is the market this is where the market basically shows us. It's it's it's telling us that this is where it's accepting price the most for the session we are opening up against yesterday's close or near yesterday's close. And the way this opened is it had an open auction meaning it opened at a price which was 2029 2969 that's the open 296975 this green line. And then it tested down to 296850 tested up to 7250 came back and it's basically an open auction because it's trading both sides of that line. What this means when there's an open auction it means that it's likely that the the participant that's that's trading today the participant that's in control is likely to be a short time frame trader. The trick with a short time frame trader or the thing to know about a short time frame traders generally short time frame trader does not push directionally in other words a short time frame trader tends to be like us. They trade trading or just looking at short you know short distance or short time frames for their trades. So given the fact that the market opens in and has no real drive on the open in other words doesn't want to move away from here either up or down. Now I I know that there's a high potential that I can fade a move going up in other words I can trade against a move going up into my first stock zone right here. Okay, and the action this morning and I'll show you that on book map the action this morning is such that it was lifting but is was doing so in a in a hesitant way it was it was encountering a lot of resistance. And so that set up a short and the short target is is the most traded price this is where volume profiling comes in. This is where volume profile comes in and you know the target is 296650 and it goes to 2966 and a quarter. Beautiful. The next target is going to be the overnight point of control. This is most traded price overnight. This price is 296375 right so this it's down here. And that's the next target what does it go it goes to 2963 and a quarter so the took out the first target by one tick took out the second target right here by two ticks so the first target second target and then from here it's gravy whatever it does from here. It does the next area to work to scale out is to ticks ahead of the key reference area from rest yesterday which is the low so work 2959 and then if you have any runners. Then you just keep them on until the market reverses or whatever and I consider a breach of this line the mid breach of this line as the potential end of the trend down or slow down of the trend down and it presents higher risk so at this point as it breaches. The mid this trade if you have a trailer on or if you have if we have a runner on we want to close that trade at this point as it breaches above this line here is a VWAP but let's focus on what. Bookmap offered up. To to create that trade. So. What I showed you there is the prep part okay this is a really important part of the equation that's the preparation outlining the key reaction area that's the stock zone the gray band that you see in my chart where we watch the market and how it opens. We can see that the short time frame traders in control so we can go against that trader they're generally a weaker hand. And then we look for look for something that supports our bias in this case it's short and then this is where the order flow comes in we pull up and we see that as the market moves up. As the market moves up you can see that this offer from the open right here this offer at 74 from the open is steady it's been there a while right it's been sitting there through a good portion of the night. And as we approach that point watch what happens it goes from orange to red to orange to red to maroon. It is essentially getting bigger and bigger and bigger. Now it's got my attention. Now I've got a trade set up and it's just a matter of how does it respond to we get a good collision in that area. Let me turn off the filter here so we can see everything. Now we come into this collision area here and we can see that there's some size being lifted here 402 traded with a with a VWAP just under this price. So what happened here is in this area somebody lifted that entire offer. I would not be able to see that without this tool once it lifts that entire offer. Now I'm looking for sellers to come in I'm looking for somebody to hit the bid somebody hit the bid for 273. That's not enough for me to trigger somebody comes along and bids a little bit more down here and they get completely taken out boom trigger right here. So we're at 7350 actually was about around 73 and a quarter and then we work our levels we work our 6650 down here the VPock right here so this is where the cloud notes are really important I don't need to look at my chart again. I'm targeting 6650 and watch how it approaches that 6650 moved of course with the scale. So you can see it comes down to 6650 touches it and then takes it out. So now we've got risk off the table and we can see that let me go back to filtering again because there's a lot of noise here. I mean it just gives you so much information we could see that the delta the volume delta which is something that the guys at book map put on here for me the cumulative volume delta. We can see that the volume delta from the peak at 74 is just sliding downwards what does this mean that means there are more aggressive sellers than buyers than there are buyers in terms of volume there. There's more quantity hitting the bid in other words selling the market they're the aggressor than there are buyers and we see that the CVD is consistently dropping this is good for the short. We want to stay put not get shaken out of the trade we don't care if it pops up as long as we are in this nice little trend we want to see we want to hold the in addition. Once it hit the 74 what we had on the way down this rotation here was approximately seven points or so seven to nine points. That is technically what I call an impulse trade or an initiating trade it's an aggressive it's an aggressive swing and what generally happens with these aggressive swings is that they are likely to get a continuation. So as we push from 74 to 66 or so it's about eight points. My expectation is for a continuation move to follow so I'm going to hang on to this trade for a while how do I how do I you know the biggest issue I've seen not only with my prop traders but pretty much everybody that I've come across online since 2010. The issue is not hey I don't have a plan I don't have an edge that's usually what people think but generally people can follow their plan and can show that they have an edge in a simulator. And then they go live and everything is upside down their returns are upside down their wins are inverted versus their losses and stuff and then now we have a psychological problem. And the cycle the way to beat one of the ways to beat the psychological problem is to just plan things out ahead of time. We are basically fighter pilots right so a fighter pilot doesn't just say hey let me get in the cockpit take off and then acquire my targets and then figure out my flight plan and my way points into that flight plan to avoid enemy radar and enemy anti aircraft guns. And things like that. No they set a plan out but the pilot is not going to take off and fly into enemy territory and follow that plan doesn't matter who's shooting at them doesn't matter what the environment how the environment may have changed. That's not how it works but they still go out there with a plan and that's what I show in terms of the scenarios and what my expectations are for the market or how the market may play out it's just a plan. And that's what keeps me in the trade so I know that if it gets below the point of control and it takes out the overnight point of control it is likely to keep pressing the short side until it gets to yesterday's value area low. Where does it respond. Take a look at this it responds. See this here. 5875 value area low and yesterday's low a day we have some confluence here I expect a response and you see that there's a quick burst up the bottom of the screen here you see a quick burst up and buying that's expected this little burst. If you're watching and book map and watching every tick, you would likely get pushed up most people cannot hold on through this little bird oh my God they're lifting it's done. No, this is an expected reaction area. I'm still going to hold on unless the mid gets taken out. I'm going to I need to cough. Hang on one second. Does everybody follow what I'm doing here so far because I'm you might be drinking out of a fire hose. I know this material very well and and how I trade. I've been trading like this since about 2000 2008 2009 I know it's a lot to process but just hang in there. The most important part when it comes to order flow is not that hey I can find a trade so let's go to the current order flow this is this is live right now and the way this is set up is a monitoring the ES chart, but I recommend that everybody trade the micros I've pushed for the micro since 2012 I've worked closely with the CME, which is about a block away from my office here. I've worked very closely with them to push this micro product out to deliver the futures contract my recommendation, one of the features that you have here in book map is this cross instrument trading very very useful. So I did a webinar for another partner futures IO back in April before the launch of the micros and I recommended a trading plan consisting of three contracts which represents 30% of one ES contract. And I recommended, you know, an all in scale out scale in scale out whatever whichever suits you but trade three contracts in the micros, and you can set this right up in your book map, but because the micros don't have see how the micros liquidity is kind of weird. It doesn't have the same quality of liquidity as as the ES there's not as much volume although it's done incredibly well. The the product itself has a very tight spread, so I don't need to worry about poor fills or whatever so what I do is, you know what I would recommend you do is to follow the ES trade off of the ES while sending your orders to the micro ES. I don't know if any of any other product that does this this is very helpful. So, my point was, I can find trades in here all day, every day. Oh, look, there's this liquidity the markets dropping it's turning from dark from black to dark blue to light blue to white to yellow to orange, and may even turn darker so I may want to lean against the ES in 1773 unless I take stock of what's happened before it, what the context is what my plan is, I am simply kidding myself by taking, you know, taking trades in whatever area. I'm still only interested in trading, according to my plan people do not trade outside of your plan. If you trade outside of your plan, you are paying the professional traders. What are you doing you're just making a donation into somebody's pocket, who does have a plan who doesn't need your money, but is happy to go spend it on a new our money suit or whatever you know, just don't do it. So, as the market pulls back into the IB into the stock zone, we can see that on our charts. We've had a continuation the impulse ended at 7675. We've had a continuation trade at 7750 we have a relatively weak high. The market is really struggling to push through the 7750 but is not moving away quickly. This may be a small scalp right here. This is a small scalp opportunity against the liquidity that's here. As long as that liquidity sticks around, I may, if I don't have a trade here, but I may just continue to stock it to see what's the quality of the lifting. Right. I could see that there was a collision right up here, there's heavy liquidity, relatively heavy liquidity, and a big print so there's a small collision, and then the market tried to push above, tried to push above again, and it couldn't. What this may mean is that the market's likely to rotate down the auction is likely to rotate down why to find those buyers so its job is to go advertise price as low as it needs to go in order to find buyers. I don't really have a trade here we're too close to the high for me to take along here. It could drop a little more so there may not be in a fully intended to take a live trade and, and the way that I suggest you do, which is a three lot on the business instrument trading between ES and the micro ES and to find it find a trade through this. During the session and and to show you how to put it on how does, you know how to stock it what to look for, and how to scale out and control risk and all that good stuff but we're in a situation here, where we are past the European lows things are likely to slow down and go into balance, you can see we're building a fair amount of, fair amount of volume in this area, the market is balancing out here, and it may come down and test a little bit further down. This, this area here the 7071 is is likely to be tested, and that may create an opportunity down there if liquidity comes in. As we're going down as as we're going down we're looking to see if this 69 or other areas start to kind of brighten up on the heat map as we approach that would set me up for potential long scale out at the I be high and then work in order ahead of the double top 7750 so I'd work 77 looking for a break of this week high and a move towards 79. So see how it's kind of moving and chewing through that size that was there. Again, it's too close to the high and the time of day is not great. It's not all that great to to for continuation trade. Anyway, doesn't look like I'm going to get an opportunity here but are there any questions at this point about what I've covered so far. Just taking a look here. Nothing too much. I put the video in the chat there for anyone interested in that cross pairs instrument trading. How do we get the you are for cloud notes of the URL. The cloud notes URL is proprietary. It's confidential for convergent members only. This is my homework and other people's homework that we share with anybody that has book map. In fact, we've got this adopted to various charting packages as well. So you can you can pull these cloud notes into your Sierra charts so you have these bands that you see the cloud notes reflect the levels that you see on this chart here so this gray band is the same is the same as the gray band you see right here and a tick stock zone. Those are all proprietary to to convergent members at the moment. This is what people are subscribing for are part of it. This is more what convergent offers before we leave. Okay, yeah, some questions about that and then I put the links all the links in there for everybody so that you can for more information about conversion trading, etc. It's all in there. Okay, let's see questions on some of the order management here. And just a moment here. How do you manage your stops knowing when you are wrong. Okay, so probably getting into too much detail. Let's move to the DX fee just so we get more accurate. So let's imagine. Okay, first of all, the reason this long against this liquidity here is not something I'm interested in. The reason is because one of the biggest rules I have for when I take a trade is how far my stop has to be. And the rule of thumb is and for those who've been following since I came online in 2008 or whatever. I always want to have my stop beyond an area where the market has to work hard in order to take my stop out. For example, if let's say, let's say the market moves down here. Okay, to this area down here. And I have some sort of a setup long, hypothetically. And I'm looking to take a setup long for a bounce. I know that this area here probably represents some consolidation volume based on the zipper, I call these zippers because as the market does this. Right, it consolidates volume comes in generally there's a fair amount of volume that goes on. It kind of looks like a zipper like on your jacket or pants or whatever. I'm going to rely on this volume here to protect my long position against the edge of the volume, not a very good example. But that's, that's one of the things I need. If I had taken a trade up here, where the liquidity was on the pullback because I want to target this double top. My stop kind of doesn't. I don't have anything here in this whole area shows an impulse. This is an impulse. There's nothing here for me to lean against and the market can zip down very easily. Now, every trade has a 5050 chance. Every single trade has a 5050 chance. It doesn't matter if you're an algorithm if you're a genius if you have a 99% winning plan doesn't matter. It's still a 5050 chance. Now I know that, but I want my 5050 chance that the market's going to take out my stop. I want it to have to eat through a lot of volume right here. I want it to work hard to hit my stop which would be on the other side of this. If I don't have a defined stop area so see how this is pulled back to that liquidity and is working. Again, 5050 chance. If I take a trade in the middle of nowhere and the market just easily kind of takes it out because there was an impulse there and there's not much liquidity in that area, let me pull up. So if we look at, yeah, this isn't a very good area, doesn't have much volume in it at all. It's just much easier for it to fall through and hit my stop. If I don't have a stop area though, I use right now based on the current volatility I use a three and a half point fixed stop initially. I want to use a structural stop as much as possible in other words lean on the order flow lean on zippers lean on volume areas. But if I don't have that, then I'm looking like this morning's setup off of 74 the 73 and a quarter short. That is a fixed stop that's three and a half points that I'm willing to give up in order to discover to see the market move, you know, eight points in the other and beyond, which it did this morning. And, you know, that's a pretty defined stop if I have nothing else. But in general, I want to lean against something. And in order to control risk. So let me show you what happened this morning with the short. Here's a great example. So the short was pull up my pen. Let me choose a kind of a nicer color I guess the short was 73 and a quarter right here. Stop is three and a half points up somewhere up there. And then the market pulls back. Okay, consolidates. This is what I call a zipper. This is a zipper right here. Okay, this is a small consolidation and had some volume behind it. This is a good area to control risk. So as the market moves down towards my target point of control. Initially, remember it went through and touched it and then went through it right down here. As I'm controlling risk. I'm actually moving my stop from three and a half points up here to just behind this area. Why, because if the market decides to bounce, it is much more likely to consolidate here in the zipper, tangle with this volume here before it breaks through. It is rare that you have a market zipper with volume that the market just goes down and just rips through. I want the market to give me plenty of warning before it takes out my stop. Right. So this is this is how it control risk. So it starts to move towards the point of control. And all I'm doing at this point is looking for the next zipper lower. So as it starts to continue lower. I start to see a where's the next zipper, nothing very good structurally here, but I can see there's some volume. This is a chart volume profile. So I can see there's some volume here. So now my stop moves to there. My stop moves right here just above this volume here. So I'm using this whole area is a zipper. That's how I trail as the market moves lower, market breaks down moves lower. I can see that there's some volume here. This becomes the next area. So my stop starts to move down here. So I don't have a fixed trailing stop like algorithms do or like other people recommend. I mean, if to me is if it's in a book, you don't want to, you don't want to use it to be honest with you. But so that last area right here stop area so the stop would be here would have triggered right in there. The mid was around here and then the market took off. I expect that the market should not, or my expectation is that the market would not just rip right through that area and just keep going and take me out. I expected the struggle here a little bit burst. And then go sideways pull back go sideways and then start to move up and it forms a new zipper. So if I was long, I would want to be under this zipper. Right. And so on and so forth. So if we're looking to the long side, I'm constantly checking for and book map shows these very well. I'm constantly check let's say I got long. Well, my stop will be on the other side of this zipper. Boom, gets long comes back to the middle of the zipper right here. I'm going to rise again lower high warning. This is where you start to get warnings. Hey, this is a lower high. There's not much effort here. We're being offered a little lower collision holding likely to take us out. Boom, it takes us out. Right. So that's how I control risk in general. Anything else Bruce. Okay. Yes. So just answering a few questions here. Let's see. Well, a question about using DX feed versus rhythmic. And if you've taken a look maybe at the differences, or have any insight. I've heard different things I don't have rhythmic in fact I will have rhythmic I'm removing everything that's gain related. The data from gain is has been quite poor to be honest with you. Lots of lots of lots of downtime, lots of lag. It's been good for the last seven years but it just seems like it's not keeping up for some for some reason I'm sure they'll fix it but rhythmic to me is probably the top feed that I would use. If you need to need a broker that offers rhythmic you I'm happy to try to help you out you can reach me on Twitter as I said or conversion conversion trading.com forward slash contact. And I'll try to put you on touch and touch with someone. You know, I would say that rhythmic is probably a higher lower higher quality package. And that's, and it's full depth. It's, they really emphasize the quality of their of their data, and they are constantly upgrading updating building out pretty much every Friday they send notice for maintenance after the close. I've met the CEO, fantastic guy, very focused on the quality of their feed. That's where I would go before I went out go with DX feed. It does have history as well I believe. But in terms of, you know, you can get rhythmic and trade on it as well as get the data versus DX feed where you have to have a trading feed and then pay DX feed separately to get the full depth data. Okay. I'm not a huge fan of CQG either. I think rhythmic is a better quality product overall to be honest you for this for this application to be able to see the depth, you know, let's look at how far I can go to see what's out there. You know, way way out I can see that there's size being offered at 3016 still look at the size being offered way up here. Look at my game feed which only goes 10 deep. I can't see beyond 10 deep. If it didn't trade there today is just a black hole. Let's go to 3016. Nothing. It's just a black hole. That's all I get. Whereas with DX feed. I get everything. And the same goes for rhythmic okay. Okay. Let's see Frank is asking here about setting your stop loss maybe let's say for example three to four points. Would you only enter a trade if you have a fixed risk reward? Or this is moving a little too quickly here. Or are you just focused on what the market is willing to give you the trade has to be sized so that I have a better than one hour. One risk factor one our factor one risk reward. I don't like saying risk reward I just use our factors. So 1.25 our factor means I have the potential to gain 1.25 times my risk. You want to keep that at about 1.25 or better. I did a webinar on risk control and went through the statistics and the numbers for convergent members. You can find it in the recent webinar archive it's really, really important to go see that the way in equity curve changes. It's very, very dramatic when you get above one R or one to one risk. So if the trade does not present an opportunity to provide me with at least five points or so net right because I scale out. It's not worth taking it's not worth me risking a stop out for three and a half points on my full lot, my full unit, if I'm only going to gain four points at best. It's just isn't it's not good business. It's not good business it's kind of like being a supermarket and buying bread for from a wholesaler a bakery for $2 and an offering it for $2 and 10 cents. Well, you'd have to sell a whole lot of it perfectly. And none of it can be disposed of a rot before you sell it for you to make any money and the money you make isn't even covering your costs. So really you have to see the your trading as a business. You don't want to be trading, you know, most scalpers will do one are some scalpers will do 0.75 are or less. But I'm going to tell you if you run that out for 2000 3000 trading samples, the expectancy is negative there in the long run. Okay, Charles is asking here if you can contrast using book map and trending or initiated markets versus responsive seems like your plan is geared more toward responsive markets. No, you're you're that's a good observation. However, it's not that's not correct. I don't trade breakouts. So I do not see. I don't go here and see that the market just ripped up and just buy, but I'm trading with the trend I'm constantly looking for who's in control. So right here in this impulse up this isn't a short time frame participant or many in control. This is an initiative move. This isn't. This is an impulse. I want to trade the direction of the impulse, but I'll trade the pullback so for people watching when I zoom in it almost almost always seems like I'm trading against the immediate short term trend. But remember the market operates in fractals right for you. You know what you see in a one minute chart, maybe the exact opposite of what I see in a five minute chart which maybe the exact opposite of what someone can see in a 15 minute chart, which is probably noise for someone looking at a 16 minute chart right so first you have to define what time frame you're trading in what time frame is this person you're listening to our debating your trades with what is their timeframe because you could find yourselves are arguing about opposing points, but you may both be right or wrong. But here, if I'm I see an impulse, I want to get long, but I'm not going to take a long on a breakout. I just don't trade that way. So what I have to do is find a good point to fade the pullback. So it always seems like I'm always trading kind of against the trend. But if I wanted to get long this push, I'm looking to trade the 72 area potentially 71 that area would be the area. So in that case, I see the mark you'll see the market moving against me and it always seems like I'm a mean reverting I'm not mean reverting in this situation. I'm staying with the trend because I will not trade a breakout I'm not going to put a buy stop up here above the size and get triggered and look to to ride this why because the way I trade that would put me way too far for my risk way too far. I'm always fading something and the trading world fading. The word fading means going against what seems to be the trend or the direction of the market, but I'm actually going with the overall, the overall flow, the overall trend in my time frame which is an intraday time frame. So I'm going to take a short when I see the market falling, but I'm not going to just short a break down. I'm going to fade a pullback let's say the short this morning at 74, which was just a beautiful entry. It's just a beautiful setup. If I didn't catch this, I'm going to look for a pullback to this collision zone I'm going to look to 72 is 71 is for the next short. Okay, I missed that short. Look for a pullback to 69 ish to to this consolidation, but I'm still trading with the trend. So a trend day non trend day it doesn't matter I'm going to trade it the same way. I'm still in terms of triggering on the my execution platform which is CT book map. But overall I'm constantly assessing and reassessing who's in control who's in control how you know how is the market facilitating trade is easier for the market to move down versus up that sort of thing. Okay, great. Let's see. Kyle is asking here. And there's a few questions about this. So how do you trade that when the daily presidents will tweets or this geopolitical news really makes it kind of, you know, volatile condition. Yeah, it's unpredictable. So if I sat here and said, I love surprise unscheduled geopolitical news, I would be lying to you. I do love the volatility it creates. So if I'm not in a trade which I'm more often than not, not in a trade I'm not someone who's constantly in the market I just don't see a benefit to that. What geopolitical news does is it creates a condition that gives us volatility volatility is money, and it's money that's gained or lost higher volatility means higher opportunity, a greater opportunity to make money or greater opportunity to be lost. I welcome the opportunity to have that volatility. And in general, these geopolitical events unfold just like everything else. Let's look at the overnight session. A little bit of news I think last night where was it. And what you'll see is like a pretty dead session. Until all of a sudden something happens right so you got, you got this really dead kind of Europe opens we pull back a little bit. We sell off a little bit so Europe opened at 2am my time, right in here, this is the European open right here you can see a jump in volume. But it kind of chugs along, you know, and it just kind of goes sideways for a while. Right. And then something happens. News, see this volume down below. Volume right here. Bruce, is it easy to see this hand cursor or am I kind of pointing itself. No, it is very clear on my end here. Okay. So you could, what this does is it says, hey, there's some, there's something going on here I may not know what it is I have a good newsfeed but may not know what this is, but expect a pullback opportunity for a continuation down, because the impulse is down on volume. Right. And there it is. That's all it does. So the geopolitical news may pepper in opportunities impulse continuation opportunities. Just, you know, throughout the day here's an impulse there's a continuation right so this is, this is the impulse. This is a continuation right here. So keep trying to take that out we're not able to the market is very, very likely to start moving towards 66 ish 6866 going forward here that's basically what it's projecting. But trying to trade the news itself like, oh my god Trump said such. And it's not the computers are reading that news. There's so much trading that happens before it even gets out who knows who saying what to whom from the white house to some hedge fund who knows, but we see you can, you can go right down to like the millisecond in this platform and see large trades go off before the news even hits, you know, in the correct direction very very often. I'm not going to compete with those guys hope that answers your question. Yep. Okay. I actually there's lots of questions here. And I don't think we'll get to have time to go through all of them. You know, I can reach out to you guys. There's a lot of here about the platform you can reach out to support at bookmap.com. We can answer those questions for you. And then you also have I've been putting the links in here these will answer a lot of the questions coming in. I just pasted it again into the chat there. You'll find all sorts of information there about the recording FT's email, etc. You can email us at support at bookmap.com, etc. FT actually I have a question for you regarding your pullbacks. And are you placing a limit order in those areas and are there are there specific areas you're looking for in terms of like volume clusters where the likelihood of that pullback pullback and getting filled is more probable. Because a lot of times there's there's very, I mean, there are typically very low volume pullbacks. So I'm wondering where you're getting, you know, how are you managing your at your entries on those. I don't actually trade. The only time I use a limit order is to manage my exits my scale outs that actually don't have resting orders. You know, I'm on a six millisecond line to the exchange and I, I don't, I don't feel like I would miss an opportunity if I saw one. I prefer to hit the market to hit the bid to get short or lift the offer to get long versus putting guessing at where the market, you know, I would have to be very, very precise to guess at where the market is likely to fill me versus not or where the market has gone through me versus not. So I don't want to put all that pressure on myself to be accurate. So what I do is I look at the order flow as it approaches. And I simply hit the bid. Once, you know, I see that there's, there's, there's the markets having a difficult time, kind of getting through an area. I will, you know, I use that with a footprint right here to tally up how the market's performing and which kind of type of participant to stable down here tells me what kind of a participant is is performing in that area you could see that in general the delta this this this right here. I won't get into this too much, but the markets having a hard time committing here this is measuring the delta on these last bars these last few bars. You can see that it's really having a hard time committing one way or the other, not a very good time to be trading really. So I'm likely to stay away from that area. I use this as a kind of a point of reference to see what's happening inside but if you're using book map what you'll notice is that, you know, it lifts lifts lifts and it up ticks it lifts and up ticks lifts and up ticks. But if it's lifting lifting lifting and it's not going anywhere, especially if size is going off you see these big bars at the bottom kind of printing right down here you see these big bars, but it's not really lifting or going anywhere. It's likely that either the market is has gone into balance and is dormant and you shouldn't be trading, or it's exhausted its ability to buy and move price. If it's a tug of war, if it's exhausted its ability to move price, then you know what's going to happen what's likely to happen is that everybody who's long and is weak and is kind of insecure is likely to become a seller so I want to sell to those people. There was a perfect example of this actually on Monday where the market had an iceberg at the low, and it just kept hitting and hitting and hitting and hitting and hitting, and it's hitting in zero space, this black, there's nothing on the bid here. It's hitting and hitting and hitting with size. So that tells me there's a hidden iceberg there that buying and buying and buying and buying. Well, if it continues to do that, like imagine you were short, because you know, you're looking for the market to drop short, and it goes into this area let's let's say it's 74. And you see this size going off like 50 lots 100 lots 50 20 20 50 70 100 120 70 60 50 like, and it's just cannot get below this it's almost like a lock limit down market. And it's not able to go below that, even if you're short from above you're going to become a buyer and then what you see is it just exhausts the sellers, because that iceberg just wants to get filled. And then boom, it explodes to the upside, and it creates a very great opportunity. And we can see that we can detect it within this heat map we can look back in time versus something that refreshes the dome like some other platforms and just refreshes the dome or gives you a reconstructed tape or whatever. It doesn't show me that because I can't. I don't have the memory capacity to kind of keep track of where this stuff happened on a tick to tick basis but I can see that it's trying at a level keeps hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammering hammer to fill you. No, I don't want that. I see in front of me that something says that this thing just can't go down. I'm going to lift. I'm going to lift and fine, I may pay up a tick or two higher than somebody who's the limit order below me, and I might get filled, they get filled better, but it doesn't matter. My job is to be in the trade, manage my risk, define risk, get a better risk reward, and do that 10, 20, 30, 100,000 times in my career. That's how I'm going to make money. This very next trade that happened not to work is irrelevant. I don't want to miss it because I put in all this effort to determine my bias, to determine the trade, to wait for the market to come to my area, and now I'm going to sit here and demand a better price by using a limit order. No, it's not going to be that way. For my exits, as soon as I get filled, let's say I'm trading here, as soon as I get filled or even before it, if I can identify the areas in this situation that high at 77.5, I'd be working 77, so I'll come out here and I'll work 77s right here. I'll put my orders out, even though the market's dropping just so I can get queued, but when it's time to lift, I just lift the market and let it go. Here's the break higher that I was talking about earlier. It's able to move down low enough to find those prices. As I said, 71-ish is the area that I was targeting to start moving up. Anyway, I think we're over our time, right? Yeah. There's tons of questions in here, guys. A lot of the links that I put into the chat there are going to answer your questions. If you can get access to the chat box there and go to webinar. I'm sorry, we can't get to all your questions. You can email us at support at bookmap.com or ft71's email info at convergenttrading.com. Yeah, convergenttrading.com is there as well, so you can reach out that way. Anything else that you'd like to go over? Now, that's it. I want to let everybody know that we're building a community here. We've been at this for a year and a half, and there's a lot that we're covering. This is the sort of stuff we talk about all day long. Essentially, we have a channel with head traders. Nobody else can post in that channel to keep the noise down. A select group of people are able to post in there, and the goal is to have the same as a physical prop environment, but online and people can be a part of it. We've kept costs down. We keep a low barrier to entry, but the goal is to build this community, and that community is called convergenttrading.com. Soon we'll be introducing technology, some technology solutions, and things like that so that people can see these things better or trade the market a little more clearly with less concern over technology, rather than focus on the market. I find people fiddle a lot with their technology solutions. We do have these stat sheets very, very important. If you don't look at the market statistically, boy, I believe you're at a disadvantage. We released these stats on various products, quite a few products. We keep them up to date. I've talked a lot about statistics in the past on Twitter, the overnight stat, the IB stat, the overnight point of control stat, and so on and so forth. You also get trade the news, which normally costs $185 per month. It is included in the membership. It's a very, very high quality news feed. Since 2008, if you haven't been ... If you don't have a news feed, I believe that it puts traders at a disadvantage. Again, this is $185 per month included in our membership. We do have our live commentary, but we only comment when there is something to comment about. Of course, the stock zones, the URL for the stock zones, and that's for Bookmap, IRT, Sierra, Ninja, all of those are done all the time. Twice a week, we meet one for a study hall where we might do statistics together or go over a trade, a live trade, or so on. Those are on Thursdays and then every Tuesday, at noon, central, one Easter, we have a trade talk where we take AMA questions, address a particular issue for a trader, or discuss what's going on in the market, and so on and so forth. I'm basically taking what I did in my prop shop for seven, eight years and making it available to everybody because everybody wants to have a prop trade. Well, you can have all the tools and everything else without having to move to Chicago to be able to be a part of that. So anyway, I know that sounds like a pitch or whatever, but I do want to build this community. It's very, very important to me. It's where my attention is. This is where I believe I can make the most difference for traders. Thanks for having me on. Excellent. Thank you very much, Morad. Just a fantastic presentation here. Thank you, everybody, for coming. The webinar will be, it's recorded. It will be posted on our YouTube channel. I put the link in there in the chat. Look for it in about two and a half hours or so once we get everything up. Okay? Thanks again, FT. Much appreciated. Bye-bye. Thanks for having me on.