What Have We Learned in 2022? | Trading a Smaller Account
[Music] [Music] thank you all right good morning everyone welcome to trading a smaller account and Welcome to our very last class of 2022 and I had a whole kind of plan laid out yesterday for this class um before I headed out for the evening and I woke up this morning with a totally different uh set of things I wanted to discuss and so we are going to Pivot as we have had to do so many times this year and we are going to talk about what we have learned because I think um like many of you perhaps I have never traded actively in a year like we've had this year there haven't been very many years in Market history that have been like this year actually and and I've learned a tremendous amount and I think that each of you has two and for the last 20 minutes or so we have been kind of going back and forth in the chat about what we've learned and so that is really going to be our topic for today we're going to look at some trades as examples to kind of reinforce what we've learned but I'm really excited to share this list with you and it keeps on growing like I'm at 14. so it's going to be a jam-packed class thank you all for joining me this morning and a huge thank you to Cameron May who is joining us in the chat he brings a wealth of experience and Cameron if you have any ideas like you'd like to share with us we'd love to hear those as well but let's get through our important information um and and I I really want to start by greeting and thanking those of you who have been able to join us live all year long and those of like there are thousands and thousands that have watched Us in the archive as well so you know hello to Tori and Krishna and Sandeep and jm460 and Jules Island gal and Wayne and Marcy and ap514 and the rest of the gang of far too many people to mention we've got you know lots of people here and lots of people have been very participatory in the chat even before the class started so you guys helped bring this class to life and I want to thank you for that um and know that if you have any questions as we go along today you're welcome to answer them if you're watching this in the archives and you have a comment you can just type it in in the comment section below I respond to each and every comment on on a daily basis so if the markets are open I'll be responding to your comments so it might just be that you love the class but if you've got a question feel free to type that in um also we participate in the land of Twitter it's free to join at the Armstrong underscore TDA I know my hair is standing up and you know what we're just gonna have to roll with it I I'm having a who was a little rascal I'm having a little rascal moment yeah um yeah so try not to let it distract you and I'll try and not let it distract me um yeah anyway at B Armstrong underscore TV EA Cameron is at CME underscore TDA and um yeah you're missing out if you're not participating there my friends and it is free okay so know that this is an intermediate level class we tend to place a lot of trades in this class and and we move really pretty quickly so if you're new this might be a bit like drinking out of a fire hose so and you know what that's okay fire hoses serve their purpose um you can always go back and watch this in the archives and I tend to sometimes we'll Place three or four of the same trade in a class so it's kind of wash rinse repeat and you'll kind of get the hang of what we're doing as we go along so just keep coming back um that's all I can say on that but this isn't a beginner level class so I'm assuming that you understand what a long put vertical is what a long call vertical is what a credit spread is iron Condor if you don't when we're doing those trades let me know and then I can put a link into the getting started with options series that does describe that now someone um today oh you know what I'll get to that in a minute okay so know that um everything we do in this class even though we do place a lot of Trades you know that all of that is for education and information purposes only um none of it is to be construed as a recommendation also know that options aren't suitable or for all investors there are special risks inherent to options trading that may expose investors to potential uh potentially rapid and substantial losses know that when it comes to options and Futures Trading you have to um apply for option trading privilege images if you're new to TD Ameritrade and not all will qualify know that all investing involves risk including the risk of laws know that in this class we use the thinkorswim paper money platform and that is a great way to be able to trade live in the market with what looks like smells like feels like real money but isn't and there are a few differences in the systems nuances in the system paper money that are different from your Live account we talk about those as appropriate the biggest one for us in this class is that a short option will never be assigned early so we're never going to get to practice that in paper money but it can happen in Live account okay so you want to make sure that I mean you understand what your reaction will be if that happens and sometimes like with a long vertical that can be a you know a blessing it can be a really cool thing and sometimes you know with a like a short vertical credit spread it can kind of freak you out a little bit if you're not sure of um how to react to it so we do discuss that in this class as well okay and know that stops aren't a guarantee that you're going to get out at the price you're expecting um you know if the stock were to gap down or in some instances Gap up we could be out at a price that we weren't anticipating in you know the flesh wound could be a little deeper than what we were planning on and and you know that's part of the world of trading okay okay so what's on the menu for today well we're I've got a couple of announcements we're going to do a quick Market overview um we're going to do a little bit of trade management but actually what we're spending most of our time on today and um I neglected to update this when I got up this morning uh we're gonna spend most of it on you know what did we learn this year because I I don't know about you guys but I learned a ton and in our chat in the beginning before the class started it looks like a lot of us learned a lot this year um and so that is going to be our the main focus of today's class so first for the announcements um the schedule I've had a lot of people in the surveys and stuff I've been saying like hey are we still are you guys still going to be teaching next year and what's the schedule going to look like it largely it's going to look the same now for me in particular um I am teaching the same classes next year that I taught this year so long long options on Monday at High Noon Eastern which I treat as a companion class to this class I'm teaching this class trading a smaller account same time same channel portfolio management so the investor insights channel is merging with the trader talks channel so if you go to the next class after this which is Connie Hills getting started with Stock Investing come January that will be on the trader talks Channel my portfolio management Basics is moving to a new time it's moving to one o'clock Eastern from three o'clock Eastern and that one will be on a new channel but by and large there's a couple of um there's a couple of time changes there's a couple of of changes John McNichol for example is going to be on a military leave the the majority of next year and so there will be permanent um subs for those classes until he returns but not to worry education with TD Ameritrade is is here to stay and so I don't know that warms my heart um and I hope that that you guys are excited about that too so second announcement is that in the land of Twitter there are some you know I call them entrepreneurial Misfits there's another one out there pretending that they're me um when I checked my Twitter comments this morning somebody said hey did you reach out to me personally just checking the answer is no I will never reach out to anyone privately on Twitter and say hey why don't you join this telegram or oh there's this really great crypto deal that I think you should get involved in yeah that is not me not me okay so know that no coach Cameron is never going to reach out to you no coach or um personality from the you know our affiliate network is going to reach out to you okay so just check okay yeah I Cameron I don't think Cameron's classes are changing either but Cameron is picking up another class he's going to be picking up the market week in review at four o'clock on Fridays and that's a great class you'll you'll want to join that webcast with Cameron I'm sure you'll enjoy it okay so I think that's it for my announcements let's go and have a quick look at what's going on in the market let me change my there we go okay so let's have a look at there's Airbnb falling again today so if we want to do a bullish trade that would be a okay let's look at our S P 500 so you know what I don't know you know I posted something um I posted something on uh Twitter last night I do like an end of day review of what's happened on the S P 500 and on the NASDAQ and it's like Santa where art thou with thy rally you know and um yeah currently nowhere in sight now technically the Santa Claus rally is ex you know it's technically between Christmas and New Year's and the first two days on of the new year so really the Santa Claus rally is next week and then the first two days of January trading days of January but this is not a good sign this is looking an awful lot like a Bear Flag to me and not just one Bear Flag you know although this did come up and hit a new intraday High the closing day high I would say was lower and then down two-day rally and it looks like we're moving to the downside again the market just opened but we're down a third of a percent and some might say well could it be tax lost harvesting and we don't really talk about taxes in this class but you know sometimes at the end of the year people will make decisions that they might not make if it were mid-year okay um how about the NASDAQ and you know just this is the last time we'll meet so you know when we sorry when we kind of look at the year you know it's like the s p you know down 20 so officially bearish um the NASDAQ down over 30 percent you know almost 34 and and does this look similar like it's below every moving average I don't care what moving average you put on your chart you know the 200 that the red is a 30 the blue is a 10. it's below all of them it started to Rally back in October but you know we've pretty much given up a lot of those gains now we come and we so for people who like to you know be largely invested and then maybe trade some options with a smaller portion of their portfolio if you stayed invested this has been um a pretty tough year a pretty tough year just no doubt about it and again you know down one day rally um and moving on down again and where might it come to well some might say here might be a resting spot this 10 440-ish neighborhood another resting spot but not looking bullish you know and and down 34 on the year yeah that's definitely not bullish so the s p down 20 the NASDAQ down 34 um the rust the Russell in between you know down closer to the s p down you know 23 you know 10 you know ahead of the uh Russell or sorry ahead of the NASDAQ but that's not exactly a glowing report is it and then if we come and we look at uh the Dow which has been kind of The Golden Child this year it's still down almost 10 so if we round we can call that the Dow down 10 the s p down 20 the um the s p down 20 the Russell down 24 and the NASDAQ down 33 that's a lot of down down down okay so and then if we look at the vix you know it's it's interesting because in spite of all the negativity I mean 20 is still high I mean back in 2015 like we were or 2016 and 17 you know we were looking at the vix like 12 13 15 felt really high like that was the nosebleeds now like 20 that the lowest we've seen year to date is 16 and it's it our bottom for most of the year has been around 20 and our highs up around 35. that's a lot of volatility but right now in spite of the fact that the market is is low um volatility is relatively low um for where it's been this year so you know what do we make of that not quite sure it's been such an interesting year hasn't it okay so what have we learned this year and you know um I asked this question when in the chat before we started and so I want to spend a few minutes because I think it's worth as we go and start a new year so first of all we started our year so what were our results you know we started the year with twenty thousand we're now sitting at thirty two thousand two forty eight so we're we're up about 62 percent and before and you know what that's pretty great right like in the last couple of years we've we've been up about 50 so this year I think has been our best year ever so if we call this we're up about 60 and we'd call that a win but I I'm gonna be honest with you here we could have been up another three to five k which would have had us almost doubling the account had we been more disciplined in following our rules and the last month at one point we were up at 35k and so we've given you know 2500 of that back and and this can happen and how did it happen well you know we had a lot of bullish trades on um a lot of long call verticals and then the market that little uptrend because since you know the middle of October things were moving up and so we had all these bullish trades on and the market decided it was done with going up and we got caught being overly bullish and then we didn't exercise our discipline in applying our rules now this is a paper money account but if we take it seriously if we take it seriously that you know um as we should you know there's a lot that we can learn so first you know I'm going to just make this come down when we talk about what have we learned so one I'd say it it's it's important to continue learning and I think I have learned a ton this year um and you may say well she's the coach what do you mean you've learned a ton um well you know what uh I've never taught the one ATR strategy really before this year or traded it with any consistency in our in our EX in our webcasts and we did a ton with that strategy and by the way somebody asked me about that strategy and said they're not that familiar with it I will post there was a class in Long options where I did a review of the one ATR plan um and I will post that on a link for that on Twitter today I've already made a note of it I just didn't have time to look it up before the class started but um it's important to continue learning and honing our skills and you know it prior to this year we also had done very few long verticals and when we did we tended not to be successful and why was that well because we wanted the whole enchilada and so what do I mean by that um so two um it's important to have a trading plan and then it's also critical um and to know when to change it and so you know when I first started Trading long verticals and I could see that you know if I wanted to do a long vertical let's use Airbnb as an example um if we said okay well we're looking at this here's a stock that's been down trending you know yesterday it hit a new low is that a new low like if we go back two years that's the lowest this stock has been in two years and yet how many people use Airbnb I was out with friends last night and they booked a really cool place for New Year's it's like where did you find this Airbnb you know very common um you know not that I'm recommending that you use this service but when we look at this you know it's yesterday broke down below this recent support level so would we technically have an entry yes is the market downtrending yes is this sector down trending yes um you know is the stock downtrending yes so if we come out here and we say now this is in our snap bracket we could afford to do you know to just buy a put on this if we wanted so we could do a one ATR trade um and and you know we could compare and contrast by doing that but if we wanted to do a long vertical we said okay we want to buy a vertical and it will always default to the smallest margin but let's say we're doing 84 and 82 90 cents so how much can we make well we could make up to a dollar ten and in the beginning I I'm just gonna full reveal here when I first learned this strategy back 10 years ago when I did the getting St I did the options course and if you haven't done that I'd recommend it but I just thought well if I can make a dollar ten I want to hang out there and get the whole enchilada and then what would often happen was I'd have a really nice profit and I'd be up 50 or 60 percent and then I'd pull a bob move and I'd end up giving a lot of that back and so what I thought is I need to tweak my rules around trading this strategy and instead of like hanging out there you know and like we used to say when we were kids don't be a greedy guts and just say hey if I have a 50 return that's pretty darn great so if I take 90 and multiply it by 1.5 so add 45 to it that would be a dollar 35 so if this goes up to a dollar 35 I've I've got a 50 gain and then I'm not chances are I'm not going to be in this trade as long and so you know if we said okay we could risk up to 500 we could do five contracts so I'm gonna do five and I'm gonna put in an X set and say hey um when this gets to the point where it's worth a buck 35 I wanna sell it and take that 50 gain and so this is one of the rules that it you know for our example rules we modified that and were there times we could have made more yes were there times when we got to the point where it was like we were up 45 and then we saw you know a a a hammer or a sign that things might be changing where we should have gotten out yes did we get out sometimes yes did we miss that opportunity sometimes yes um but that was the goal now some might be saying okay well you've got a Target in here for when you're getting out of it goes for you what if it goes against you and and we didn't put we're not going to put in an Oco order because sometimes when the Market opens things can get kind of wonky and we can end up whipped out of a trade and take a big loss on it and then when the market kind of settles down we would have actually not ended up out of the trade and I have seen that happen in my Live account and so what um we decided to do as part of our rules in this class was to say we're going to look at this daily and if it gets to the point where we have a 50 percent loss so if this gets to the point where it's worth 45 cents we're going to get out so we're going to put this in how much could we lose 450 how much could we make 550 are we hanging out there for the 550 no we're saying hey if we can make 225 we're going to be happy campers so there's our long put vertical and away we go so we'll wait for that to throw so it's important when you have a trading plan to know when you may want to make an adjustment to it but then when you have that plan it's also important to follow it and this is something that um one of you had typed in you know have a plan follow your plan and then you know kind of know when to tweak you know when to break your rules um and and by breaking your rules or maybe it's just adding another rule to say if it looks like the trend is changing you don't have to do or die hang in there for a 50 gain you know a 45 gain is sometimes close enough yeah so you know when somebody typed into the chat sometimes with my option trade trades it can be up 40 one day and down 50 the next and how do you deal with that well how we have in you know our intention this year has been to you know take those small gains and actually 40 is a pretty big gain with that one ATR strategy that we've traded a lot this year um you know we typically are looking at a 30 to 40 percent gain or loss now we've had a couple of Bases Loaded like Grand Slam plays with that this year we had one on Home Depot recently um for example um I think that was in the the larger account where you know we got in on on a Monday you know for ten dollars and sixty cents and the next morning on Tuesday Morning the stock gapped up on the open and we got out with like a hundred and thirty percent return does that happen often no but was it pretty sweet that it did happen absolutely yeah so if we look at and if we come back to Airbnb this is one of the trades I was going to review so on the 15th which was last Thursday we did a long put vertical at 210. you know at the 90 and 85 strikes um and we got out of that uh yesterday and so we had a dollar 15 return on that which was actually over 50 percent but when we come and we look at our order history on this we said we want to get out if it's worth 325 320 you know that's a 50 gain right and we got out for just above that and when we look at here at 7 30 you know the Market opens at 7 30 here so we got outright when the market opened okay so you know by knowing when to break your rules it's like know when something may be going against you and you know I don't want to say don't be greedy but you know what how about we just put that right there don't be greedy base hits are a beautiful thing and you know we haven't talked about base hits um we haven't talked about base hits as much in the last two or three years as we have this year this year has been the year of base hits and and why well because the market has been so volatile and all of a sudden you know if I come back to the SPX if I come back to the SPX and we look at this like you know it's it's down trending and then all of a sudden boom we get this like very dramatic change to the upside down trending downtrending down trending woo so we had this year more than you know the last out of the last three years this year we've had to become good at pivoting and good at position sizing just we have to be good about position sizing um there's a question what is the reason to buy time well when we're buying um when we're buying time is an issue and time Decay will chip away at the value of our options so one of the rules if we're doing a trend trade with a long put or a long call is that if it hasn't gone half the distance in half the time we're expecting it to make the move then we exit the trade so that could be a kind of a mid management rule but the reason that you know if we were to buy on Airbnb a long put today January might not give us quite enough time because you want to be out at least three weeks plus however long you think it will take to make the move and well 28 days that is three weeks plus that's four weeks so it's a month out so you know we could just squeak by with this if we were to do a one ATR trade on this and so if you wanted to put in a one ATR example because I'd like to place some examples and we'll just be able to do two of those today because my I'm only at number four on my list but you know if we look at the chart and we say okay what's the one ATR on a Airbnb 4.16
so here's my my example bearish one ATR and we're going Airbnb in the middle of our list so the one ATR is for was it 416 yeah call it four you'll call it 415 and so our Target is going to be today's low which is 83.57 minus 415 so feel free to do the math with me 83.57 so 79.42 and then our accent would be today's high which is 85.51 and plus 415. so that would be 89 66.
I think 89.66 feel free to correct me if I'm wrong yeah so to put that in you know we're risking how much could we lose the entire amount are we intending to lose the entire amount no but could we absolutely okay so we're gonna buy a single single first trigger sequence right click opposite order we're going to make it a market order good till canceled and we're going to come in and say okay Airbnb when it goes at or below 79.42. now somebody's saying is somebody made a comment and um when they had watched this in the archives and said you know your your risk is at least as great maybe greater off and then your potential reward and when we first put these trades on this is true however um at the end of the trading day on Tuesday we would go in and really tighten up the the exit so if it went down but not enough to hit our Target then we'd tighten up our exit so that you know our risk potential risk to reward ratio changes dramatically at the end of the second day and the truth is we've often only been in these trades two or three days this year because the market is moving so quickly when it is moving so when we look at this January 23rd so and and the reason we aren't looking at a December expiration or an earlier a weekly on Airbnb is because we were aware of time Decay so 7942 check or at or above 89.66 chat it's saying you know we could make up to eight thousand dollars seventy nine hundred we're just looking for a base hit and so how much might that be we can go to Theo price and see you know if it hits our Target say on Tuesday or Wednesday of next week um you know whether it's a plus or a minus you know how that might play out so we're coming to our long put category and notice if the stock gaps up or down um you know we could be out at a higher profit or a bigger loss than we were anticipating but our theoretical Max loss here is 490. and and so I want to you know now come and say um loss position sizing is and we've seen that this year is critical and one of the things that can happen and you know it I'm going to go full screen for a moment one of the things that can happen is if you've had five or six successful trades in a row like let's face it you're pretty brilliant and if the strategy is working and the Temptation is to say you know what I obviously I have this down so I don't really need to follow these Nancy pantsy position sizing rules and you start taking bigger risks because you forget that you can lose because you haven't lost in a while and then all of a sudden the market changes Direction you have a bunch of position sizes on that are too big and you blow up your account so position sizing is critical and you know you may think that that won't happen to you I know people that are in this industry professionally and I cannot tell you how many of them have told me that they have done exactly that thing so we can learn from other people's mistakes and you know that is one where I chose to learn from that mistake and if you know I'm trading in several different accounts and you know if in this account it makes sense to put in 10 contracts and then this it makes two and I put the wrong number in the wrong contract I I made the mistake one time of saying like hey you know what um that's okay this trade's gonna work out and of course did it work out it didn't and I lost five times as much as I should have on that trade in that account so you know know that this this stuff matters guys and and Scott Thompson um who is still with our department but now in a managerial role he would talk about the sleep at night Factor um what's your sleep number you know I have one of those Sleep Number beds and now that I haven't you know where I'm comfy I never change it but what is your sleep number and and the idea is if you had five trades in a row go wrong and and you took a Max loss on all of them could you still sleep at night if you can't then you may want to um change your position size and did we have that happen last week we we had a bunch of long call verticals on and they were all in the red and so you know it's it's important okay um somebody said this in the chat before we started and um if you are sloppy or take a um a laissez-faire approach that can be expensive you know and that idea of flying by the seat of your pants um that does not work in in trading you have got to be disciplined and so what do I mean by discipline it's like with these types of Trades that we're doing in this account that means daily you are looking at every single one of those positions and often depending on what type of trade it is if you have a one ATR position there might be a requirement for you to do something at the end of each trading day or before the Market opens the next day um if you know if you're doing a a long vertical a long call vertical or a long put vertical like we just did on Airbnb you need to be going and looking at that position every day and saying am I down 50 percent because if I'm down then you want your rule is you're getting out you're not hemming and hawing and starting to you know use hope like yeah emotions will will kill you you know so we got to be um aware the next Point okay I got five minutes so I'm gonna go quickly your trading Style it needs to match the season you're in so um so what do I mean by that it well this year we've traded very differently than we have the last two years why did I learn a new trading strategy that I just well and I did but you know did I learn new trading strategies and thought like oh I don't care let's just play with these no you know it was a different Market this year than the last couple of years so we had to adjust and say okay we got this big toolbox full of all these awesome option trading strategies like which ones might just work and we've had lots of losing trades in this account but you know if you're you're disciplined and you're saying okay I'm gonna tweak this rule you know on our long verticals um you know so and we're going to take our small wins did I already type that one in our base hits I didn't so base hits small wins and small losses add up foreign you know and and they can make be powerful I mean we didn't have many you know Grand Slam kind of Trades this year but you know we were up by 60 why because we exercised at least a modest amount of discipline and we went for the small win so base hits can be a beautiful thing and then we don't want to be like Bob somebody had typed that into the chat and that was you know from a a coach that used to be with TD Ameritrade he used to talk about a guy called he'd say not Bob and not Bob was really great at placing trades and he'd have a really nice gain sometimes a couple of thousand dollars and then he'd watch that game Whittle away and often get out at a loss so we don't want to be like Bob and when we have a bob move and we managed to you know snatch defeat from the jaws of Victory um it's what can we learn from that it's important that we choose to learn from that um okay oh I got another whole page here oh don't wait until you know everything you know um you know when like at some point I'm a skier and at some point you have to put the boots on Snap into the skis go to the top of a smaller Hill and come down and you're gonna fall so know that you're gonna fall know that you're gonna not be great in the beginning and that's why we have paper money so you can figure this out so don't wait until you know everything um because you're never going to know everything you know and I'm not saying to trading your Live account but in your paper money account this is where you can figure this out I went to educational events excuse me with TD Ameritrade when I first started and there were guys that had been locked in the bathroom trying to figure everything out for five years and they still weren't actually Trading um and it's like okay I don't have time for that I just felt it important to you know that there's something about ready fire aim you know so you tried it didn't quite work out in your paper money so readjust try again readjust try again and we did that with our long verticals we said okay going for 100 not working out so well for us so we're gonna try again let's aim for 50 percent and that's you know that went really really well um and I've talked about this before check your emotions at the door hope fear those are four letter words in the world of trading so you know I I jokingly talk about not smoking the hopium you know in when in the world of trading but you know it you've got to check your emotions at the door and when you have a good trading plan um you know or a trading plan then you can just say hey this is my plan and I'm following my plan and then you're not emotional about it and that has made the world of difference for me absolutely made the world of difference um and embrace your losers what do I mean by that um well maybe I should you know just Embrace and learn from your losers so you'll know if you'll become been if you've been coming to this class all year when we have a trade that isn't profitable we look at it and we say um okay did when we go back in hindsight and do a postmortem on this did it make sense did our entry make sense and if we look at it and we go okay check did we position size appropriately check and then did we follow our post trade placement rules did we follow our daily rules with respect to the trading plan and if we didn't well then it was a losing trade you know you know it wasn't a successful trade but if we got out and we followed all our rules it was a successful trade in my opinion even if we didn't make money on it because we we were disciplined we followed our rules our entry was solid our exit we knew when we were getting out before we were getting in and we followed that and you know we can learn from our losers sometimes we learn more from our losses than we do you know had we we won on that trade you know so that's important and and someone typed this into the chat and I loved it so I'm going to share this a reminder that a stocks bottom is zero and you may say oh that's never going to happen yeah you know if we come and um like so many stocks down 60 70 if we just look at a one year look at Airbnb down 50 percent look at Peloton 77 it's it at one point it's now trading at through 877 hit a low of 666. if we
come back and we look at a three year on this it was up as high as 171. um Weight Watchers okay the last three years it's only but at one point if I go back five years this hit 105. it's now down to 361. so if we start smoking that opium and say like uh you know it it it's it's got to come back up no it actually doesn't gotta come back up we're hoping remember hope four-letter word it can be so um yeah and then last one is if it's a new trading thing for you you know create your plan and and test your system so you want to build your plan and test your system and then test it in paper money before you go live with it and work the Kinks out because sometimes we need to do that okay um I think we've got it but the biggest thing and I'm going to put this in again is we need to be disciplined you know so I'm going to get off my pedestal now we are out of time um but yes there are so many stocks we could look at Tesla we could look at you know so you know we just can't assume you know that things are going to be and yet you know on a five-year this went up you know it it's up 416 percent but you need to recognize where the trend is okay so guys that's a wrap for today I want to thank Cameron May for being with us um in the chat you guys have kept both of us busy it's been absolutely wonderful it's been a great year of learning and trading with you I think I have learned every bit as much as you have I think that we did what we set out to do we talked a lot about trade management we had a quick look at the market um you know we placed two new example trades on Airbnb and there were lots more that we could have done but I think it's important to pause and look at what we accomplished this year and what we learned so thank you for going on this journey with me know that everything that we do in this class is for education and information purposes only none of it to be construed as a recommendation on the part of TD Ameritrade or myself know that all investing involves risk including the risk of loss um yeah so guys Merry Christmas happy Hanukkah happy Kwanzaa whatever you celebrate get out there and hug someone you love and I will look forward to seeing you on next year take care everyone bye for now