 All right, good morning traders and welcome to the continuation of the dome series here mastering the dome with Gary Norden And today he's going to talk about the dome versus charts so I Have Gary's information here. He's developed the Norden method. He's been a professional trader for over 30 years Including several years of trading in the pits in the life pit And a senior trader at some of the largest and world's largest investment banks He is co-owner of the NN squared capital and creator of the Norden method a unique style of order flow trading Gary is the author of end to the bull and Technical analysis exposed why most technical analysis traders fail. So let's Or I'm sorry. I have his contact information if you want to reach out to Gary for the Norden method And then Gary Norden calm so you can ask him questions or you know, look up his services, etc Go through the risk disclosures, and I'll turn it right over to Gary General disclosure all book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations risk disclosure trading futures equities and digital currencies Involves substantial risk of loss and is not suitable for all investors past performance is not necessarily indicative loss and is not All right, so let's Give it over to Gary and let him take it away here. Thank you, Gary Thanks Bruce. Thanks everyone for for attending. So this is the third in the series and I thought I would just Start by kind of Reiterating or re-emphasizing what what we're doing here what I'm doing with these series. So It's not I'm not trying to teach people how to trade with this this series what I'm really going into is why the DOM is such a powerful tool and Breaking that down into different segments, you know, so we looked initially at who created it. Why did they create it that way? In the second webinar we looked at order flow trading what really is order flow trading because it's kind of been you know It's sort of blurred and bent a little bit over the years So what what is order flow trading and again in the context of the DOM? Why is the DOM the the tool that we should use for order flow trading and today? I'm going to look at DOM versus price chart So many people, you know will trade off of price charts I'm going to explain today why the DOM is more powerful now all of these small things Put together can help to give you Edge and if you really think about these specific things, I mean that's you know Probably what the northern method is based on is looking at all these little pieces of information these little Areas where the DOM is powerful and thinking okay, how can I then use that power to find good trades? But I'm not actually, you know teaching how to trade in this I'm explaining what that is and from there, you know, you can go on and develop your own ways But to understand this DOM, you know bookmap has a very good DOM I want to explain to people why it's such a powerful tool and all the different ways that that it has this power and this edge Over other products. So today we're going to look at DOM versus price charts if you use price charts to trade Particularly if you're an intraday trader, I'm going to explain to you why the DOM in my opinion is a far better tool to use Just because you can't have too many disclaimers I'll add one as well And those of you watching live you've got another few seconds those of you that are watching recorded you can pause it and read it So again, as always I'm focusing on short-term, you know day trading Okay, so if you are a position trader you want to hold trades for a few hours, then you know good luck with that That style that's not what I'm thinking of I'm focusing on short-term day trading So, you know, well, I don't agree with using charts for for any trading, you know This presentation today is just about short-term day traders as Disgusting the second webinar, you know day traders who hold trades for hours or even you know tens of minutes 20 minutes 30 minutes 40 minutes, then not order flow traders Okay, you might use some order flow or volume analysis in your trading But as we explained you're not order flow traders if you're doing that you're using a predictive style and In my opinion from what I've seen of most of those methods. They're very similar to just different versions of technical analysis So I want to look at a chart now you pick candlesticks and for those of you that don't use high-low charts You use Candlestick charts it really doesn't make a lot of difference. Okay, the information that you see it's just presented slightly differently But I just want to to have a look at this, okay And I'm focusing on this as I said from the perspective of a very short-term day trader So if you have an open high-low situation like we see on that screen, okay, so This market opens at 15, which is the high in this and it closes at 14 Which was a low in this it could be one minute. It could be five minutes. It could be a day It doesn't matter, right? It doesn't matter about the time You know, we can say it's a one-minute chart because we are trading for you know, very short term So let's just say it's a one-minute chart and the volume for this is a hundred lots, right? So, you know a lot of traders will trade off that information or it closed at 14 it closed on the low you get things like that right and What I want to show below it is four examples of market conditions that can create That bar right that particular thing so the first one on the left-hand side it could trade 15 lots 15 on a 10 lots right it's opened at 15 and then it trades 15 again for 10 lots It then trades 14 for five lots 15 for 20 15 for 25 14 for five 15 for 20 and then 14 for five on The last the very last trade that would create that particular open high-low closed chart and a volume of a hundred So with the one next to it trades 15 10 lots 14 10 15 10 14 10 15 20 14 20 15 10 14 10 that also creates that open high-low closed bar and a volume of 100 The next one 15 trades a one lot 14 trades 99 if they were the only two trades in that period that would create that open high-low close and Then the last one on the 15 15 to 14 50 and so forth right now That's just four alternative histories that could create that There are obviously an Amazing a number thousands tens of thousands hundreds of thousands of permutations right millions of permutations that could create That open high-low closed now if you use Traditional price charts if you use technical analysis and the methods that those people teach you such as Closing prices are important for example right which often get told that all it closed below here It closed about there. Well, you know in the first example, you know here it closed at 14 All right, but it's traded 15 the vast majority of that time, right? Would I say it's in particular? That's an important print of 14 straight into five lots. I wouldn't necessarily think anything Okay, what I want to show is a number of things that that open high-low closed does not tell you anything about the context of what happens And whilst people that use price charts and technical analysis believe that they're looking at some detailed information. They're not They're missing a massive amount of context, which is why I you know I don't use them in the same way and would never use them in the same way This number third one here 15 and one lot 1499. It's completely different from this completely different from this and different again So the open high-low close or whatever chart you want to use, you know And there's a lot of information that tells you the open it tells you the high tells you the close tells you the low People think that's a lot of information, but it's actually missing a massive amount information How it was created and how it was created is important And I'll now let into a secret as some of it was a large trader a bank because we know that because big traders know that most Technical analysis traders don't look at the context of that open open high-low close We use that obviously we but big traders use that against the technical analysis So you try to engineer a low close for example knowing it might trigger certain activity, right? And then you use that that liquidity from the activity Against the people that get involved. I can a hundred percent tell you that that goes on, right? Because you don't know or people that use charts or we don't know what the context is So this open high-low close bar tells me nothing about how this market traded tells me nothing about the liquidity Various prices it tells me nothing about really anything of the context of what goes on and hopefully by showing this You know, I'm starting to show some of you that it's like. Yeah, what do I see out of that? It's very limited information now I mentioned a word a minute ago alternative histories if Any use of technical analysis Essentially says that there's no such thing as alternative histories Right, you look at a chart of something and you look at all a printed a high here and a low there into that You're making the assumption that that was the only possible outcome That's clearly never true in the markets never true Something else could have happened at that moment if I click a market buy order Three seconds later than I you know, perhaps would have done because I spilled my tea and then I click it It creates a completely different trade than if I hadn't a spilt my tea before I clicked it, right? That's an alternative history that clearly is a lot of that in markets There's a lot of market orders a lot of that sort of thing. So just a very Suggestion that there's alternative histories to what's on that chart blows most of technical analysis out the window, okay For now, let's go back to here that chart that that particular bar Whether it's a one-minute five minute could be created in a number of different ways and you never see it now If you are trading within that by if it's a five minute lots people use five minute charts fine If you're trading for one minute two minutes or five seconds or ten seconds That bars are relevant. It cannot help you Okay, and it's not going to show you the information you want So I'm going to get into the DOM in a minute, you know I'm starting to figure out if I'm using a DOM trading against people using that I can figure out I'm going to get some edge over them So there are countless possible alternatives obviously right and price charts do not show this and I've just mentioned there about alternative histories So price charts are a shortcut. They miss out vital information and they particularly miss out The way the market traded how did it trade and that's important particularly say if you're an order flow trader using a chart You're not an order flow trader Because order flows all about how did it trade? How is it trading and if we you know if you go back here, they're all very different market conditions I would trade this very differently to this Extremely differently to this and again here right you'd have to trade all of these differently If you didn't see that information and you just looked at the bar chart How would you know that you wouldn't okay, so these are all different completely different market conditions You have to trade them all completely differently, but on a chart they look the same So that information is crucial if I'm looking at more detail and I'm looking at the individual trades So the DOM would show you the liquidity at each of those trades and How they traded did they trade into the bid did they trade into the offer? That's important information It also tells you how the market was left if it the last print is 14 for example, right? Let's say here the last print is 14 and a five lots if it's left 14 bid for 4,000 lots That's important information the fact it closed on the low Is irrelevant if it's 14 bid for 5,000 and there's 80 on the offer at 15 Well, that's important information that chart doesn't show you that right? It won't show you that so if you take a generic Simplic simplistic kind of general idea like technical analysis might tell you some people all you know The closing price is important. Where did it close it close below here? It's nonsense, right? It's not true. How did it trade is more important? Time and sales will show you trade by trade so the DOM plus time and sales or see the thing I said is before there are two two main tools if you're an order flow short-term trader Okay, what that means is you will be able to judge every situation on its own merits trade by trade It's crucial if you're gonna trade in a short-term way that you do this So who's gonna make better decisions the DOM trader who sees the information objectively? Using his time and sales in his DOM. He's clearly gonna make better decisions. He's seeing this market trade by trade This comes into this next point. I'm gonna make here about time So price charts it doesn't and again doesn't matter if you're gonna use Candlesticks or high low close open high low close or whatever type of price charts additional price charts They group trades according to time, right? So you'll you'll have one minute charts five minutes charts one day charts, right? That's how people will look at it And there's this some again general thing that if you're trading for five minutes, you should look at a five-minute chart I know it it seems like it makes sense. I Still don't get it, right? But here's the thing markets don't trade in that way They don't trade on a one minute by one minute basis on a five-minute basis How many orders go into the market good for one minute good for five minutes? Like virtually none, right? There'll be obviously their orders are good for the day, but that's a different scenario Good for that conditions Markets don't operate on that one minute basis just because people decided sometime and I've asked a number of technical analysts over the years Why why do you group? On your charts price versus time That's that's how most of them again, I'm not talking about the heat map here It's a completely different Ketler fish most traders in the futures markets use price charts traditional ones I've asked the question a number of times. I've written the book that you know that shreds technical analysis, right? So because of that I have to ask people questions. Well, why do you use price versus time if you study the economics? You'll know that to judge value in economics the demand and supply curves have Price versus volume as the two axes, right? So there's some point and I think it's probably to do with the fact that if you go back to the start of technical analysis The only information available was price and time somebody decided to put that in a chart, right? Well, we'll look at those but Why what why at the end of that one minute do we start again? Why at the end of five minutes do we start again? What orders were placed? Why should why should that mean anything? I've just never had a technical analyst ever explained that to me I Believe it's wrong to view trades on that time basis because the orders don't come in that way Okay, and from my experience as a market maker not just in the pits, but you know in in Bond markets in credit markets It's the wrong way to look at mark the way at markets Markets operate on a trade-by-trade basis The the order comes in and it's either traded or it's not if it's too big it will leave it and that becomes important Like I said at the if the last trade is at 14 and a five lots if it's 14 bid over for 5,000 lots that's important The market trade on a trade-by-trade what's important is that 14 bid how and when did that trade out? Is it still left? That's what's important The fact that you are one minutes up and we now move to the next minute is irrelevant in my opinion So markets operate on a trade-by-trade basis you input a trade. It's either filled or it's working in the order book So that's how we must analyze them Again, the chart won't show you that and it's particularly Crucial for short-term traders if you're trading within a few minutes, you know or a few seconds I'm trading within a few seconds with an order method if you're anything like that these price charts are never going to help you at all They just don't have the information on them at all And you're just going to miss all the important information again I said this last week if anybody is teaching you order flow trading using price charts. It cannot be order flow trading so When you're trading order flow we get back again to the second webinar judgments of liquidity and pace They need to be relevant relevant to the now and it's the DOM that keeps us in the now and Should only be showing relevant information. So I know that again touched on this last time a lot of people have some sort of volume Columns volume accumulation or a volume profile or market profile type situation, you know from from my students I tell them to take them off. I just want them in there now right now Let's judge the pace of liquidity and the price action based on what's happening now because we're trading in and out of the current Liquidity so past is irrelevant So I have here Yep, I'm just going to show this is just you know again, this is a bookmap program. This is a random few seconds of Of trading. Okay. I hope everybody could see this. Okay. I'm just going to play a random few seconds of this market This is the ES We can have a look here at the start markets trading 25 20 something not there in a 20 20 in a two lots on the offer, right? Just going to show a random few minute a friend a few seconds of trading All right, if I stop this at any second like now, okay, this is how it looks on a DOM, right? There's some really important things here. This is why the DOM is such a fantastic tool It keeps me in the now. I've said this before I said this again now It keeps me in a now why I can see what's happening now. What was the the bid? What was the you know, for example, the double O bid three four seconds ago? Can't remember and it doesn't matter now. It's irrelevant all it's relevant now for me as an autofo trader is What can I get in and out now? What's happening now? What was what was it trading a few seconds ago? It doesn't really matter. Where's it trading now? All of this is what the DOM does What was the liquidity a few seconds ago 10 seconds ago? It doesn't matter and That's the great thing here and so many traders are trying to trade off the past and hoping that the present and the future is going to Be looking like the past right that's essentially what most people do. Oh Yeah, this happened half an hour ago. It bounced off here blah blah blah. It was some volume there You know blah blah blah That's what's going to happen next time it hits it You're living in the past hoping the future resembles the past. That's pretty much what every chart trader does It's not how the markets work the market works right now if even five seconds ago There was so here for example Stopped here. We have 149 knots on this bid That might be relevant. It might be a big bid if five seconds later. That's gone That's that's new information. Everything's changed, right? If that was here on the bid It was bid for 400 lots. That's interesting if the 400 lots disappeared the market conditions have changed Which means I can do different things in those different two different environments, right? So the fact that it was there five minutes ago Two minutes ago. It's really not relevant. I think I have another one. So here we get me have another and this is the Nasdaq I said the NQ so this again You know, I mentioned randomness before my method incorporates the fact is randomness Please enable you look at this and say there's no randomness. All right, so this is an NQ on a reasonable time. Okay This is what's happening. I Could stop this at any moment Okay, let's go back a bit here. We can just watch it playing Okay, what was the liquidity like five seconds ago with a dumb I don't know I'm a goldfish. I can't remember. I don't know. It's not relevant. What's it doing now? What about the pace of the market? Okay, it's pretty fast now in In 10 seconds time it might slow down Okay, that's important as well Does the does the chart show you the pace of the market? Does it tell you how quickly it was moving? Does it tell you the liquidity doesn't tell you any of that? Any of that the DOM does it shows you which are important things if you are true order flow or short-term trader Of these things are great It's it's crazy. There are certain assumptions I can make about the sorry about the NQ About the NQ at certain times, you know, you can make some generalizations It's generally let's say 12 or 14 lots and it's lower as you get closer to the bid You can make those sorts of generalizations But sometimes it changes right and sometimes maybe a hundred lot appears on a bid somewhere or something and you have to adjust accordingly But again, the DOM is the tool that keeps me in there now now once again, I'm gonna So I'm playing the NASDAQ as I hear I Love someone to tell me that there's no randomness here Love someone to tell me that this is all some part of some planned trading going on Tell me that there's no market orders hidden if you think there are market orders hidden here There must be randomness because if I click buy me five up market right now and again Is it a good if he changes it could print anywhere, right? There are a lot of market orders in the NQ In fact, a lot of people have to use them because if you put a limit order in a lot of times And you're trying to get something done. It's very hard to judge where you're gonna get filled So there's a lot of market orders, which means there's a lot of randomness I look at the DOM. I see randomness One of the other problems about looking at price charts Everything looks like an order. Oh, look, it's bouncing off here. It's doing that off there It's in a trend and you start to get these Biest opinions of what's going on. I don't see trend here. I don't see bouncing off levels here I just see some randomness, which means I can trade accordingly, which again I think places me in a much better position If I tell you that a cloud looks like a rabbit, you'll look at it and think yeah, it looks like a rabbit Does that mean it's a rabbit? Of course not and somebody else might look at it and think something differently That's how people look at charts humans are always looking for patterns Always looking for patterns and as traders, which I in my opinion, we should not be doing that so the DOM again, it gets me away from the whole thing about there's a there's a Pattern here or there's moving off levels. It's not moving off levels Okay, the fact that in a contract like the NASDAQ if you look at the fact, it's 2550 75 00 Okay, the ticks. Okay, it means it's often going to So called bounce off of a 00 for example or a 50 or you know something like that and that's where people start to think Oh, look at that. It's bouncing off that but just because the chart shows that doesn't mean that's what happened it doesn't mean that there was Suddenly a wave of selling if you watch how it really trades, you'll see the randomness of it You'll see the randomness of just this market going up and down up and down up and down right as market orders are hidden Okay, obviously just re-centered now. It's ticking lower a bit, you know, it's actually not moving that much again We're ticking lower a bit there. That's what's happening so the DOM by showing you that DOM hopefully I'm showing you that Get away from the idea of patterns what it does is it keeps you in the now it keeps you It keeps it keeps it real It keeps it real. That's what's really happening. The chart then packages it up and that's when people start going Oh, yeah, look at this. It's moving in this way off that trend and now But if you actually watched it through the DOM through that whole time you could come up with a completely different conclusion There's been many times like I've had trading a fast in particular on fast a trading like the footsie or Dax a particularly Contracts like that people say what's it doing and and now I'll be I might have traded it a hundred times and say I actually don't know And they'll say, oh, you know, I'll see the Dax has gone down like X percent of that. I really I didn't it's not I'm not worried about that Not trying to find out what the pattern is what the move of the trend I'm just in and out of the randomness and that's really powerful Okay, as soon as you start saying I think it's going up or I think it's doing this Firstly, is that what's actually happening? Just because you put it in the chart and the chart shows that in the same way just because I tell you that that cloud looks like a rabbit Doesn't mean it is really a rabbit or doesn't mean it even looks like a rabbit necessarily, but just you know Is that what really happened? The real people that know what really happened are the people that are trading off the DOM and They're just in the now trading what's happening now the pace of liquidity. It's such a powerful tool like that That's what I'm trying to get across okay, and Essentially a lot of the edge of an order method is trading against chart traders fine And again drilling down more specifically into the mistakes they make and then saying how can I pick that off? Because undoubtedly there'll be opportunities So I want to clear off anything that doesn't keep me in the now realistically And make judgments based on what's happening now This is what the DOM this is the this is what it's about and this is where again I'm show hopefully showing you how you can gain edge over other traders each trade each situation each You know moment can be evaluated on its own merits They're not grouped together in lumps based on this arbitrary time period Well, if I can just group that all together that particular You know what we just saw in the A&Q for example into one minute. It will show you a high low and a close What does that close for that minute mean? I don't I've never understood that in the nasdaq. Does that mean something for the next minute? Why why what why do? 61 seconds why is that different? It's not it's to me. It's nuts to be able to think that way We're in a new minute now or new five minute therefore. I don't understand that at all That's not happening in the nasdaq. It's a series of moments. Just one moment after another moment after another moment That's what we saw. That's what it is and Again, I am looking at each individual trade on its merits and You know, I hopefully I can't sort of stressed enough how important that is so just to summarize Here Traditional price charts will group trades usually by a time period right? But markets don't operate that way. So chart traders are missing a whole ton of information The DOM is showing you trade by trade keeps you in the now But you can make decisions based on what's happening now It has clear and significant advantages for short-term traders over a chart We only use relevant information that gives us edge We just need to drill down specifically and there's a number of things here pieces of information We drill down by doing that I get some I start to figure out You know where my edge is how I can pick that off and how I can use that And I said once again, we can see that you cannot truly trade order flow from charts Again here happy to take questions. I'm sure I've Spark to hopefully a bit of bit of conversation happy to take questions Bruce if you have any coming in Okay. Yeah, actually quite a few questions that looks like here talking about your method and Let's see Yeah, so I guess on the smaller the more volatile charts. How do you keep track? Of understanding the now So all I care about is like what's having fun at me right now So to keep track. It's just literally just You just watching that that dome there now, obviously you need to be faster to trade a market like the NQ Surprisingly, I was surprised is me actually I have quite a few students that trade in Q and trade it well I I just feel that the Dax was another one that people over the years struggle with but I had a number of students at the Traded Dax very well, and I traded the Dax as well And I fear I feel that if you're trading a contract like NQ futures or Dax futures or things that move More volatile in a more volatile way if you're trading that in a sort of pattern recognition Levels type of way. You just not that's not what's going on Just look at that what that Dom understand There's randomness there and just like as I said before real order for traders can trade at any price at any time But with the NQ obviously like the Dax you have to sharpen up your speed. You have to be quick, but just what's happening now Is there a mistake potentially happening or you know, I just say my method is to say okay I realize these chart traders have got flaws and I specifically drill down into when you know, they could Make those mistakes, and I'm just looking for those sorts of market conditions You know which can happen in the NQ obviously regularly more regularly than even a yes But you know work out that that's that's that's my game right move you have edge over. Why do you have edge over them? How do I pick that off? That's generally how I approach any trade in this industry or any any anything So of course the NQs faster would never suggest people go straight to it But what I hope to understand is that's just randomness going on and off there and people will make mistakes there Then I have heard you talk about this before that Actually the some of the more volatile markets offer you Potentially more opportunity if maybe you can kind of touch on that Yeah, so if we go back to that statement that I'm looking to pick off Retail traders. Where do they struggle most in volatile markets? Why do they struggle because the charts that they're using and the way that they're trading? It's just there's no resemblance to what's happening in a volatile market And then it's about the mistakes they make in those times are generally going to lead to bigger Potential errors in what they're doing so in the markets volatile like the NQ like I got asked a question before about trading for one Take you don't trade the NQ for one tick because the people we're trading against them mistakes Are not one tick mistakes. They're five six seven eight nine ten tick mistakes, so we can pick those off That's really what we're trying to do, but the volatility just amplifies the mistakes And and that essentially is is why there are more opportunities on those days And as I said, they're trading the wrong way and one thing to remember about so most technical analysis And look most futures traders use technical analysis, right? That's a fact most futures traders use technical analysis Many people came into futures because of it is even one of the most famous books is Technical analysis for futures, right? It's one of the most famous books It's like yeah, you know futures market was made for technical analysis, you know, but all the evidence will tell you No, it wasn't no market was made for it One thing to understand most forms of technical analysis are essentially trying to find trend Right. What's the current trend? That's you can boil a lot of it down to you know Chart pan is trying to tell you the trend trend lines trying to tell you the trend etc High volatility is the opposite of trend It's the complete opposite high volatility is the opposite of trend. What does high volatility mean? There's no trend It's up down all over the place. So if you're using technical analysis tools, which are designed to find a trend At a time where there is clearly no trend because it's high volatility. You must be wrong You've got to be looking at the wrong information. So all of that again, and it all comes down to I suppose They're not in the now. They're not in the now. They're not using the relevant information And as I say, it's it's a lot more specific than that and I said I'm not here to teach how to trade But is a lot more specific. There's certain specific situations that that are good for us That's just you know, and there are certain situations which are not as good And there's always something that we have to do which is to protect myself. So I've always also got to think of Protection things. What does it look like when I'm wrong? What does it look like when I've the one that's got picked off? Okay, which can have obviously happen. I'm not a hundred percent success rate There are times that I'm gonna be the one that's picked off by something I need to know what that looks like and have an exit plan straight away for it But again with the with these webinars and with what I've done today Hopefully is to have people think you know because I'm not saying I know everything about order for trading or picking off these Orders make people I want people to start to think about more specifically if you really have edge You're very specific about it who and why and how do you exploit them? So what I've done today is actually so you some of that edge the Dom gives you some of that edge and Now, you know, hopefully some of the listeners will Go away and be able to craft their own ways You know, you don't have to come and do my way you can craft your own ways But understand where some of this edge lies, which is what I've tried to explain today Okay, there's a question here about time and sales and How it's moving so fast and and and how you make sense of it So for there's obviously we you have to adjust so for a concert ID and cue your right time and sales is like moving very quickly You won't refer to it as much You're really gonna look at it if there's something that you think you may have missed on some of the fast moves You may just have a look where did it trade down to where did it trade up to on that move? Or if you thought you saw like a big trade go through you might want to have a look at it then But for certainly on the A&Q, you're not constantly looking at time and sales Yes, you're looking at it probably a bit more the slowness of the market the slower the market the more you'll be referring to it Okay, yeah, I actually that kind of raised an eyebrow for me when you mentioned time and sales today I hadn't heard that before in this series and Because that's actually the very recent past And You know, how does that fit into What you're looking at in the now So time and sales it basically take tells you what's happened on a trade-by-trade basis That's what it is So you just see it trade-by-trade and there are times as I say well I just want to refer back to how did that exactly trade So for example, if you go if I look back up and stop sharing the presentation But go back to the one of the first screens where I showed the four different alternative histories You know it trades 14 or five lots 15 or 10 lots. That's what time and sales shows you So sometimes when I'm watching the DOM, I'm seeing something You know, I'm seeing obviously the trade-by-trade as well on the DOM But you know, sometimes the DOM can move too fast that I don't see every trade So a reference of time and sales will just throw me a little bit more There are times where I missed, you know a decent trade I mean maybe in the middle of a trade I think well, did that just trade like in it may be in the NQ 30 lot for example Oh, did that trade, you know, I just want to have a look at it But time and sales lists the way the market trades on That trade-by-trade basis. So anytime I do want to have a look at what's happened in the last minute or two If I step away for example So, you know, my method is quite intense lots of focus You might step away every 10 minutes or so just to have a little break come back You know, I can't look at a chart to find out, you know, what's been happening You know, so my first thing is have a look at time and sales that will tell me the last few seconds And that's all it has really literally the last if you had the last 20 trades or 30 trades That's literally just a couple of second not even not even a second actually in NQ So it just helps me to get back in the game by looking at it from that perspective So going back to that slide I can see which type of conditions do I think we're in and then I can start to watch it myself And then I can start to get into it myself. So it's not It's a tool that we will use during the day, but it's not our primary tool, but it goes hand-in-hand with the DOM Okay Let's see here Some questions about profile and then also a question here about commissions And maybe the classic. Yeah classic. Oh, you'll get killed by commissions a classic retail trader question If you're a heavy trader, you'll get killed by commissions, right? Is that the question? Well, just like how do you deal with it? Like Okay, they continue to add up and by trading such high volume Yeah, yeah, well here's Here's an interesting bit of information which everybody knows but no one seems to think about is ask yourself Who are the heaviest traders in the world? And it'll always be the most successful ones always Right the most successful traders whether it's the Citadel Renaissance. They're not trading once a day Right all of the most successful traders in the world are trading high volumes all of them over their hedge fund managers That's always the way So it's something to bear in mind secondly You got in our with futures, for example, the more you trade the lower your commissions go anyway Of course, you do need to have a reasonably high Profit rate reasonably high profit rate I've I in my sub-stack that I did on HFTs though I actually explained if you're extremely high volume high volume trade like HFTs are you don't actually even need to be profitable in Terms of 50% to make money which sounds odd, right? But that's just the way the commission structure works for them Again the game changes and this is something I even have with my students as They start to progress. I've actually just written a whole new section about transitioning to professional traders in the course because I've got a number of students sort of moving that way and You've you've really got your whole mindset changes and one of those big mindset changes is about commissions Have to embrace the fact you're a heavy trader because all professional traders are your volume your your costs come down and You start to realize that it's not you know, of course if you are you know, if you are losing trade It doesn't really matter if your percentage of loss rate or percentage of win rate is low It doesn't matter if I trade once or if I trade a hundred times. I'm gonna lose money If you have a reasonable success rate and you're a high-volume trader remember if I'm trading and I'm doing poorly. I'm gonna stop trading. I don't just keep trading for the sake of it if I'm struggling today I'm not in tune with the market. It's not working for me I need to stop quickly so as long if you think about it even for retail traders and and you know that Brokers off on my students quite good rates because we are heavy traders, but let's say you're an average retail trader ES trading what 350? Pay in 350 380 something like that between 350 to 380 the tick size is 1250 so you know, obviously it means that a winning trade is worth about nine bucks for you or losing trade It's gonna cost you about 16 And a scratch trade is gonna cost you 350 But if you have a reasonable win rate, you're still gonna be profitable as long as the tick size is greater and You know reasonably greater than the than the commissions your pain then that's fine All right, and it's one other thing. I was mentioned here is you look at the NQ and you know, that's a really small tick size But you know what I refer to is the effective tick size the NQ doesn't move one tick at a time So you're very rarely trading the NQ for one tick. You're making three or four ticks. So the effective Tick size for an NQ trade even held for a couple of seconds Is more like 40 50 bucks, you know something like that And something to bear in mind you're not trading in Q for one as ES you also is sometimes trade for one more Often you should be trading ES for two or something in the my time frame But bear that in mind as well So then if you think about that if you're trading ES generally for two ticks sometimes for one Then you know the effective after commissions might be 22 Understand as well if you're a reasonably heavy trader then leasing a seat is where you'll go And when you do that your commissions drop a lot and this is what I'm trying to persuade with with my students They're getting their volumes up now It doesn't you'd be surprised at the break even To to lease a seat You know I have students trading, you know more than 40 50 round trips a day Okay So, you know, they're close to that situation now when you move that that's another way of achieving profitability This is all part of what I'm trying to explain. So that Transitions to the retail trader Yeah, it's always scared of commissions, but they don't understand I suppose understand that pathway Like I said, I've just written a whole chapter about that because it's come up a lot in my monthly meetings that I have with my students As they're getting there, you know, there's that nervousness sometimes and all that means and how to transition It's a very different world in the professional world Everything about the way we approach it, but you know to come back to the start Every successful trader trading firm out there is a high-volume style trader They don't worry about commissions and I've I've said this quote. This is a true quote once from and I'll refer it back Okay My when I was a kid of my my grandfather was explaining to me He was doing his end of year taxes and he's explained to me what taxes were I was you know, probably about seven or eight years old And I remember, you know, I said to him. Oh Why would anybody want to pay taxes? All right, I don't want to do that and my grandfather said to me Gary I'd love to pay a million dollars a year or million pounds a year is any million pounds a year in tax when you're a trader You want to pay a million dollars a year in commissions Because it means you'll trade for the same reason as my grandfather wanted to pay a million pounds a year in tax It means you're doing a lot of business. You do a lot of business when you're profitable You trade hard when you're profitable you Cut down your trading when you're not and you're struggling and if you do that as I said if I can say you now All of my best years as a trader will be the years that I traded the most and therefore had the highest commissions that year If you know, when do I take time off and not trade is when it's quiet when there's nothing when there's no money to be made So all of the time my my quiet months my low commission months will be the months that I'm not making much money It's a different mindset, but that's again I can understand that that there's a lot of stuff all commissions kill you. No, they don't they don't kill The biggest firms they don't kill even small. I've you know, I just say that so that's but I understand where people come from So hopefully that explains it Yeah, let's see There's a question here about time and sales also time and sales in book map and dome pro So you can see it here like I've got it set up in the configuration. I got dome pro on the right I've got time and sales. This is just in the regular book map Which comes with global and global plus and you can also pop this column out so you can put this anywhere you like With your time and sales So, yeah, we it is offered here in book map and Let's see Yeah, some talks about profile and footprint Footprint in the dome, you know, like you can see the transactions here in the middle column And that's something that you look at Gary I mean in the examples that you had you did not show that you just so showed the limit buy and limit sell orders Yeah, no, I'm I'm interested in the last trade Where it traded last like literally the last trade that keeps me in the moment So, you know, I look at that I can see that I'm not really interested in anything other than that I don't care like, you know, how many it's traded over the last five minutes or ten minutes or hour again They're arbitrary times. Why does that matter and they're different contexts? You know, sometimes, you know, so you have to understand the market context is constantly changing So what happened an hour ago isn't relevant like I keep saying not to the liquidity It could be different not to the price levels themselves And I think another advantage of being a higher frequency trader of trading a lot just constantly a lot is I can't remember where I traded five minutes ago. I've done that many, you know, I guess I'm just in out in out I'm not using levels. I can trade anywhere. So I can't remember. It doesn't bother me where we traded before You know, and for those that do think that there are levels created out there ask yourself, you know The HFTs that we know are trading and they're heavy traders. They tend to trade against each other Do you think they care about what they traded two seconds ago or a fraction of a second ago? They're just trading whatever's there as well So most of the high-volume traders high frequency traders really don't care and can't remember what they traded Three seconds ago because it's irrelevant to completely different context liquidity So I'm just interested in really where it just last was the last trade. That's that's really the only thing You know, that's important to me Okay Yeah, let's see some questions about well the charts and Well, I guess Expanding off of the footprint question there so You know, I believe that you know like a daily chart was you know in the pits back in the day like, you know More than a century ago, you know, someone would just Record with a pencil and paper open high low and close for the day Now on that time frame Gary though, does that is that something you're looking at at all? So picking maybe people off at specific areas where on a daily chart, I would imagine that that would have more significance That you know people traded that day or previous day and that's a high or a low That that's not like a one-minute chart in that sense. There are people that were Trading that previous day at that area or do you do do you consider that at all? No so for So breaks down so for start out the northern method short-term day. It's it's meaningless Right, I don't use that because I come in the next day and trade again and just trade the next day and again I think that's really cool. You know, I finish at the end of a day though Wednesday. You finish trading. That's it That's Wednesday done Thursday you come in it's a completely different day. What happened Wednesday. I believe is irrelevant Basically people gonna make new decisions today on new information and you see that right? You see the market conditions change because something happened overnight or whatever so I come in and again keep in the moment What's what's Thursday looking like and trade Thursday? now In a wider context as a positional trader Or as larger traders Again, I can understand what it does looking at the daily chart if I'm a bigger trader Is it helps me to understand what some traders are going to be doing? I don't think they're gonna influence the market So if we had a particularly interesting close that closed above a trend line or something like that when I know that Okay, I'm going to use that to my advantage if I can or Which is in Happens as well is If I have something to do I might try and help close that market above that trend line And that's usually going to do that if I'm a seller, right? Um, that all those things sorts of happen for positional larger traders Um, but again generally even if I look at a chart I'm looking at that activity and the basis of that's what happened yesterday With yesterday's liquidity with yesterday's order flow it created yesterday's action now today is a different day The order flow starts again the liquidity changes again and therefore You know what happened yesterday may or may not have any meaning to today I know there's a whole bunch of traders that will apply meaning to what happened yesterday Yesterday's low yesterday's high. I know there's a bunch of traders that do that I also know the vast majority of them don't make money. So I'm good. I'm not going to follow them down that path but Um, yeah, I try to keep always to that what's happening now And you know that that is I always say it's such a powerful thing. I think That if you can just trade what's happening now It really frees you up and I've had so many students tell me that over the years Like just trading off a dom in the now To forget what happened before is It's just like breaking out of the shackles. It really is important. So, um Yeah, that's probably a long way of answering. Sorry bruce. No, no, that was a great answer Um, it leads into another question Something you'd mentioned about picking off traders and that You know market makers will know that traders are looking at specific Time or trading off of time frames or technical analysis Do you look at a chart just for some of those reasons? Yeah, that's that is that's a great question. So, um, I I used to a bit and uh in uh in the book technical analysis exposed I explained how pit traders would do that Just sort of familiarize yourself with certain key technical levels Knowing that some people would be you know, there'd be action around there And it may it may induce something. I don't anymore haven't for quite a long time Looked at levels like that anymore. I have some students that still do it I get asked even by my students much, you know, should we be looking at these technical levels? um I I guess I prefer them to stay in the now again um and But but potentially those are places where yeah, there's going to be potentially a lot of mistakes made anytime, you know that You know, there's going to be A bunch of retail traders playing. There's going to be a bunch of mistakes That that's the essence of you know, and that's what we want to think. How can we do that? um, so while I tend not to anymore um Other traders do and I can understand why they would Okay, excellent um, let's see here Zhai Zhong has some questions Some of them have already been answered. I think this one has not If it is a closed end of the day of the market, um, there are always many large individual trades Because people want to close their positions and finish their work. Okay um, yeah, the close of day traditionally is like The garbage time of day it really is everybody bringing the trash out um, which is why I I again from my time in all the markets I've traded If there's one price that I think could be the worst in the day like the one that really is meaningless It's usually the closing price and I find it really funny that most Methods using technical analysis talk about a close if it closed below here if it closed above there because I'm just like, you know what? closes off in the garbage Um, and that was even back in the day, you know, but even you know now you have what do you have at the end of the day? You have a lot of etf rebalancing for example And that is and that all happens in the last, you know, a few minutes and not just etf rebalancing but other similar Styles and structures. So what does that mean? These are people that are not buying because they think it's going up They're buying because they have to to rebalance it's meaningless There's a lot of volume that takes place there because they have to do at the end of the day You'd always wait in case the market came back and you didn't need to rebalance So all of that that kind of activity, which is essentially a rehedging Takes place towards the end um of the day Now generally with for for my style and the way I trade And I tell my students is stay away from the last 25 30 minutes I do have some students that trade it and trade it very well. I've never liked it I I just don't like it at all and I I've always go with the thing if I didn't like it Then I don't want my students doing it, but but some of them do and do well, but I think it can be different because Because of these people that come in just for the end of the day like etf rebalancing it does change things it makes it harder And to judge value and you know, we have a certain method of judging value and I find the end of the day generally as everyone brings the trash out, you know Generally if you've been struggling in the day, you're losing money on the wrong side of the move You'll probably be getting out at the end of the day You've been hoping hoping fingers crossed all day the market comes back. It doesn't you've got to get out at the end of the day So you get all the the crappy traders the losing traders The people trying to manipulate the clothes because they want to move something there I've done that before in me, you know as you know most bigger guys have but it's harder and harder to do that now But as I said a lot of rebalancing etf rebalancing a lot of that action My usual suggestion is stay away from the end of day Okay, uh, there's a lot of questions here about, uh, you know commissions brokerages, uh, also, uh, products that you use or Don't use and why? Um, I'm gonna kind of you know bypass that and take you don't put you on the spot on that one Um, there is a good question though here about different instruments Unless there's something you want to mention about that Gary Uh, uh, but uh regarding the different, uh, instruments and what you which you recommend trading or like trading Uh, or your students trade any kind of insights there? Yeah, so again come back to the the style is designed to pick off weaker traders So I've really you know, we really should be focusing on contracts where there are a higher percentage of weaker traders um So that that that leads you into for example equity indices and I suppose to help answer that question I'll lead you into what it where it doesn't take me and it doesn't take me to 10 years All right for as an example Why is 10 years has got a much higher percentage of pros relative to retail retail traders are generally not playing 10-year bonds right a lot more pros a lot fewer fewer retail traders in comparison Means there's going to be less mistakes means there's more people that are bigger than me, you know And for example professional bond traders sitting behind a desk a major investment bank gets lifetime information on what's happening in the cash bond market. I I don't have that sitting at home. So Whereas with equity indices, we all get live cash market information so We stay away from tens There is some I have some traders trading 30s and ultras Again from my liking there's a little bit too many Pros relative to but the pros in that market are smaller than they are also in the tens You've got a lot of bigger traders a lot of people trading hundreds and 200s and plus In the the 30s and ultras they're smaller players There are certain conditions where I think we have edge over those guys in 30s and ultras So as long as my traders keep to those conditions, there are certain conditions. We have edge even over some pros in 30s and ultras But generally we'll try and keep to like equity indices I don't at the moment have any students trading any commodity like soft commodities. I would love to see it I've said that to some of my students. I've never traded soft. So I mean, I've never traded I don't I know nothing about them. I'm happy to say I know nothing about them I would love to see if it's possible. I'd you know, I really don't know those markets, but they move quite nicely From what I see the equity and pace they move quite nicely at various times. I've had people trade gold Crude is possible, but it's a very difficult contract Again, lots of little traders moves a lot, you know things where There's basically lots of small traders because these small traders are generally not good And in fact, you know, I say all the time to my students is Most small retail traders weren't very good 10 years ago They weren't very good five years ago I really don't see anything that they're going to make them better in five years time Because the vast majority of them are using charts and technical analysis So as long as the technical analysts keep driving new people into this market And you know, we'll still to continue to have edge And that's what we're looking for those those little guys. So that's yeah, that's what we are And I say I stay away from 10s. I can't see any edge for myself in 10s Okay Yeah, sorry and there's the real short and anything shorter than 10s as well, of course Lots of pros. So I can't look along your curve three months, six months No, can't think see anything there two years five years Can't see any edge for myself anywhere along that from 10s Inwards to the shorter end of the curve. I can't see edge It's a very different style there Okay Let's see. How do you handle economic releases? Alan is asking Yeah, that's a good question. So generally I Suggest to my students that they should not trade over the the data Wait till the market sells down because there's some Essentially if you trade the data itself, you're taking some sort of a prediction, right? You go back even to the pit days a lot of traders wouldn't trade over that data Sometimes I will but then I'll back myself if I see a retail sales print And you know, I think it's higher or lower. I'll back myself that I think I know how the market will react But again, if I get that wrong, I'm screwed. That's more of a position trade and we tried not to be position traders So generally stay away when the number comes out Obviously the liquidity always dries up, you know in a few seconds before the big numbers goes crazy afterwards That's not really a time Because if you get it wrong, you're just screwed So I tell my people normally to stay away from it and then when the market settles down Um, then then get back into it again Okay, uh, let's see. Um Yeah, so, um I'm curious like uh, so how do you kind of Do you You're just interested in the, um The last uh price or the last sale basically, uh last transaction And you're following that And uh, uh, but and but like you said if you kind of like, um Walk away for a bit and come back, uh, then you do want to see Uh the, um, uh, you know recent time in sales Just to get a kind of picture of what's going on So, um Is is that is that a correct kind of assessment? Yeah, pretty much I simplified it by saying that it's not just the last print But it's mainly the last print it depends on the market as well Um, I try to simplify there by saying I'm in the moment So I am but it's it can be a little more than that sometimes Again, I'm not going to go into the the details of exactly how we'll determine value Um, but it's it's it's essentially around that right? It's essentially around what's happening now Um, then certainly from a liquidity perspective, it's what's happening now. What's the liquidity now? What does that do for me? What does it mean for me? You know, what does that mean because it does mean something And all these little things I as I say none of them are on a chart But all of these little things Provide or take away edge All of them Everything, you know, everything that goes on in this market can either provide you with some edge against someone or it can take some edge away from you And particularly if you're trading short term You need to understand all of those little things and understand which ones are good for you and which ones are not good for you Um, that's yeah, that's And that's obviously what what I'm trying to teach people show people but with these webinars I'm trying to explain some of those little things right and To explain the power of the DOM Why it's better and then hopefully, you know, I think I've given away a fair bit today actually people will be able to Start to piece this together, you know piece together at least some some way of understanding where there's little bits of edge here And once you know where there's edge like I've explained some today Then the next stage is to to ask yourself how can I exploit that? Obviously the DOM is the tool That's one thing And then the next thing is how do I exploit that you need to have the game and now and just think about it Oh, I say to people that's that's what I do. You know, it's all the time. You're just thinking about How can I exploit that? What would it look like? To exploit this particular weakness? What? What would it what would what would hurt me? So what would it not look like and Yeah, it's quite specific. There's lots of little things But it's not saying it's not doable. I mean, I'm not the smartest bloke in the world and I've I've worked something out So, you know, I'm sure lots of other people can too Right, right. Yeah, it makes total sense. I'm I'm curious like from you and your students Since you are looking for Uh, a very specific or you're looking at the now and you're looking for an edge I would imagine that you're You must be hitting like somewhere around the 90 plus percent Of your of your targets or trades As being profitable Would that be a correct assessment? And not any profitable would be would be pretty exceptional. I tell my students to target 70 But I you know, I have students. You know, you know, we have videos in exchange of students, you know, and uh, There are the you know, and the the ones that are doing the well And I would say, you know, in some of their cases, they're they're at least as good as as I would be in that market and Um, yeah, I think there's a couple of videos where people have done like 25 30 trades in sort of 10 minutes 15 minutes And all but one or two profits Uh, that that's pretty It's pretty exceptional. So it's obviously very good. Um And I think one of the other things about I've said this before about high frequency trading like someone like that if you trade 25 times in 15 minutes and 24 of the 25 trades of profits and ones are lost for example And I say that's an exceptional trader. I've got obviously other students that are nowhere near that Or struggling to get near that or you know lower than that But the thing about that tells me is you can't do that by luck If I do one or two trades a day and they're profitable, I could have got lucky, right on one trade or two days It's not enough data to tell me but if I've done 25 trades in 15 minutes And 24 of them are profitable. That's that's that cannot be luck It just you know, it would be ridiculous luck to do that And and we all know those of us sort of traded that that doesn't exist in this market in these markets, right? It doesn't the only type of luck that exists in markets is bad luck, frankly That's just and that's that affects me as much as everybody else, you know If I make a mistake and click wrong, you know 99 towns out of 100 that trade will go against me like that happens to me just as much as everybody else, right? So that's just the way of the world. So it also tells me that can't be luck But as I said, I think if you hit in 70 percent profitable Um with a reasonable amount of scratch where it trades as well in there You you're very profitable like it's it's it's decent But like I said, the exceptional ones can hit high Um, again, it depends slightly on other things as well But you know, and it's hard the process that that trade of example I'm just thinking in particular one video. I can remember it took about Eight nine months for that trader to get there And his first video is that he sent me more absolutely shocking and I and I tore him apart on them Which I do anybody that's here And my students will know that that the videos we have and in the exchange of my students I narrate them I go through them I explain what's good and bad and if they're bad I I'm not sugarcoating this right there's nothing nothing too sugarcoat Um, his first videos were terrible But he kept responding to my feedback to improving and then they get there. It takes a long time It's not I'm not saying this is easy. It's not it's a lot of work a lot of skill to get there So that's That's what you do, but because it's very specific. There's certain specific things you have to keep nailing I I liken it as much as anything to a to a golf swing You know, I think about how many different parts of a golf swing It's not like you just swing a club and you hit the ball is a lot more to it I'm essentially taking apart someone's golf swing and completely rebuilding it And you know all the while talking about their grip their stance their hips their this their upswing that you know Or all of it and you've got to nail all of it But that that's what it takes to become a professional style trader. I mean, it's not hit or miss just swing the golf club That's not good enough for me Yeah, yeah, I mean makes complete sense the How I mean, I think you answered this on your on your first webinar with us, but uh The amount of intensity and time or focus Like how long are you able to kind of? Do this Before you need to take a break or are there certain times a day that you you like to trade when there might be more retail traders Yeah, good question. So I think I talk about like stamina I think the more you do it the more you build your stamina just in a way like just like an athlete would I think people at first it's highly intense and focused, right? If you think about anything done at a professional level If you think about golf, for example, you know, I play a bit of golf, right? But the intensity and focus that I have when I'm playing golf is nothing like the intensity and focus that a professional will have Um, but notice even they as they walk from one shot to the other they tend to switch off for a few seconds And then they'll pick it up as they're getting towards the ball They'll think of thinking about the next shot, but even for them four and a half hours They can't or four hours. They can't focus that much anything done at a professional level sock or whatever is done Generally at a much higher level of intensity and focus To me it's the same with trading if you're trading behind a screen and there's not much intensity or focus But what you do you can just chill out for a bit for a half an hour or whatever and only things That that's not a professional level. Everything got professional levels done high intensity high focus. So um, I find Yeah, people at the early days will struggle. I saw normally say 10 minutes and I see that in the videos I've seen videos of people that sent in to me the first 10 minutes is quite good And then it just seems to go to go to shit like for the last three or four and they'll show me like oh, it went badly And I'll just say I think you should stop at 10 go away have a watch because you just I can see by the way They're trading they're getting ragged. They're getting tired. So for some people it's like 10 minutes go away Have a break for 10 come back Remembering that in 10 minutes you can get, you know, five 10 trades go away come back you can do You know six sessions of 10 minutes And you may still end up with 30 40 trades for example, which is, you know, clearly clearly enough to make a reasonable amount um, for me, uh I uh, I can obviously trade for a long time, but I've been doing this, you know trading since I was 18. So uh I'm used to like 12 or 14 hour trading. There's not that I do that when I'm doing this method But I prefer to open in the morning As the as as the time of day. I think it has the cleanest business As I don't trade towards the close of rth in markets I think the early, you know, maybe you obviously you leave off the first three or four minutes where it goes a bit crazy But generally the morning sessions. I think are good in most markets If you're able to trade those times Um, like I said, if you need to take breaks even I would I would trade like an hour in the first up Then have a break come back. Maybe then just do half hours after that as well Because yeah, it's hard to trade at that intensity just for for four hours at a time But you may end up doing four hours, but that's over a period of time But um, you know, maybe over six hours over a day But generally, you know, you don't have to do that much Okay, yeah, sounds good. Um, I'm just I'm very curious about this I mean, you're looking for something very specific. You're looking for weakness You're looking for someone who got it wrong or taking advantage getting an edge over them And so you Those 10 minutes, I mean, maybe you Let's just put it this way within a 10 minute period. Um, are you Rather guaranteed to see that at some point Or yeah, I mean if a training and Q Yes, and you know the markets. Yeah, you're going to be seeing A lot of them A lot of them Um, and then it's just a case of how many can you pick off basically? Um, and like, you know, my best students will be able to pick off like I said like On a pace of 30 40 trades an hour on that kind of pace or more other students may only find Five or 10 And that just depends on how good you are how proficient, you know experience as well I always say to people just start off finding, you know, do 10 minutes and can you find five trades? You know because you're always going to improve or you should so in six months time You might look at the same 10 minutes and you then might find eight trades or 10 trades Um, but that's just a factor of Um, you know different traders will find different amounts because they're better and that's just a fact You know you that something I you know, I've got a few obviously a number of students now the northern method They don't all have the same outcome. They all get exactly the same course the same tuition But that's why some are better than others, right? It's like if 10 of us go to a golf pro You know, we get the same tuition If he teaches the same thing in the same lessons, but we're all going to go away slightly different Some will become better than others. Um, but yeah, there there will be, you know Generally in most market conditions, there's going to be a number of these mistakes. It's just a case of Um, the mistakes are kind of always there. It's just a case of whether the other things mean that we can pick them off um, so partly that is our own proficiency at it and partly some other things that are there that Um, they're happening that does do they prevent us from picking them off There are things that will prevent us from picking them off So we have to look at that as well and that includes as I said some protective measures to try and protect me from being picked off Right, right. So that that makes sense. So you you will see the opportunity, however It might not be executable or you might not be able to find a way to get into it Sometimes yeah, but but within a 10 minutes in the s1q you're going to get a lot of opportunities You know most on most days there's going to be even even with the ones that you can't trade There's still going to be plenty that you can Okay, and most days, you know, particularly in the morning Particularly in the morning Okay, and then chartis is asking How do you look at the market gary? For example Now what is going on in your vantage point on this screen? I'm showing the dome pro It's time and sales in book map heat map And he's asking to teach us a bit and I wanted to open that up. You Mentioned at the beginning of the webinar. Uh, what the what this webinar series is about Yeah, I don't know why I can't see your screen. I'm not in the wrong thing. Why can't I see You're showing um I'm in special events you you stopped. Um showing your screen Correct. Okay. So then I I just kind of took over and I show I just showed book map and uh The the dome pro and and time and sales here Okay, I I can't I mean I mean the special events If you click on uh Yeah, click on special events, uh again on the text special events and then Um, you should see my screen in there and then you can click on that. I can't I don't I don't know why I can't see it. It's Yep, I can't in previously. Oh, hold on. Yeah, no previously I had But I can't sorry. I haven't been able to see anything. I know you've been saying that you're posting things I can't see any of it. Oh, I'm posting in in in youtube So the you said you're showing your screen. Yeah Yeah, so if you click on special events that the the um right above my name there, uh in the special events room Click on that text That should open up a You know little little screens in there and you then you can click on my screen if that makes sense Yeah, no, it's not happening for me. I'm sorry. I can't see it but um Um Yeah, I mean I I'm sorry. I can't I can't see what you're Okay, no problem. I've got no idea why Last time I could see it this time. I can't uh, I can put the event in youtube in here Um In the chat when I go into special event. Yeah, sorry I don't want to take up too much time by saying what I can't see when I go into special events I'm just not seeing any of this Oh, okay, uh, I'm not sure maybe you popped it out. Um, and you have yeah, perhaps. Yeah, maybe uh, Minimize that one. Um, and then uh, then you will be able to see it and And if you click on the special events text All right, should we move on anyway? Yeah. Yeah, let's let's move on. Anyway, um, you had mentioned in the beginning that Uh, this is more about the kind of history evolution of the dome of the advantage of of the dome Not so specific about how to trade No, that's right Yeah, what I want to do is leave people to that path where they can go. Okay So now I know why the dom's so important and that's what I want to get back to why is this dom so important Why is it so good and and today's session really and I know I've gone off topic really into areas that I didn't really want to go to but Um, today's topic really was about why it's better than a chart Why you know what it does is so much better And then you know, I just gave an example of knowing that I can pick off people that use charts, right? And I think from there we've probably gone down the rabbit hole. How do you trade? But just focus now on The advantages of the dom Why is a dom better than looking at a chart? I've explained that today and that's what this series is about This is a very powerful tool If you use it and you ignore other things And you just look at this thing and if you want to trade quickly, there is nothing That will get you in and out of the market quicker and better and nothing that's showing you The information you need better than a dom It it's just light years ahead and I think that for a lot of people like I said, they get introduced to futures through technical analysis and charts So that's how they end up trading them And what I'm trying to show is no move on to the dom move on to the dom Understand the power of the dom move on to it and then work out a strategy around that Yeah, yeah makes sense. I I really liked your comment earlier as well of looking at the dome and then starting to piece it together That you know Starting to understand what is doing who who's trading it where where might there be opportunities in here? in the auction and And you're doing that all the time, you know constantly Trying to ascertain Where you can find some sort of edge or advantage in this in this auction Yeah, and I think another key factor here is I said this one maybe before I know what I don't know One of the problems about charts one of the many problems in it. You know, I can talk about problems of charts all day But one of the problems about charts is it gives people the illusion that they know things And it's illusion that Oh, I know that this is a high. This is a low people were playing You know, this is a trend. This is it gives people the illusion that they actually understand what's happening I hear that all the time from chart technical analyst, right? Oh, yeah, this market bounced off here It's going through here because and it's all bullshit Right, and if you trade that I've shown you already that the charts don't show you what really happened in that market Whether that's you know in a one minute bar or one day by it doesn't really show you how it traded So you cannot tell any of that information anybody that gives me a summary or analysis of what happened today or in this last 10 minutes or whatever You know based off a chart I can pretty much ignore them straight away what the dom says Because I don't see that I'm not making those judgments. I don't know who's trading. I don't know why they're traded I can't see where they traded before I and again, that's powerful actually to actually say I know what I don't know And I'm not trying to figure out some of these things because I can't and I'm not going to kid myself that I can Because I can't You know and a lot of people try to analyze. Oh, yeah, the big traders. There was a lot of volume here big traders I'm like, you know what? I don't know what they were doing And I've had a saying and many of your people may have heard this from me before and that If you can figure out what a big trader was doing Either you're wrong or he's shit I don't think I can You know sometimes yeah, no we get into the wrong material of the options analysis stuff, right of the people say Oh, yeah, I can see that there's option trades and we can see that. Yeah, there's a bit of that going on but the Thing about the option trade is traditionally They are types of trace option related trades I'm talking about where it's a big buyer of options and therefore it leads to some Market maker re-hedging which happens sometimes it doesn't happen all the time But but the other point about that is that traditionally that type of business is a business that would be faded by pros Not always joined by pros, but again, it's different It can be different in different contexts of when it happens Um, so again the dom I'm like a chart I know I don't know and I'm not trying to figure out what I don't know Does that make sense? Absolutely. I mean it it it I think it's sinking in A lot of the questions that we've been having over these last three webinars is about well What about you know a footprint chart? What about a volume profile? You know all of these things and you're just saying No, the here the now The dome everything else you're not considering And you're just focusing on this so It's it's trying you know trying to kind of wash that out of of our system Which is hard because we've had years maybe decades of looking at these other things Exactly exactly and that's partly because You know, I I mean like people like me. I'm not you know, I'm not particularly vocal right I I do maybe one or two interviews a year for them. That's only the last few years. So You know, there's no balance it. There's no there's no counter arguments, you know all People have had for the last 10 years is that style of trading. So of course that's all they hear That's what they believe. It's it's going to be the case that people like myself. I'm not vocal there I you know, I don't do many of these sorts of things um So people hear about me from word of mouth or from you know Brokers or people like that that will refer people to me, but Yeah, I I I just say A lot of that is just people trying to figure out stuff that they actually they can't figure out But they they have the illusion that they can I'm like, no, I don't have that illusion anymore I can't figure that out Go back to the very first of these webinars and that's you know, I hope that the way I've Put them together is really trying to go through all the stages to understand that very first one On the floor Where some of these ideas may have originally come from potentially possibly but still blurred a little bit We knew who was trading And it was actually very easy to then put the picture together of what they were doing But we can't see that anymore We can't see who's doing what or anything we can't even see the option traders or sometimes we can but sometimes we can't um, so Again, I know what I don't know And I'm not trying to figure that out Um, and that's why again, I think I was helped by the fact that I wasn't a futures trader on the floor I was an options market maker on the floor I transitioned to futures trading when the markets went screen based. I had to start from scratch That was a massive advantage to me actually in hindsight And I spoke a bit about that in the first one as well about the advantages I had Coming in as it from new and just saying to myself, what can I see here? And of course I although I had studied technical analysis I'd already basically, you know, knew I was never using that as a trader because I just didn't make any sense to me So I knew that I had to figure out looking at this information. What can I see? What can I figure out and of course over the years the way I started? I again, I explained that in the first webinar the way I started trading It's not the way it's transitioned because the markets have transitioned and they've changed in his book But the way they've transitioned is more and more retail traders So again the way I You know developed is uh molded around that and kept asking myself What are the mistakes they're making? Why is my tool more powerful than theirs? That sounds a bit odd. I'm talking about the DOM here Um, why is the DOM more powerful than their charts? What is my edge and that's just what the questions I kept coming back to and you know Anywhere I've been as a trader the first question I'd ask is who do I have edge over and why? specifically And it changes depending on the environment and the pit like I've said I don't have edge over most of the people in the 10-year market And I know why so I can't trade up I'm cool with that unlike chart traders who believe that if you can read a chart you can trade anything I don't believe that at all I believe the 10-year market is completely different from es futures That's my view Of course if I put them both into a price chart traditional They look the same if I showed a technical analyst es and 10 years and I didn't Notate which one was which You wouldn't see the difference right? They both got high open high low closed. I didn't have prices So you wouldn't tell by the price of them which is which? And showed them they wouldn't be able to tell the difference, right? They wouldn't be able to tell the difference if I asked them for an opinion They would always have an opinion on both. This is in a trend. This is in this and this and that I the way I look at the 10-year market by liquidity by pace and the es by liquidity. Can I tell the difference? Absolutely Right, can I tell the difference between the 10 years and the enqueue? Absolutely by looking at a DOM. I can tell the difference of them That places me a message of advantage to a chart trader And you know, so again, I know where my advantages are I can see a big difference between those two markets again I'm just explaining with the failings of technical analysis and I hope I've persuaded a couple more to jump over to the light today, but That that's always what I ask myself. I look at the 10 years I look at the way that looks on a DOM. I look at the people trading it and I say to myself I'm not better than enough of them I can't figure out my edge in that market and I can't figure it out enough I look at a different market. I can figure it out. I can say, yeah, I've got edge here I can figure out what they're doing. I can figure out what they're doing wrong And I know that my DOM is more powerful than what they're using Yeah, well well said well said, um Yeah, uh This has been a really uh, really great, uh webinar, uh, Gary Like uh, I think the the pieces at least for me are starting to come together Um, uh and and getting down to the You know the the important issue here, uh, were issues in the dome And uh the focus there, uh, let's see. Um, any other questions? And no, it looks like we're pretty good. Uh, any any parting words Gary Uh, no, I say I've probably given a lot more than I than I planned in the In the thing but in the actual presentation But again, for those that weren't here for the first two, I'm trying to build, you know, this it's about why it's powerful And no matter what you do my advice to any trader anytime is ask yourself Specifically, who do I have edge over and why? If you can't answer the question Then you don't have edge. It's like the old question on a poker table You know, who's the idiot on this poker table? And if you can't figure it out guess who it is That that's essentially, you know, uh, same in the market. It's exactly the same So that's what I'm trying to do now in the webinars is explain why the dom is a crucial part of that Because it is it's a you know, it's just such a great tool And a lot of people just just don't know how to use it properly, but it's a great tool So that's all I'm building. So hopefully it's been, you know, people have learned something today I hope they have and thanks again for inviting me on Bruce Thank you very much Gary excellent webinar and really have enjoyed the series with you Thank you. Have a good day everybody. Take care