WEBVTT
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Hello and welcome to Bald Ambition.
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I'm your still very bald host, Mookie Spitz, and the one with tons of ambition.
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Today is Mr.
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Scott Bulsini.
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Welcome to the pod, Scott.
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You are a traitor.
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And by traitor, I mean T-R-A-D-E-R, a trader.
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And uh you've been in the game for quite some time.
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And you use some new technology, and you bring a combination of what I see as your experience in the trenches with some of the data made available to folks to uh to maximize their efficiency and and returns.
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You've got a live room that you give every day, and you offer your services to investors to share some of your insights and knowledge and help people invest better.
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Tell us a little bit about yourself, Scott, in terms of where you're at in the game, how you got here, and how you're different.
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Uh definitely different, but um in many ways.
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Yeah, so I trade futures.
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I'm a I'm I'm a day trader, so it's not it's not longer-term investing, so it's you know, more in and out during the day.
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Um I've always been that way.
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That's how my mind works, um, as far as how I teach as well.
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So um, you know, going back to early 1990s, I got introduced to the game by my grandfather, and that's before internet and everything else.
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And when he, you know, we would start to follow stocks in the newspaper.
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Uh, and then he, you know, and then we check the next day, I like pick a stock and check the next day, see what it did.
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And then uh I entered this uh thing in high school called the AT ⁇ T investment challenge.
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Uh, and I got like I was top like one-tenth of one percent in the in the uh standings there.
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Complete luck, but it got me hooked, right?
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So it's like I I I wanted to do that going forward.
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And when I went to college, I you know, I studied business finance, and I was gonna be a, you know, I didn't know what I wanted to do, so I was gonna be a financial advisor and I did uh you know an internship with Smith Barney at the time at the Sears Tower in Chicago when it was the Sears Tower and figured out very quickly it was a little too boring for me, and I wanted to be, you know, where the action was.
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So got a job at the Chicago Board of Trade.
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One of my buddies got me a job down there.
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I was an art clerk uh doing the hand signals.
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Like I don't know if you remember trading places in the pits where they're going doing the hand stuff.
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Uh so I got battle tested down there because that was a very, very stressful environment where you're, you know, you're working for a broker and you make a mistake, you can blow them out, and two seconds blowing out, meaning you know, it cost the millions of dollars and he's done.
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So that was very, very stressful.
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Uh went from there and I started trading electronically.
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It's right when the all the markets moved to the screen and or started to move to the screen, which they're almost 100% now.
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But um, and I I begged my buddy, a guy from the floor, actually.
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He's he kind of saw saw the writing on the wall and he started his own trading firm.
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He knew the pits were dying.
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Uh and uh and apologize if you hear stuff in the background.
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I am I am do have trades on while we're talking.
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Um hopefully it'll be uh a dead period while we're talking here.
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Hopefully, this podcast isn't gonna cost you a lot of money.
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Uh it'll probably help me because when I when I stare at trades, I get a little antsy, even even after 25 years in the business.
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So it'll probably help me by not looking at it.
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But um, so this guy started this trading firm, electronic.
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It was the wild west.
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There was no education, right?
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Like there, like there is today.
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I mean, you can there's there's a dime a dozen educators out there, but um literally put me in front of a screen and said, figure something out, uh, pick your market and figure something out.
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And there's some guys at the firm at the time that were just, you know, I don't want to say they were dumb, but I just knew that I if they were making money, I could make money, and they were doing very well.
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I mean, they were making like$5,000 a day, things like that.
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I'm like, okay, let's go time, I can do this.
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So I came in all gung ho and uh lost every day from my first two months.
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Didn't have one winning day in two months, about to get fired.
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Uh the 9-11 happened and uh they closed the markets down, the US markets down for a week.
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And I just wanted to figure something out because I knew I was about to get fired, so I started trading overnight the German DAX, the stock market for the German for Germany, uh, and started seeing some patterns there.
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And then when the markets reopened after 9-11, I started to apply some of the things I learned in the German DAX into the E mini SP futures.
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Uh, it's just the futures uh product for the SP 500, and uh just literally just got it.
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Like it just clicked, and then I started making money every day, uh, you know, relatively small at the time, but I was so I was so confident I'd figure it out.
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And I've always been like this, like, you know, I'm always like terrible at something when I first started, but then when I, you know, I put my mind to it, I master it, right?
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So I was so confident I'd figured it out.
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And mind you, I was about to get fired, and I wasn't even making that big the big trader of the year before had made 2.8 million bucks.
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And so I had the gall to go in the owner's office and tell him, make him a bet that I would be the number one trader the following year.
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That was 2002.
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Uh, and he was he was more than happy to take that wager.
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We bet a we bet a golf trip on it, and I ended up uh winning the bet, made so I'm sorry, the the the top trader of the year before was 2.4.
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So 2000, I ended up making 2.8.
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So I beat him, I was a top trader, won the bet, and then uh over the next three years made about$15 million for my trading firm and myself.
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Um, and you know, thought I had made it, right?
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So that this is why my story is you know resonates with traders because so many traders went through the same thing, not on the same scale, but relatively, you know, the same type of thing where you know they're doing well, and all of a sudden the algos took over.
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So it's it's kind of like repeating, like, you know, business cycles and life repeat, right?
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So it's like what's happening now with AI.
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Back then it was just the algos.
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There was no algos in there, and I was just clicking a mouse.
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I was just one of the fastest clickers in the world.
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At the time, I was 10% of the world volume uh every day.
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That's how active I was, and then it just disappeared because the algos took over, it knocked me out.
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So um literally spent next six, seven years trying to reinvent my trading style to be to be elite, and I just could do nothing to become elite.
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I had to leave the business in 2013 and go into medical sales.
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So then I was sitting in doctors' offices, you know, going to their office, kissing their ass, having them treat me like a peon sales guy.
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Little did I know it.
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Over a three-year period, I probably made more money than they're gonna make their entire career.
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So that was that was a tough pill to swallow, right?
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I had a bit of humble pie there, you know.
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So um, so then I, you know, I was just I was out of the business and fast forward to 2018-ish, 2019, uh Dr.
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Britt Brett Steambarger wrote enhancing training performance.
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He's wrote a bunch of psychiatric psychology books, and he's a psychiatrist as well.
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He was at my firm when I was making all the money, and he wrote a book and asked if he can sit behind me to see what made me elite.
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Um, so he had put me in his book.
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So he knew I was out of trading, so he contacted me and said, uh, hey, you want to take a look at this program, the software called Bookmap.com.
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He goes, it reminds me of how he used to visualize the market with because they display the orders on a heat map and it's just easier to visualize, and I can show you it if you want to.
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Uh so the minute I saw that that view of the markets, I'm like, okay, I'm back.
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This is how I need to visualize the markets to compete with these algos at the time, right?
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So um got back in it, started making my way back, and then uh I was doing then I started doing webinars, trading like trading webinars for Bookmap because I knew my story.
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Uh, and then from there I got a lot of requests to start my own trade room to teach traders how to trade and teach them what I was seeing in the market.
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So that's where I'm at today.
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Uh, you know, I trade my own accounts, but then I also have a trade room where I educate traders on how to read the futures markets, uh kind of like how I how I visualize with the order flow and so forth.
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So it's a bit of a masters of the universe story.
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So if if if I heard you, if I heard you right, it took you a while to figure out your skill set, which is the day trade, which is futures.
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And as you point out, that's very, very different than even short, medium, long-term investment.
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It's sometimes on the minute, on the hour.
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It's being responsive in real time to a very kinetic, sometimes chaotic trading environment.
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And you just have the personality, your brain is built to be locked into that, and you excelled at it.
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And then you started kicking ass until the algorithms took over, until the machines were out clicking your ass in terms of being responsive in that real-time dynamic environment, and then you're like, oh, fuck it.
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I'm just gonna sell medical equipment, I'm done.
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It wasn't that easy, trust me.
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It wasn't that easy for me to give up, right?
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I mean, because a trader's mentality, you have to wake up every morning saying, okay, you let the day go behind, and this is for life, too, right?
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It's like you I had a bad day yesterday, I'll figure it out today, right?
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You have to have that mentality in trading and in life, or you're not gonna make it, right?
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So I I did that for six, seven years, and all of a sudden it was like, uh, okay, I have no money left because when we have a certain lifestyle, there's a saying out there, there's nothing worse than having money um and then losing it versus never having it at all, because when you had it and lost it, you know what it felt like to have the money, right?
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When you you never had it, you don't know what you're missing, right?
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And of course, we spend what we earn and then some.
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Well, exactly.
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I had a lifestyle.
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I was buying, you know, at a$1.6 million condo in Chicago.
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I had multiple thoroughbred racehorses.
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I'm a race horse racing degenerate, right?
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So it was like I I had racehorses, condos.
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I bought a I bought a Jaguar XKR back then.
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It was like the top car.
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I paid$85,000 cash for it.
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So it was like, you know, as quick it was as coming, and it was all relative.
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So I don't beat myself up about that these days because back then I was, you know, 2003 I made 10 million bucks.
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So to make 10 million dollars, you have to average$50,000 every trading day, 200 trading days, right?
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So I literally would, you know, buy a horse or whatever, and then you know, it cost me 50 grand, and I'd be like, no big deal, I'll make that by Monday morning, 10 a.m.
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Right.
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So it's like it was all relative.
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It sounds crazy nowadays, like and I've had two couple really, really big losing days that I wish I could get back.
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Um, you know, when I look back now as a as a more mature person, I mean this was before age 30, you know.
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I bet my grandpa at the time, uh even before I started training, I bet I might be a millionaire before I was age 30, right?
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And I did it.
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I walked in with a firm check.
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I was age 29, and they keep they framed it, put it on the wall, you know.
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So I I I had made it, but then, but you know, looking back, there's so many things I could have done to protect myself for I just didn't think it was gonna end, right?
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I thought I had a gift, which I did, but it disappeared.
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So this goes for anything in life, right?
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Like any business, anything.
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Like, yeah, you have a gift or you have a great business, but it could, it could end in a heartbeat.
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Um, you know, a great example just for the business sector, like that.
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I live in Arizona, the salad and go.
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It's it was an awesome franchise.
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Like it's every time I've gone there, I've been sitting in the in the in the drive-thru, you know, for 10 minutes to get they looked like they were flourishing out of nowhere.
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Closing every, they close all their all their businesses in Texas, all in Arizona.
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I'm talking like three, four hundred of them.
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It's like that's how quickly things can change.
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So you always got to be ready to adapt to the new thing, you know, AI and everything else.
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But it's uh so my story resonates whether you're a trader or not, is what I'm what I'm trying to say.
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And people people love a comeback story.
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Right.
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So it's it's cool that that you ceilinged out, you got your ass kicked, but then you came back.
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And the way you came back is also complementary to how you got your ass kicked, which is the technology.
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Right.
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So when the algos took over, then you were knocked out, and then you get this opportunity through book map, and I checked it out, and I can put some visuals on the uh screen for YouTube.
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Um, I've got a link below for people to go check it out if you're on the audio only.
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But it's a creative data visualization tool in real time for complex day to day trading.
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So the technology got you out, the technology brought you back, and now we've got another tier of technology, which is the AI stuff as well.
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And can you share how you're how you're different from some of the bot traders?
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I've had a few of those guys on the podcast too.
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And it sounds to me that you're more hands-on, you're more human, you're experienced, and when you're coupled with this tech, you bring everything that you've just described in terms of just decades of human-lived experience.
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Right.
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Well, I mean, I learned the hard way, and this went for remember, I was saying like all these floor traders, like once this once the stuff went to the screen, they were done, right?
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They knew how to trade in the pits with the noise and and and watching people's reactions.
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Once it went to the screen, they had they had no chance because that edge was gone, right?
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Um, so for and you can there, there's a couple of documentaries out there on the border trade, like all these bitter floor traders that are so pissed off that it went electronic, it's not fair, blah, blah, blah.
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And I was like that too.
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It was like, this is impossible.
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You know, when I got knocked out of the game with the algorithms, like, this is impossible, you can't do it.
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So I've learned over, you know, once I got back in the business, instead of fighting the algos, recognize what they're doing and and join them.
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So again, it's if you can't beat them, join them, right?
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So uh there's certain things I look for, and I'd be happy to show you like how you can, and this could this could work for longer-term traders too.
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Don't get me wrong, like for instance, I'll show you an example of gold today, right?
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Like it raced to the highs, everyone's piling in, and a bunch of cell icebergs came in.
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So icebergs are orders that the big money uses, they have to hide their orders because the algos.
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If they put a huge order in the order book, these algos run front run them and meaning they run the order away from them and trying to make them chase the price.
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So the CME has this special type of order where you can they only have to display 10% of their order in the order book, and then when it gets traded into the rest of it populates, so it's called an iceberg.
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It's it's not technical, right?
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So the point is if you see something like I'll show you here, like in gold.
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So say right now, say you're long gold and you're you're trying to figure out a place you wanted to get out for now because it's been it's had a nice rally in the last month or so.
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This is a perfect example of what I'll show you.
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It's like you see all these cell icebergs coming in.
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I don't care what the algos are doing right now, like if you know, even if they're trying to push the market higher, these sell icebergs keep coming in, the market's not going to go any higher, right?
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It's gonna at least relent a little bit.
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This is information that the average retail, most actual day traders, don't even know about this or don't use it, which is astonishing to me.
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But knowing this information can help you make better decisions, even if you're a longer-term trader.
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Sounds cool.
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Do you want to use the share tech here in the app?
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It's uh the little button down there to share your screen.
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You're the man.
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And just as a favor to those who are on audio only, not everyone is gonna be watching us on YouTube or the other video platforms.
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Can you can you talk us through, give us a little extra descriptor context so so we track people who are just listening?
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Right.
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So let me uh so there's a lot of people are see this for the first time, they they almost have a seizure because there's so much on my chart, but it's not it's not a lot of indicators per se.
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I'm not gonna get into the whole uh what what everything is here, but I'm gonna I'm gonna cover the most important stuff here, right?
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So if I turn off the liquidity, so that so this is showing you, first of all, this is what got me back in the game.
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Don't don't mind out this.
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I'm gonna show you this was the cell icebergs that I was talking about.
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But all you're seeing here, like right now, you can see the Av was playing games here, pulling and putting orders.
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That's just showing right there that order book.
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So they're playing games, and you can see these orders represented on the heat map.
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And by the size, the bigger they are, the darker orange it is, right?
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So you can see the games that are being played right now.
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This is the crap that knocked me out of the game in the first place, right?
00:15:28.639 --> 00:15:31.120
So, and I could turn that on and off.
00:15:31.200 --> 00:15:35.679
So, just for visual, so this is my what I was trying to explain here as this market came up to the ties.
00:15:36.000 --> 00:15:43.039
Like, if you're if you're looking at a chart here, like this is what most investors or traders that know what they're doing, they're looking at, right?
00:15:43.120 --> 00:15:44.320
And this was earlier this morning.
00:15:44.399 --> 00:15:45.600
This thing is ripping off the page.
00:15:45.679 --> 00:15:47.440
You're like, yeah, right, I'm long.
00:15:47.840 --> 00:15:50.720
I I knew it, I knew this was going higher, and then it does this.
00:15:50.879 --> 00:15:53.120
So people are sitting here, well, what happened?
00:15:53.200 --> 00:15:54.720
What why did this thing pull back?
00:15:54.799 --> 00:15:56.639
You know,$20 or$30.
00:15:57.120 --> 00:16:04.320
Well, the reason it pulled back is because it ran into a block of cell icebergs here, right?
00:16:04.399 --> 00:16:05.840
So you can see, so this is the subchart.
00:16:06.000 --> 00:16:09.919
So this is what Bookmap had right when you know, right when I started, and they still have it.
00:16:10.080 --> 00:16:13.600
I have it, I had a trader in my trade room figure out how to put this stuff on the heat map.
00:16:13.679 --> 00:16:16.720
So it actually draws the exact prices that this information came in.
00:16:16.879 --> 00:16:22.240
But my point being is here, this is right after so there was a big uh economic number today with CPI this morning.
00:16:22.320 --> 00:16:23.679
So that's what this rip was, right?
00:16:23.759 --> 00:16:29.519
So all the longs thought they had it, and then they run into a mouthful, I like like say mouthful of icebergs.
00:16:29.840 --> 00:16:32.799
So someone someone big came in here and they kept selling it.
00:16:32.960 --> 00:16:36.000
You can see all these all these blips of sell sell icebergs here, right?
00:16:36.080 --> 00:16:37.039
On the subchart.
00:16:37.120 --> 00:16:42.159
So you had you know 150, you had another 250, you had another 150.
00:16:42.240 --> 00:16:43.200
That's a lot of size.
00:16:43.279 --> 00:16:49.440
I mean, if you look at the order book, there's not a lot, you know, each each each price is like seven, five, six, seven, eight, eight lots up.
00:16:49.600 --> 00:16:53.759
Now you're talking like 500, then that's gonna stop the market at least temporarily, right?
00:16:53.919 --> 00:16:57.200
The big money is not always right, but they're right more often than they're wrong because they're the big money.
00:16:57.279 --> 00:17:00.320
And if they keep putting in sell sell orders here, it's gonna relent.
00:17:00.399 --> 00:17:01.600
And that's exactly what happened.
00:17:01.759 --> 00:17:08.079
They tried to sell, it came back, someone kept, they kept buying it, and they just kept putting in more sell ice, more sell ice, and the market finally relented.
00:17:08.240 --> 00:17:21.680
So the point is, I have I have strategies from watching literally hundreds of thousands of these over the last nine years, and my experience as you know, being a uh trading millions of contracts uh on how this stuff reacts and and the edge in this.
00:17:21.759 --> 00:17:28.480
But my point is, even if you're long longer term, you're sitting here and you have this program and you see, okay, this has been a great run up the last month.
00:17:28.559 --> 00:17:34.240
You can see here this thing has been basically vertical for a while now, right?
00:17:34.319 --> 00:17:37.200
So it gapped out, it broke out of this big balance area here.
00:17:37.359 --> 00:17:40.559
So this was what uh this was August 5th.
00:17:40.640 --> 00:17:47.680
So this thing's basically gone straight up for um you know 15 days or whatever, what or not even seven days a week, it's gone straight up.
00:17:47.839 --> 00:17:51.279
So my point is it you're like riding it, you're like, where should I get out?
00:17:51.359 --> 00:17:56.880
Well, when you start seeing the big money playing, you'll be like, okay, I'm gonna get out and wait for a pullback and maybe look for buy ice.
00:17:57.119 --> 00:17:58.000
So this is my point.
00:17:58.079 --> 00:18:05.359
You don't have to be a short-term trader, but I am, and there's ways to take advantage of this information and and play the game.
00:18:05.519 --> 00:18:07.759
This isn't even the algo game, let's just play the big money game.
00:18:07.839 --> 00:18:11.119
And I'll show you the algo game too, where you can play, you know, in and out.
00:18:11.200 --> 00:18:14.480
And that's for hyperactive traders that want to play play with the algos.
00:18:14.640 --> 00:18:19.680
I don't really like playing with the algos um per se, but I don't fight them, is what I'm saying.
00:18:20.079 --> 00:18:27.839
Let me summarize real quick, put a pin in it, uh, both for people listening and also just people watching you do your magic.
00:18:28.160 --> 00:18:36.240
What we're seeing is amazing transparency over time for value and volume.
00:18:36.880 --> 00:18:49.680
So when you see value and volume across time, it could be five minutes or five days, you get a macro view of a decision you're gonna make in the moment.
00:18:49.839 --> 00:18:52.400
So ultimately it's buy or sell, right?
00:18:52.640 --> 00:19:00.000
So if you're seeing the value of what you're tracking starting to spike, that's what you call the iceberg, right?
00:19:00.160 --> 00:19:01.680
It's starting to cook up.
00:19:01.920 --> 00:19:10.000
If you pull back a little bit and you look at longer-term trends, and here we're talking really a matter of hours or days, right?
00:19:10.400 --> 00:19:16.240
Then you could see overall activity and you see where the big guns come in and go out.
00:19:16.640 --> 00:19:37.279
And instead of operating in the dark, just in that moment and trying to figure out high how high the ceiling might be, you could see prior ceilings through the chart that's there in front of your face, and then you can make a really informed decision on when to get out or whether to stay in.
00:19:37.440 --> 00:19:38.000
Am I right?
00:19:38.240 --> 00:19:38.559
Correct.
00:19:38.720 --> 00:19:41.359
You put it on the head pretty good for a non-trader trader.
00:19:41.519 --> 00:19:45.119
It sounds like you actually have a little experience trading, so I'm not gonna buy that.
00:19:45.200 --> 00:19:46.319
You're not a trader.
00:19:47.519 --> 00:19:50.160
Well, I got I got bald ambition.
00:19:51.440 --> 00:19:59.119
So it's good we've summarized it right, and I can see the power of your tool as well, which is uh transparency.
00:19:59.359 --> 00:20:20.240
And when you combine it to your point, which I think is extremely significant, that data is just data, but if you bring a weltering of experience to your point, you know, decade plus, one all the way back to the floor, then you're combining the best of data with the humans to make the right decision.
00:20:20.400 --> 00:20:21.519
And that's where you come in.
00:20:21.599 --> 00:20:22.640
That's where you come in.
00:20:22.720 --> 00:20:31.119
You you teach people how to recognize when to buy, when to sell, based on looking at this tool and how to evaluate it.
00:20:31.200 --> 00:20:31.680
Is that right?
00:20:31.920 --> 00:20:32.240
Exactly.
00:20:32.480 --> 00:20:32.799
Right.
00:20:33.119 --> 00:20:37.680
And the the way the markets react to these orders, they follow a certain pattern, right?
00:20:37.759 --> 00:20:49.920
So, you know, if if the market moves, so I have again rules, so if the market moves a certain way amount away from this activity, that means it has a much better chance of doing this, like it is doing, versus going higher, right?
00:20:50.000 --> 00:20:56.079
So again, the big money is not always right, at least not right away, uh, but they're right more than the wrong.
00:20:56.240 --> 00:21:05.119
So you want to identify these areas, and if it follows a uh process uh pattern, then that's where I'll take, like for instance, I'll take a short.
00:21:05.200 --> 00:21:11.279
Or if I was long here, meaning I was banking it was going to go up, and then I see this and it fails out of here, and I know it's time to get out.
00:21:11.440 --> 00:21:15.599
Um, and then the other thing is, you know, these algos, so this is this is what I was talking about, the algo game.
00:21:15.680 --> 00:21:17.119
You can see here this thing's at full force here.
00:21:17.200 --> 00:21:23.119
So what you're seeing down here, when nothing's going on in the market, these things it they just run the market.
00:21:23.200 --> 00:21:32.559
So any trader, and if you go to my uh X account, I posted something on NASDAQ uh a couple weeks ago, the same exact thing, because when nothing's happening, that's when these algos take take control.
00:21:32.640 --> 00:21:33.920
So this is called the price change algo.
00:21:34.160 --> 00:21:36.960
This is on bookmap as well as uh their add-on market pulse add-on.
00:21:37.359 --> 00:21:45.279
So this is when this thing's colors, this is just telling you when the price has moved too too far too fast, and these algos come in and snap it the other way.
00:21:45.359 --> 00:21:52.960
So when nothing's going on in here, usually around this time of day, when you know New York goes to lunch, Chicago goes to lunch, then it's then it's game game time, right?
00:21:53.119 --> 00:21:59.200
So for any trader that's even day trader or even day trader, um, you know, you can set this up for a day too, this price change game.
00:21:59.279 --> 00:21:59.839
That's what I call it.
00:22:00.880 --> 00:22:03.519
You always wonder, like, why, like, for instance, I'm short right now.
00:22:03.599 --> 00:22:04.559
You can see my buy orders.
00:22:04.640 --> 00:22:06.559
I'm still I'm getting tortured here as I'm waiting.
00:22:06.720 --> 00:22:08.480
You can see it came down price change.
00:22:08.559 --> 00:22:11.599
That's the that's the uh sell price change, and it rips back up.
00:22:11.680 --> 00:22:12.880
Now it's price changing this way.
00:22:13.039 --> 00:22:14.319
See how it's ripping back down.
00:22:14.480 --> 00:22:18.079
So this explains many, many times why you're getting whip sauce.
00:22:18.319 --> 00:22:22.240
So like I was saying, if you can't beat them, join them, you could trade this on its own, right?
00:22:22.319 --> 00:22:25.519
Every time this thing, this thing colors, you this one you sell.
00:22:25.599 --> 00:22:27.680
When it colors this way, you buy, you sell.
00:22:27.759 --> 00:22:28.640
So you can play this.
00:22:28.720 --> 00:22:30.000
I'm too old for that game.
00:22:30.079 --> 00:22:32.960
I that's what all I did basically back in the day trading off this.
00:22:33.119 --> 00:22:36.480
But the point is, at least you can know what's going on.
00:22:36.559 --> 00:22:42.799
And again, you can join them versus getting getting upset and letting them throw you off your game, because that's what they're here to do.
00:22:42.960 --> 00:22:44.880
They're here to take your money and whipsaw you, right?
00:22:44.960 --> 00:22:46.480
And another thing this thing does too.
00:22:46.559 --> 00:22:59.599
I don't know how many times you've heard traders that you had on, or you know, day traders or or or you know, longer-term traders, they they get they get a trade that's moving in their way and they go, say they got in right here at this price, say 4480, right?
00:22:59.680 --> 00:23:00.160
They sold it.
00:23:00.240 --> 00:23:04.079
And they're like, okay, well, now I got a profit, so I'm gonna move my stop to break even.
00:23:04.319 --> 00:23:06.240
So the worst that happens is I break even.
00:23:06.400 --> 00:23:08.640
These algos know exactly that's what traders do.
00:23:08.799 --> 00:23:10.000
This is a zero-sum game.
00:23:10.079 --> 00:23:11.200
They're trying to take your money.
00:23:11.279 --> 00:23:12.799
They know traders trailer to stop.
00:23:13.039 --> 00:23:14.000
That's why they do this.
00:23:14.160 --> 00:23:18.480
They stop you out, they take your order, and then it goes, it goes the way that you thought it was gonna go, right?
00:23:18.559 --> 00:23:23.279
So again, instead of getting frustrated, you can see the games in here, and that's the key.
00:23:24.480 --> 00:23:26.319
The house always wins, right?
00:23:26.480 --> 00:23:28.160
When you go to Vegas.
00:23:28.480 --> 00:23:33.839
So if you're just you know hanging out and having fun, you're gonna get your ass kicked.
00:23:34.000 --> 00:23:41.119
But if you know what you're doing and you know basic strategy, then uh then the odds shift into your favor.
00:23:41.440 --> 00:23:41.680
Absolutely.
00:23:41.839 --> 00:23:43.839
That's a good segue into my card counting story.
00:23:43.920 --> 00:23:48.480
If you can do that on another webinar, but I'm actually banned from Vegas from counting cards, right?
00:23:48.640 --> 00:23:51.039
So I I turn I turn the tape.
00:23:51.119 --> 00:23:52.079
This is the same thing, right?
00:23:52.160 --> 00:23:56.799
You're not right, you're not gonna get banned from the from the from trading if you know what the big money's doing.
00:23:56.880 --> 00:24:00.400
But I you know, I I got I because a big card card, again, it's a really good story.
00:24:00.480 --> 00:24:01.279
It's kind of lengthy.
00:24:01.359 --> 00:24:03.359
So if you want me to tell it at the end of it, I will.
00:24:03.440 --> 00:24:09.039
But the point is uh I don't do anything that that involving money unless I think I have an edge at it.
00:24:09.119 --> 00:24:11.279
So I got sick of losing money when I went to Vegas.
00:24:11.359 --> 00:24:16.480
I literally bought a card counting book, learned how to count cards, went and practiced it, and then I got so good at it, I got banned, right?
00:24:16.559 --> 00:24:21.759
So yeah, it's like it's like you're playing against the house, but if you have an edge, you you can compete.
00:24:22.240 --> 00:24:24.720
Yeah, you got rain man shit going on.
00:24:25.039 --> 00:24:26.400
I wouldn't I wouldn't go that far.
00:24:26.640 --> 00:24:28.400
It's all learned, but uh yeah.
00:24:28.799 --> 00:24:34.960
But it's a similar skill set, so so I would consider you a savant without being the idiot.
00:24:36.559 --> 00:24:38.559
You're an everyday Chicago kind of guy.
00:24:38.720 --> 00:24:39.759
I'm from Chicago too.
00:24:39.839 --> 00:24:42.400
I was uh born on the South Side, raised on the north.
00:24:42.720 --> 00:24:43.920
Where Southside where?
00:24:44.160 --> 00:24:46.319
Southside in the Park Forest.
00:24:46.960 --> 00:24:47.519
Well, guess what?
00:24:47.599 --> 00:24:49.039
I grew up five minutes from there.
00:24:49.279 --> 00:24:49.920
No kidding.
00:24:50.000 --> 00:24:50.640
I was born in St.
00:24:50.799 --> 00:24:51.680
James Hospital.
00:24:51.839 --> 00:24:52.400
So was I.
00:24:52.559 --> 00:24:53.119
South Chicago.
00:24:59.839 --> 00:25:00.400
Wow.
00:25:00.559 --> 00:25:02.720
I'm I I ended up a North Sider.
00:25:02.960 --> 00:25:15.200
I graduated a few years uh before you, but uh it's that Chicago vibe that uh we go, we're gonna take a Portello's Itrillian beef over uh any kind of hot cuisine we could find anywhere else.
00:25:15.440 --> 00:25:15.759
Absolutely.
00:25:15.920 --> 00:25:21.839
And you better not tell me you're a Cubs fan either, because now you're gonna get my get get my ass kicked that way.
00:25:22.240 --> 00:25:24.640
That all said, I love the Vegas analogy.
00:25:24.799 --> 00:25:40.559
I I love the fact, and it's really a proof of concept that you're banned from the casinos because there's a lot of the same operating principles here of really understanding the system and you're you're gaming the system in terms of transparency and your knowledge that you bring to bear.
00:25:40.880 --> 00:25:42.720
So I think I think this resonates.
00:25:42.880 --> 00:25:47.200
I do want to bring up one thing that I'm sure our listeners and viewers are thinking about.
00:25:47.359 --> 00:25:56.559
We understand that this is futures, this is day trading, and you've you've got these trends that are becoming visible that are on screen right now and that you've described.
00:25:56.799 --> 00:25:59.519
But we're living in some crazy times right now.
00:25:59.759 --> 00:26:07.680
For example, the Iran War, Strait of Hormuz, oil, that kind of future, commodities, helium, fertilizer.
00:26:07.839 --> 00:26:12.720
A lot of people are playing around with that stuff too on a day trading basis, of course.
00:26:12.960 --> 00:26:19.680
And a lot of this is contingent on almost random factors that are now punching people in the face.
00:26:20.000 --> 00:26:34.240
So, how do you how do you square off on trends that you see on screen right now with this lack of predictability that we're seeing literally on the front page of the newspaper?
00:26:34.559 --> 00:26:36.799
Well, it's not only on the front page of the newspaper.
00:26:36.880 --> 00:26:38.240
I actually turned off the squat box.
00:26:38.640 --> 00:26:41.200
I had it on you every five minutes, you're gonna, there's another headline.
00:26:41.440 --> 00:26:45.839
It's it's the most trying period I've ever mind you, I I got knocked out of the game.
00:26:45.920 --> 00:26:54.799
It's more trying than when I got knocked out of the game the first time, as far as for a year and a half, like literally a year and a half, there has been a headline basically every five to ten minutes.
00:26:54.880 --> 00:26:56.480
Before at first it was the tariffs, right?
00:26:56.559 --> 00:26:58.160
Every again, 10 minutes.
00:26:58.240 --> 00:27:01.599
Uh, we're putting a tariff on China, market tanks.
00:27:02.400 --> 00:27:03.759
Trump comes out the next day.
00:27:03.920 --> 00:27:05.519
No, we're not, goes back up, right?
00:27:05.599 --> 00:27:08.880
So now with the Iran stuff, I call it headline ping-pong.
00:27:09.039 --> 00:27:11.359
It is all day, every single day.
00:27:11.519 --> 00:27:20.079
And and what's even more egregious with it is the the Trump Foundation came out and said uh they're offering trading firm, it's already started, they're doing it.
00:27:20.799 --> 00:27:27.279
They offer trading firms a hundred for a hundred thousand dollars a month, they can get the true social posts before they before they hit the wire, right?
00:27:27.359 --> 00:27:29.599
So it just shows you how manipulated this is.
00:27:29.759 --> 00:27:36.160
So, you know, as a trader, a retail trader, even if you're trading for a firm, if you don't have this information, you're you're just you're just flying blind.
00:27:36.240 --> 00:27:43.279
I I can't tell you how many times my trade room can tell you because all I do is bitch about it, but how many times have I had a great trade on, like right now?
00:27:43.359 --> 00:27:44.880
I'm sure you're looking at I'm short gold.
00:27:44.960 --> 00:27:50.960
If the heat comes out and says something or a rant says something, this trade could potentially get blown out in in three seconds, right?
00:27:51.039 --> 00:27:53.519
So it's like you you don't have any control over that, right?
00:27:53.599 --> 00:28:01.680
So for a longer-term trader, the best you can do is you know, put your put your orders, you know, above above structure type stuff, right?
00:28:01.759 --> 00:28:04.079
Like so, you know, markets are in one of two states.
00:28:04.160 --> 00:28:07.200
They're either balancing, they're balancing, or they're trending, right?
00:28:07.279 --> 00:28:13.839
So this is a definition of a big balance area where it's just buyers and sellers, and when it breaks out of here, somebody's right, something's wrong.
00:28:14.000 --> 00:28:22.480
So the point is, if you're gonna, you know, say you were a short area at the cell ice, well, I would probably just put my stop above there, above that structure, and just hope you don't get headline, right?
00:28:22.559 --> 00:28:23.359
And that's all you can do.
00:28:23.440 --> 00:28:36.240
But this has been the most trying period I've ever I tell my traders, and you know, and I do webinars for bookmap and other uh trading entities, it's like if you're even breaking even right now, you that is a testament.
00:28:36.319 --> 00:28:40.079
You're doing well because it's again, you you don't know when the headlines are coming.
00:28:40.160 --> 00:28:41.839
So there's nothing you can do about it.
00:28:42.480 --> 00:28:50.880
Is one potential fix to adjust the granularity, if you will, what I would call the altitude of your activity.
00:28:51.200 --> 00:28:59.039
If you're responding in real time, then it's gonna get crazy, just like you described, because of the unpredictability of it.
00:28:59.279 --> 00:29:18.480
But if you trend a little bit backward, you shift focus, let's say, from minute to minute, hour to hour, even day to day, and look at this maybe week to week, and then figure even strategically that frankly Iran has us in a vice grip now as far as the straight goes.
00:29:18.640 --> 00:29:25.920
Uh maybe look at at what would be considered a medium-term trend and then adjust accordingly.
00:29:26.079 --> 00:29:34.480
Is that is that feasible or is that already out of your range, your wheelhouse of being more responsive in the moment?
00:29:34.799 --> 00:29:42.799
Yeah, it's out of my range, and I don't think it's possible anyway, because again, it's literally, I call it Groundhog Day, every day.
00:29:42.880 --> 00:29:46.160
Like it's the same exact headlines every single day.
00:29:46.240 --> 00:29:49.279
And you don't know, are we real, is there a deal coming?
00:29:49.920 --> 00:29:50.640
Is the deal real?
00:29:50.799 --> 00:29:52.960
I mean, literally the same headlines, and it doesn't matter.
00:29:53.200 --> 00:29:58.960
These, these, this is this is why you get crushed because it's the same headline for literally five months, right?
00:29:59.039 --> 00:30:00.559
We made it, we have a deal, we don't have a deal.
00:30:00.640 --> 00:30:02.480
They can't have nuclear weapons, blah, blah, blah.
00:30:02.640 --> 00:30:02.880
Right.
00:30:02.960 --> 00:30:07.519
So it's like these algo reading headlines, they don't they don't decipher.
00:30:07.759 --> 00:30:10.720
They see certain keywords, they fire in orders, you're done, right?
00:30:10.799 --> 00:30:14.799
So yeah, I mean, I I don't know what trend what trend you see, right?
00:30:14.880 --> 00:30:16.880
So it's like, yeah, here's crew, right?
00:30:16.960 --> 00:30:20.799
So yeah, when when we had the deal for the 88th time here, right?
00:30:20.880 --> 00:30:27.279
It went from crew went from went from you know 95 all the way down here to 75.
00:30:27.359 --> 00:30:34.880
And then now, you know, I you know the war was gonna be done within a month, and then it wasn't, and then it was, and then now it's not, and now here again.
00:30:35.039 --> 00:30:39.119
So I don't know how I don't know how you predict what's gonna happen next.
00:30:39.200 --> 00:30:39.920
You know, I don't care.
00:30:40.079 --> 00:30:50.079
So yeah, this is in the downtrend, and guys love to draw you know channels and stuff, but again, if they come out and say there's no deal, and say Iran bombs a ship or something, the thing's gonna go like that.
00:30:50.160 --> 00:30:51.599
So yeah, that's not predictable.
00:30:51.759 --> 00:30:52.960
You just got to put in your trades.
00:30:53.039 --> 00:30:59.759
What you can do, and I'm not not an options expert, I'm getting better at it because the uh that we haven't talked about the options flow in these markets.
00:30:59.839 --> 00:31:01.200
That's the number one game.
00:31:01.359 --> 00:31:08.160
Talk about uh we talked about AI, the options flow, the zero date dexpiration game is by far the biggest driver of the markets now.
00:31:08.480 --> 00:31:18.880
90% of the trade is is these uh these guys that come in and load up the options dealers, and and the options dealers have to come in the market, whether it be individual stocks or futures, and that's how they have to hedge themselves.
00:31:19.039 --> 00:31:19.839
But I digress.
00:31:20.079 --> 00:31:22.880
What I was saying is you can there are option strategies.
00:31:22.960 --> 00:31:31.440
You if you you know, say you have a uh stock position on a portfolio line, you can put on certain options to protect yourself if you get the rips, where you won't get stopped out, right?
00:31:31.519 --> 00:31:39.359
You can buy like an option four months from now to protect yourself, where if it does rip up, you're not just stopped out of the trade, and then eventually it will come back, you're hoping.
00:31:39.519 --> 00:31:40.799
But yeah, you can protect yourself.
00:31:40.880 --> 00:31:44.960
But you know, me as a day trader, I'm trading futures, I don't I don't play the options game yet.
00:31:45.039 --> 00:31:52.000
I'm trusting, I'm looking at it because it's it's it's been so ridiculous with the headlines and stuff, but you can protect yourself is what I'm getting at.
00:31:52.400 --> 00:31:59.599
Yeah, and I'm assuming the options game, you could ride the wave up and down and down and up.
00:31:59.839 --> 00:32:22.720
And then when you smack AI into it and you got agentic technology, which is basically pre-programming your ceiling and your bottom, then uh I'm sure a lot of people are making a lot of money by basically just putting a prompt into their ClaudeBot and go going having a lunch in the Bahamas because it's just kind of cranking along.
00:32:23.039 --> 00:32:23.440
Right.
00:32:23.680 --> 00:32:28.720
Yeah, or or saying please read the headline, next headline, and throw the order in for me.
00:32:28.960 --> 00:32:29.680
Exactly.
00:32:29.839 --> 00:32:32.000
I I I want to bring up just a couple points.
00:32:32.400 --> 00:32:36.640
One is I'm sensing that the markets are getting a little bit inured to this.
00:32:36.880 --> 00:32:43.599
So when we had the liberation day for the tariffs, the markets went absolutely batshit crazy.
00:32:43.920 --> 00:32:45.839
10% up 10%.
00:32:46.720 --> 00:32:50.799
Literally like$2 trillion in volatility over a week.
00:32:50.960 --> 00:32:52.400
It was unbelievable.
00:32:52.559 --> 00:32:55.440
There's no precedent for that, not even COVID.
00:32:55.680 --> 00:33:00.240
But then with the tariffs, like he was just making it up as he went along.
00:33:00.400 --> 00:33:09.200
He's like popping an Adderall and having a cheeseburger in this country, that country, this business, that business, that percentage, that percentage.
00:33:09.359 --> 00:33:12.319
The markets were like, this is just crazy time.
00:33:12.480 --> 00:33:24.559
And then they were just operating as if you know we're getting hit with these daily headlines, but the overall macro state is uncertainty, and then let's just go with it.
00:33:25.119 --> 00:33:35.680
Yeah, again, I mean that you know, you hear all these uh you know, money managers uh or you know, people that are that trade longer term, a lot of them will say, you know, just go into cash, right?
00:33:35.759 --> 00:33:39.279
It's like just don't even don't even put yourself in front of this stuff, just wait.
00:33:39.359 --> 00:33:40.720
But it's like, well, how long do you wait?
00:33:40.799 --> 00:33:40.960
Right?
00:33:41.039 --> 00:33:46.880
It's like if you go back to the tariffs, we're talking almost two years now, it's been in incessant headlines every single day.
00:33:46.960 --> 00:33:49.200
So it's like all I need to put to stay in cash.
00:33:49.359 --> 00:33:52.720
I mean, and if you stay in cash, you've miss this entire rally.
00:33:52.799 --> 00:33:55.119
I mean, we and this is bizarre world too, right?
00:33:55.200 --> 00:33:58.640
It's like you'd think the market wouldn't rip to new highs like this, right?
00:33:58.720 --> 00:34:01.599
This is the mini SP, uh, during a war, right?
00:34:01.680 --> 00:34:03.440
So it's like, how do you right?
00:34:03.599 --> 00:34:07.680
So if you're on the sideline, you're like, damn it, why did I why did I get on the sideline?
00:34:07.759 --> 00:34:12.960
So it's like, I I don't know the answer, you know, but it's been brutal, put it that way.
00:34:14.159 --> 00:34:16.639
The wave, either short-term, medium, or long.
00:34:16.719 --> 00:34:31.199
And one other thing you brought up that just seems to be kind of a scoop for me, and I just want to dig in at least for a few seconds, is you're mentioning that truth social, you could get a heads up if you pay up on uh on a tweet.
00:34:31.519 --> 00:34:33.920
I have not read that or seen that.
00:34:34.079 --> 00:34:38.159
Could you share what that experience is like from your end?
00:34:38.400 --> 00:34:43.679
Well, I I don't have the experience because I'm not paying for it, but I'll uh let me see if I can find here.
00:34:44.480 --> 00:34:46.480
Um let's see.
00:34:46.800 --> 00:34:54.719
Because this this is big this would be big news, and I'm assuming you know it's happening, but but this is scandalous.
00:34:54.960 --> 00:34:57.039
This is right, this is right out of CNBC.
00:34:57.119 --> 00:35:02.400
You're like you're looking at Rogue Media pitched a hundred thousand monthly feed for the fastest feed for U.S.
00:35:02.480 --> 00:35:05.199
presidents' post sources say, and it's our it's already.
00:35:05.519 --> 00:35:06.400
I haven't seen this.
00:35:06.480 --> 00:35:07.840
This is this is amazing.
00:35:08.079 --> 00:35:11.280
Yeah, so it's amazing and it's beyond maddening, right?
00:35:11.360 --> 00:35:13.440
So listen, somebody always has the information.
00:35:13.519 --> 00:35:18.960
For instance, right before the number came out today, right before the uh CPI came out, the market starts ripping off the page.
00:35:19.039 --> 00:35:28.880
Somebody, or like when we're talking about icebergs, I can't tell you how many times that literally three minutes before a number, you'll see like this this happened the last uh, I think it was uh the Fed the Fed hike.
00:35:28.960 --> 00:35:32.639
All of a sudden, 3,000 e-mini SP buy i buy icebergs came into market.
00:35:32.880 --> 00:35:34.559
And I always call it the lucky guess, right?
00:35:34.880 --> 00:35:36.800
Lo and behold, you can look at my XV.
00:35:36.960 --> 00:35:40.719
I actually I actually posted it on my XV, go look at it before this last time.
00:35:41.039 --> 00:35:42.480
The market rips off the page, right?
00:35:42.559 --> 00:35:44.000
So somebody always has it.
00:35:44.159 --> 00:35:48.400
Um, so at least at least they're being transparent, like, hey, we'll we'll we'll give you the information.
00:35:48.480 --> 00:35:49.039
You gotta pay us.
00:35:49.119 --> 00:35:51.840
At least it's transparent because somebody always always has the information.
00:35:51.920 --> 00:35:53.679
But yeah, this is egregious.
00:35:54.559 --> 00:36:06.079
It's egregious conflict of interest that that goes into overt corruption because it's complete market manipulation uh to be had for for the money, right?
00:36:06.159 --> 00:36:09.519
Just we'll we'll give you a heads up with the guy who's calling the shots.
00:36:10.079 --> 00:36:13.760
Many of these shots completely ad hoc, completely chaotic.
00:36:13.920 --> 00:36:16.320
And at this point, what the hell's the strategy?
00:36:16.480 --> 00:36:26.320
I in no in no way do I mean to be political, we're just talking about the nuts and bolts of investment, finance, and overall fintech strategy, right?
00:36:27.119 --> 00:36:37.280
Yeah, I mean, again, it it's hard to explain, um, especially because it's the most powerful man in the world that whatever comes out of his mouth is gonna it's gonna affect the market, right?
00:36:37.440 --> 00:36:41.039
So it's like you know, I don't want to be political either.
00:36:41.119 --> 00:36:46.320
Um, but yeah, it's it's it's ridiculous that this is even again, at least they're transparent.
00:36:46.400 --> 00:36:53.199
I mean, most of the time it's somebody knows and and they're they're jumping in the market anyway, that and they're not broadcasting.
00:36:53.280 --> 00:36:57.199
At least they're letting you know, hey, here we'll give you the information, you gotta pay us 100 grand.
00:36:57.440 --> 00:37:00.079
So yeah, I mean, that doesn't, it's still it's still ridiculous.
00:37:00.239 --> 00:37:10.400
I mean, again, it just shows you how the the small, the little guy just has, you know, unless you're like you actually have informed information like I'm trying to show people, like you have no chance.
00:37:10.559 --> 00:37:13.519
Like unless you got 100 grand a month to pay for these tweets.
00:37:13.760 --> 00:37:14.960
You know what I mean?
00:37:15.360 --> 00:37:25.280
So tell tell us a little bit about what you offer, how you offer, how you share your expertise in terms of doing what you do.
00:37:25.440 --> 00:37:28.559
You gave us a nice demo here using Bookmap.
00:37:28.719 --> 00:37:35.519
I'm assuming you use it hands-on in your live rooms that you give twice a day, if I got that right.
00:37:35.760 --> 00:37:43.360
And you got your your website where you've got uh services, seminars, you got your YouTube channel.
00:37:43.599 --> 00:37:46.559
Can you give us a world tour of Scott Pulsini?
00:37:46.800 --> 00:37:48.320
I was always gonna say Pulcini.
00:37:48.639 --> 00:37:49.679
Remember Poochies?
00:37:49.840 --> 00:37:51.119
We had Poochies, hot dogs.
00:37:51.440 --> 00:37:53.760
Pulcini is the right way to say it in uh Italian.
00:37:54.559 --> 00:38:00.079
In the real Italian, but anyway, uh which you know many of them from Park Forest, I'm sure.
00:38:02.960 --> 00:38:03.440
For sure.
00:38:03.840 --> 00:38:11.360
Give us a world tour, Scott, for people who who who like what they're hearing and seeing and and want some of your expertise.
00:38:11.679 --> 00:38:14.800
Yeah, so uh, you know, I I do this every day for myself and I also teach people.
00:38:14.880 --> 00:38:22.239
So again, I was you know, when I was doing these webinars for Bookmap, I kept getting these calls to start my own trade room because people want to learn how I visualize the markets and traded it.
00:38:22.320 --> 00:38:29.360
So I have my own live trade room, it's on Discord, and then I get on, do a Zoom call twice a day, hour and a half in the morning, and usually an hour in the afternoon.
00:38:29.440 --> 00:38:33.920
If there's something going on, I'll get on and trade live, just exactly like I was showing with the gold trade, right?
00:38:34.000 --> 00:38:36.639
So that's that's what I show and teach traders how to do it.
00:38:36.800 --> 00:38:38.559
Um, but it does get chaotic.
00:38:38.639 --> 00:38:43.280
I mean, and I do a live uh 3-1 on for bookmap.com on Thursdays at 9 a.m.
00:38:43.440 --> 00:38:46.559
Central, if you want to go check it out, it's exactly what I do for my room, right?
00:38:46.719 --> 00:38:52.719
So even when people get on there, if they don't know what I'm showing, they're it they they say it's like drinking from a fire hose, right?
00:38:52.800 --> 00:38:56.079
So because I'm trading multiple markets live, multiple strategies.
00:38:56.159 --> 00:38:59.039
So if you don't know what you're looking at, it's gonna the learning curve is pretty steep, right?
00:38:59.119 --> 00:39:00.239
So that's why I made these courses.
00:39:00.320 --> 00:39:09.199
So I have three distinct courses, the stopped iceberg indicator course, and I have the trading strategies, and this is just where I'm looking for my my important areas where I'm looking for these iceberg events.
00:39:09.360 --> 00:39:14.639
Then we have another trade, it's more of a scalp trade where you're in and out where the markets come back to these volume events, like I was showing you.
00:39:14.800 --> 00:39:22.480
Uh, and then I have mentoring, I do one-on-one mentoring for for traders there, and then um obviously YouTube and testimonials and stuff like that.
00:39:22.559 --> 00:39:26.159
But yeah, I do this, uh, I do this every day, and I'm sitting here all day trading anyway.
00:39:26.320 --> 00:39:27.679
It's why not share my wealth.
00:39:27.840 --> 00:39:33.280
I take pride in it one because I like educating, because one, it keeps me grounded because I lose my mind if I'm just sitting here by myself.
00:39:33.440 --> 00:39:39.760
I already talked to myself as it is, so I might as well talk talk to it talk to the to a room and and teach them what I'm doing.
00:39:40.000 --> 00:39:44.639
Um but I like educating because I like because it's maddening, right?
00:39:44.719 --> 00:39:50.480
Like showing you the$100,000 a month for the tweets or watching this buy ice coming right for the number.
00:39:50.639 --> 00:39:53.920
So I I I thoroughly enjoy because you gotta remember, I got knocked out of the game.
00:39:54.000 --> 00:39:55.840
So I I buy the big money, right?
00:39:55.920 --> 00:39:58.800
So it's like with that that have these algos, these big firms.
00:39:58.960 --> 00:40:08.159
So I thoroughly enjoy teaching traders the game and teaching them you can compete with the with these manipulators that are trying to take your money.
00:40:08.400 --> 00:40:11.920
So that that that's that's you know my main driver of the education.
00:40:12.000 --> 00:40:17.280
I just love teaching people what you know kind of knocked me out of the game and how to compete.
00:40:17.760 --> 00:40:24.639
I like your uh individualistic, almost GameStop kind of approach, which is empower the individual.
00:40:24.880 --> 00:40:35.679
We've got these institutional players, many as we've seen are we could fairly say are corrupt in the sense of throwing their muscle around, throwing their weight around, right?
00:40:35.920 --> 00:40:40.880
And if you're an individual trader, you've got minimal influence in a macro sense.
00:40:41.039 --> 00:40:59.199
But if you're smart and if you use the right tool and if you've got the right insights, then you can gain an advantage to maximize your own self-interest in a world where the big heavies are just increasingly dominating and influencing the playing field.
00:40:59.519 --> 00:41:00.320
Right, exactly.
00:41:00.400 --> 00:41:01.599
And that that's the other thing, too.
00:41:01.760 --> 00:41:05.760
Like you may wonder, well, these icebergs are are hidden orders in the order book.
00:41:05.840 --> 00:41:06.800
Well, then how can we see them?
00:41:06.960 --> 00:41:08.320
Well, I'm a firm believer.
00:41:08.400 --> 00:41:13.440
Uh so the CME, that's the largest uh exchange in the world, uh futures exchange in the world.
00:41:13.679 --> 00:41:17.840
They they came out with this information in 2017, 2016.
00:41:18.079 --> 00:41:21.519
You can go out, you can just Google CME MBO data, that's this enhanced data.
00:41:21.679 --> 00:41:25.440
You may be, like I said, you may be saying, well, why would they why would the CME show the big money?
00:41:25.760 --> 00:41:27.519
Because the big money is their main driver, right?
00:41:27.599 --> 00:41:31.840
That's their they're making their income from the all the orders the big monies are you know off the commission.
00:41:32.000 --> 00:41:33.599
So it's like, why would they show the orders?
00:41:33.760 --> 00:41:35.360
I'm this is just my opinion.
00:41:35.519 --> 00:41:41.280
I've had extensive dealing with the CME back in the day with some other manipulation games that I thought was going on with one of the firms.
00:41:41.440 --> 00:41:44.000
But the point is, I kind of know how they think.
00:41:44.159 --> 00:41:53.679
Um, and I I'm convinced that they started to show this information to give the retail trader a chance because if the retail trader is not in here, it's shark versus shark.
00:41:53.760 --> 00:41:55.440
It's big firm versus big firm, right?
00:41:55.519 --> 00:41:56.239
There's no fish in here.
00:41:56.320 --> 00:41:57.840
So the retail trader are the fish.
00:41:58.000 --> 00:42:06.239
So I've I because I can guarantee you that the big the big banks and stuff went to the CME and said, Why are you showing our where our orders are transacting?
00:42:06.400 --> 00:42:13.039
And I and that again, this is all my opinion, I don't know for sure, but I can imagine CME saying, well, you know, you got to make a decision.
00:42:13.119 --> 00:42:21.199
Do you want to do you want the traders, the retail traders to see this, but you get to take their money, or do you want to go firm versus firm and have a much slimmer chance to make money, right?
00:42:21.280 --> 00:42:22.719
So that's what I think happened.
00:42:22.800 --> 00:42:24.559
Regardless, I don't care why they're showing it.
00:42:24.639 --> 00:42:28.960
It's been around for nine years, and it's an edge that's literally been working for nine years.
00:42:29.039 --> 00:42:31.679
So remember, like I said, my edge lasted for three years, right?
00:42:31.760 --> 00:42:32.480
And I was done.
00:42:32.559 --> 00:42:34.639
This it's a testament to how powerful this is.
00:42:35.039 --> 00:42:38.880
It works as well today as it did nine years ago.
00:42:39.119 --> 00:42:48.079
And it was supercharged by COVID because you had unprecedented retail investment hit hit the boards, right?
00:42:48.239 --> 00:43:00.719
You had trillions coming in from the private investor, and then you've got these added layers of technology, including book map that you use, and now we're rolling into AI as well.
00:43:00.880 --> 00:43:07.840
So this idea of the retail investor, the individual, and their clout in aggregate is significant.
00:43:08.079 --> 00:43:20.320
And to your point also, it's a counterforce to get some equilibrium with the huge institutional players that'll basically just knuckle each other out if given given what they want.
00:43:20.639 --> 00:43:20.880
Right.
00:43:20.960 --> 00:43:30.960
Yeah, I think you're referring more to the stock stock side, the GameStop uh you know, push the market up against all the short that you know, the those lot there's a Netflix special on it, right?
00:43:31.039 --> 00:43:35.280
How the how they cost so many hedge funds, they blew them out, the retail traders join forces.
00:43:35.360 --> 00:43:39.280
Well, this is a way for the retail traders to join forces on in the future on the future side.
00:43:39.840 --> 00:43:40.320
Exactly.
00:43:40.480 --> 00:43:46.239
That that's that's the analogy that I was drawing between between the between the equity side and then this.
00:43:46.800 --> 00:43:47.039
Right.
00:43:47.119 --> 00:43:48.159
It feels good though, right?
00:43:48.239 --> 00:43:49.280
It feels good to see what they're doing.
00:43:49.360 --> 00:43:50.559
It feels good to see the games.
00:43:50.639 --> 00:43:51.760
I mean, like, I know what you're doing.
00:43:51.840 --> 00:43:54.000
All right, I'm I'm I'm in, I'll join you.
00:43:54.159 --> 00:43:57.920
Or if you're big enough, you can push it against them, things like that, like the GameStop game.
00:43:58.000 --> 00:44:04.719
But um, but yeah, it it it it Was awesome to see that you you know you started the webinar, the podcast talking about the little guy, right?
00:44:04.800 --> 00:44:06.320
Or our comeback, right?
00:44:06.400 --> 00:44:11.440
It's good to see the little guy making a comeback and figuring out a way to gain the system to kind of shove it up.
00:44:11.519 --> 00:44:13.199
The big money's you know what.
00:44:15.599 --> 00:44:16.960
What's next for you?
00:44:17.119 --> 00:44:21.119
Because, like you mentioned, you you've been going through your own career cycle.
00:44:21.440 --> 00:44:24.719
So you were you were a newbie, you got your ass kicked.
00:44:24.800 --> 00:44:32.400
You learned learned the tools of the trade within a specialty that you were particularly adept at, which is the futures and the day trading.
00:44:32.559 --> 00:44:42.960
You became a superstar, the technology changed out from under you, you were out on the street, then the technology changed again, and now you're back.
00:44:43.280 --> 00:44:45.440
So, what lessons have you learned?
00:44:45.599 --> 00:44:50.239
What are you applying for your own future in futures?
00:44:50.800 --> 00:45:03.440
And what do you see coming in a way that you're aware of and that you want to tap into and you want to really alert people like us uh to be to be cautious of and also to be hopeful for?
00:45:04.320 --> 00:45:09.840
Yeah, well, I mean, what I'm showing you here is any trader should be hopeful when they they see that this kind of information is available, right?
00:45:09.920 --> 00:45:11.599
I mean, that that's first and foremost.
00:45:11.760 --> 00:45:20.320
Um, you know, what I've learned over the years is one, like we talked about, no edge is always so I I was just mentioning a little bit ago, like these this option game is taking over.
00:45:20.400 --> 00:45:28.000
So I had I've had to learn to monitor this options flow, and I teach that as well now, that I didn't even I didn't even pay attention to it three, four years ago, right?
00:45:28.079 --> 00:45:30.079
So now the zero day to expiration game is taking over.
00:45:30.239 --> 00:45:35.519
So you've got to be ready to adapt your trading, uh, just like in real life, like I was talking about.
00:45:35.679 --> 00:45:40.719
So that the number one thing is I don't care how well I do at this, it it can change in a heartbeat.
00:45:40.880 --> 00:45:43.039
Be ready to, and again, the AI is taking over.
00:45:43.119 --> 00:45:44.960
Who knows what what I'm gonna start seeing there?
00:45:45.039 --> 00:45:46.800
And you gotta be ready to change.
00:45:46.960 --> 00:45:54.000
Two is you've gotta you gotta respect your your loss limits for the day or for the month or whatever you decide and and not violate them.
00:45:54.159 --> 00:46:01.199
So I like I was talking about before, I had back when I was printing money, you know, I was making 50 grand a day, my loss limit was 100 grand with my trading firm.
00:46:01.280 --> 00:46:07.280
I had two different days where I allowed myself and my firm allowed me to lose$700,000 in minutes, right?
00:46:07.360 --> 00:46:10.559
And this was two days a month apart, which is even more embarrassing, though it happened twice.
00:46:10.639 --> 00:46:16.320
But the point is, it's like I wasn't respecting my loss limit because I thought you know I was bigger than the game.
00:46:16.480 --> 00:46:23.360
And if I just my if I just were to stop myself with the hundred grand both of those days, I have an I would have an extra 1.2 million dollars to my name, right?
00:46:23.519 --> 00:46:31.760
So you've got to, you've got to, as a trader, long-term or short term, you've got to be able to say, this is not working, there's always another day, right?
00:46:31.840 --> 00:46:34.159
And you if you can't, you're you're in the wrong business.
00:46:34.320 --> 00:46:37.119
But um those are the main lessons I learned.
00:46:37.199 --> 00:46:40.159
Just never take anything for granted, never think you figured it out.
00:46:40.320 --> 00:46:46.880
Always be willing to adapt and learn new things that that are coming because these markets are adapting and they're gonna adapt without you if you don't.
00:46:47.519 --> 00:46:51.679
Risk mitigation is a tough one because your perspective keeps changing.
00:46:51.920 --> 00:47:00.880
If you're if you're cranking and your ceiling gets higher, then there's a natural tendency for your for your loss to get lower as well.
00:47:01.039 --> 00:47:02.800
And then you lose perspective.
00:47:03.039 --> 00:47:05.679
And this is true for for a lot of the players.
00:47:05.760 --> 00:47:08.239
I mean, even FTX, Bankman Fried.
00:47:08.559 --> 00:47:10.639
It was really a problem in overextension.
00:47:10.719 --> 00:47:18.159
He's sitting there in the clink right now, shaking his head, because the entire crypto market is flipped on its head.
00:47:18.320 --> 00:47:19.519
It's now legit.
00:47:19.679 --> 00:47:29.280
And then, frankly, again, going back to our fearless leader in the White House, you've got crypto crossover there with uh with the Liberty folks.
00:47:29.440 --> 00:47:34.159
So it's really a matter of self-control at the end of the day, right?
00:47:34.320 --> 00:47:37.199
Which is which is knowing when to stop.
00:47:37.679 --> 00:47:49.440
Just just hold yourself back, stick to your limits, cut your losses, and not be so frankly excited and even greedy in a market that's so kinetic.
00:47:49.760 --> 00:47:49.920
Right.
00:47:50.000 --> 00:47:56.000
I mean, the best way to do that, again, I always love the quote from Mike Tyson, everyone has a plan until they get punched in the mouth, right?
00:47:56.079 --> 00:48:01.760
So it's like you can't wait till until you're under the gun and you're you're we call it going on tilt, right?
00:48:02.400 --> 00:48:05.360
Those days that I lost all that money, I was full tilt.
00:48:05.440 --> 00:48:10.400
I I woke up the next day and I I literally said two different times, by the way, which is even more, like I said, more embarrassing.
00:48:10.480 --> 00:48:12.639
But I wake up and say, Who was that person?
00:48:12.719 --> 00:48:13.840
Like, I don't even know who that was.
00:48:13.920 --> 00:48:15.440
Like, why would I let that happen?
00:48:15.679 --> 00:48:25.119
When you're you know in any kind of emotional anyone could attest to this, whether you've been in an argument or in a sporting event or whatever, when you get mad, like just things change.
00:48:25.199 --> 00:48:30.800
So you have to protect yourself because you're you're gonna have a day or a time period where you're on tilt.
00:48:30.960 --> 00:48:33.360
So you got to set it up with your trading firm.
00:48:33.599 --> 00:48:43.440
You cut me off if I hit this amount for a day or for you know, if you're longer term for whatever time period or whatever amount you say, they they liquidate you, and that's it.
00:48:43.599 --> 00:48:47.360
You can't you cannot make decisions, rational decisions, when you're on tilt.
00:48:47.440 --> 00:48:48.320
You just cannot do it.
00:48:48.400 --> 00:48:53.199
You may think you're gonna be able to do it, but again, when you get punched in the mouth, the plan goes out the window.
00:48:53.440 --> 00:49:05.199
So uh that's the best advice I can, that's the only advice I can get in that because you other than that, you know, you may think you have ultimate self-control, but I'm telling you, if you lose a money that's outside your comfort range, you you're not gonna have self-control.
00:49:05.280 --> 00:49:06.559
I can almost guarantee it.
00:49:06.880 --> 00:49:13.599
The unforced error, you double, you triple down when you fuck up because your ego is at stake.
00:49:13.679 --> 00:49:17.920
And it's also one more trade, one more bet, and it'll all be right.
00:49:18.079 --> 00:49:20.960
And that's how you sink yourself all the way deep.
00:49:21.199 --> 00:49:21.360
Right.
00:49:21.440 --> 00:49:24.079
Well, a lot of times it's what they call negative reinforcement, too.
00:49:24.159 --> 00:49:28.880
So that's why I got to that point where I lost that money because there were many, many, many days that I lost 100 grand.
00:49:29.119 --> 00:49:32.559
I was down 150, 200, and they let me go and I make it all back, right?
00:49:32.719 --> 00:49:33.679
Same with traders, right?
00:49:33.760 --> 00:49:36.320
There's times where they just keep doubling down, doubling up, market flips.
00:49:36.480 --> 00:49:36.960
Oh, look at that.
00:49:37.039 --> 00:49:40.639
I thought I was gonna lose, lose five grand today, and I made 10, right?
00:49:40.800 --> 00:49:42.559
So you it's called negative reinforcement.
00:49:42.639 --> 00:49:45.360
And then one of the times you do it, you lose 50, right?
00:49:45.440 --> 00:49:50.559
So it's like you just gotta realize that's what happens in markets, and there's things that you're not gonna foresee.
00:49:50.800 --> 00:49:51.920
Just stop trading.
00:49:52.000 --> 00:49:53.760
There's always another day.
00:49:54.000 --> 00:49:59.599
My father's originally from Budapest, and he had a childhood friend who did well for himself.
00:49:59.760 --> 00:50:08.719
They independently emigrated, and that's how I got my ass to Chicago through my father's friend, who then created a bridgehead, you know, in Chicago.
00:50:08.880 --> 00:50:12.960
And he was a successful CPA, accountant, real estate.
00:50:13.119 --> 00:50:28.559
He he really did well for himself, and he pretty much blew his entire nut within uh within a month or so doing futures, doing day trading back in the the 90s.
00:50:28.800 --> 00:50:31.760
So it's a lesson that's hard to learn.
00:50:31.920 --> 00:50:35.760
It it goes all the way back to humans in the cave.
00:50:36.079 --> 00:50:49.119
When when you're winning, you got an attitude, you feel invincible, but you gotta be cautious and you gotta hold back your own ego because you know you're gonna take the punch and how you react to it is is important.
00:50:49.599 --> 00:50:50.159
Absolutely.
00:50:50.239 --> 00:50:51.280
That that's the name of the game.
00:50:51.360 --> 00:50:52.880
And again, it goes for life as well.
00:50:53.039 --> 00:50:54.880
So you gotta, when things are going well.
00:50:54.960 --> 00:50:58.079
I just you know, I just heard a quote the other day, it couldn't be more true.
00:50:58.239 --> 00:51:01.679
It's like people only only change when things are are going terrible for them.
00:51:01.760 --> 00:51:03.599
No one changes when things are going great, right?
00:51:03.679 --> 00:51:05.679
So it's like because you think you got it, right?
00:51:05.760 --> 00:51:09.920
So it's like, yeah, you gotta you gotta keep in perspective in trading and in life.
00:51:10.079 --> 00:51:16.800
Like, you know, always be ready to adapt and don't ever think that you're there because it could be the rug could be pulled at any minute.
00:51:17.440 --> 00:51:19.039
None of us are invincible.
00:51:19.199 --> 00:51:27.119
And another great quote is that your point of greatest vulnerability corresponds to the moment of your greatest victory.
00:51:27.280 --> 00:51:32.320
Like you're on top of the hill, and then you feel like you can do no wrong, and then boom.
00:51:32.480 --> 00:51:35.679
So thanks for these words of wisdom, Mr.
00:51:35.840 --> 00:51:38.239
Scott Pool Seney.
00:51:38.480 --> 00:51:44.159
Sure, fellow Chicago dude, turning us on to bookmap.com.
00:51:44.320 --> 00:51:48.320
I'm gonna have your website URL in the description as well.
00:51:48.800 --> 00:52:07.119
You're you're live twice a day, you give classes, you're on YouTube, and you make uh the tools of the trade and decades of experience available to individual retail, we call them retail investors in the futures day trading market.
00:52:08.000 --> 00:52:18.639
And thank you, sir, for your service to uh to people who just want to do their thing and and and provide that hedge against the machine, right?
00:52:18.800 --> 00:52:24.880
The huge institutions who are out just to line their own pockets, usually at our expense.
00:52:25.199 --> 00:52:26.079
Exactly.
00:52:26.400 --> 00:52:27.360
Thanks so much.
00:52:27.519 --> 00:52:28.239
Take care.
00:52:28.480 --> 00:52:42.159
And I'd love to follow up in six months a year, uh, see if the dust settles or if it gets even more insane out there with headline news, you know, laying waste to the markets.
00:52:42.480 --> 00:52:45.840
Yeah, we get back on, I'll tell my uh blackjack car counting story too.
00:52:46.079 --> 00:52:47.440
Oh no, tell us now, actually.
00:52:47.599 --> 00:52:48.000
We got time.
00:52:48.239 --> 00:52:51.679
This would be a great uh, you know, like you know, outtake moments.
00:52:51.760 --> 00:52:52.159
Go for it.
00:52:52.800 --> 00:52:54.719
It's I'll try to I'll try to squeeze it in.
00:52:54.800 --> 00:53:00.880
So again, I was um, you know, I had gone to to Vegas for the umpteen time back when I was in college.
00:53:01.119 --> 00:53:03.920
Um, I just graduated and went with a bunch of buddies.
00:53:04.000 --> 00:53:05.519
I brought like a thousand bucks, right?
00:53:05.599 --> 00:53:06.960
Which was like 10,000 back then.
00:53:07.199 --> 00:53:10.320
Of course, lose all my money the very first night, literally the very first night.
00:53:10.559 --> 00:53:18.000
Betting on roulette, like, because there was like 15 blacks in a row thinking a red should come, and I kept doubling down, talking about double down, lost all my money, right?
00:53:18.079 --> 00:53:25.280
So borrowing money from my buddies the rest of the trip, coming home, coming flying back to Chicago, and literally didn't have a one dollar in my pocket.
00:53:25.440 --> 00:53:26.719
There were no debit cards back then.
00:53:26.800 --> 00:53:28.320
I didn't have a credit card, I didn't have a dollar.
00:53:28.480 --> 00:53:31.760
So my buddy, I'm I'm sitting in the gift shop and I see this uh this book.
00:53:31.840 --> 00:53:35.679
I'm walking through the gift shop and I see this book called Knockout Blackjack.
00:53:35.760 --> 00:53:36.559
It looked like a joke.
00:53:36.639 --> 00:53:39.679
There's blacks and gloves on the on the on the cover of it.
00:53:39.840 --> 00:53:41.920
So I started thumbing through and it's how to count cards.
00:53:43.039 --> 00:53:44.880
So I walk up, I'm like, you know what?
00:53:44.960 --> 00:53:46.800
I'm not coming back to the city unless I have an ad.
00:53:47.119 --> 00:53:50.559
I'm so sick of throwing my money away and feeling like this every time I leave, right?
00:53:50.639 --> 00:53:51.760
So I go up to the counter.
00:53:51.920 --> 00:53:55.119
My buddy that lent me lent me like 800 bucks on the trip.
00:53:55.360 --> 00:53:56.800
Throw the book on the counter.
00:53:56.960 --> 00:53:58.559
Will you buy me that just 13 bucks?
00:53:58.719 --> 00:54:01.039
He's like, he's like, I'm not, I'm not buying you that book.
00:54:01.119 --> 00:54:02.239
I'm like, dude, just buy me.
00:54:02.400 --> 00:54:03.360
I already owe you 800.
00:54:03.440 --> 00:54:04.880
What's another 13 bucks, right?
00:54:05.039 --> 00:54:08.639
So he's like, he tells the cashier, he's like, just yeah, put the book in my dad.
00:54:08.800 --> 00:54:10.159
So he so he pays for it.
00:54:10.239 --> 00:54:12.480
I read it on the way home on the on the flight home.
00:54:12.559 --> 00:54:17.679
And I start, you know, I start going to the casino back then, if you remember, it was just on the river, right?
00:54:17.760 --> 00:54:18.719
We call it the river boats.
00:54:18.800 --> 00:54:23.199
It was uh, it was the or it had to be on a waterway, so it was the Illinois-Indiana border.
00:54:23.360 --> 00:54:27.679
So I started going and practicing bare metal, the tiniest amount, the uh table minimum.
00:54:27.760 --> 00:54:35.440
So I would go with play the$10 tables, and the increments would go if the car card counting or the count got in your favor, you'd go up to 10 times your normal bet.
00:54:35.760 --> 00:54:38.559
So people don't understand with card counting.
00:54:38.800 --> 00:54:42.480
One, uh, it's not like this just free money fest.
00:54:42.559 --> 00:54:43.440
It's like a grind, right?
00:54:43.519 --> 00:54:44.960
And there's actually a Netflix special on that.
00:54:45.039 --> 00:54:45.679
Watch that thing.
00:54:45.760 --> 00:54:47.599
That is exactly 100% accurate.
00:54:47.760 --> 00:54:50.880
This guy went across the country going to all these all these little casinos.
00:54:51.039 --> 00:54:53.440
It's it's it's very it's a grind, right?
00:54:53.519 --> 00:54:55.360
But the story actually wasn't a grind.
00:54:55.519 --> 00:54:59.519
So the thing is when you learn to do it, it's not just counting cards.
00:54:59.599 --> 00:55:05.199
You got to deal with the all all the uh all the extra things that are going on, right?
00:55:05.280 --> 00:55:13.360
So you're dealing with the idiots at the table, you're dealing with the the dealer, you're dealing with the pit boss, the waitress, you got all the and you got to play the correct hands too, and count the cards.
00:55:13.440 --> 00:55:14.719
So it takes practice, right?
00:55:14.800 --> 00:55:16.559
So I started again, I'm not a savant.
00:55:16.639 --> 00:55:18.159
I just I just worked at it, right?
00:55:18.239 --> 00:55:22.079
So started making money doing it relatively tiny, but I knew it worked, right?
00:55:22.239 --> 00:55:25.440
So then fast forward, this was like right when I started trading too.
00:55:25.599 --> 00:55:26.320
I wasn't making any money.
00:55:26.400 --> 00:55:32.239
So I finally started making a little money, and the guy, remember, I said I bet that I was gonna be a better trader than him or the top trader.
00:55:32.400 --> 00:55:33.440
I didn't really know him at the time.
00:55:33.519 --> 00:55:34.960
His name was the big cheese, right?
00:55:35.039 --> 00:55:37.360
And he had just he was the top trader the year before.
00:55:37.440 --> 00:55:38.880
Uh this was 2002-ish.
00:55:39.039 --> 00:55:41.280
So I and he it was before I took off.
00:55:41.440 --> 00:55:42.880
So he's walking out one summer day.
00:55:42.960 --> 00:55:46.000
I was just like a day like today, the markets were dead, just like they are right now.
00:55:46.159 --> 00:55:49.599
And he's like, uh, hey, he's like, uh, I heard you know how to count cards.
00:55:49.679 --> 00:55:56.079
I didn't really know this guy, but it got around the firm that I, you know, I was making money relatively uh big money, you know, decent amount of money.
00:55:56.159 --> 00:56:00.239
So he goes, uh he goes, I heard you how you you know how to count cards.
00:56:00.320 --> 00:56:01.199
I'm like, yeah, I've been doing it.
00:56:01.280 --> 00:56:02.639
I go, I've been doing it tiny, but it works.
00:56:02.719 --> 00:56:04.079
He's like, all right, let's go to the boat.
00:56:04.159 --> 00:56:06.559
I'm like, all right, I like the markets are dead.
00:56:06.719 --> 00:56:08.079
He goes, how much should we bring each?
00:56:08.159 --> 00:56:09.280
I'm like, I don't know.
00:56:09.360 --> 00:56:11.119
I oh, you know, works when I bring a thousand.
00:56:11.280 --> 00:56:12.880
He's like, Let's see, bring 10,000.
00:56:13.039 --> 00:56:13.920
So I knew it worked, right?
00:56:14.000 --> 00:56:16.079
It works for it for works with a thousand, it worked with 10,000.
00:56:16.159 --> 00:56:16.559
I'm like, okay.
00:56:16.639 --> 00:56:19.519
So then we stop on a at a bar on the way to the Indiana Casino.
00:56:19.679 --> 00:56:27.039
There's the horseshoe at the time, and uh, we worked out a plan on how you know wherever I put my chip in the circle would signify to him.
00:56:27.119 --> 00:56:28.719
So I would sit at first base.
00:56:29.039 --> 00:56:30.000
We didn't know each other.
00:56:30.159 --> 00:56:31.840
He was at he was at shortstop.
00:56:32.000 --> 00:56:36.960
And wherever I put my chip in the in the in the circle would signify the increments to bet, right?
00:56:37.039 --> 00:56:44.239
So we went there, he's playing two hands at$200 a piece, and then if the count got high, we go up 10 up to 10 times that.
00:56:44.480 --> 00:56:48.800
Uh when I say high, meaning a lot of face cards are coming out, that's where he graduates, right?
00:56:48.880 --> 00:56:50.800
So we were going from 200 to 2,000.
00:56:50.880 --> 00:56:55.760
So we go the very first day, we go, and he was a perfect candidate for it too, because he was a loose cannon.
00:56:55.840 --> 00:56:56.639
He was always there anyway.
00:56:56.719 --> 00:56:58.880
He was always at the at the casino gambling.
00:56:59.119 --> 00:57:00.719
They would never think he was counting cards, right?
00:57:00.800 --> 00:57:01.519
So it was perfect.
00:57:01.679 --> 00:57:06.320
We go the very first day, uh, made$91,000 the very first time we went, right?
00:57:06.400 --> 00:57:08.880
So of course we're walking out three in the morning.
00:57:09.039 --> 00:57:10.639
He's like, this is incredible.
00:57:10.719 --> 00:57:11.760
We got to come back tomorrow.
00:57:11.920 --> 00:57:13.280
So I'm like, sure, let's go.
00:57:13.360 --> 00:57:16.880
So we go back the very next day, same exact table.
00:57:17.039 --> 00:57:20.079
I'm at first, he's at shortstop, we don't know each other.
00:57:20.320 --> 00:57:23.039
Take him for$112,000 the next day.
00:57:23.199 --> 00:57:29.519
So, you know, take him for over$200,000 in two days, and we thought it was just the greatest thing, you know, like this is easy money, right?
00:57:29.599 --> 00:57:31.119
So then we started going all the time.
00:57:31.280 --> 00:57:34.480
Then we're like, well, we got we gotta start going to other casinos so they don't figure it out, right?
00:57:34.559 --> 00:57:36.639
So we started going, we never had that kind of success.
00:57:36.719 --> 00:57:39.519
Like we make 20 grand, lose 30 grand, make 20, lose 20.
00:57:39.760 --> 00:57:45.920
So then one day we're sitting at Harrow's, it was when they were in the little what they were little back then in uh Gary, Indiana.
00:57:46.159 --> 00:57:47.920
And we're sitting there playing the same game.
00:57:48.159 --> 00:57:54.800
Pit boss comes up to me, and again, I'm afraid I'm playing flat hands, I'm not up at my best, so they don't they're not alerted that I'm counting cards.
00:57:54.960 --> 00:57:58.639
And the guy comes up to me, the pit boss comes up to me and goes, You can't play blackjack here anymore.
00:57:58.719 --> 00:57:59.599
I'm like, and I play dumb.
00:57:59.760 --> 00:58:00.719
I'm like, what are you talking about?
00:58:00.800 --> 00:58:02.639
He's like, sir, can't play blackjack.
00:58:02.719 --> 00:58:03.920
And I just continue to play dumb.
00:58:04.159 --> 00:58:09.199
His exact words to me were, sir, you're welcome to play the other carnival games here, but you can't play blackjack.
00:58:09.280 --> 00:58:10.559
And I'm like, okay, fine.
00:58:10.639 --> 00:58:13.599
I grab my chips to get up and he goes, Oh, you can take your friend with you too.
00:58:13.760 --> 00:58:14.719
So they knew, right?
00:58:14.800 --> 00:58:15.519
They knew the game.
00:58:15.599 --> 00:58:18.480
So then that jackass puts my name in the system.
00:58:18.719 --> 00:58:20.000
So I go to Mirage.
00:58:20.239 --> 00:58:24.159
Three months later, I'm at the Mirage in uh in uh Vegas.
00:58:24.400 --> 00:58:26.079
Pip off here I'm down three grand.
00:58:26.320 --> 00:58:28.800
So remember I told you it's like a grind, it does, it's not just free money.
00:58:28.880 --> 00:58:32.000
Like you gotta you gotta withstand the bad streaks and stuff.
00:58:32.239 --> 00:58:33.599
Pip boss comes this time.
00:58:33.679 --> 00:58:34.320
I'm by myself.
00:58:34.400 --> 00:58:37.360
He comes up to me, he goes, uh, can't play at blackjack anymore, sir.
00:58:37.519 --> 00:58:38.320
And I'm like, what do you?
00:58:38.480 --> 00:58:39.199
I played down there too.
00:58:39.360 --> 00:58:40.960
He's like, his exact words there.
00:58:41.119 --> 00:58:42.400
Your play's too strong for us.
00:58:42.480 --> 00:58:43.760
I said, I'm down$3,000.
00:58:44.000 --> 00:58:44.880
Like, what are you talking about?
00:58:45.039 --> 00:58:47.840
He's like, sir, can't play in Vegas, you don't mess around, right?
00:58:47.920 --> 00:58:52.320
It's like I don't think they do the backrooms anymore where they give the beatings, but I don't want to find out, right?
00:58:52.400 --> 00:58:54.000
So I'm like, all right, I'm out of here.
00:58:54.079 --> 00:58:55.599
I go straight to the hard rock.
00:58:56.480 --> 00:58:57.440
I'm down 700.
00:58:57.519 --> 00:58:58.480
I'm there for like 10 minutes.
00:58:58.639 --> 00:58:59.760
Pit boss comes up to me.
00:58:59.920 --> 00:59:02.480
If you ever set foot in this casino again, we'll have you arrested.
00:59:02.639 --> 00:59:05.199
So after that, because it's a private establishment.
00:59:05.360 --> 00:59:07.519
If they don't like the shirt you're wearing, they can kick you out, right?
00:59:07.599 --> 00:59:13.119
So after that, no matter where I would go, I'd be sitting there for 10 minutes, you're out, you're out, you're out.
00:59:13.280 --> 00:59:22.960
Um, so you know, I nowadays I'm not, you know, back then I was a big trader, big player, but nowadays I can usually get away with going to a casino and not being flagged, especially if I don't show my ID.
00:59:23.039 --> 00:59:26.719
But nowadays, you know, they have the facial recognition and they count right with you.
00:59:26.800 --> 00:59:29.360
If they have any inkling you're counting, they just turn on the computer.
00:59:29.519 --> 00:59:33.039
If you up your bet, when the computer says you should up your bet, they know you're counting, right?
00:59:33.119 --> 00:59:36.079
So that's another example of the the fix, right?
00:59:36.239 --> 00:59:43.519
So it's like it's okay for them to do it to you, they know they have the odds against you, but the minute you turn the table on them, oh you can't play here anymore, right?
00:59:43.599 --> 00:59:46.559
So it's like so another great story, though.
00:59:46.639 --> 00:59:50.320
And I I at least am up money in my lifetime at the casinos.
00:59:50.960 --> 00:59:51.840
I love it.
00:59:52.000 --> 00:59:52.559
I love it.
00:59:52.639 --> 00:59:56.000
It's like the Scorsese movie come to life as well.
00:59:56.239 --> 00:59:56.480
Right.
00:59:56.559 --> 01:00:06.320
And all those movies came out after that, the blackjack movies, like the 21st movies, the card counting uh movies, books, uh plays.
01:00:06.559 --> 01:00:07.679
I find it fascinating.
01:00:07.760 --> 01:00:13.599
Also, what's interesting is that the casinos are ostensibly competing with each other.
01:00:13.679 --> 01:00:18.239
It's a zero-sum game, but they obviously pool their lists of the counters.
01:00:18.400 --> 01:00:18.719
Oh, yeah.
01:00:19.039 --> 01:00:20.320
Right before the tech.
01:00:20.639 --> 01:00:24.880
Yeah, they had they had the list, the 86 card counter lists.
01:00:25.119 --> 01:00:26.159
You were on it.
01:00:26.559 --> 01:00:30.719
So it didn't matter if you're at one casino, one city, they knew who the hell you were.
01:00:30.960 --> 01:00:33.360
Didn't even matter if you had your partner with you or not.
01:00:33.440 --> 01:00:35.679
You were just dead meat walking in the door.
01:00:35.840 --> 01:00:38.719
Didn't matter if you just lost a grand out of here.
01:00:39.039 --> 01:00:39.760
Yeah, you're out.
01:00:39.840 --> 01:00:40.159
They know.
01:00:40.239 --> 01:00:42.400
They know if you sit there long enough, you're gonna take them.
01:00:42.559 --> 01:00:44.159
So we don't we don't want to see that.
01:00:44.239 --> 01:00:47.840
We we can't have you beat us like we do to everybody else, right?
01:00:47.920 --> 01:00:48.639
So yeah.
01:00:48.880 --> 01:00:51.280
And the other point you make is AI.
01:00:51.519 --> 01:01:04.719
The casinos are plugged in, they're monitoring the games and they're running a statistical analysis based on how you're doing, and then they could evaluate that the statistical analysis is revealing, well, hey, you got an edge.
01:01:04.880 --> 01:01:10.320
And to your point, the the edge is always ours, the house always wins.
01:01:10.559 --> 01:01:11.440
Yep, exactly.
01:01:11.679 --> 01:01:14.559
They do not let the clients though is badass, though.
01:01:14.639 --> 01:01:28.000
That's great, and now you're putting it to good use in a way where you can not just get away with it, but be successful at it, just by looking at the markets with with tools that can give you some of that same level of transparency and analytics.
01:01:28.480 --> 01:01:29.039
Exactly.
01:01:29.199 --> 01:01:29.599
Exactly.
01:01:29.679 --> 01:01:32.639
So I'm just I'm doing the same thing I do at the card cutting table.
01:01:33.679 --> 01:01:36.000
Only now they they they let you do it.
01:01:36.079 --> 01:01:40.559
And uh and and that, ladies and gentlemen, is is a good thing.
01:01:40.719 --> 01:01:41.760
Thanks again, Scott.
01:01:41.920 --> 01:01:43.199
It was wonderful.
01:01:43.440 --> 01:01:48.800
And uh best wishes and good luck to you in this crazy, crazy environment.
01:01:48.880 --> 01:01:51.679
Let's just hope it chills out a little bit because we're all going nuts.
01:01:52.159 --> 01:01:52.639
Please.
00:00:01.840 --> 00:00:04.559
Hello and welcome to Bald Ambition.
00:00:04.879 --> 00:00:09.199
I'm your still very bald host, Mookie Spitz, and the one with tons of ambition.
00:00:09.519 --> 00:00:10.640
Today is Mr.
00:00:10.800 --> 00:00:12.320
Scott Bulsini.
00:00:12.960 --> 00:00:15.439
Welcome to the pod, Scott.
00:00:17.839 --> 00:00:20.079
You are a traitor.
00:00:20.640 --> 00:00:25.600
And by traitor, I mean T-R-A-D-E-R, a trader.
00:00:26.079 --> 00:00:29.440
And uh you've been in the game for quite some time.
00:00:30.320 --> 00:00:48.399
And you use some new technology, and you bring a combination of what I see as your experience in the trenches with some of the data made available to folks to uh to maximize their efficiency and and returns.
00:00:48.560 --> 00:01:02.719
You've got a live room that you give every day, and you offer your services to investors to share some of your insights and knowledge and help people invest better.
00:01:02.960 --> 00:01:10.079
Tell us a little bit about yourself, Scott, in terms of where you're at in the game, how you got here, and how you're different.
00:01:11.359 --> 00:01:14.879
Uh definitely different, but um in many ways.
00:01:15.040 --> 00:01:16.319
Yeah, so I trade futures.
00:01:16.400 --> 00:01:22.319
I'm a I'm I'm a day trader, so it's not it's not longer-term investing, so it's you know, more in and out during the day.
00:01:22.560 --> 00:01:24.400
Um I've always been that way.
00:01:24.480 --> 00:01:27.840
That's how my mind works, um, as far as how I teach as well.
00:01:28.000 --> 00:01:36.959
So um, you know, going back to early 1990s, I got introduced to the game by my grandfather, and that's before internet and everything else.
00:01:37.120 --> 00:01:40.319
And when he, you know, we would start to follow stocks in the newspaper.
00:01:40.480 --> 00:01:46.079
Uh, and then he, you know, and then we check the next day, I like pick a stock and check the next day, see what it did.
00:01:46.239 --> 00:01:50.719
And then uh I entered this uh thing in high school called the AT ⁇ T investment challenge.
00:01:50.799 --> 00:01:56.879
Uh, and I got like I was top like one-tenth of one percent in the in the uh standings there.
00:01:57.120 --> 00:01:59.200
Complete luck, but it got me hooked, right?
00:01:59.280 --> 00:02:02.239
So it's like I I I wanted to do that going forward.
00:02:02.400 --> 00:02:20.400
And when I went to college, I you know, I studied business finance, and I was gonna be a, you know, I didn't know what I wanted to do, so I was gonna be a financial advisor and I did uh you know an internship with Smith Barney at the time at the Sears Tower in Chicago when it was the Sears Tower and figured out very quickly it was a little too boring for me, and I wanted to be, you know, where the action was.
00:02:20.639 --> 00:02:22.800
So got a job at the Chicago Board of Trade.
00:02:22.879 --> 00:02:24.240
One of my buddies got me a job down there.
00:02:24.319 --> 00:02:27.039
I was an art clerk uh doing the hand signals.
00:02:27.120 --> 00:02:31.039
Like I don't know if you remember trading places in the pits where they're going doing the hand stuff.
00:02:31.199 --> 00:02:42.080
Uh so I got battle tested down there because that was a very, very stressful environment where you're, you know, you're working for a broker and you make a mistake, you can blow them out, and two seconds blowing out, meaning you know, it cost the millions of dollars and he's done.
00:02:42.240 --> 00:02:43.759
So that was very, very stressful.
00:02:43.840 --> 00:02:46.000
Uh went from there and I started trading electronically.
00:02:46.159 --> 00:02:53.759
It's right when the all the markets moved to the screen and or started to move to the screen, which they're almost 100% now.
00:02:54.000 --> 00:02:57.599
But um, and I I begged my buddy, a guy from the floor, actually.
00:02:57.919 --> 00:03:01.280
He's he kind of saw saw the writing on the wall and he started his own trading firm.
00:03:01.439 --> 00:03:02.960
He knew the pits were dying.
00:03:03.120 --> 00:03:06.159
Uh and uh and apologize if you hear stuff in the background.
00:03:06.240 --> 00:03:08.879
I am I am do have trades on while we're talking.
00:03:09.120 --> 00:03:12.800
Um hopefully it'll be uh a dead period while we're talking here.
00:03:13.520 --> 00:03:16.639
Hopefully, this podcast isn't gonna cost you a lot of money.
00:03:16.879 --> 00:03:23.120
Uh it'll probably help me because when I when I stare at trades, I get a little antsy, even even after 25 years in the business.
00:03:23.199 --> 00:03:25.199
So it'll probably help me by not looking at it.
00:03:25.280 --> 00:03:28.400
But um, so this guy started this trading firm, electronic.
00:03:28.479 --> 00:03:29.360
It was the wild west.
00:03:29.439 --> 00:03:30.639
There was no education, right?
00:03:30.719 --> 00:03:32.159
Like there, like there is today.
00:03:32.319 --> 00:03:41.520
I mean, you can there's there's a dime a dozen educators out there, but um literally put me in front of a screen and said, figure something out, uh, pick your market and figure something out.
00:03:41.599 --> 00:03:49.360
And there's some guys at the firm at the time that were just, you know, I don't want to say they were dumb, but I just knew that I if they were making money, I could make money, and they were doing very well.
00:03:49.439 --> 00:03:51.840
I mean, they were making like$5,000 a day, things like that.
00:03:52.000 --> 00:03:54.000
I'm like, okay, let's go time, I can do this.
00:03:54.159 --> 00:03:58.560
So I came in all gung ho and uh lost every day from my first two months.
00:03:58.639 --> 00:04:01.680
Didn't have one winning day in two months, about to get fired.
00:04:01.840 --> 00:04:06.639
Uh the 9-11 happened and uh they closed the markets down, the US markets down for a week.
00:04:06.879 --> 00:04:15.840
And I just wanted to figure something out because I knew I was about to get fired, so I started trading overnight the German DAX, the stock market for the German for Germany, uh, and started seeing some patterns there.
00:04:15.919 --> 00:04:23.120
And then when the markets reopened after 9-11, I started to apply some of the things I learned in the German DAX into the E mini SP futures.
00:04:23.199 --> 00:04:30.079
Uh, it's just the futures uh product for the SP 500, and uh just literally just got it.
00:04:30.160 --> 00:04:38.399
Like it just clicked, and then I started making money every day, uh, you know, relatively small at the time, but I was so I was so confident I'd figure it out.
00:04:38.480 --> 00:04:44.720
And I've always been like this, like, you know, I'm always like terrible at something when I first started, but then when I, you know, I put my mind to it, I master it, right?
00:04:44.800 --> 00:04:46.639
So I was so confident I'd figured it out.
00:04:46.720 --> 00:04:52.240
And mind you, I was about to get fired, and I wasn't even making that big the big trader of the year before had made 2.8 million bucks.
00:04:52.560 --> 00:04:58.399
And so I had the gall to go in the owner's office and tell him, make him a bet that I would be the number one trader the following year.
00:04:58.480 --> 00:04:59.680
That was 2002.
00:04:59.839 --> 00:05:02.319
Uh, and he was he was more than happy to take that wager.
00:05:02.399 --> 00:05:11.680
We bet a we bet a golf trip on it, and I ended up uh winning the bet, made so I'm sorry, the the the top trader of the year before was 2.4.
00:05:11.839 --> 00:05:14.079
So 2000, I ended up making 2.8.
00:05:14.240 --> 00:05:22.399
So I beat him, I was a top trader, won the bet, and then uh over the next three years made about$15 million for my trading firm and myself.
00:05:22.480 --> 00:05:25.199
Um, and you know, thought I had made it, right?
00:05:25.279 --> 00:05:37.759
So that this is why my story is you know resonates with traders because so many traders went through the same thing, not on the same scale, but relatively, you know, the same type of thing where you know they're doing well, and all of a sudden the algos took over.
00:05:37.920 --> 00:05:42.319
So it's it's kind of like repeating, like, you know, business cycles and life repeat, right?
00:05:42.399 --> 00:05:44.319
So it's like what's happening now with AI.
00:05:44.399 --> 00:05:45.680
Back then it was just the algos.
00:05:45.839 --> 00:05:47.759
There was no algos in there, and I was just clicking a mouse.
00:05:47.839 --> 00:05:49.439
I was just one of the fastest clickers in the world.
00:05:49.519 --> 00:05:52.240
At the time, I was 10% of the world volume uh every day.
00:05:52.319 --> 00:05:56.240
That's how active I was, and then it just disappeared because the algos took over, it knocked me out.
00:05:56.399 --> 00:06:03.839
So um literally spent next six, seven years trying to reinvent my trading style to be to be elite, and I just could do nothing to become elite.
00:06:04.000 --> 00:06:06.639
I had to leave the business in 2013 and go into medical sales.
00:06:06.800 --> 00:06:12.959
So then I was sitting in doctors' offices, you know, going to their office, kissing their ass, having them treat me like a peon sales guy.
00:06:13.040 --> 00:06:13.920
Little did I know it.
00:06:14.079 --> 00:06:17.439
Over a three-year period, I probably made more money than they're gonna make their entire career.
00:06:17.680 --> 00:06:20.000
So that was that was a tough pill to swallow, right?
00:06:20.079 --> 00:06:22.240
I had a bit of humble pie there, you know.
00:06:22.399 --> 00:06:30.639
So um, so then I, you know, I was just I was out of the business and fast forward to 2018-ish, 2019, uh Dr.
00:06:30.720 --> 00:06:33.279
Britt Brett Steambarger wrote enhancing training performance.
00:06:33.360 --> 00:06:36.480
He's wrote a bunch of psychiatric psychology books, and he's a psychiatrist as well.
00:06:36.639 --> 00:06:41.519
He was at my firm when I was making all the money, and he wrote a book and asked if he can sit behind me to see what made me elite.
00:06:41.759 --> 00:06:43.920
Um, so he had put me in his book.
00:06:44.000 --> 00:06:50.160
So he knew I was out of trading, so he contacted me and said, uh, hey, you want to take a look at this program, the software called Bookmap.com.
00:06:50.319 --> 00:06:57.920
He goes, it reminds me of how he used to visualize the market with because they display the orders on a heat map and it's just easier to visualize, and I can show you it if you want to.
00:06:58.079 --> 00:07:02.160
Uh so the minute I saw that that view of the markets, I'm like, okay, I'm back.
00:07:02.240 --> 00:07:06.480
This is how I need to visualize the markets to compete with these algos at the time, right?
00:07:06.560 --> 00:07:16.240
So um got back in it, started making my way back, and then uh I was doing then I started doing webinars, trading like trading webinars for Bookmap because I knew my story.
00:07:16.319 --> 00:07:22.319
Uh, and then from there I got a lot of requests to start my own trade room to teach traders how to trade and teach them what I was seeing in the market.
00:07:22.560 --> 00:07:23.839
So that's where I'm at today.
00:07:23.920 --> 00:07:34.399
Uh, you know, I trade my own accounts, but then I also have a trade room where I educate traders on how to read the futures markets, uh kind of like how I how I visualize with the order flow and so forth.
00:07:34.879 --> 00:07:38.639
So it's a bit of a masters of the universe story.
00:07:38.879 --> 00:07:48.240
So if if if I heard you, if I heard you right, it took you a while to figure out your skill set, which is the day trade, which is futures.
00:07:48.560 --> 00:07:54.240
And as you point out, that's very, very different than even short, medium, long-term investment.
00:07:54.399 --> 00:07:56.639
It's sometimes on the minute, on the hour.
00:07:56.720 --> 00:08:04.160
It's being responsive in real time to a very kinetic, sometimes chaotic trading environment.
00:08:04.399 --> 00:08:11.040
And you just have the personality, your brain is built to be locked into that, and you excelled at it.
00:08:11.199 --> 00:08:26.560
And then you started kicking ass until the algorithms took over, until the machines were out clicking your ass in terms of being responsive in that real-time dynamic environment, and then you're like, oh, fuck it.
00:08:26.720 --> 00:08:29.920
I'm just gonna sell medical equipment, I'm done.
00:08:30.160 --> 00:08:31.439
It wasn't that easy, trust me.
00:08:31.519 --> 00:08:33.120
It wasn't that easy for me to give up, right?
00:08:33.200 --> 00:08:40.960
I mean, because a trader's mentality, you have to wake up every morning saying, okay, you let the day go behind, and this is for life, too, right?
00:08:41.039 --> 00:08:44.080
It's like you I had a bad day yesterday, I'll figure it out today, right?
00:08:44.159 --> 00:08:47.840
You have to have that mentality in trading and in life, or you're not gonna make it, right?
00:08:48.000 --> 00:09:02.240
So I I did that for six, seven years, and all of a sudden it was like, uh, okay, I have no money left because when we have a certain lifestyle, there's a saying out there, there's nothing worse than having money um and then losing it versus never having it at all, because when you had it and lost it, you know what it felt like to have the money, right?
00:09:02.320 --> 00:09:05.200
When you you never had it, you don't know what you're missing, right?
00:09:06.080 --> 00:09:09.200
And of course, we spend what we earn and then some.
00:09:09.440 --> 00:09:10.000
Well, exactly.
00:09:10.080 --> 00:09:10.720
I had a lifestyle.
00:09:10.799 --> 00:09:14.080
I was buying, you know, at a$1.6 million condo in Chicago.
00:09:14.159 --> 00:09:16.080
I had multiple thoroughbred racehorses.
00:09:16.159 --> 00:09:18.080
I'm a race horse racing degenerate, right?
00:09:18.159 --> 00:09:20.879
So it was like I I had racehorses, condos.
00:09:20.960 --> 00:09:23.440
I bought a I bought a Jaguar XKR back then.
00:09:23.519 --> 00:09:24.799
It was like the top car.
00:09:24.879 --> 00:09:27.279
I paid$85,000 cash for it.
00:09:27.600 --> 00:09:30.480
So it was like, you know, as quick it was as coming, and it was all relative.
00:09:30.559 --> 00:09:35.279
So I don't beat myself up about that these days because back then I was, you know, 2003 I made 10 million bucks.
00:09:35.360 --> 00:09:40.080
So to make 10 million dollars, you have to average$50,000 every trading day, 200 trading days, right?
00:09:40.159 --> 00:09:48.399
So I literally would, you know, buy a horse or whatever, and then you know, it cost me 50 grand, and I'd be like, no big deal, I'll make that by Monday morning, 10 a.m.
00:09:48.559 --> 00:09:48.639
Right.
00:09:48.720 --> 00:09:50.159
So it's like it was all relative.
00:09:50.320 --> 00:09:57.039
It sounds crazy nowadays, like and I've had two couple really, really big losing days that I wish I could get back.
00:09:57.200 --> 00:10:02.720
Um, you know, when I look back now as a as a more mature person, I mean this was before age 30, you know.
00:10:02.799 --> 00:10:08.240
I bet my grandpa at the time, uh even before I started training, I bet I might be a millionaire before I was age 30, right?
00:10:08.320 --> 00:10:08.799
And I did it.
00:10:08.879 --> 00:10:10.399
I walked in with a firm check.
00:10:10.960 --> 00:10:14.879
I was age 29, and they keep they framed it, put it on the wall, you know.
00:10:14.960 --> 00:10:23.679
So I I I had made it, but then, but you know, looking back, there's so many things I could have done to protect myself for I just didn't think it was gonna end, right?
00:10:23.759 --> 00:10:26.159
I thought I had a gift, which I did, but it disappeared.
00:10:26.240 --> 00:10:28.000
So this goes for anything in life, right?
00:10:28.080 --> 00:10:29.600
Like any business, anything.
00:10:29.679 --> 00:10:34.240
Like, yeah, you have a gift or you have a great business, but it could, it could end in a heartbeat.
00:10:34.399 --> 00:10:37.440
Um, you know, a great example just for the business sector, like that.
00:10:37.519 --> 00:10:39.200
I live in Arizona, the salad and go.
00:10:39.519 --> 00:10:41.120
It's it was an awesome franchise.
00:10:41.200 --> 00:10:48.879
Like it's every time I've gone there, I've been sitting in the in the in the drive-thru, you know, for 10 minutes to get they looked like they were flourishing out of nowhere.
00:10:49.039 --> 00:10:52.960
Closing every, they close all their all their businesses in Texas, all in Arizona.
00:10:53.039 --> 00:10:54.559
I'm talking like three, four hundred of them.
00:10:54.639 --> 00:10:56.720
It's like that's how quickly things can change.
00:10:56.799 --> 00:11:01.440
So you always got to be ready to adapt to the new thing, you know, AI and everything else.
00:11:01.519 --> 00:11:06.159
But it's uh so my story resonates whether you're a trader or not, is what I'm what I'm trying to say.
00:11:06.399 --> 00:11:09.120
And people people love a comeback story.
00:11:09.360 --> 00:11:09.600
Right.
00:11:09.840 --> 00:11:15.759
So it's it's cool that that you ceilinged out, you got your ass kicked, but then you came back.
00:11:15.919 --> 00:11:21.759
And the way you came back is also complementary to how you got your ass kicked, which is the technology.
00:11:21.919 --> 00:11:22.080
Right.
00:11:22.320 --> 00:11:33.519
So when the algos took over, then you were knocked out, and then you get this opportunity through book map, and I checked it out, and I can put some visuals on the uh screen for YouTube.
00:11:33.919 --> 00:11:39.039
Um, I've got a link below for people to go check it out if you're on the audio only.
00:11:39.360 --> 00:11:47.759
But it's a creative data visualization tool in real time for complex day to day trading.
00:11:47.919 --> 00:11:58.639
So the technology got you out, the technology brought you back, and now we've got another tier of technology, which is the AI stuff as well.
00:11:59.279 --> 00:12:03.919
And can you share how you're how you're different from some of the bot traders?
00:12:04.000 --> 00:12:06.879
I've had a few of those guys on the podcast too.
00:12:07.039 --> 00:12:21.360
And it sounds to me that you're more hands-on, you're more human, you're experienced, and when you're coupled with this tech, you bring everything that you've just described in terms of just decades of human-lived experience.
00:12:21.679 --> 00:12:22.080
Right.
00:12:22.320 --> 00:12:29.120
Well, I mean, I learned the hard way, and this went for remember, I was saying like all these floor traders, like once this once the stuff went to the screen, they were done, right?
00:12:29.200 --> 00:12:33.360
They knew how to trade in the pits with the noise and and and watching people's reactions.
00:12:33.440 --> 00:12:37.600
Once it went to the screen, they had they had no chance because that edge was gone, right?
00:12:37.840 --> 00:12:48.080
Um, so for and you can there, there's a couple of documentaries out there on the border trade, like all these bitter floor traders that are so pissed off that it went electronic, it's not fair, blah, blah, blah.
00:12:48.240 --> 00:12:49.200
And I was like that too.
00:12:49.279 --> 00:12:50.639
It was like, this is impossible.
00:12:50.720 --> 00:12:54.159
You know, when I got knocked out of the game with the algorithms, like, this is impossible, you can't do it.
00:12:54.320 --> 00:13:01.759
So I've learned over, you know, once I got back in the business, instead of fighting the algos, recognize what they're doing and and join them.
00:13:01.919 --> 00:13:04.320
So again, it's if you can't beat them, join them, right?
00:13:04.399 --> 00:13:10.559
So uh there's certain things I look for, and I'd be happy to show you like how you can, and this could this could work for longer-term traders too.
00:13:10.639 --> 00:13:13.360
Don't get me wrong, like for instance, I'll show you an example of gold today, right?
00:13:13.440 --> 00:13:17.200
Like it raced to the highs, everyone's piling in, and a bunch of cell icebergs came in.
00:13:17.279 --> 00:13:21.519
So icebergs are orders that the big money uses, they have to hide their orders because the algos.
00:13:21.600 --> 00:13:27.440
If they put a huge order in the order book, these algos run front run them and meaning they run the order away from them and trying to make them chase the price.
00:13:27.600 --> 00:13:37.440
So the CME has this special type of order where you can they only have to display 10% of their order in the order book, and then when it gets traded into the rest of it populates, so it's called an iceberg.
00:13:37.519 --> 00:13:38.879
It's it's not technical, right?
00:13:39.039 --> 00:13:43.120
So the point is if you see something like I'll show you here, like in gold.
00:13:43.200 --> 00:13:51.200
So say right now, say you're long gold and you're you're trying to figure out a place you wanted to get out for now because it's been it's had a nice rally in the last month or so.
00:13:51.440 --> 00:13:53.600
This is a perfect example of what I'll show you.
00:13:53.679 --> 00:13:56.000
It's like you see all these cell icebergs coming in.
00:13:56.159 --> 00:14:03.200
I don't care what the algos are doing right now, like if you know, even if they're trying to push the market higher, these sell icebergs keep coming in, the market's not going to go any higher, right?
00:14:03.279 --> 00:14:04.720
It's gonna at least relent a little bit.
00:14:04.879 --> 00:14:11.360
This is information that the average retail, most actual day traders, don't even know about this or don't use it, which is astonishing to me.
00:14:11.519 --> 00:14:16.080
But knowing this information can help you make better decisions, even if you're a longer-term trader.
00:14:16.480 --> 00:14:17.279
Sounds cool.
00:14:17.440 --> 00:14:20.960
Do you want to use the share tech here in the app?
00:14:21.200 --> 00:14:24.399
It's uh the little button down there to share your screen.
00:14:24.480 --> 00:14:25.600
You're the man.
00:14:26.559 --> 00:14:36.159
And just as a favor to those who are on audio only, not everyone is gonna be watching us on YouTube or the other video platforms.
00:14:36.399 --> 00:14:44.639
Can you can you talk us through, give us a little extra descriptor context so so we track people who are just listening?
00:14:44.960 --> 00:14:45.200
Right.
00:14:45.360 --> 00:14:54.559
So let me uh so there's a lot of people are see this for the first time, they they almost have a seizure because there's so much on my chart, but it's not it's not a lot of indicators per se.
00:14:54.639 --> 00:15:00.080
I'm not gonna get into the whole uh what what everything is here, but I'm gonna I'm gonna cover the most important stuff here, right?
00:15:00.159 --> 00:15:04.960
So if I turn off the liquidity, so that so this is showing you, first of all, this is what got me back in the game.
00:15:05.279 --> 00:15:06.720
Don't don't mind out this.
00:15:06.960 --> 00:15:09.600
I'm gonna show you this was the cell icebergs that I was talking about.
00:15:09.679 --> 00:15:13.679
But all you're seeing here, like right now, you can see the Av was playing games here, pulling and putting orders.
00:15:13.759 --> 00:15:15.440
That's just showing right there that order book.
00:15:15.600 --> 00:15:19.600
So they're playing games, and you can see these orders represented on the heat map.
00:15:19.679 --> 00:15:23.519
And by the size, the bigger they are, the darker orange it is, right?
00:15:23.600 --> 00:15:25.679
So you can see the games that are being played right now.
00:15:25.759 --> 00:15:28.480
This is the crap that knocked me out of the game in the first place, right?
00:15:28.639 --> 00:15:31.120
So, and I could turn that on and off.
00:15:31.200 --> 00:15:35.679
So, just for visual, so this is my what I was trying to explain here as this market came up to the ties.
00:15:36.000 --> 00:15:43.039
Like, if you're if you're looking at a chart here, like this is what most investors or traders that know what they're doing, they're looking at, right?
00:15:43.120 --> 00:15:44.320
And this was earlier this morning.
00:15:44.399 --> 00:15:45.600
This thing is ripping off the page.
00:15:45.679 --> 00:15:47.440
You're like, yeah, right, I'm long.
00:15:47.840 --> 00:15:50.720
I I knew it, I knew this was going higher, and then it does this.
00:15:50.879 --> 00:15:53.120
So people are sitting here, well, what happened?
00:15:53.200 --> 00:15:54.720
What why did this thing pull back?
00:15:54.799 --> 00:15:56.639
You know,$20 or$30.
00:15:57.120 --> 00:16:04.320
Well, the reason it pulled back is because it ran into a block of cell icebergs here, right?
00:16:04.399 --> 00:16:05.840
So you can see, so this is the subchart.
00:16:06.000 --> 00:16:09.919
So this is what Bookmap had right when you know, right when I started, and they still have it.
00:16:10.080 --> 00:16:13.600
I have it, I had a trader in my trade room figure out how to put this stuff on the heat map.
00:16:13.679 --> 00:16:16.720
So it actually draws the exact prices that this information came in.
00:16:16.879 --> 00:16:22.240
But my point being is here, this is right after so there was a big uh economic number today with CPI this morning.
00:16:22.320 --> 00:16:23.679
So that's what this rip was, right?
00:16:23.759 --> 00:16:29.519
So all the longs thought they had it, and then they run into a mouthful, I like like say mouthful of icebergs.
00:16:29.840 --> 00:16:32.799
So someone someone big came in here and they kept selling it.
00:16:32.960 --> 00:16:36.000
You can see all these all these blips of sell sell icebergs here, right?
00:16:36.080 --> 00:16:37.039
On the subchart.
00:16:37.120 --> 00:16:42.159
So you had you know 150, you had another 250, you had another 150.
00:16:42.240 --> 00:16:43.200
That's a lot of size.
00:16:43.279 --> 00:16:49.440
I mean, if you look at the order book, there's not a lot, you know, each each each price is like seven, five, six, seven, eight, eight lots up.
00:16:49.600 --> 00:16:53.759
Now you're talking like 500, then that's gonna stop the market at least temporarily, right?
00:16:53.919 --> 00:16:57.200
The big money is not always right, but they're right more often than they're wrong because they're the big money.
00:16:57.279 --> 00:17:00.320
And if they keep putting in sell sell orders here, it's gonna relent.
00:17:00.399 --> 00:17:01.600
And that's exactly what happened.
00:17:01.759 --> 00:17:08.079
They tried to sell, it came back, someone kept, they kept buying it, and they just kept putting in more sell ice, more sell ice, and the market finally relented.
00:17:08.240 --> 00:17:21.680
So the point is, I have I have strategies from watching literally hundreds of thousands of these over the last nine years, and my experience as you know, being a uh trading millions of contracts uh on how this stuff reacts and and the edge in this.
00:17:21.759 --> 00:17:28.480
But my point is, even if you're long longer term, you're sitting here and you have this program and you see, okay, this has been a great run up the last month.
00:17:28.559 --> 00:17:34.240
You can see here this thing has been basically vertical for a while now, right?
00:17:34.319 --> 00:17:37.200
So it gapped out, it broke out of this big balance area here.
00:17:37.359 --> 00:17:40.559
So this was what uh this was August 5th.
00:17:40.640 --> 00:17:47.680
So this thing's basically gone straight up for um you know 15 days or whatever, what or not even seven days a week, it's gone straight up.
00:17:47.839 --> 00:17:51.279
So my point is it you're like riding it, you're like, where should I get out?
00:17:51.359 --> 00:17:56.880
Well, when you start seeing the big money playing, you'll be like, okay, I'm gonna get out and wait for a pullback and maybe look for buy ice.
00:17:57.119 --> 00:17:58.000
So this is my point.
00:17:58.079 --> 00:18:05.359
You don't have to be a short-term trader, but I am, and there's ways to take advantage of this information and and play the game.
00:18:05.519 --> 00:18:07.759
This isn't even the algo game, let's just play the big money game.
00:18:07.839 --> 00:18:11.119
And I'll show you the algo game too, where you can play, you know, in and out.
00:18:11.200 --> 00:18:14.480
And that's for hyperactive traders that want to play play with the algos.
00:18:14.640 --> 00:18:19.680
I don't really like playing with the algos um per se, but I don't fight them, is what I'm saying.
00:18:20.079 --> 00:18:27.839
Let me summarize real quick, put a pin in it, uh, both for people listening and also just people watching you do your magic.
00:18:28.160 --> 00:18:36.240
What we're seeing is amazing transparency over time for value and volume.
00:18:36.880 --> 00:18:49.680
So when you see value and volume across time, it could be five minutes or five days, you get a macro view of a decision you're gonna make in the moment.
00:18:49.839 --> 00:18:52.400
So ultimately it's buy or sell, right?
00:18:52.640 --> 00:19:00.000
So if you're seeing the value of what you're tracking starting to spike, that's what you call the iceberg, right?
00:19:00.160 --> 00:19:01.680
It's starting to cook up.
00:19:01.920 --> 00:19:10.000
If you pull back a little bit and you look at longer-term trends, and here we're talking really a matter of hours or days, right?
00:19:10.400 --> 00:19:16.240
Then you could see overall activity and you see where the big guns come in and go out.
00:19:16.640 --> 00:19:37.279
And instead of operating in the dark, just in that moment and trying to figure out high how high the ceiling might be, you could see prior ceilings through the chart that's there in front of your face, and then you can make a really informed decision on when to get out or whether to stay in.
00:19:37.440 --> 00:19:38.000
Am I right?
00:19:38.240 --> 00:19:38.559
Correct.
00:19:38.720 --> 00:19:41.359
You put it on the head pretty good for a non-trader trader.
00:19:41.519 --> 00:19:45.119
It sounds like you actually have a little experience trading, so I'm not gonna buy that.
00:19:45.200 --> 00:19:46.319
You're not a trader.
00:19:47.519 --> 00:19:50.160
Well, I got I got bald ambition.
00:19:51.440 --> 00:19:59.119
So it's good we've summarized it right, and I can see the power of your tool as well, which is uh transparency.
00:19:59.359 --> 00:20:20.240
And when you combine it to your point, which I think is extremely significant, that data is just data, but if you bring a weltering of experience to your point, you know, decade plus, one all the way back to the floor, then you're combining the best of data with the humans to make the right decision.
00:20:20.400 --> 00:20:21.519
And that's where you come in.
00:20:21.599 --> 00:20:22.640
That's where you come in.
00:20:22.720 --> 00:20:31.119
You you teach people how to recognize when to buy, when to sell, based on looking at this tool and how to evaluate it.
00:20:31.200 --> 00:20:31.680
Is that right?
00:20:31.920 --> 00:20:32.240
Exactly.
00:20:32.480 --> 00:20:32.799
Right.
00:20:33.119 --> 00:20:37.680
And the the way the markets react to these orders, they follow a certain pattern, right?
00:20:37.759 --> 00:20:49.920
So, you know, if if the market moves, so I have again rules, so if the market moves a certain way amount away from this activity, that means it has a much better chance of doing this, like it is doing, versus going higher, right?
00:20:50.000 --> 00:20:56.079
So again, the big money is not always right, at least not right away, uh, but they're right more than the wrong.
00:20:56.240 --> 00:21:05.119
So you want to identify these areas, and if it follows a uh process uh pattern, then that's where I'll take, like for instance, I'll take a short.
00:21:05.200 --> 00:21:11.279
Or if I was long here, meaning I was banking it was going to go up, and then I see this and it fails out of here, and I know it's time to get out.
00:21:11.440 --> 00:21:15.599
Um, and then the other thing is, you know, these algos, so this is this is what I was talking about, the algo game.
00:21:15.680 --> 00:21:17.119
You can see here this thing's at full force here.
00:21:17.200 --> 00:21:23.119
So what you're seeing down here, when nothing's going on in the market, these things it they just run the market.
00:21:23.200 --> 00:21:32.559
So any trader, and if you go to my uh X account, I posted something on NASDAQ uh a couple weeks ago, the same exact thing, because when nothing's happening, that's when these algos take take control.
00:21:32.640 --> 00:21:33.920
So this is called the price change algo.
00:21:34.160 --> 00:21:36.960
This is on bookmap as well as uh their add-on market pulse add-on.
00:21:37.359 --> 00:21:45.279
So this is when this thing's colors, this is just telling you when the price has moved too too far too fast, and these algos come in and snap it the other way.
00:21:45.359 --> 00:21:52.960
So when nothing's going on in here, usually around this time of day, when you know New York goes to lunch, Chicago goes to lunch, then it's then it's game game time, right?
00:21:53.119 --> 00:21:59.200
So for any trader that's even day trader or even day trader, um, you know, you can set this up for a day too, this price change game.
00:21:59.279 --> 00:21:59.839
That's what I call it.
00:22:00.880 --> 00:22:03.519
You always wonder, like, why, like, for instance, I'm short right now.
00:22:03.599 --> 00:22:04.559
You can see my buy orders.
00:22:04.640 --> 00:22:06.559
I'm still I'm getting tortured here as I'm waiting.
00:22:06.720 --> 00:22:08.480
You can see it came down price change.
00:22:08.559 --> 00:22:11.599
That's the that's the uh sell price change, and it rips back up.
00:22:11.680 --> 00:22:12.880
Now it's price changing this way.
00:22:13.039 --> 00:22:14.319
See how it's ripping back down.
00:22:14.480 --> 00:22:18.079
So this explains many, many times why you're getting whip sauce.
00:22:18.319 --> 00:22:22.240
So like I was saying, if you can't beat them, join them, you could trade this on its own, right?
00:22:22.319 --> 00:22:25.519
Every time this thing, this thing colors, you this one you sell.
00:22:25.599 --> 00:22:27.680
When it colors this way, you buy, you sell.
00:22:27.759 --> 00:22:28.640
So you can play this.
00:22:28.720 --> 00:22:30.000
I'm too old for that game.
00:22:30.079 --> 00:22:32.960
I that's what all I did basically back in the day trading off this.
00:22:33.119 --> 00:22:36.480
But the point is, at least you can know what's going on.
00:22:36.559 --> 00:22:42.799
And again, you can join them versus getting getting upset and letting them throw you off your game, because that's what they're here to do.
00:22:42.960 --> 00:22:44.880
They're here to take your money and whipsaw you, right?
00:22:44.960 --> 00:22:46.480
And another thing this thing does too.
00:22:46.559 --> 00:22:59.599
I don't know how many times you've heard traders that you had on, or you know, day traders or or or you know, longer-term traders, they they get they get a trade that's moving in their way and they go, say they got in right here at this price, say 4480, right?
00:22:59.680 --> 00:23:00.160
They sold it.
00:23:00.240 --> 00:23:04.079
And they're like, okay, well, now I got a profit, so I'm gonna move my stop to break even.
00:23:04.319 --> 00:23:06.240
So the worst that happens is I break even.
00:23:06.400 --> 00:23:08.640
These algos know exactly that's what traders do.
00:23:08.799 --> 00:23:10.000
This is a zero-sum game.
00:23:10.079 --> 00:23:11.200
They're trying to take your money.
00:23:11.279 --> 00:23:12.799
They know traders trailer to stop.
00:23:13.039 --> 00:23:14.000
That's why they do this.
00:23:14.160 --> 00:23:18.480
They stop you out, they take your order, and then it goes, it goes the way that you thought it was gonna go, right?
00:23:18.559 --> 00:23:23.279
So again, instead of getting frustrated, you can see the games in here, and that's the key.
00:23:24.480 --> 00:23:26.319
The house always wins, right?
00:23:26.480 --> 00:23:28.160
When you go to Vegas.
00:23:28.480 --> 00:23:33.839
So if you're just you know hanging out and having fun, you're gonna get your ass kicked.
00:23:34.000 --> 00:23:41.119
But if you know what you're doing and you know basic strategy, then uh then the odds shift into your favor.
00:23:41.440 --> 00:23:41.680
Absolutely.
00:23:41.839 --> 00:23:43.839
That's a good segue into my card counting story.
00:23:43.920 --> 00:23:48.480
If you can do that on another webinar, but I'm actually banned from Vegas from counting cards, right?
00:23:48.640 --> 00:23:51.039
So I I turn I turn the tape.
00:23:51.119 --> 00:23:52.079
This is the same thing, right?
00:23:52.160 --> 00:23:56.799
You're not right, you're not gonna get banned from the from the from trading if you know what the big money's doing.
00:23:56.880 --> 00:24:00.400
But I you know, I I got I because a big card card, again, it's a really good story.
00:24:00.480 --> 00:24:01.279
It's kind of lengthy.
00:24:01.359 --> 00:24:03.359
So if you want me to tell it at the end of it, I will.
00:24:03.440 --> 00:24:09.039
But the point is uh I don't do anything that that involving money unless I think I have an edge at it.
00:24:09.119 --> 00:24:11.279
So I got sick of losing money when I went to Vegas.
00:24:11.359 --> 00:24:16.480
I literally bought a card counting book, learned how to count cards, went and practiced it, and then I got so good at it, I got banned, right?
00:24:16.559 --> 00:24:21.759
So yeah, it's like it's like you're playing against the house, but if you have an edge, you you can compete.
00:24:22.240 --> 00:24:24.720
Yeah, you got rain man shit going on.
00:24:25.039 --> 00:24:26.400
I wouldn't I wouldn't go that far.
00:24:26.640 --> 00:24:28.400
It's all learned, but uh yeah.
00:24:28.799 --> 00:24:34.960
But it's a similar skill set, so so I would consider you a savant without being the idiot.
00:24:36.559 --> 00:24:38.559
You're an everyday Chicago kind of guy.
00:24:38.720 --> 00:24:39.759
I'm from Chicago too.
00:24:39.839 --> 00:24:42.400
I was uh born on the South Side, raised on the north.
00:24:42.720 --> 00:24:43.920
Where Southside where?
00:24:44.160 --> 00:24:46.319
Southside in the Park Forest.
00:24:46.960 --> 00:24:47.519
Well, guess what?
00:24:47.599 --> 00:24:49.039
I grew up five minutes from there.
00:24:49.279 --> 00:24:49.920
No kidding.
00:24:50.000 --> 00:24:50.640
I was born in St.
00:24:50.799 --> 00:24:51.680
James Hospital.
00:24:51.839 --> 00:24:52.400
So was I.
00:24:52.559 --> 00:24:53.119
South Chicago.
00:24:59.839 --> 00:25:00.400
Wow.
00:25:00.559 --> 00:25:02.720
I'm I I ended up a North Sider.
00:25:02.960 --> 00:25:15.200
I graduated a few years uh before you, but uh it's that Chicago vibe that uh we go, we're gonna take a Portello's Itrillian beef over uh any kind of hot cuisine we could find anywhere else.
00:25:15.440 --> 00:25:15.759
Absolutely.
00:25:15.920 --> 00:25:21.839
And you better not tell me you're a Cubs fan either, because now you're gonna get my get get my ass kicked that way.
00:25:22.240 --> 00:25:24.640
That all said, I love the Vegas analogy.
00:25:24.799 --> 00:25:40.559
I I love the fact, and it's really a proof of concept that you're banned from the casinos because there's a lot of the same operating principles here of really understanding the system and you're you're gaming the system in terms of transparency and your knowledge that you bring to bear.
00:25:40.880 --> 00:25:42.720
So I think I think this resonates.
00:25:42.880 --> 00:25:47.200
I do want to bring up one thing that I'm sure our listeners and viewers are thinking about.
00:25:47.359 --> 00:25:56.559
We understand that this is futures, this is day trading, and you've you've got these trends that are becoming visible that are on screen right now and that you've described.
00:25:56.799 --> 00:25:59.519
But we're living in some crazy times right now.
00:25:59.759 --> 00:26:07.680
For example, the Iran War, Strait of Hormuz, oil, that kind of future, commodities, helium, fertilizer.
00:26:07.839 --> 00:26:12.720
A lot of people are playing around with that stuff too on a day trading basis, of course.
00:26:12.960 --> 00:26:19.680
And a lot of this is contingent on almost random factors that are now punching people in the face.
00:26:20.000 --> 00:26:34.240
So, how do you how do you square off on trends that you see on screen right now with this lack of predictability that we're seeing literally on the front page of the newspaper?
00:26:34.559 --> 00:26:36.799
Well, it's not only on the front page of the newspaper.
00:26:36.880 --> 00:26:38.240
I actually turned off the squat box.
00:26:38.640 --> 00:26:41.200
I had it on you every five minutes, you're gonna, there's another headline.
00:26:41.440 --> 00:26:45.839
It's it's the most trying period I've ever mind you, I I got knocked out of the game.
00:26:45.920 --> 00:26:54.799
It's more trying than when I got knocked out of the game the first time, as far as for a year and a half, like literally a year and a half, there has been a headline basically every five to ten minutes.
00:26:54.880 --> 00:26:56.480
Before at first it was the tariffs, right?
00:26:56.559 --> 00:26:58.160
Every again, 10 minutes.
00:26:58.240 --> 00:27:01.599
Uh, we're putting a tariff on China, market tanks.
00:27:02.400 --> 00:27:03.759
Trump comes out the next day.
00:27:03.920 --> 00:27:05.519
No, we're not, goes back up, right?
00:27:05.599 --> 00:27:08.880
So now with the Iran stuff, I call it headline ping-pong.
00:27:09.039 --> 00:27:11.359
It is all day, every single day.
00:27:11.519 --> 00:27:20.079
And and what's even more egregious with it is the the Trump Foundation came out and said uh they're offering trading firm, it's already started, they're doing it.
00:27:20.799 --> 00:27:27.279
They offer trading firms a hundred for a hundred thousand dollars a month, they can get the true social posts before they before they hit the wire, right?
00:27:27.359 --> 00:27:29.599
So it just shows you how manipulated this is.
00:27:29.759 --> 00:27:36.160
So, you know, as a trader, a retail trader, even if you're trading for a firm, if you don't have this information, you're you're just you're just flying blind.
00:27:36.240 --> 00:27:43.279
I I can't tell you how many times my trade room can tell you because all I do is bitch about it, but how many times have I had a great trade on, like right now?
00:27:43.359 --> 00:27:44.880
I'm sure you're looking at I'm short gold.
00:27:44.960 --> 00:27:50.960
If the heat comes out and says something or a rant says something, this trade could potentially get blown out in in three seconds, right?
00:27:51.039 --> 00:27:53.519
So it's like you you don't have any control over that, right?
00:27:53.599 --> 00:28:01.680
So for a longer-term trader, the best you can do is you know, put your put your orders, you know, above above structure type stuff, right?
00:28:01.759 --> 00:28:04.079
Like so, you know, markets are in one of two states.
00:28:04.160 --> 00:28:07.200
They're either balancing, they're balancing, or they're trending, right?
00:28:07.279 --> 00:28:13.839
So this is a definition of a big balance area where it's just buyers and sellers, and when it breaks out of here, somebody's right, something's wrong.
00:28:14.000 --> 00:28:22.480
So the point is, if you're gonna, you know, say you were a short area at the cell ice, well, I would probably just put my stop above there, above that structure, and just hope you don't get headline, right?
00:28:22.559 --> 00:28:23.359
And that's all you can do.
00:28:23.440 --> 00:28:36.240
But this has been the most trying period I've ever I tell my traders, and you know, and I do webinars for bookmap and other uh trading entities, it's like if you're even breaking even right now, you that is a testament.
00:28:36.319 --> 00:28:40.079
You're doing well because it's again, you you don't know when the headlines are coming.
00:28:40.160 --> 00:28:41.839
So there's nothing you can do about it.
00:28:42.480 --> 00:28:50.880
Is one potential fix to adjust the granularity, if you will, what I would call the altitude of your activity.
00:28:51.200 --> 00:28:59.039
If you're responding in real time, then it's gonna get crazy, just like you described, because of the unpredictability of it.
00:28:59.279 --> 00:29:18.480
But if you trend a little bit backward, you shift focus, let's say, from minute to minute, hour to hour, even day to day, and look at this maybe week to week, and then figure even strategically that frankly Iran has us in a vice grip now as far as the straight goes.
00:29:18.640 --> 00:29:25.920
Uh maybe look at at what would be considered a medium-term trend and then adjust accordingly.
00:29:26.079 --> 00:29:34.480
Is that is that feasible or is that already out of your range, your wheelhouse of being more responsive in the moment?
00:29:34.799 --> 00:29:42.799
Yeah, it's out of my range, and I don't think it's possible anyway, because again, it's literally, I call it Groundhog Day, every day.
00:29:42.880 --> 00:29:46.160
Like it's the same exact headlines every single day.
00:29:46.240 --> 00:29:49.279
And you don't know, are we real, is there a deal coming?
00:29:49.920 --> 00:29:50.640
Is the deal real?
00:29:50.799 --> 00:29:52.960
I mean, literally the same headlines, and it doesn't matter.
00:29:53.200 --> 00:29:58.960
These, these, this is this is why you get crushed because it's the same headline for literally five months, right?
00:29:59.039 --> 00:30:00.559
We made it, we have a deal, we don't have a deal.
00:30:00.640 --> 00:30:02.480
They can't have nuclear weapons, blah, blah, blah.
00:30:02.640 --> 00:30:02.880
Right.
00:30:02.960 --> 00:30:07.519
So it's like these algo reading headlines, they don't they don't decipher.
00:30:07.759 --> 00:30:10.720
They see certain keywords, they fire in orders, you're done, right?
00:30:10.799 --> 00:30:14.799
So yeah, I mean, I I don't know what trend what trend you see, right?
00:30:14.880 --> 00:30:16.880
So it's like, yeah, here's crew, right?
00:30:16.960 --> 00:30:20.799
So yeah, when when we had the deal for the 88th time here, right?
00:30:20.880 --> 00:30:27.279
It went from crew went from went from you know 95 all the way down here to 75.
00:30:27.359 --> 00:30:34.880
And then now, you know, I you know the war was gonna be done within a month, and then it wasn't, and then it was, and then now it's not, and now here again.
00:30:35.039 --> 00:30:39.119
So I don't know how I don't know how you predict what's gonna happen next.
00:30:39.200 --> 00:30:39.920
You know, I don't care.
00:30:40.079 --> 00:30:50.079
So yeah, this is in the downtrend, and guys love to draw you know channels and stuff, but again, if they come out and say there's no deal, and say Iran bombs a ship or something, the thing's gonna go like that.
00:30:50.160 --> 00:30:51.599
So yeah, that's not predictable.
00:30:51.759 --> 00:30:52.960
You just got to put in your trades.
00:30:53.039 --> 00:30:59.759
What you can do, and I'm not not an options expert, I'm getting better at it because the uh that we haven't talked about the options flow in these markets.
00:30:59.839 --> 00:31:01.200
That's the number one game.
00:31:01.359 --> 00:31:08.160
Talk about uh we talked about AI, the options flow, the zero date dexpiration game is by far the biggest driver of the markets now.
00:31:08.480 --> 00:31:18.880
90% of the trade is is these uh these guys that come in and load up the options dealers, and and the options dealers have to come in the market, whether it be individual stocks or futures, and that's how they have to hedge themselves.
00:31:19.039 --> 00:31:19.839
But I digress.
00:31:20.079 --> 00:31:22.880
What I was saying is you can there are option strategies.
00:31:22.960 --> 00:31:31.440
You if you you know, say you have a uh stock position on a portfolio line, you can put on certain options to protect yourself if you get the rips, where you won't get stopped out, right?
00:31:31.519 --> 00:31:39.359
You can buy like an option four months from now to protect yourself, where if it does rip up, you're not just stopped out of the trade, and then eventually it will come back, you're hoping.
00:31:39.519 --> 00:31:40.799
But yeah, you can protect yourself.
00:31:40.880 --> 00:31:44.960
But you know, me as a day trader, I'm trading futures, I don't I don't play the options game yet.
00:31:45.039 --> 00:31:52.000
I'm trusting, I'm looking at it because it's it's it's been so ridiculous with the headlines and stuff, but you can protect yourself is what I'm getting at.
00:31:52.400 --> 00:31:59.599
Yeah, and I'm assuming the options game, you could ride the wave up and down and down and up.
00:31:59.839 --> 00:32:22.720
And then when you smack AI into it and you got agentic technology, which is basically pre-programming your ceiling and your bottom, then uh I'm sure a lot of people are making a lot of money by basically just putting a prompt into their ClaudeBot and go going having a lunch in the Bahamas because it's just kind of cranking along.
00:32:23.039 --> 00:32:23.440
Right.
00:32:23.680 --> 00:32:28.720
Yeah, or or saying please read the headline, next headline, and throw the order in for me.
00:32:28.960 --> 00:32:29.680
Exactly.
00:32:29.839 --> 00:32:32.000
I I I want to bring up just a couple points.
00:32:32.400 --> 00:32:36.640
One is I'm sensing that the markets are getting a little bit inured to this.
00:32:36.880 --> 00:32:43.599
So when we had the liberation day for the tariffs, the markets went absolutely batshit crazy.
00:32:43.920 --> 00:32:45.839
10% up 10%.
00:32:46.720 --> 00:32:50.799
Literally like$2 trillion in volatility over a week.
00:32:50.960 --> 00:32:52.400
It was unbelievable.
00:32:52.559 --> 00:32:55.440
There's no precedent for that, not even COVID.
00:32:55.680 --> 00:33:00.240
But then with the tariffs, like he was just making it up as he went along.
00:33:00.400 --> 00:33:09.200
He's like popping an Adderall and having a cheeseburger in this country, that country, this business, that business, that percentage, that percentage.
00:33:09.359 --> 00:33:12.319
The markets were like, this is just crazy time.
00:33:12.480 --> 00:33:24.559
And then they were just operating as if you know we're getting hit with these daily headlines, but the overall macro state is uncertainty, and then let's just go with it.
00:33:25.119 --> 00:33:35.680
Yeah, again, I mean that you know, you hear all these uh you know, money managers uh or you know, people that are that trade longer term, a lot of them will say, you know, just go into cash, right?
00:33:35.759 --> 00:33:39.279
It's like just don't even don't even put yourself in front of this stuff, just wait.
00:33:39.359 --> 00:33:40.720
But it's like, well, how long do you wait?
00:33:40.799 --> 00:33:40.960
Right?
00:33:41.039 --> 00:33:46.880
It's like if you go back to the tariffs, we're talking almost two years now, it's been in incessant headlines every single day.
00:33:46.960 --> 00:33:49.200
So it's like all I need to put to stay in cash.
00:33:49.359 --> 00:33:52.720
I mean, and if you stay in cash, you've miss this entire rally.
00:33:52.799 --> 00:33:55.119
I mean, we and this is bizarre world too, right?
00:33:55.200 --> 00:33:58.640
It's like you'd think the market wouldn't rip to new highs like this, right?
00:33:58.720 --> 00:34:01.599
This is the mini SP, uh, during a war, right?
00:34:01.680 --> 00:34:03.440
So it's like, how do you right?
00:34:03.599 --> 00:34:07.680
So if you're on the sideline, you're like, damn it, why did I why did I get on the sideline?
00:34:07.759 --> 00:34:12.960
So it's like, I I don't know the answer, you know, but it's been brutal, put it that way.
00:34:14.159 --> 00:34:16.639
The wave, either short-term, medium, or long.
00:34:16.719 --> 00:34:31.199
And one other thing you brought up that just seems to be kind of a scoop for me, and I just want to dig in at least for a few seconds, is you're mentioning that truth social, you could get a heads up if you pay up on uh on a tweet.
00:34:31.519 --> 00:34:33.920
I have not read that or seen that.
00:34:34.079 --> 00:34:38.159
Could you share what that experience is like from your end?
00:34:38.400 --> 00:34:43.679
Well, I I don't have the experience because I'm not paying for it, but I'll uh let me see if I can find here.
00:34:44.480 --> 00:34:46.480
Um let's see.
00:34:46.800 --> 00:34:54.719
Because this this is big this would be big news, and I'm assuming you know it's happening, but but this is scandalous.
00:34:54.960 --> 00:34:57.039
This is right, this is right out of CNBC.
00:34:57.119 --> 00:35:02.400
You're like you're looking at Rogue Media pitched a hundred thousand monthly feed for the fastest feed for U.S.
00:35:02.480 --> 00:35:05.199
presidents' post sources say, and it's our it's already.
00:35:05.519 --> 00:35:06.400
I haven't seen this.
00:35:06.480 --> 00:35:07.840
This is this is amazing.
00:35:08.079 --> 00:35:11.280
Yeah, so it's amazing and it's beyond maddening, right?
00:35:11.360 --> 00:35:13.440
So listen, somebody always has the information.
00:35:13.519 --> 00:35:18.960
For instance, right before the number came out today, right before the uh CPI came out, the market starts ripping off the page.
00:35:19.039 --> 00:35:28.880
Somebody, or like when we're talking about icebergs, I can't tell you how many times that literally three minutes before a number, you'll see like this this happened the last uh, I think it was uh the Fed the Fed hike.
00:35:28.960 --> 00:35:32.639
All of a sudden, 3,000 e-mini SP buy i buy icebergs came into market.
00:35:32.880 --> 00:35:34.559
And I always call it the lucky guess, right?
00:35:34.880 --> 00:35:36.800
Lo and behold, you can look at my XV.
00:35:36.960 --> 00:35:40.719
I actually I actually posted it on my XV, go look at it before this last time.
00:35:41.039 --> 00:35:42.480
The market rips off the page, right?
00:35:42.559 --> 00:35:44.000
So somebody always has it.
00:35:44.159 --> 00:35:48.400
Um, so at least at least they're being transparent, like, hey, we'll we'll we'll give you the information.
00:35:48.480 --> 00:35:49.039
You gotta pay us.
00:35:49.119 --> 00:35:51.840
At least it's transparent because somebody always always has the information.
00:35:51.920 --> 00:35:53.679
But yeah, this is egregious.
00:35:54.559 --> 00:36:06.079
It's egregious conflict of interest that that goes into overt corruption because it's complete market manipulation uh to be had for for the money, right?
00:36:06.159 --> 00:36:09.519
Just we'll we'll give you a heads up with the guy who's calling the shots.
00:36:10.079 --> 00:36:13.760
Many of these shots completely ad hoc, completely chaotic.
00:36:13.920 --> 00:36:16.320
And at this point, what the hell's the strategy?
00:36:16.480 --> 00:36:26.320
I in no in no way do I mean to be political, we're just talking about the nuts and bolts of investment, finance, and overall fintech strategy, right?
00:36:27.119 --> 00:36:37.280
Yeah, I mean, again, it it's hard to explain, um, especially because it's the most powerful man in the world that whatever comes out of his mouth is gonna it's gonna affect the market, right?
00:36:37.440 --> 00:36:41.039
So it's like you know, I don't want to be political either.
00:36:41.119 --> 00:36:46.320
Um, but yeah, it's it's it's ridiculous that this is even again, at least they're transparent.
00:36:46.400 --> 00:36:53.199
I mean, most of the time it's somebody knows and and they're they're jumping in the market anyway, that and they're not broadcasting.
00:36:53.280 --> 00:36:57.199
At least they're letting you know, hey, here we'll give you the information, you gotta pay us 100 grand.
00:36:57.440 --> 00:37:00.079
So yeah, I mean, that doesn't, it's still it's still ridiculous.
00:37:00.239 --> 00:37:10.400
I mean, again, it just shows you how the the small, the little guy just has, you know, unless you're like you actually have informed information like I'm trying to show people, like you have no chance.
00:37:10.559 --> 00:37:13.519
Like unless you got 100 grand a month to pay for these tweets.
00:37:13.760 --> 00:37:14.960
You know what I mean?
00:37:15.360 --> 00:37:25.280
So tell tell us a little bit about what you offer, how you offer, how you share your expertise in terms of doing what you do.
00:37:25.440 --> 00:37:28.559
You gave us a nice demo here using Bookmap.
00:37:28.719 --> 00:37:35.519
I'm assuming you use it hands-on in your live rooms that you give twice a day, if I got that right.
00:37:35.760 --> 00:37:43.360
And you got your your website where you've got uh services, seminars, you got your YouTube channel.
00:37:43.599 --> 00:37:46.559
Can you give us a world tour of Scott Pulsini?
00:37:46.800 --> 00:37:48.320
I was always gonna say Pulcini.
00:37:48.639 --> 00:37:49.679
Remember Poochies?
00:37:49.840 --> 00:37:51.119
We had Poochies, hot dogs.
00:37:51.440 --> 00:37:53.760
Pulcini is the right way to say it in uh Italian.
00:37:54.559 --> 00:38:00.079
In the real Italian, but anyway, uh which you know many of them from Park Forest, I'm sure.
00:38:02.960 --> 00:38:03.440
For sure.
00:38:03.840 --> 00:38:11.360
Give us a world tour, Scott, for people who who who like what they're hearing and seeing and and want some of your expertise.
00:38:11.679 --> 00:38:14.800
Yeah, so uh, you know, I I do this every day for myself and I also teach people.
00:38:14.880 --> 00:38:22.239
So again, I was you know, when I was doing these webinars for Bookmap, I kept getting these calls to start my own trade room because people want to learn how I visualize the markets and traded it.
00:38:22.320 --> 00:38:29.360
So I have my own live trade room, it's on Discord, and then I get on, do a Zoom call twice a day, hour and a half in the morning, and usually an hour in the afternoon.
00:38:29.440 --> 00:38:33.920
If there's something going on, I'll get on and trade live, just exactly like I was showing with the gold trade, right?
00:38:34.000 --> 00:38:36.639
So that's that's what I show and teach traders how to do it.
00:38:36.800 --> 00:38:38.559
Um, but it does get chaotic.
00:38:38.639 --> 00:38:43.280
I mean, and I do a live uh 3-1 on for bookmap.com on Thursdays at 9 a.m.
00:38:43.440 --> 00:38:46.559
Central, if you want to go check it out, it's exactly what I do for my room, right?
00:38:46.719 --> 00:38:52.719
So even when people get on there, if they don't know what I'm showing, they're it they they say it's like drinking from a fire hose, right?
00:38:52.800 --> 00:38:56.079
So because I'm trading multiple markets live, multiple strategies.
00:38:56.159 --> 00:38:59.039
So if you don't know what you're looking at, it's gonna the learning curve is pretty steep, right?
00:38:59.119 --> 00:39:00.239
So that's why I made these courses.
00:39:00.320 --> 00:39:09.199
So I have three distinct courses, the stopped iceberg indicator course, and I have the trading strategies, and this is just where I'm looking for my my important areas where I'm looking for these iceberg events.
00:39:09.360 --> 00:39:14.639
Then we have another trade, it's more of a scalp trade where you're in and out where the markets come back to these volume events, like I was showing you.
00:39:14.800 --> 00:39:22.480
Uh, and then I have mentoring, I do one-on-one mentoring for for traders there, and then um obviously YouTube and testimonials and stuff like that.
00:39:22.559 --> 00:39:26.159
But yeah, I do this, uh, I do this every day, and I'm sitting here all day trading anyway.
00:39:26.320 --> 00:39:27.679
It's why not share my wealth.
00:39:27.840 --> 00:39:33.280
I take pride in it one because I like educating, because one, it keeps me grounded because I lose my mind if I'm just sitting here by myself.
00:39:33.440 --> 00:39:39.760
I already talked to myself as it is, so I might as well talk talk to it talk to the to a room and and teach them what I'm doing.
00:39:40.000 --> 00:39:44.639
Um but I like educating because I like because it's maddening, right?
00:39:44.719 --> 00:39:50.480
Like showing you the$100,000 a month for the tweets or watching this buy ice coming right for the number.
00:39:50.639 --> 00:39:53.920
So I I I thoroughly enjoy because you gotta remember, I got knocked out of the game.
00:39:54.000 --> 00:39:55.840
So I I buy the big money, right?
00:39:55.920 --> 00:39:58.800
So it's like with that that have these algos, these big firms.
00:39:58.960 --> 00:40:08.159
So I thoroughly enjoy teaching traders the game and teaching them you can compete with the with these manipulators that are trying to take your money.
00:40:08.400 --> 00:40:11.920
So that that that's that's you know my main driver of the education.
00:40:12.000 --> 00:40:17.280
I just love teaching people what you know kind of knocked me out of the game and how to compete.
00:40:17.760 --> 00:40:24.639
I like your uh individualistic, almost GameStop kind of approach, which is empower the individual.
00:40:24.880 --> 00:40:35.679
We've got these institutional players, many as we've seen are we could fairly say are corrupt in the sense of throwing their muscle around, throwing their weight around, right?
00:40:35.920 --> 00:40:40.880
And if you're an individual trader, you've got minimal influence in a macro sense.
00:40:41.039 --> 00:40:59.199
But if you're smart and if you use the right tool and if you've got the right insights, then you can gain an advantage to maximize your own self-interest in a world where the big heavies are just increasingly dominating and influencing the playing field.
00:40:59.519 --> 00:41:00.320
Right, exactly.
00:41:00.400 --> 00:41:01.599
And that that's the other thing, too.
00:41:01.760 --> 00:41:05.760
Like you may wonder, well, these icebergs are are hidden orders in the order book.
00:41:05.840 --> 00:41:06.800
Well, then how can we see them?
00:41:06.960 --> 00:41:08.320
Well, I'm a firm believer.
00:41:08.400 --> 00:41:13.440
Uh so the CME, that's the largest uh exchange in the world, uh futures exchange in the world.
00:41:13.679 --> 00:41:17.840
They they came out with this information in 2017, 2016.
00:41:18.079 --> 00:41:21.519
You can go out, you can just Google CME MBO data, that's this enhanced data.
00:41:21.679 --> 00:41:25.440
You may be, like I said, you may be saying, well, why would they why would the CME show the big money?
00:41:25.760 --> 00:41:27.519
Because the big money is their main driver, right?
00:41:27.599 --> 00:41:31.840
That's their they're making their income from the all the orders the big monies are you know off the commission.
00:41:32.000 --> 00:41:33.599
So it's like, why would they show the orders?
00:41:33.760 --> 00:41:35.360
I'm this is just my opinion.
00:41:35.519 --> 00:41:41.280
I've had extensive dealing with the CME back in the day with some other manipulation games that I thought was going on with one of the firms.
00:41:41.440 --> 00:41:44.000
But the point is, I kind of know how they think.
00:41:44.159 --> 00:41:53.679
Um, and I I'm convinced that they started to show this information to give the retail trader a chance because if the retail trader is not in here, it's shark versus shark.
00:41:53.760 --> 00:41:55.440
It's big firm versus big firm, right?
00:41:55.519 --> 00:41:56.239
There's no fish in here.
00:41:56.320 --> 00:41:57.840
So the retail trader are the fish.
00:41:58.000 --> 00:42:06.239
So I've I because I can guarantee you that the big the big banks and stuff went to the CME and said, Why are you showing our where our orders are transacting?
00:42:06.400 --> 00:42:13.039
And I and that again, this is all my opinion, I don't know for sure, but I can imagine CME saying, well, you know, you got to make a decision.
00:42:13.119 --> 00:42:21.199
Do you want to do you want the traders, the retail traders to see this, but you get to take their money, or do you want to go firm versus firm and have a much slimmer chance to make money, right?
00:42:21.280 --> 00:42:22.719
So that's what I think happened.
00:42:22.800 --> 00:42:24.559
Regardless, I don't care why they're showing it.
00:42:24.639 --> 00:42:28.960
It's been around for nine years, and it's an edge that's literally been working for nine years.
00:42:29.039 --> 00:42:31.679
So remember, like I said, my edge lasted for three years, right?
00:42:31.760 --> 00:42:32.480
And I was done.
00:42:32.559 --> 00:42:34.639
This it's a testament to how powerful this is.
00:42:35.039 --> 00:42:38.880
It works as well today as it did nine years ago.
00:42:39.119 --> 00:42:48.079
And it was supercharged by COVID because you had unprecedented retail investment hit hit the boards, right?
00:42:48.239 --> 00:43:00.719
You had trillions coming in from the private investor, and then you've got these added layers of technology, including book map that you use, and now we're rolling into AI as well.
00:43:00.880 --> 00:43:07.840
So this idea of the retail investor, the individual, and their clout in aggregate is significant.
00:43:08.079 --> 00:43:20.320
And to your point also, it's a counterforce to get some equilibrium with the huge institutional players that'll basically just knuckle each other out if given given what they want.
00:43:20.639 --> 00:43:20.880
Right.
00:43:20.960 --> 00:43:30.960
Yeah, I think you're referring more to the stock stock side, the GameStop uh you know, push the market up against all the short that you know, the those lot there's a Netflix special on it, right?
00:43:31.039 --> 00:43:35.280
How the how they cost so many hedge funds, they blew them out, the retail traders join forces.
00:43:35.360 --> 00:43:39.280
Well, this is a way for the retail traders to join forces on in the future on the future side.
00:43:39.840 --> 00:43:40.320
Exactly.
00:43:40.480 --> 00:43:46.239
That that's that's the analogy that I was drawing between between the between the equity side and then this.
00:43:46.800 --> 00:43:47.039
Right.
00:43:47.119 --> 00:43:48.159
It feels good though, right?
00:43:48.239 --> 00:43:49.280
It feels good to see what they're doing.
00:43:49.360 --> 00:43:50.559
It feels good to see the games.
00:43:50.639 --> 00:43:51.760
I mean, like, I know what you're doing.
00:43:51.840 --> 00:43:54.000
All right, I'm I'm I'm in, I'll join you.
00:43:54.159 --> 00:43:57.920
Or if you're big enough, you can push it against them, things like that, like the GameStop game.
00:43:58.000 --> 00:44:04.719
But um, but yeah, it it it it Was awesome to see that you you know you started the webinar, the podcast talking about the little guy, right?
00:44:04.800 --> 00:44:06.320
Or our comeback, right?
00:44:06.400 --> 00:44:11.440
It's good to see the little guy making a comeback and figuring out a way to gain the system to kind of shove it up.
00:44:11.519 --> 00:44:13.199
The big money's you know what.
00:44:15.599 --> 00:44:16.960
What's next for you?
00:44:17.119 --> 00:44:21.119
Because, like you mentioned, you you've been going through your own career cycle.
00:44:21.440 --> 00:44:24.719
So you were you were a newbie, you got your ass kicked.
00:44:24.800 --> 00:44:32.400
You learned learned the tools of the trade within a specialty that you were particularly adept at, which is the futures and the day trading.
00:44:32.559 --> 00:44:42.960
You became a superstar, the technology changed out from under you, you were out on the street, then the technology changed again, and now you're back.
00:44:43.280 --> 00:44:45.440
So, what lessons have you learned?
00:44:45.599 --> 00:44:50.239
What are you applying for your own future in futures?
00:44:50.800 --> 00:45:03.440
And what do you see coming in a way that you're aware of and that you want to tap into and you want to really alert people like us uh to be to be cautious of and also to be hopeful for?
00:45:04.320 --> 00:45:09.840
Yeah, well, I mean, what I'm showing you here is any trader should be hopeful when they they see that this kind of information is available, right?
00:45:09.920 --> 00:45:11.599
I mean, that that's first and foremost.
00:45:11.760 --> 00:45:20.320
Um, you know, what I've learned over the years is one, like we talked about, no edge is always so I I was just mentioning a little bit ago, like these this option game is taking over.
00:45:20.400 --> 00:45:28.000
So I had I've had to learn to monitor this options flow, and I teach that as well now, that I didn't even I didn't even pay attention to it three, four years ago, right?
00:45:28.079 --> 00:45:30.079
So now the zero day to expiration game is taking over.
00:45:30.239 --> 00:45:35.519
So you've got to be ready to adapt your trading, uh, just like in real life, like I was talking about.
00:45:35.679 --> 00:45:40.719
So that the number one thing is I don't care how well I do at this, it it can change in a heartbeat.
00:45:40.880 --> 00:45:43.039
Be ready to, and again, the AI is taking over.
00:45:43.119 --> 00:45:44.960
Who knows what what I'm gonna start seeing there?
00:45:45.039 --> 00:45:46.800
And you gotta be ready to change.
00:45:46.960 --> 00:45:54.000
Two is you've gotta you gotta respect your your loss limits for the day or for the month or whatever you decide and and not violate them.
00:45:54.159 --> 00:46:01.199
So I like I was talking about before, I had back when I was printing money, you know, I was making 50 grand a day, my loss limit was 100 grand with my trading firm.
00:46:01.280 --> 00:46:07.280
I had two different days where I allowed myself and my firm allowed me to lose$700,000 in minutes, right?
00:46:07.360 --> 00:46:10.559
And this was two days a month apart, which is even more embarrassing, though it happened twice.
00:46:10.639 --> 00:46:16.320
But the point is, it's like I wasn't respecting my loss limit because I thought you know I was bigger than the game.
00:46:16.480 --> 00:46:23.360
And if I just my if I just were to stop myself with the hundred grand both of those days, I have an I would have an extra 1.2 million dollars to my name, right?
00:46:23.519 --> 00:46:31.760
So you've got to, you've got to, as a trader, long-term or short term, you've got to be able to say, this is not working, there's always another day, right?
00:46:31.840 --> 00:46:34.159
And you if you can't, you're you're in the wrong business.
00:46:34.320 --> 00:46:37.119
But um those are the main lessons I learned.
00:46:37.199 --> 00:46:40.159
Just never take anything for granted, never think you figured it out.
00:46:40.320 --> 00:46:46.880
Always be willing to adapt and learn new things that that are coming because these markets are adapting and they're gonna adapt without you if you don't.
00:46:47.519 --> 00:46:51.679
Risk mitigation is a tough one because your perspective keeps changing.
00:46:51.920 --> 00:47:00.880
If you're if you're cranking and your ceiling gets higher, then there's a natural tendency for your for your loss to get lower as well.
00:47:01.039 --> 00:47:02.800
And then you lose perspective.
00:47:03.039 --> 00:47:05.679
And this is true for for a lot of the players.
00:47:05.760 --> 00:47:08.239
I mean, even FTX, Bankman Fried.
00:47:08.559 --> 00:47:10.639
It was really a problem in overextension.
00:47:10.719 --> 00:47:18.159
He's sitting there in the clink right now, shaking his head, because the entire crypto market is flipped on its head.
00:47:18.320 --> 00:47:19.519
It's now legit.
00:47:19.679 --> 00:47:29.280
And then, frankly, again, going back to our fearless leader in the White House, you've got crypto crossover there with uh with the Liberty folks.
00:47:29.440 --> 00:47:34.159
So it's really a matter of self-control at the end of the day, right?
00:47:34.320 --> 00:47:37.199
Which is which is knowing when to stop.
00:47:37.679 --> 00:47:49.440
Just just hold yourself back, stick to your limits, cut your losses, and not be so frankly excited and even greedy in a market that's so kinetic.
00:47:49.760 --> 00:47:49.920
Right.
00:47:50.000 --> 00:47:56.000
I mean, the best way to do that, again, I always love the quote from Mike Tyson, everyone has a plan until they get punched in the mouth, right?
00:47:56.079 --> 00:48:01.760
So it's like you can't wait till until you're under the gun and you're you're we call it going on tilt, right?
00:48:02.400 --> 00:48:05.360
Those days that I lost all that money, I was full tilt.
00:48:05.440 --> 00:48:10.400
I I woke up the next day and I I literally said two different times, by the way, which is even more, like I said, more embarrassing.
00:48:10.480 --> 00:48:12.639
But I wake up and say, Who was that person?
00:48:12.719 --> 00:48:13.840
Like, I don't even know who that was.
00:48:13.920 --> 00:48:15.440
Like, why would I let that happen?
00:48:15.679 --> 00:48:25.119
When you're you know in any kind of emotional anyone could attest to this, whether you've been in an argument or in a sporting event or whatever, when you get mad, like just things change.
00:48:25.199 --> 00:48:30.800
So you have to protect yourself because you're you're gonna have a day or a time period where you're on tilt.
00:48:30.960 --> 00:48:33.360
So you got to set it up with your trading firm.
00:48:33.599 --> 00:48:43.440
You cut me off if I hit this amount for a day or for you know, if you're longer term for whatever time period or whatever amount you say, they they liquidate you, and that's it.
00:48:43.599 --> 00:48:47.360
You can't you cannot make decisions, rational decisions, when you're on tilt.
00:48:47.440 --> 00:48:48.320
You just cannot do it.
00:48:48.400 --> 00:48:53.199
You may think you're gonna be able to do it, but again, when you get punched in the mouth, the plan goes out the window.
00:48:53.440 --> 00:49:05.199
So uh that's the best advice I can, that's the only advice I can get in that because you other than that, you know, you may think you have ultimate self-control, but I'm telling you, if you lose a money that's outside your comfort range, you you're not gonna have self-control.
00:49:05.280 --> 00:49:06.559
I can almost guarantee it.
00:49:06.880 --> 00:49:13.599
The unforced error, you double, you triple down when you fuck up because your ego is at stake.
00:49:13.679 --> 00:49:17.920
And it's also one more trade, one more bet, and it'll all be right.
00:49:18.079 --> 00:49:20.960
And that's how you sink yourself all the way deep.
00:49:21.199 --> 00:49:21.360
Right.
00:49:21.440 --> 00:49:24.079
Well, a lot of times it's what they call negative reinforcement, too.
00:49:24.159 --> 00:49:28.880
So that's why I got to that point where I lost that money because there were many, many, many days that I lost 100 grand.
00:49:29.119 --> 00:49:32.559
I was down 150, 200, and they let me go and I make it all back, right?
00:49:32.719 --> 00:49:33.679
Same with traders, right?
00:49:33.760 --> 00:49:36.320
There's times where they just keep doubling down, doubling up, market flips.
00:49:36.480 --> 00:49:36.960
Oh, look at that.
00:49:37.039 --> 00:49:40.639
I thought I was gonna lose, lose five grand today, and I made 10, right?
00:49:40.800 --> 00:49:42.559
So you it's called negative reinforcement.
00:49:42.639 --> 00:49:45.360
And then one of the times you do it, you lose 50, right?
00:49:45.440 --> 00:49:50.559
So it's like you just gotta realize that's what happens in markets, and there's things that you're not gonna foresee.
00:49:50.800 --> 00:49:51.920
Just stop trading.
00:49:52.000 --> 00:49:53.760
There's always another day.
00:49:54.000 --> 00:49:59.599
My father's originally from Budapest, and he had a childhood friend who did well for himself.
00:49:59.760 --> 00:50:08.719
They independently emigrated, and that's how I got my ass to Chicago through my father's friend, who then created a bridgehead, you know, in Chicago.
00:50:08.880 --> 00:50:12.960
And he was a successful CPA, accountant, real estate.
00:50:13.119 --> 00:50:28.559
He he really did well for himself, and he pretty much blew his entire nut within uh within a month or so doing futures, doing day trading back in the the 90s.
00:50:28.800 --> 00:50:31.760
So it's a lesson that's hard to learn.
00:50:31.920 --> 00:50:35.760
It it goes all the way back to humans in the cave.
00:50:36.079 --> 00:50:49.119
When when you're winning, you got an attitude, you feel invincible, but you gotta be cautious and you gotta hold back your own ego because you know you're gonna take the punch and how you react to it is is important.
00:50:49.599 --> 00:50:50.159
Absolutely.
00:50:50.239 --> 00:50:51.280
That that's the name of the game.
00:50:51.360 --> 00:50:52.880
And again, it goes for life as well.
00:50:53.039 --> 00:50:54.880
So you gotta, when things are going well.
00:50:54.960 --> 00:50:58.079
I just you know, I just heard a quote the other day, it couldn't be more true.
00:50:58.239 --> 00:51:01.679
It's like people only only change when things are are going terrible for them.
00:51:01.760 --> 00:51:03.599
No one changes when things are going great, right?
00:51:03.679 --> 00:51:05.679
So it's like because you think you got it, right?
00:51:05.760 --> 00:51:09.920
So it's like, yeah, you gotta you gotta keep in perspective in trading and in life.
00:51:10.079 --> 00:51:16.800
Like, you know, always be ready to adapt and don't ever think that you're there because it could be the rug could be pulled at any minute.
00:51:17.440 --> 00:51:19.039
None of us are invincible.
00:51:19.199 --> 00:51:27.119
And another great quote is that your point of greatest vulnerability corresponds to the moment of your greatest victory.
00:51:27.280 --> 00:51:32.320
Like you're on top of the hill, and then you feel like you can do no wrong, and then boom.
00:51:32.480 --> 00:51:35.679
So thanks for these words of wisdom, Mr.
00:51:35.840 --> 00:51:38.239
Scott Pool Seney.
00:51:38.480 --> 00:51:44.159
Sure, fellow Chicago dude, turning us on to bookmap.com.
00:51:44.320 --> 00:51:48.320
I'm gonna have your website URL in the description as well.
00:51:48.800 --> 00:52:07.119
You're you're live twice a day, you give classes, you're on YouTube, and you make uh the tools of the trade and decades of experience available to individual retail, we call them retail investors in the futures day trading market.
00:52:08.000 --> 00:52:18.639
And thank you, sir, for your service to uh to people who just want to do their thing and and and provide that hedge against the machine, right?
00:52:18.800 --> 00:52:24.880
The huge institutions who are out just to line their own pockets, usually at our expense.
00:52:25.199 --> 00:52:26.079
Exactly.
00:52:26.400 --> 00:52:27.360
Thanks so much.
00:52:27.519 --> 00:52:28.239
Take care.
00:52:28.480 --> 00:52:42.159
And I'd love to follow up in six months a year, uh, see if the dust settles or if it gets even more insane out there with headline news, you know, laying waste to the markets.
00:52:42.480 --> 00:52:45.840
Yeah, we get back on, I'll tell my uh blackjack car counting story too.
00:52:46.079 --> 00:52:47.440
Oh no, tell us now, actually.
00:52:47.599 --> 00:52:48.000
We got time.
00:52:48.239 --> 00:52:51.679
This would be a great uh, you know, like you know, outtake moments.
00:52:51.760 --> 00:52:52.159
Go for it.
00:52:52.800 --> 00:52:54.719
It's I'll try to I'll try to squeeze it in.
00:52:54.800 --> 00:53:00.880
So again, I was um, you know, I had gone to to Vegas for the umpteen time back when I was in college.
00:53:01.119 --> 00:53:03.920
Um, I just graduated and went with a bunch of buddies.
00:53:04.000 --> 00:53:05.519
I brought like a thousand bucks, right?
00:53:05.599 --> 00:53:06.960
Which was like 10,000 back then.
00:53:07.199 --> 00:53:10.320
Of course, lose all my money the very first night, literally the very first night.
00:53:10.559 --> 00:53:18.000
Betting on roulette, like, because there was like 15 blacks in a row thinking a red should come, and I kept doubling down, talking about double down, lost all my money, right?
00:53:18.079 --> 00:53:25.280
So borrowing money from my buddies the rest of the trip, coming home, coming flying back to Chicago, and literally didn't have a one dollar in my pocket.
00:53:25.440 --> 00:53:26.719
There were no debit cards back then.
00:53:26.800 --> 00:53:28.320
I didn't have a credit card, I didn't have a dollar.
00:53:28.480 --> 00:53:31.760
So my buddy, I'm I'm sitting in the gift shop and I see this uh this book.
00:53:31.840 --> 00:53:35.679
I'm walking through the gift shop and I see this book called Knockout Blackjack.
00:53:35.760 --> 00:53:36.559
It looked like a joke.
00:53:36.639 --> 00:53:39.679
There's blacks and gloves on the on the on the cover of it.
00:53:39.840 --> 00:53:41.920
So I started thumbing through and it's how to count cards.
00:53:43.039 --> 00:53:44.880
So I walk up, I'm like, you know what?
00:53:44.960 --> 00:53:46.800
I'm not coming back to the city unless I have an ad.
00:53:47.119 --> 00:53:50.559
I'm so sick of throwing my money away and feeling like this every time I leave, right?
00:53:50.639 --> 00:53:51.760
So I go up to the counter.
00:53:51.920 --> 00:53:55.119
My buddy that lent me lent me like 800 bucks on the trip.
00:53:55.360 --> 00:53:56.800
Throw the book on the counter.
00:53:56.960 --> 00:53:58.559
Will you buy me that just 13 bucks?
00:53:58.719 --> 00:54:01.039
He's like, he's like, I'm not, I'm not buying you that book.
00:54:01.119 --> 00:54:02.239
I'm like, dude, just buy me.
00:54:02.400 --> 00:54:03.360
I already owe you 800.
00:54:03.440 --> 00:54:04.880
What's another 13 bucks, right?
00:54:05.039 --> 00:54:08.639
So he's like, he tells the cashier, he's like, just yeah, put the book in my dad.
00:54:08.800 --> 00:54:10.159
So he so he pays for it.
00:54:10.239 --> 00:54:12.480
I read it on the way home on the on the flight home.
00:54:12.559 --> 00:54:17.679
And I start, you know, I start going to the casino back then, if you remember, it was just on the river, right?
00:54:17.760 --> 00:54:18.719
We call it the river boats.
00:54:18.800 --> 00:54:23.199
It was uh, it was the or it had to be on a waterway, so it was the Illinois-Indiana border.
00:54:23.360 --> 00:54:27.679
So I started going and practicing bare metal, the tiniest amount, the uh table minimum.
00:54:27.760 --> 00:54:35.440
So I would go with play the$10 tables, and the increments would go if the car card counting or the count got in your favor, you'd go up to 10 times your normal bet.
00:54:35.760 --> 00:54:38.559
So people don't understand with card counting.
00:54:38.800 --> 00:54:42.480
One, uh, it's not like this just free money fest.
00:54:42.559 --> 00:54:43.440
It's like a grind, right?
00:54:43.519 --> 00:54:44.960
And there's actually a Netflix special on that.
00:54:45.039 --> 00:54:45.679
Watch that thing.
00:54:45.760 --> 00:54:47.599
That is exactly 100% accurate.
00:54:47.760 --> 00:54:50.880
This guy went across the country going to all these all these little casinos.
00:54:51.039 --> 00:54:53.440
It's it's it's very it's a grind, right?
00:54:53.519 --> 00:54:55.360
But the story actually wasn't a grind.
00:54:55.519 --> 00:54:59.519
So the thing is when you learn to do it, it's not just counting cards.
00:54:59.599 --> 00:55:05.199
You got to deal with the all all the uh all the extra things that are going on, right?
00:55:05.280 --> 00:55:13.360
So you're dealing with the idiots at the table, you're dealing with the the dealer, you're dealing with the pit boss, the waitress, you got all the and you got to play the correct hands too, and count the cards.
00:55:13.440 --> 00:55:14.719
So it takes practice, right?
00:55:14.800 --> 00:55:16.559
So I started again, I'm not a savant.
00:55:16.639 --> 00:55:18.159
I just I just worked at it, right?
00:55:18.239 --> 00:55:22.079
So started making money doing it relatively tiny, but I knew it worked, right?
00:55:22.239 --> 00:55:25.440
So then fast forward, this was like right when I started trading too.
00:55:25.599 --> 00:55:26.320
I wasn't making any money.
00:55:26.400 --> 00:55:32.239
So I finally started making a little money, and the guy, remember, I said I bet that I was gonna be a better trader than him or the top trader.
00:55:32.400 --> 00:55:33.440
I didn't really know him at the time.
00:55:33.519 --> 00:55:34.960
His name was the big cheese, right?
00:55:35.039 --> 00:55:37.360
And he had just he was the top trader the year before.
00:55:37.440 --> 00:55:38.880
Uh this was 2002-ish.
00:55:39.039 --> 00:55:41.280
So I and he it was before I took off.
00:55:41.440 --> 00:55:42.880
So he's walking out one summer day.
00:55:42.960 --> 00:55:46.000
I was just like a day like today, the markets were dead, just like they are right now.
00:55:46.159 --> 00:55:49.599
And he's like, uh, hey, he's like, uh, I heard you know how to count cards.
00:55:49.679 --> 00:55:56.079
I didn't really know this guy, but it got around the firm that I, you know, I was making money relatively uh big money, you know, decent amount of money.
00:55:56.159 --> 00:56:00.239
So he goes, uh he goes, I heard you how you you know how to count cards.
00:56:00.320 --> 00:56:01.199
I'm like, yeah, I've been doing it.
00:56:01.280 --> 00:56:02.639
I go, I've been doing it tiny, but it works.
00:56:02.719 --> 00:56:04.079
He's like, all right, let's go to the boat.
00:56:04.159 --> 00:56:06.559
I'm like, all right, I like the markets are dead.
00:56:06.719 --> 00:56:08.079
He goes, how much should we bring each?
00:56:08.159 --> 00:56:09.280
I'm like, I don't know.
00:56:09.360 --> 00:56:11.119
I oh, you know, works when I bring a thousand.
00:56:11.280 --> 00:56:12.880
He's like, Let's see, bring 10,000.
00:56:13.039 --> 00:56:13.920
So I knew it worked, right?
00:56:14.000 --> 00:56:16.079
It works for it for works with a thousand, it worked with 10,000.
00:56:16.159 --> 00:56:16.559
I'm like, okay.
00:56:16.639 --> 00:56:19.519
So then we stop on a at a bar on the way to the Indiana Casino.
00:56:19.679 --> 00:56:27.039
There's the horseshoe at the time, and uh, we worked out a plan on how you know wherever I put my chip in the circle would signify to him.
00:56:27.119 --> 00:56:28.719
So I would sit at first base.
00:56:29.039 --> 00:56:30.000
We didn't know each other.
00:56:30.159 --> 00:56:31.840
He was at he was at shortstop.
00:56:32.000 --> 00:56:36.960
And wherever I put my chip in the in the in the circle would signify the increments to bet, right?
00:56:37.039 --> 00:56:44.239
So we went there, he's playing two hands at$200 a piece, and then if the count got high, we go up 10 up to 10 times that.
00:56:44.480 --> 00:56:48.800
Uh when I say high, meaning a lot of face cards are coming out, that's where he graduates, right?
00:56:48.880 --> 00:56:50.800
So we were going from 200 to 2,000.
00:56:50.880 --> 00:56:55.760
So we go the very first day, we go, and he was a perfect candidate for it too, because he was a loose cannon.
00:56:55.840 --> 00:56:56.639
He was always there anyway.
00:56:56.719 --> 00:56:58.880
He was always at the at the casino gambling.
00:56:59.119 --> 00:57:00.719
They would never think he was counting cards, right?
00:57:00.800 --> 00:57:01.519
So it was perfect.
00:57:01.679 --> 00:57:06.320
We go the very first day, uh, made$91,000 the very first time we went, right?
00:57:06.400 --> 00:57:08.880
So of course we're walking out three in the morning.
00:57:09.039 --> 00:57:10.639
He's like, this is incredible.
00:57:10.719 --> 00:57:11.760
We got to come back tomorrow.
00:57:11.920 --> 00:57:13.280
So I'm like, sure, let's go.
00:57:13.360 --> 00:57:16.880
So we go back the very next day, same exact table.
00:57:17.039 --> 00:57:20.079
I'm at first, he's at shortstop, we don't know each other.
00:57:20.320 --> 00:57:23.039
Take him for$112,000 the next day.
00:57:23.199 --> 00:57:29.519
So, you know, take him for over$200,000 in two days, and we thought it was just the greatest thing, you know, like this is easy money, right?
00:57:29.599 --> 00:57:31.119
So then we started going all the time.
00:57:31.280 --> 00:57:34.480
Then we're like, well, we got we gotta start going to other casinos so they don't figure it out, right?
00:57:34.559 --> 00:57:36.639
So we started going, we never had that kind of success.
00:57:36.719 --> 00:57:39.519
Like we make 20 grand, lose 30 grand, make 20, lose 20.
00:57:39.760 --> 00:57:45.920
So then one day we're sitting at Harrow's, it was when they were in the little what they were little back then in uh Gary, Indiana.
00:57:46.159 --> 00:57:47.920
And we're sitting there playing the same game.
00:57:48.159 --> 00:57:54.800
Pit boss comes up to me, and again, I'm afraid I'm playing flat hands, I'm not up at my best, so they don't they're not alerted that I'm counting cards.
00:57:54.960 --> 00:57:58.639
And the guy comes up to me, the pit boss comes up to me and goes, You can't play blackjack here anymore.
00:57:58.719 --> 00:57:59.599
I'm like, and I play dumb.
00:57:59.760 --> 00:58:00.719
I'm like, what are you talking about?
00:58:00.800 --> 00:58:02.639
He's like, sir, can't play blackjack.
00:58:02.719 --> 00:58:03.920
And I just continue to play dumb.
00:58:04.159 --> 00:58:09.199
His exact words to me were, sir, you're welcome to play the other carnival games here, but you can't play blackjack.
00:58:09.280 --> 00:58:10.559
And I'm like, okay, fine.
00:58:10.639 --> 00:58:13.599
I grab my chips to get up and he goes, Oh, you can take your friend with you too.
00:58:13.760 --> 00:58:14.719
So they knew, right?
00:58:14.800 --> 00:58:15.519
They knew the game.
00:58:15.599 --> 00:58:18.480
So then that jackass puts my name in the system.
00:58:18.719 --> 00:58:20.000
So I go to Mirage.
00:58:20.239 --> 00:58:24.159
Three months later, I'm at the Mirage in uh in uh Vegas.
00:58:24.400 --> 00:58:26.079
Pip off here I'm down three grand.
00:58:26.320 --> 00:58:28.800
So remember I told you it's like a grind, it does, it's not just free money.
00:58:28.880 --> 00:58:32.000
Like you gotta you gotta withstand the bad streaks and stuff.
00:58:32.239 --> 00:58:33.599
Pip boss comes this time.
00:58:33.679 --> 00:58:34.320
I'm by myself.
00:58:34.400 --> 00:58:37.360
He comes up to me, he goes, uh, can't play at blackjack anymore, sir.
00:58:37.519 --> 00:58:38.320
And I'm like, what do you?
00:58:38.480 --> 00:58:39.199
I played down there too.
00:58:39.360 --> 00:58:40.960
He's like, his exact words there.
00:58:41.119 --> 00:58:42.400
Your play's too strong for us.
00:58:42.480 --> 00:58:43.760
I said, I'm down$3,000.
00:58:44.000 --> 00:58:44.880
Like, what are you talking about?
00:58:45.039 --> 00:58:47.840
He's like, sir, can't play in Vegas, you don't mess around, right?
00:58:47.920 --> 00:58:52.320
It's like I don't think they do the backrooms anymore where they give the beatings, but I don't want to find out, right?
00:58:52.400 --> 00:58:54.000
So I'm like, all right, I'm out of here.
00:58:54.079 --> 00:58:55.599
I go straight to the hard rock.
00:58:56.480 --> 00:58:57.440
I'm down 700.
00:58:57.519 --> 00:58:58.480
I'm there for like 10 minutes.
00:58:58.639 --> 00:58:59.760
Pit boss comes up to me.
00:58:59.920 --> 00:59:02.480
If you ever set foot in this casino again, we'll have you arrested.
00:59:02.639 --> 00:59:05.199
So after that, because it's a private establishment.
00:59:05.360 --> 00:59:07.519
If they don't like the shirt you're wearing, they can kick you out, right?
00:59:07.599 --> 00:59:13.119
So after that, no matter where I would go, I'd be sitting there for 10 minutes, you're out, you're out, you're out.
00:59:13.280 --> 00:59:22.960
Um, so you know, I nowadays I'm not, you know, back then I was a big trader, big player, but nowadays I can usually get away with going to a casino and not being flagged, especially if I don't show my ID.
00:59:23.039 --> 00:59:26.719
But nowadays, you know, they have the facial recognition and they count right with you.
00:59:26.800 --> 00:59:29.360
If they have any inkling you're counting, they just turn on the computer.
00:59:29.519 --> 00:59:33.039
If you up your bet, when the computer says you should up your bet, they know you're counting, right?
00:59:33.119 --> 00:59:36.079
So that's another example of the the fix, right?
00:59:36.239 --> 00:59:43.519
So it's like it's okay for them to do it to you, they know they have the odds against you, but the minute you turn the table on them, oh you can't play here anymore, right?
00:59:43.599 --> 00:59:46.559
So it's like so another great story, though.
00:59:46.639 --> 00:59:50.320
And I I at least am up money in my lifetime at the casinos.
00:59:50.960 --> 00:59:51.840
I love it.
00:59:52.000 --> 00:59:52.559
I love it.
00:59:52.639 --> 00:59:56.000
It's like the Scorsese movie come to life as well.
00:59:56.239 --> 00:59:56.480
Right.
00:59:56.559 --> 01:00:06.320
And all those movies came out after that, the blackjack movies, like the 21st movies, the card counting uh movies, books, uh plays.
01:00:06.559 --> 01:00:07.679
I find it fascinating.
01:00:07.760 --> 01:00:13.599
Also, what's interesting is that the casinos are ostensibly competing with each other.
01:00:13.679 --> 01:00:18.239
It's a zero-sum game, but they obviously pool their lists of the counters.
01:00:18.400 --> 01:00:18.719
Oh, yeah.
01:00:19.039 --> 01:00:20.320
Right before the tech.
01:00:20.639 --> 01:00:24.880
Yeah, they had they had the list, the 86 card counter lists.
01:00:25.119 --> 01:00:26.159
You were on it.
01:00:26.559 --> 01:00:30.719
So it didn't matter if you're at one casino, one city, they knew who the hell you were.
01:00:30.960 --> 01:00:33.360
Didn't even matter if you had your partner with you or not.
01:00:33.440 --> 01:00:35.679
You were just dead meat walking in the door.
01:00:35.840 --> 01:00:38.719
Didn't matter if you just lost a grand out of here.
01:00:39.039 --> 01:00:39.760
Yeah, you're out.
01:00:39.840 --> 01:00:40.159
They know.
01:00:40.239 --> 01:00:42.400
They know if you sit there long enough, you're gonna take them.
01:00:42.559 --> 01:00:44.159
So we don't we don't want to see that.
01:00:44.239 --> 01:00:47.840
We we can't have you beat us like we do to everybody else, right?
01:00:47.920 --> 01:00:48.639
So yeah.
01:00:48.880 --> 01:00:51.280
And the other point you make is AI.
01:00:51.519 --> 01:01:04.719
The casinos are plugged in, they're monitoring the games and they're running a statistical analysis based on how you're doing, and then they could evaluate that the statistical analysis is revealing, well, hey, you got an edge.
01:01:04.880 --> 01:01:10.320
And to your point, the the edge is always ours, the house always wins.
01:01:10.559 --> 01:01:11.440
Yep, exactly.
01:01:11.679 --> 01:01:14.559
They do not let the clients though is badass, though.
01:01:14.639 --> 01:01:28.000
That's great, and now you're putting it to good use in a way where you can not just get away with it, but be successful at it, just by looking at the markets with with tools that can give you some of that same level of transparency and analytics.
01:01:28.480 --> 01:01:29.039
Exactly.
01:01:29.199 --> 01:01:29.599
Exactly.
01:01:29.679 --> 01:01:32.639
So I'm just I'm doing the same thing I do at the card cutting table.
01:01:33.679 --> 01:01:36.000
Only now they they they let you do it.
01:01:36.079 --> 01:01:40.559
And uh and and that, ladies and gentlemen, is is a good thing.
01:01:40.719 --> 01:01:41.760
Thanks again, Scott.
01:01:41.920 --> 01:01:43.199
It was wonderful.
01:01:43.440 --> 01:01:48.800
And uh best wishes and good luck to you in this crazy, crazy environment.
01:01:48.880 --> 01:01:51.679
Let's just hope it chills out a little bit because we're all going nuts.
01:01:52.159 --> 01:01:52.639
Please.
