 Hello everyone. Good evening and welcome back to Tick Mill's webinar series on futures products. I hope all have had a nice and wonderful holiday season between Easter and Eid al-Fitr in Ramadan, Eid Mubarak l-Kil, and I hope your trading portfolios are withstanding the turmoil that is taking place. Once again, my name is Ali Ahmadi, a financial consultant, investment management, professional and advisor, and planning professional for as a consultant for Tick Mill. And I want to invite everyone and to this evening's session as our seventh webinar within this futures series. And this evening's discussion for those of you that have been following the webinar series since the beginning, as you know, I like to keep things in an informal, let's say, perspective and a conversational way. That being said, after all of what we have gone through as to what futures products are, how they operate, how they're used in the capital markets, whether for speculation or hedging perspectives, how to calculate the value of each asset's tick value and understand the, let's say, all the connotations and the ins and outs of what a futures contract is. And once again, that's an obligation. It's not an option. It's an obligation to fulfill a specific asset price at a future date on a specific asset on the underlying asset. And once again, each and every futures contract expiry date is the third Friday of its particular month. Just as that being a quick recap of what we've discussed thus far, what we're going to try to do this evening is get into further discussions and conversation on the risks involved, because education and involvement and understanding of what we're getting interested in, one, and involved in, two, we have to not only know what's happening in the marketplace, but understand if we do start investing in trading in futures contracts, what the ramifications are and how they can affect your portfolio as a whole. Without further ado, this particular series, this webinar this evening, will be focused solely on the risks involved and what you need to take into consideration as to what to look out for. As we get involved in this evening's discussion, the major disadvantages, the risks and disadvantages of futures, the major disadvantages include, one, we have no control over future events. We have no control over price fluctuations. And we have no control over the potential reduction or increase in the asset prices as the expiry date approaches. Now, these are unknown elements. There is nobody within the capital markets world that has a crystal ball that will be able to tell you the exact prices, how things are going to fold out, whether it's a geopolitical scene, whether it's the GDP and economic scene. We have data that can give us a forecast and a good idea of what can take place, but we will never be able to pinpoint exactly what we're looking for with 100% certainty. The risks involved around the futures contracts include one leverage, which we've discussed about the initial margin, the daily margin, the initial margin, and the overnight required margin call perspectives in previous webinar series. You have interest rate risks, which is a very, very hot topic at the moment, considering that the Federal Reserve out of the United States increased the interest rate, the overnight lending interest rate 50 basis points last week. And they are forecasted across numerous firms in the street to by year end, beginning of 2023, to be anywhere between 2.75% to 3%. And considering that right now it's at between 75 basis points and 1%, that is a significant increase just within the United States markets. You have liquidity risk, which we'll discuss further in this evening's discussion. We have settlement and delivery risk, which is a risk across the board for all brokerage firms alike. And operational risk is the same for all brokerage firms alike. Now this looks like a lot to read word by word but we're going to go over it in a conversational sense so that I don't get anybody bored and put them to sleep. But leverage, starting off with leverage, they involve risks with leverage. We have to remember that leverage is what it's associated with the inherent feature that leverage provides. And with that we are able to enhance losses and or potential enhancement of gains in our portfolio. This minimum level of margin required by the exchange or the exchanges depending on if you are involved in different futures contracts will depend on which exchange it comes from. They are the ones that let's say set the rules and the policy for the margin requirements. Interest rate risk, I just touched on it on the previous slide. And this risk involves the investment's value could change and right now will change due to the change in absolute level of the interest rates, which they are increasing across the globe as we speak. All forecasts across all major markets and continents, all forecasts, a significant increase by year end and a rise in interest rates during this investment or an investment period will result or may result in reduced prices of the held securities pending on what asset you are investing in trading in. And like I said, the US Fed just last week, according to their tightening policy, they hiked interest rates 50 basis points, and it's forecasted by year end to be anywhere between 2.75% up to 3%, which is a significant increase from where it is right now. Liquidity risk, what liquidity risk refers to is nothing more than how deep or how liquid is the asset that you are investing in or trading in is accessible to the depth of the market, how many buyers and how many sellers are involved at any one moment in time during the course of trading hours. So if you have a very liquid asset per se, let's just say US Treasuries, they trade in the billions of dollars on a daily basis, it's a very deep and liquid market. Whereas if you were to trade, I'm just as an example, a particular let's say FX pair that may not have as much coverage and or depth liquidity in the market, you may have trouble either entering and or exiting that particular position when the investor or trader would like to. Settlement and delivery risk and operational risk, those mainly fall on the broker dealer or the brokerage firm that the investor is dealing with. Tick Mill has done a very good job in solidifying relationships with the major exchanges involved in futures trading and they have the personnel and the capability to make sure that the daily settlement takes the form that it's needed, whether it's debiting or crediting the account accordingly. This is mainly getting back to how well equipped is the broker dealer that you are trading with is able to handle on a daily basis the settlement based on margin requirements if needed to either close out positions and or raise the capital needed to keep the position open overnight. So when you get into, okay, I like the futures markets, I like what they can do for my portfolio, I'm ready to get involved, get started, ramp up my learning curve, I've done my research and I want to do XYZ with futures within my portfolio. Before you take that first step, make sure that you are 100% comfortable and let's say not just comfortable, but you have that sense of relief and confidence that your broker dealer will be able to manage and handle not only what you're doing within your portfolio with futures, but across the board from an operational perspective. Now front end or back end risk, what we mean by front end and back end risk, where does the risk lie? Front end risk is if you were to have regarding the investment or asset that you are investing in requires full upfront payment. So you have the front end risk you've paid for your particular investment or position in full upfront and depending on which way the market moves will depend on whether you enter or exit the position with a profit or loss and it's all front end based because you put the money up front. Back end risk is what futures provide in the sense that the initial capital needed to take a position is relatively small to the value of the contract that you're involved in. So when buying a futures contract, you put relatively little initial money down and the cost and rewards are not established until the contract's expiration date at which point both parties, the buyer and the seller discover their outcome. This means that you have very little control over your risk profile. Now if the value of the asset surges or collapses in value during the time while you are holding this particular contract, you can end up owing an enormous amount of money on the contract pending which side of the contract you own. So keep in mind understanding after you've done research, your due diligence, depending on what type of portfolio you're running, if it's speculative or if it's for hedging purposes, you need to understand where your risk lies and with futures they are back end, they're considered as back end risk. Now to avoid significant losses an investor can close out the position. So we've discussed in previous webinars in this series, mainly on gold and oil within the commodity sector and commodity space. If you own a December oil futures contract and or a gold December futures contract, that does not necessarily mean that you have to hold that particular contract until it's expiry date. You can and at expiry date it will settle via cash settlement in your favor and or with you having to pay out the difference in loss of the strike price of the contract. Now during the course of that particular time frame, so now we're in May and month five and if you own a December contract and whatever asset, this particular contract will gain and or lose value during the course of time pending on the underlying assets value in the marketplace. So the more volatile an asset is, the more price change you will see in your futures contract on a daily basis. Now to avoid significant losses, obviously the investor can close out the position before it gets too messy. Now this means taking out an equal but opposite contract to the existing one that you have in place. So if I'm long or if I bought a gold futures contract expiry date of December 2022 and all of a sudden the price of gold starts falling like a rock and water then I don't necessarily have to sit and strap in and wait till December to see how bad the damage is if it continues to fall throughout the course of the year or calendar year. This is where you will be able to understand getting back to what we've discussed in previous webinars is you know have your price targets, have your price profitability set and your price loss set so that you know what okay it's hit my point I'm satisfied with this greed is never good but it's always part of the investment psychology where you know it's done well for me I'm going to stay in it and I'm just going to write it out because it's going to continue doing well for me and you also need to know that most likely that doesn't happen so you need to be fearful of greed and then at the same time if the the particular underlying asset does start to move against your outlook and your position within the futures contract that you have then you need to have a specific exit point regardless of what happens with the asset so if it hits your loss let's say range or tolerance and that's the point then you need to be able to to cut ties and then initiate a new position depending on where your portfolio is at that point in time. Now people often ask me and have discussed are futures riskier than options now they are completely different asset classes and you know options are options and futures are futures and there is nothing that overlaps between the two in the sense that you know can you convert or you know it's like an option or like a future no futures are futures options are options what options are they provide the investor the option not the obligation but the option to exercise the strike price depending on whether it's a European option or an American option depending on what they want to do now futures puts the investor under the obligation whether you're the buyer or the seller so options may be risky but futures are riskier for the individual investor you know futures contracts involve maximum liability to both buyer and the seller as the underlying asset price moves either party to the agreement may have to deposit more funds into their trading account to fulfill a daily obligation now with this daily obligation is referring to once again are the margin calls now just how can we or you as an investor reduce the risk of futures trading this goes back we'll discuss later in the slides as we move along understanding and doing as much research as you possibly can based on your portfolio as well as what type of asset class you want to get involved in but you got to have discipline you got to be able to start from square one starting from square one is research knowledge you know you know spend as much time as you can uh doing research on what your particular strategy is what it entails and how it could benefit and or what would the ramifications be if it moved against you understand the margin in use those goes this goes back to the value of the tick because the value of the tick varies from asset to asset it's not the same across the board you have to plan your trading risk they've always had this saying you know hope for the best plan for the worst so if you always have your risk management in place where you have the worst possible case scenario and output in place then anything that let's say performs better than your contingency plan it ends up being a positive net net for your particular account and portfolio and then people also need to realize when I say stop runaway trading losses the market really and truly does not care who you are as an individual investor it doesn't even know you exist it doesn't know that Ali Hamedi has a position in oil per se and he really really really needs oil to increase or decrease in value so that his portfolio becomes profitable the market does not care the market is the market it's efficient in its own sense and it's going to do what it's going to do so you have to remove emotion out of your trading strategy just realize that the market's never gonna say you know what we like Ali Hamedi or whomever and because we like him we're going to make the market move in his favor based on positions that he's taken so no emotions stop runaway losses according to your plan the contingency plan based on risk management and at the end of the day what we're trying to do is the bottom line how is the bottom line for your portfolio net net are you having more wins than losses or more losses than wins the bottom line is the end all be all now how can you manage risk in futures trading now this goes back to again research understanding what you're getting into understanding the margin requirements understanding the value of the tick and understanding the volatility of the asset that you will be getting involved with okay so from that perspective distinguish between high and low quality setups okay whatever set of triggers that you use to decide your market entries they need to be clear cut rules and distinguished between high quality and low quality you need to know how to filter trades based on the risk that you're taking versus the reward that can pay out that can pay you out plan out the contingencies you know risk management 101 plan out the contingency how are you going to manage the risk of things turn south or go negative on you and as I've mentioned above above and in conversation there's no proven way to ensure accurate price predictions and as such no level of trade setup quality can ever ensure you against the likelihood of an uncanny price move derailing your trade and that goes back to nobody has the crystal ball if they did everybody would be quote unquote rich and happy and the markets would never have any problems because everybody would know what's going to happen and that's not the case it will never be the case so just understand that from day one the solution to consider all the potential outcomes on the trade so if you run a simulation I've taken position in XYZ futures contract because this is what my portfolio either I'm taking a speculative position and or what my portfolio needs from a hedging perspective so understand what could happen from a solution if 123456 happen and know how to let's say act upon if 123456 were to happen in your portfolio so you've already set your strategy and you've been able to remove the emotion out of what it is that you're doing with your portfolio having a deep understanding of the markets and the price action dynamics is crucial that can take the sting quote unquote out of inserting trading and when I say sting is where something moves very quickly against your particular position and you're like oh you know I'm in the red what do I do understanding what's going to happen if this happens if x happens then I'm going to do y etc etc and understand that all trading environments are uncertain okay there is no certainty that one can provide especially especially in the environment that we're in right now you've got surging inflation across the globe you've got increase interest increasing interest rates across the globe you have geopolitical tension still playing out with Russia and Ukraine and at the same time what's happening with the markets as we see now it's back in the red today the S&P 500 is down 15 points the Dow Jones is down 244 points it's currently as we speak right now it's looking like we're headed for another red day in the market which would be the fourth consecutive red day so just understand that this is going to happen it can happen is happening and know how to manage these particular risks within your portfolio and last but not least stay away from rigid training plans when I say rigid you have to have flexibility and this is I'll be discussing this in an upcoming slide where you have to have some subjectivity as to what's happening as to why is such and such playing out in a particular way versus what my initial research had provided me and you can't be rigid in the sense that you know what my research has told me this I'm a hundred percent certain that my plan will work and I just have to write it out and see it till the end because I know it's going to come into my favor that type of rigidity needs to be removed and you need to understand you have to move with the ebb and flow of the market and have subjectivity within your mindset all right now new traders okay this is very important and I want to hammer home this particular point you have for instance beginners look where someone anyone enters the market and they take a position regardless whether it's futures and or traditional asset investment and it works in their favor and they say you know what man this this is really easy I've got this I know what I'm doing and I'm just going to stick with what I did for the first time because it did well for me and I'm going to become a market guru and a market expert and I'm going to make a whole lot of money blah blah blah blah you know we have to you know get away from this mindset and you can't just fall back on rigid inflexible trading plans which would eliminate all the guesswork and the mental strain arising from from making decisions you have to have ad hoc decisions specifically with futures contracts as the market moves and as it gets closer to their expiry date so we don't want to have what they call a bad move of just sticking to your guns because it worked for you the first time the second time the third time and that's not the case specifically with futures contracts and leaving which I alluded to earlier having some level of subjectivity and variance in your trading plan is essential to having a well-rounded and competent trading style when I say let the numbers play out if you have this level of subjectivity and flexibility and understand that you have the funds for required margin calls prepared for your contingency plan which falls under risk management you can't hit the panic button too soon but you have to have your plan in play and you have to be willing to let numbers let the numbers play out now obviously it seems contradicting but in reality this is how a live market works so if you have your contingency plan and your risk management plan set up a specific level for a specific loss amount then you need to be able to stick to taking the loss taking the emotion out of the investment and then move on to the next but just because you take a particular position and things don't move immediately or in a relatively short amount of time in a profitable way or a positive way based on your trade that you've taken and it doesn't necessarily hit your entry or exit points that you have based on your strategy you've got to let the market play out you've got to let the numbers play don't fall victim to the tendencies of recent outcome bias and what I mean by recent outcome bias you can say you know what I've had a string of three four five trades go badly for me and I've lost money on them and I just can't pick a winner I just can't make money in the market I you know is the market's moving against me I'm always picking the wrong side you have to understand that each position that you take has its own new life form what's happened in the past has happened in the past you've got to be able to take that emotion out and understand with the new position that you take why you took it what's the purpose of it and how it can play out for you along its risk management strategy and profile that you've set for it so if you've got a string of two three four five or more bad trades that didn't go in your favor that doesn't necessarily mean that the following trade that you make is going to follow suit you've got to you've got to have a very short memory on that perspective realizing the importance of the numbers game can go a long way in settling your nerves because at the end of the day the profitability column will always settle and it is the final and foremost measure so if over the course of time you've you've gotten involved in let's say 20 futures contracts trades and when you put them on your spreadsheet or the way that you account yourself or hold yourself accountable and you're able to see that you know what I did hit a string of bad luck where I did have four five six go against me but of the 20 futures contracts that I have in play or had in play I was profitable on 12 of them and I was negative on eight of them I still came out positive that's what we're looking for you've got to understand the end all be all measure is are you more profitable in the profitable column versus having more losses in the losses column practice makes perfect and as I've mentioned before starting off with the very first webinar futures are very complex investment securities these are not to be taken lightly you do have to have a required the knowledge base they are complex this is not traditional you know you know buying a stock at a specific price and if it moves up you make money if it moves down you if it moves down you make lose money so understanding that everything within the futures market you've got to be prepared before you take that first step and as you take that first step practice will make you better you know when I say makes perfect there is no perfect or perfection in the investment world but practice will make you better everything that we've discussed throughout the series connects with the amount of time spent behind your research I can't hammer home enough you can never have enough research done on a particular portfolio and or strategy that you are wanting to implement or start or get involved in the more the better the more knowledge you have will be able to provide you that ability to have the flexibility and the subjectivity that I mentioned and alluded to previously in the sense that let the numbers play out based on the research or the amount of research that you have done you can't have an overload of research because the market is extremely dynamic it's constantly moving and it's constantly changing one way or the other and you're going to be able to find massive amounts of information you know portraying both sides of the trade which why you should do this and why you should do that but it goes back to what you're trying to accomplish with your own particular portfolio and realize that there is no one size fits all strategy in the futures market this there is no method that is suitable for all investors to guarantee success any workable method will usually involve iterative and corrective processes or processes to refine in order to suit your unique trading personality and style so as long as you know that you need to be flexible you have the ability and knowledge behind you to take that step and gain experience with each and every contract that you get involved in gets back to practice making you better now one thing I want to yes this particular example here when we say practice makes you better a demo account is great okay don't get me wrong demo accounts serve their purpose but if you do extremely well in a demo account that will not relate to you doing extremely well in a live market situation it's a different it's a different animal it provides a different level of stressors that will affect you psychologically emotionally etc etc so a demo account you know that you have no skin in the game and you're testing out to see what a particular investment security in this case futures can do how profitable they can be you know what happens in a particular spike or downturn in the market and in a demo account there is no risk mentally on the investor or the trader so demo accounts serve their purpose they get your let's say I don't want to say get your feet wet but they get your your mentality in a mindset to understand them better on how they work in the market but it is part of your learning curve that you need to leave behind as soon as possible because once you get into the live market this is where you're going to learn the most and this is where you're going to learn from mistakes you you need to understand that mistakes will be made and understanding that you you can't be perfect nobody is specifically in the capital markets and the more experience you gain with live market futures contracts the more practice and more experience you will end up gaining and you will end up developing that flexibility and subjectivity needed to move forward into the upcoming futures contracts that you will end up engaging and taking positions in now as we start to wrap up I know this was a very definitive a very definitive conversation on the risks involved but as part of the educational side of how futures contracts work risk is if not the the most needed topic to understand before getting involved in futures trading knowledge understanding what they do how they operate obviously help but you need to understand the risks involved because large sums of money move either for or against you with these types of instruments now I'm going to increase or make this a little bigger so that we can see and at the bottom if you can see here it's from the beginning of 2022 from January February March April May to where we are now this here as I make it more legible for people to see is I've boxed in this is a gold futures contract with an expiry date of the third week of December okay so this is a December 2022 gold futures contract here this is from trading view at the beginning of the year we can see that there was somewhat I don't want to say predictable but a range of plus or minus 1800 to 1860 within the price of this particular contract then as geopolitical tensions started to rise you could see the flight to safety because gold is considered by me as a safe haven investment you can see the price start to spike and then when the actual geopolitical activity took place we saw spike now with the increase in tension it went plus or minus 1880 to 2000 in value and then with the spike it jumped plus or minus 2000 to almost 2100 it reached its peak and then the downturn volatility came into place in a very quick fashion so in this particular example or in this chart that I have you know marked up if you started to invest in the futures contract here because you can see what's happening to the price of gold and you think okay you know what something's going to happen and prices of gold per ounce keep increasing and you you get involved in a futures contract in this particular range right in here and then you see the spike this is where it gets back to having your strategy in place understanding where your profitability satisfaction level needs to be assessed and known so imagine part of this spike on the uptick and it reaches 2080 and you bought it down here at 1900 you're looking at 180 point swing in your favor you know you can't let that greed factor say you know what it's going to just continue to spike because for whatever reason as you can see in this particular chart it didn't continue to spike upward in an ongoing in a continuing fashion it reached a point and then at that point there was a very quick and sudden downturn and it continued back down to where we could see a new range now with this new range you're looking at plus or minus 2000 to 1880 and most recently in the month of May it's got some downturn volatility so this goes back to the points that I've made previously in this evening's conversation that nothing will continue to move up forever and nothing will continue to move down forever and you need to be satisfied with the research that you've done with the strategy that you have in place and with your entry and exit points so that emotion is removed from the equation greed is removed from the equation so that if you are profitable and it hits your exit point be satisfied with it and at the same time if if you're looking at this particular chart you ended up taking a long or you bought a futures contract up in this area here and you've been writing this all the way down well you've been bleeding either you've kept the position open by putting up funds for the required margin calls or you just took the loss and if you take the loss you need to understand where you're taking the loss point is not taking the loss because it was forced upon you and you had no control over you need to have control of that exit point so in this downturn we've seen somewhat of a rebound we saw a bit of a new range in the month of April and then now we're looking at May it's broken not being a technical trader here but it's broken this range and it's gone down to the downturn now as we speak gold is trading at 1842 that's the spot price okay currently at 1842 this particular snapshot was taken earlier today so it's fairly recent but it's not the exact specific time frame of what the market's reflecting at this moment so what you're looking at here as I highlighted here in in gold there was an overall plus or minus 200 points swing in the last three months 200 points on a futures gold contract pending whether it's a micro gold contract or a mini gold contract will depend on the tick value and remembering what's the tick value in gold you've got a lot of money in 200 points moving dynamically okay so this gives you a good idea of how risky futures contracts can be but at the same time understanding your initial entry point the tick value the value of the movement for or against you and having your contingency and risk management plan in place will help you become more efficient as practice and time moves forward this one here is I've boxed in the crude oil futures also for December of 2022 now this graph is a little bit different than the gold graph with oil we did see the rise from the beginning of the year its range ranging between 72 and 84 points and then the sudden spike due to what took place and has taken currently taken place with Russia and Ukraine and then it also reached a high point and then it also provided the downturn spike now we have a slight rebound and we're into a new range of plus or minus 90 to 100 now here again you've over the course of the last three months with the crude oil we've had a 20 plus or minus 20 to 30 point swing or movement during this time period and then again remember each futures contract has different tick values for each contract for each asset for each asset class pending on whatever it is that you're involved in so having if you look at what's taking place previously in the market and you're getting ready to take that first step with futures contracts gives you will give you a better sense of understanding okay what is a 20 to 30 point swing in let's say dollars or value cents equate to and if and when do I get out if and when do I buy all of these things need to be taken into consideration and before I leave you this evening the key takeaways from what we have been discussing thus far in the series webinar series is that trading is all about managing risk at all times at all times okay and in an engaging uncertainty with intelligently engaging that risk when I mean by intelligently intelligently engaging risk is meaning understanding by the research that you've done the knowledge backing the decision and the plan that you have decided to take and and put a position in for your portfolio and being able to manage that risk know everything that you can about the asset class that you're wanting to trade futures in whether it's only one particular asset i.e. gold or oil or a broader range of futures contracts where you end up having a futures portfolio assessing across all of the different asset classes from interest rates to to fx to indices and equities to commodities and the different types of commodities etc etc i didn't put up a chart of the the interest rate futures their treasury futures for that matter but there is volatility there as well based on what's taking place with the hike in interest rates across the globe use disciplined again using disciplined entry and exit points and no when to cut runaway losses and move on to the next trade and again it's all about the bottom line being able to refine what you've done tweaking what you've learned from whether it's a good experience or a poor experience with a particular position and moving on to the next trade using that practice making you better perspective and using uh and refining what you're going to do with your strategy will help you find the right balance and it puts you in the end you want to be in the profitable column more than you are in the losses column because the bottom line is how you're going to evaluate yourself mainly this here you are an investor and you're not someone who can predict the future nobody can base your decisions on real facts and analysis rather than risky and speculative forecasts i'm not saying that you can't speculate you know people enjoy the speculation part of trading accounts and investment accounts but pick and choose your battles and just understand that you're not going to win them all and if you do a disciplined focused approach before entering any futures contract trade in theory you should end up in the positive column profitable column more than the negative or losses column and as always I like to leave everyone with a quote by someone that's had an impact within the capital markets throughout the course of time and this one comes from Ben Graham was a British born American economist and professor and investor he's written a very famous book regarding investments and his quote here stands out and I found it relative for our topic this evening then the individual investor should act consistently as an investor and not as a speculator so if you take off the speculation hat and put on the investor hat and you're consistent and methodical with what you're doing based on the steps that we've discussed throughout the series you will become more consistent as an investor and then you'll have a better picture an idea of where you might want to speculate and you can afford to take a speculative position or two but don't let it be the opposite where you are speculating most of the time and then you're trying to play catch up with an investor an investor perspective to try to make up for speculative losses or positions that are not doing well for you so with that being said I'm going to open up the the conversation this evening to any questions that anyone may have I'm checking to see here the meeting someone said they were thinking that the meeting will be in Arabic for the most part the meetings or webinars that we have they are predominantly in English do I speak Arabic yes I speak Arabic I don't have a problem but when it comes to the investment terms and terminology specifically regarding futures it's much easier for me to get across the point needed in English but if someone has a question in Arabic I don't have a problem and I can speak more in Arabic I don't have a problem and I apologize to you Mohamed for this but the most important thing that I'm talking about is the future contracts we have the first thing here on the Tickmill YouTube channel so if you want you can go back and see from the first webinar tonight is the 7th webinar you can see from the first after the next three days you can download this webinar also on their YouTube platform so you can go back and see what I was talking about from the first webinar so far as I was talking about the future of how the investors use them in the capital markets or in the portfolio and at the same time how they do your calculations with the Tick value the value of each contract and also the margin that they want to pay to enter to take a position in the future what will happen in the end of the day if you want to open or open an open contract overnight versus you open them in the day and close the last day or if there is a position that you want to open what should be done where should be done at night you can get the phone from your broker dealer Mohamed one two three side the soo ism into is a bit of a counterfeit it but they can't tell injection of capital to meet the margin requirements but they can't tell you the margin requirements these are not coming from or men a broker dealer to back it only jane mill exchanges so a broker dealer to back for example to complete or change their lines with exchanges or a platform exchange the platform available connected to the exchanges that they will build futures contracts yeah so in the degree maa tick mele maa futures on the devil futures janeen degree men the exchanges that they may be on them so there is no this is not something that tick mill is is manufacturing or creating only for tick mill yeah depending on the exchange they may have an agreement with the the margin requirements and the margin policies are dictated by the exchanges themselves so but this is a marti jay inshallah the back after the alibi or nus nus inshallah can't have to come out of it in greezy Jennifer Hala until now I did not receive any link record regarding the recorded webinars Jennifer if you I have been told I have been told by tick mill that these webinars are on their youtube channel so if you don't mind I will relay the message to tick mill and and see if they have put them up I've been told that they've been put up you can check okay I will I will relay the message to you I just saw your latest message and and see and see what's going on with that and and get them to see if they can't expedite that for you um okay Fatima Fatima mafimah sarahat mafimah al-asila tabaak mafimah alayki mafimah al-asila al-asila um uh to to it uh is a button I'm going to give you here uh my email address so anyone okay is it a she uh Jennifer thank you for for clarifying that is it a she come in a Fatima uh so the previous six webinars should be up on the on the youtube channel um please so uh I'll do the best I can in getting that taken care of um any other questions before we end this evening's session going once going twice okay understood Fatima I'm inshallah I appreciate the flexibility any uh so other than that I wish everyone a good evening and if you have any questions please you're welcome to send them I'm going to provide an email address that you're you're welcome to send them to me to this address and I will respond as best as I can and in a timely fashion inshallah okay and if that is it I wish everybody a good trading week have a great evening and uh best of luck to everyone and we will see everyone next week inshallah tespala khayr and good night you're very welcome to all bye bye