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[Applause] [Music] [Music] thanks for joining in guys on yet another sunday evening or at least here in london um i think you guys know the drill now but for those who may have been tuning in for the first time i'm bogdan i'm one of the junior traders here on the london trading floor and we're doing this axia after after our stream of just talking of just various topics um topics uh you know points events that may be happening day to day uh things perhaps we're noticing on with you know with people on the floor on the course on the uh you know some of the senior guys hopefully shortly we're gonna have someone else for an interview as well uh perhaps next week and we're just going to try and build this this along um you know build this sunday streams along with us so how you guys doing john b thank you good evening to you to you as well um yes we're doing you know we're gonna talk about everything today uh market profile or the flow footprint uh for sure and this is actually the whole point of today actually going back to basics and maybe the first five minutes it's gonna be so ultra basic for some people there but i have to say there's quite a lot of people who who come onto the course or come on to the floor later and say you know they you know i'm an order flow trader i'm a price ladder trader i trade that kind of thing but then when when they um you know when when you when you when you talk pure mechanics of how the ladder moves when you talk about you know you know limit orders market orders uh participation the the sort of the nuances the little details of the price ladder you can sort of get you can sort of understand that there's no sort of logical hub they make quite a few assumptions and they jump in their reasoning in understanding certain things and that's quite important as well when you know when you just when you of course if you label yourself as order flow trader you trade footprints something you have to understand this inside and out so you know if you do consider yourself an order flow trader i first beginning the first five 10 minutes maybe 20 minutes will be a bit slow but it's good just to recap the ultra basics and then we'll dive into something a bit more interesting one thing i'd like to do is let me bring up this um this excel sheet here so i made this a little louder for myself uh very sort of impromptu let's say but i thought we can really be a bit more descriptive in how we talk so and in fact let me just bring up so you can visualize this a bit easier i've got this recording on uh just from a random uh from someone on the floor on the random recording they had uh because the recording isn't so much important on when we're recording just so we can have a bit of uh just uh just a bit of color on what we're talking about so starting on bare bones it may well it shouldn't be a surprise but for those you know who may have just looked at trading futures at the beginning you have to always remember you have to understand that the futures markets and generally all markets there are not actually invented for you guys to just make money or easy money or to you know to gamble away money or anything they're not there to you know as a way for like um directly let's say as a as a risk-taking tool in fact they're the opposite so you know futures markets specifically and derivatives were invented to hedge risk and this is the reason why they exist so this is an they existed for institutions they existed for um let's say oil refinery uh companies uh you know perhaps companies who are very big in the food chain industry and you know are reliant on uh meat prices staying stable for them in the commodity space perhaps there's you know uh retirement funds so on uh have to lock in certain bond prices and bond yield and so on so you should always remember the fact that futures markets and generally all markets but future markets especially are not there just for guys like you know us in and around trying to you know grab a few ticks here and there and try and do it on size and then you know that is the trade-off by you as by there's a trade-off of us participating at risk in effect providing the liquidity and helping to help the markets identify value because one of the other things of course the the reasons market exists and this is why you know any sort of capitalist economy benefits from markets is because markets are there to find a mathematical value an actual value on the price of x y and z otherwise it cannot be done and you know good or bad if that's if that's the right way or wrong way to go about it um that sort of besides the question it's the sort of the best tool we have collectively as as a as a you know civilization to ascertain uh market value so do not forget that you know we're one very small corner of the world when we trade futures and this is the kind of mentality you need to have when you understand certain market moves the reasons why people are actually in markets hitting it with size or something it's not full of you know there will be traders like us you know uh moving the market perhaps in some way in a very localized way but far less than you'd imagine and you know a lot of the time you know of course the market's not going to care about your one or your true lots uh they're going to care about you know institutions or with oil refineries or gold miners to come in and you know they call up their uh their their accounting department whoever and say look we need to lock in certain price for x y and z delivery call up the bank call up your interdealer broker and so on and uh you know give me execute that order and so on they're not there perhaps to make uh you know to to just speculate and trade on prices the same way we do so i feel like i want to highlight that just from the get-go and that'll be a bit more relevant as we as we look at the footprint and you know charts and we piece together a different place but i feel like for a lot of for our people perhaps who are new to trading they just assume that everyone who is in the market at that time are you know our day traders and even if they're not day traders even if they're long-term players they're hedge funds who hold positions over quarterly over annual positions uh or or so on they're not all there as you know guys coming in for a quick buck the the the speculators are very tiny i think from what i've seen a statistic from the cme i think they're only about 20 of the market including everyone including the you know the hedge funds uh big prop desks uh however from a speculation perspective 80 percent of the rest of the market are uh are there for a different purpose i.e they've got a hedge as i said their oil exposure because they're a refinery company yeah a food company involved in the food chain in the meat packing or whatever perhaps is involved in you know in lean hogs or or just using something very specific but that's what that's what you should always keep in mind when you're looking at the price side and this is when when people interact uh you know everyone comes to a central exchange okay and this is where it differs a bit from people who trade on stocks because stone stocks you have various uh dark pools and various uh uh you know different exchanges when we train on futures generally the one contract everyone around the world trades through and that is what they see here on my screen the price ladder okay and this is one thing i think people really um forget i will not forget perhaps get confused at the beginning when they see the price ladder the price theoretically can never they can't um so here you have your best bid shall we say if i just write that in best bid and best offer it's not so much that these um best bid and best offer can can it's on that they can match like they have to they have to synchronize and then they somehow match okay that is not exactly how it works what it means is now if someone's seeing this and someone buys at market he has to go to the market and lift hit the best available offer okay which would be this uh this uh this box in here 119. if he buys if he lifts two lots then he he would be long two lots and then he would eat that liquidity from someone who's who has an offer here 190 and then of course we would then go to one eight eight on the ladder so he's eaten two lots that guy who has lifted true lots is now long and whoever has put all these offers here he is now short so they've exchanged but one has been passive because he's waiting to get filled and one guy has gone to him and taken his offer because that that's how we define those two participants one has been aggressive to go into the market and you know eat through that price and one has stayed there passively and to reiterate again if i just quickly minimize this is what we see on the footprint okay so footprint is not it's not that it's uh you know perhaps it's it's too simplistic to say it's just a time in sales that's on the chart it's a bit more nuanced than that but this is the kind of orders that we see on the footprint it is people going to the market okay they're going to the market and they're either lifting the next best available offer or hitting the next best available bid and this is what you see so let me um here so when we were imagine this this is so imagine this price here if you can see the the 100 uh 1713 imagine this being the bid okay and the offer is not in this column at that time when the market was trading because we're looking at this five-minute chart so obviously the bid and offer was moving up and down as we've traded in this range okay when the bid and offer was moving through up and down through this small range um it was always it's always staggered it's staggered because the same way how they're staggered on this um if i now uh losing my charts but uh sorry losing my excel they're always staggered in this fashion so if you would imagine here this 173 someone would have to be selling into this uh you know hitting this bid but the offer always stayed at the next price here so never forget we're never matching the bid and offer they can't they physically can't match the mechanics don't work in that sense that the bid is always remaining here and then the offer is always the next tick above at the very least if we're talking about liquid markets if the market is extremely liquid then obviously the bid and offer is going to be much wider but anyway and as imagine here the bid is sitting and someone was selling 1713 lot and then he cleared he cleared that price and then the next best bid was down here at at uh 400 uh and and 60 and here at 461. and by by the uh you know the bid being cleared here the offer has stepped down into that price and now we are now bid o nines and offered tens so for now the buyers to start lifting they have like they're no longer lifting uh into into this box here essentially they're now lifting in this box here 1105 and this is how we exchange so you're always looking at it in a sort of diagonal sense if we're if we're um you know if we're stepping down so you may ask then you know how did this slow get formed or even better how did we form this slow here okay because when we cleared out this order when we cleared out the 461s it meant the bid stepped down another price where you can see my my arrow and then we were offered at this price but no one at that instance actually sold even one lot to form anything here we immediately went you know someone lifted this offer and then immediately bought again and then we just kept on going up for example that's how that low would have got formed and i feel like for those who understand that mechanic very intimately the footprint should make sense to you because you're looking at the orders transacting through the best bid and offer constantly okay and they're always they're always staggered uh if you can see if you can see me doing some hand gestures but they're always staggered okay they never perhaps match and if they look like the match perhaps that's just you know your your software looking a bit wonky or something but they they never physically match because the the bid may get taken out all those contracts get eaten and then we and then we step down okay i also see a question here from big toasty uh why not just focus on one market uh there's so many opportunities okay that's a very good question and it's something i'd recommend uh again this is actually one thing i even said someone on on the course um when you when you um when you when you first start off obviously don't pitch in pitch and hold yourself into trading one market you want to have the experience of trading many markets and different strategies not expecting them that you're going to make a quick buck and you're going to be amazing from the start you want to go through the process of investing time to learn things very deeply and at the same vein you want to also look at just one or two you don't get you know you don't get confused you don't split your energy levels into too many different places but it very much depends on the kind of edge you're trading uh big toasty so if you're very new space to macro driven like you know like myself i have identified that as one of my you know core strong suits you never know which one news is going to come out and therefore the most the biggest thing you want to do is obviously trading um you want to be trading the the news on the most relevant market and this is why i have so many and for me personally i just love to see all these different correlations coming in and out so if i'm just if i have as you can see here on again this is someone else's but my screen i've got like three screens of just ladders i'm not trading all of them i'm only trading a few markets but i'm looking to see a correlation so maybe one market has a heads up on something you never know and you want to keep track of it maybe if if if the risk assets are moving a certain way maybe they know something maybe they they're thinking something and you want to be processing that in the back of your head you know so it depends very much on the kind of educating and that's how we sort of again going back to the course because i know there's a few people here watching that's one thing you'll be discovering as you go through it to sort of building these things brick by brick because currently you're just understanding how these lego pieces sort of uh fit algae market makers and by extension what are the participants in the futures market okay so you have your market makers historically obviously they're human and they still are and it depends where you decide it depends what we classify as a market maker because we can there's different classifications theoretically by you posting a limit or limit on the bid or a limit on the offer regardless who you are theoretically you're making a market should be very loose with the terminology okay obviously there's this whole thing about market maker designations and so on officially by the exchanges but theoretically you are making a market in that sense uh and when i think about them they're neither here nor there they're just just another participant uh there are here theoretically you know they do provide should provide lot more liquidity than in other markets as they've thickened up over the years perhaps that's a good thing um but you know the thing about liquidity is that it's never there when you need it no matter who is what participants you have and that'll always be true so um i know there's obviously there's this i'm not sure if this is what you're asking big toasty so i don't put words in your mouth but obviously there's a bit of um and this is the thing i want to talk about there's a bit of sort of this this this this theory that you know there's these evil algos um market makers evil algo market makers uh brokers who try and run your stop or whatever there's this variation of like people trying to just do various things but again let's talk about participants the participants mainly in the futures market are not there to they're there to hedge an asset they're there to get business done for different reasons other than speculation if an inter-dealer broker gets called up by an oil refinery and says hey we need we need to get you know w need to lock in uh 10 000 lots of oil or whatever it's probably too many but let's stick with this example uh in september so uh filming on that inventory and obviously that inter-dealer broker will give them a bit of an offer and then that inter dealer broke will then have that risk and the way they can offload that risk is in various ways by communicating with other uh brokers or whatever but then they have the option of coming to different places like the futures market and offload the risk by just coming our market and buying or selling it if they would do that that's a problem because they'll start moving the price very very very aggressively and by moving the price aggressively actually does create opportunities for us speculators who are there to either take the other side join them whatever it depends on the traders uh black race opportunities and that may create too much of a big loss for these execution brokers or people who have to execute these orders and this is why through so many if you talk about people in industry i'm sure perhaps there's people even watching now is that no matter what market uh you know stock cash uh futures whatever you're always going to be graded in some way of how well you can execute in the market without moving the market price adversely away from you because if you're coming into a market that's as thin as let's say if i show you uh gold or uh okay it doesn't seem to want to uh play ball this uh okay here we go so if you come into gold or oil but i just imagine you have a very thin market and you come in and say hey someone says you gotta get man we've got too much exposure we're long uh 3 000 lots of gold uh get rid of it you're not going to just randomly come in and just sell it at market 3000 white because you're literally going to wipe out all of these guys you're going to wipe them out and you're going to keep eating through the book you're going to keep eating through the book until you know until you get filled and that price will be not only gigantic but you're going to lose a lot of money and i'm sure i don't know this officially i'm sure this kind of like exchange regulations or like regulatory things that you can't like do these crazy price moves and if you do that if you're an institution you probably have some kind of heat coming down on you perhaps i assume but could be wrong but anyway doesn't matter they have all incentives to not move that price and this is why you have these kind of various order flow where people might iceberg or they might absorb they might be very smart on how they try and get filled uh so they can get filled all at one price or as close as possible to one price uh so again this is why you have to understand these little nuggets of participation and how that drives their their their their their execution and how that can do you can drive your strategy from that uh so stefan yes um uh i see a question about uh monitoring resting bid and offers on the his footprint historical chart have you ever used this historical chart to give an edge on seeing participants adding or removing orders across detroit okay very good question um and yes there is an edge but very simply uh very simply uh where are we now not that we're we are actively doing this 100 and and okay this is this is going to segment again into one thing i'm going to talk about which is when we start you know everyone on the floor everyone here on the trading floor no matter how they trade they're going to be 100 price out of focus you might see it on some of our videos uh if you haven't visited the floor everyone has issues like screens and screens of price of price standards everyone is is built from the ground up from the price ladder this is our main edge you know on the course it's all about price tag and then you you derive from there and so on so because we have our eyes on the price ladder like 24 7 we already see how the order moves into those resting bid on offers just naturally by just by being on our desk and observing it and since we're there it's kind of like we don't need so much to have that historical resting bid and offer because you see it not to mention the fact that all of that is going to be crazy crazy difficult on you know system resources and and storage but that's a minor point but we're here but we're actively watching the footprint and we're actively watching the price ladder and for me personally and a lot of people on the floor would agree with me is they're joined at the hip they're not two different things and i think some people come in think you know the price started looks scary it looks too confusing it's difficult i'm just going to use the footprint charts and fair enough if you lean on footprint choice over time that could be your more of your edge more of your edge but the reason why i never separate the price ladder in my streams from footprints it's because econ it's very if you are a footprint only you you don't understand the price ladder all these things i've literally just talked about for the entire stream you will not understand deeply and there's so many inconsistencies in your thinking and your understanding of applying the footprint in the correct way by misunderstanding the price ladder and misunderstanding how participants physically mechanically and interact you know on the futures exchange um so yeah it's combination both we watch it and basically it's the same thing because we're watching the price ladder and footprints and in fact we have created the same thing and whether we're talking do you have an edge of seeing participants adding or removing uh orders on across detroit yeah definitely um and this is the thing we're always looking out for like you know has the book changed is someone unwilling perhaps on on day one there was someone who's very willing to um you know uh uh make a mark at a certain price and the next day he wasn't there and this is um in fact let me uh show you it's funny how some of these questions actually fit very well into some of the stuff but where is my okay no that's fine okay so let's talk about this so this is where i feel like taking an extreme and i know we talk about it sometimes on the floor or other stuff let me take an extreme example which perhaps day in day out may not help us so much but we take an extreme example because it the extremes simplify situations it's easier to talk about a concept and if you understand it in the extremes it's easy to understand it um you know um uh when you apply to more new ones so if you look at this quick if you look at destroy this is a uh uh okay again that seems so this is the the chart recently uh a few days ago of something of the us two-year bond okay it's a very liquid market it's very thick it the range on this market's tiny most the time other than obviously this weekend the shore end moved massive and that was great that was amazing to you know for the market to finally unlock and should move but this is the thing if you look at this is much easier to see in thick markets than in gold or oil but it is the same thing happening regardless of the market just because the market is the liquidity is different it plays out and looks differently but this is th this is over a series of days in the us two year okay and you can see every time we've lifted into this exact level this exact price there was no one willing to step through that order that liquidity and there's someone on the offer let me tell you now he was just stuck there he was stuck on the offer and no matter how many uh even though there was that many no matter how many buyers came in to just lift him lift lift lift lift that guy did not get out the way okay he was just there selling selling selling selling selling okay on the flip side when you have you know when you have this like tight level there's someone sitting on the bid and there's there's sellers selling into them you know sell sell and you just refused to move and you can keep track of this and this is one thing we talk about on the course a lot uh depending which one you're lurking but at the the footprint course as well and again on the on the uh on the graduate the main career one and also the guys uh just you know generally when they continue on the floor or remotely one thing we try and explain is documenting how the the the book changes over various days okay so if you notice that there was a guy there sitting all day for two days three days whatever and there's people uh selling to him a certain amount cool but what happens on the day he is not there he is perhaps now full he's had his meal he's taken as many contracts he needs oh he's just stepped out of the way and when you the market gets to that level the price action is very different it's much more active there's aggressive sellers and let's just say there's other things going on there's correlations telling you that the market's gonna keep going lower and you've pieced all these things together and then you know that that is your edge because that guy has stepped through and you can get very good prices by also selling into it when the opportunity is ripe so again using your thing is the edge of seeing how participants add or remove orders it's not so much that they add a room of orders by understanding when they are placed there to participate or not and again this is what you see in all markets gold oil gasoline crazy fast markets yeah bitcoin any market doesn't matter i'm just giving you a really easy example right now in the us2 year just because it's very easy for us to visualize and there's nothing crazy going on the chart it's just a very simple uh explanation is through understanding this participation as active participants that when you are when when you buy someone has sold to you when you sell some has you've bought it from someone uh others are people doing the same you have to always question why is someone doing this why is he doing that does he know better than me do i know better than them uh how does that work why is and again you have to remember normal participants are created the same when most are not speculators and you sort of by just even knowing this without me explaining even further it will sort of give you a more nuanced version of how levels are created how structure is created how it's sort of like you know coming perhaps let's shall we say from retail education there's a lot of people who you know come in this to say okay this level okay just my strategies breakouts when that when the price goes above it i'm just gonna buy but you're missing so much nuance so much depth to trading that that if you look at some of the bigger technical trades some guys have done let's say on the on the profile and uh you know he's short to the level and you sold it you're thinking well what do you do he he he took a break out he shorted it i mean that's actually what i do all day why am i not making money and he's making like ridiculous money it's because the the one time is too one-dimensional to say okay level there we're going to short that guy from the outside they're looking in if you if you weren't in his brain at that time to know exactly what he's looking for and you just walked onto this desk and and you see him short that level he's like okay he shorted it and then you shorted and then you know he he gets a good trade you don't it's because this whole whole entire the picture the the clues the new ones he's built he's pieced it from so many different things from so many different places that he's he understands the entire area so differently to what you do he's looking out for some you know he's thinking what are the participants doing he's playing the meta game he's putting themselves in their shoes if there's one thing i want everyone to walk away with is understanding just just to improve your trading from one thing always think put yourself in the shoes of the other guy you just sold you or you just bought from always put yourself in those shoes again it'll be different because you just don't know who you're buying and selling from it could be an algo who has just market make and he is hedging his exposure so he's very different participation and maybe some other speculators and maybe a hedger maybe just be it could be anyone but just always be thinking in that process because that's going to help you to just build this sort of this fractal mentality to just you understand the price ladder and how people are positioned but then you can think of more long-term uh you know positioning and so on does lack of liquidity create and when i say liquidity okay let me start using what i have here on in the background and when i say liquidity do i mean all i mean by that is how thick is the book you know a bitter offered okay uh so very liquid and very uh you can't see like the chat or very illiquid as the gold okay so the liquidity shifts a lot it shifts a lot intraday uh cash or out of cash or whatever and it shifts over time now the most obvious the most obvious examples of that is two things one if anyone was trading euro stocks before at least before the pandemic but i think now even nope i think even before the trump china um before the china you know uh war or you know tariff war uh i think you know i think when the the the volatility in the s p was so tiny and you had like tiny range days and it was very the equities were very um uh static the euro stocks was crazy but offered this bid offered like 2 500 3500 every price and now the book has opened up and it's now like 500 600 700 uh been offered consistently over the past year and a bit now so that is a very different market and this is why guys wipe in and i see this from new graduates coming in or or new guys on the floor or whatever and this is one thing and this is the thing this is kind of like again the power of talking to some of you guys and alex said this very beautifully in the sense that the market state that you're in shifts over time this may shift really aggressively like in the you know we may go from high correlation environment low correlation environment technical environment news driven environment whatever and and so many things change the book changes whatever and this is why you might find when you first start trading all of a sudden you can't do you can't go wrong like you're like oh you find some trend falling strategy you follow it you make a lot of money and then all of a sudden blows up and you're like oh my god uh i've got something you know perhaps my psychology isn't good perhaps the strategy is bad most likely what happened was that you were in the right environment at the right time cool but then the environment shifted to something else which you are not learning you haven't adapted to it and this is the one thing i really struggled with at the beginning because i also took things very statically like i took very certain scalp traits i i took a lot of order flow trades and so on uh or whatever or breakout trades or reversal traders but the fact that matter was you know suffering i didn't understand but then i realized you guys take take a step back and just understand that the kind of market conditions you are in and one of those market conditions because we're now doing a price tag on order flow as uh simeon said the understand the liquidity on the book that's it for me guys in terms of uh you know you know material you know perhaps at the beginning that was a bit more um that was a bit more uh shall we say really basic for some guys but i feel like until you really go through every single nook and cranny and you really build up this picture and this is why i wanted to take out take her some from like um from the extreme like basics basics back to basics stream to just building it up to understanding how you storyboard that nuance of a level and making the opportunity ripe for yourself to get into that trade uh makes all the difference um and i was using it from the perspective of how i was several years ago and the guys on the course right now uh you know how they're thinking i'm like oh yeah you know i'll never get this i'll never understand this but if you understand the extremes if you understand the the basics and you piece it together you think through it very very logically like okay i'm a committed seller i'm a committed buyer what are those guys thinking who are who's participating here why why did someone just sell uh 2000 lot into maybe he's done maybe i'm smart maybe he's another participant and then you and then this is how you're thinking things so again to those guys in week three of the course don't fret you will get there uh and and those guys interested in this again as i said look through some of our youtube videos and sort of understand how we piece these together so okay no i'll wrap it up there guys thank you so much wherever you guys are are listening from around the world i hope that was useful um as i said go on the quiz and again guys for those who want more axiom material remember the course is our flagship program we're very keen on expanding the remote trading world the futures prop desk and so on that is like something that is under works constantly and one thing we're using the program for is onboarding guys not so much that we're using the same tools and methods because obviously but just so you know people come to the program to develop and program it's not even tools it's the mentality how do you approach things and so on and and hopefully people who will be onboarded onto that course then you know be then they can take you know funding trials and we really want to grow a gigantic uh trading remote trading community from that so thank you so much guys to see your thanks coming in um sean uh if uh one tool be the ladder why is because well the short answer is is because the crazy amount of information you get from the ladder uh that is just irreplaceable from using the chart uh but again i will do i'll add that to um i'll add that to the list of perhaps things we can dig into a bit deeper uh okay perfect see you guys uh see you guys next sunday yeah okay all the best guys i'll sign off see ya if you find this video interesting if you want to go deep into the axia training method and how a trading team of seven figure traders develop setups and strategies and how they learn to build the most profitable trades across all market environments then join me in this workshop now in this workshop you're going to learn three powerful steps 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