There's some video cameras back there. Are you guys videotaping this? Does that mean that I can't paste back and forth like I usually do? All right. You know, I usually have to actually be there before I can figure out what I'm gonna talk about. I have to kind of smell the room. And last night in a taxi, I kind of got the impression that the demographics of this conference are kind of younger than a lot of other conferences. So these kids in the taxi were asking me all kinds of outlandish questions about the history of PGP and there were urban myths about it. So I realized that all these stories that I've told over the years that a lot of people here haven't heard them because they were watching Saturday morning cartoons during this. So maybe I could tell some of those stories again. So this is not really a technical presentation.  Although I can certainly answer technical questions. The question I get asked the most is, are there any backdoors in PGP? How many people here were going to ask that question? Yeah? How many people here believe in black helicopters? Yeah, the same hands, you see. No, there's no backdoors in PGP. There never have been any backdoors in any version of PGP that I've been connected with. You look puzzled. The reference for this is a spy school on TV two days ago in the NEET School of Signets. They said that the government or the entity or whatever said it to have a backdoor in the latest version of PGP, we can believe in version six. However, version five said it's not. First of all, the latest version is version 8.0.2. Secondly, do you think that if there was a backdoor in tech TV, that somebody at NSA would tell tech TV? You know? You never know these things. I don't know. The questions that I get like this, it sort of reminds me of comic book man in The Simpsons. These are people that believe that the X files is a documentary. No, there is no backdoor in PGP.  I get email from people that say, here's email that appears on my in-basket, right? And it says, I've heard that there's a backdoor in PGP. Is this true? You can tell me. And so I have to actually sit on my hands to restrain myself from the it. Because you know how email is? There's this kind of impulsive nature of email that this is actually what causes flame wars. It's the psychology of emailers, that kind of itchy trigger finger video game response and email that you don't get back in the old days when we used to write letters by hand or even by typewriter. There's the urge to say something right now. And I had to fight, I always have to fight that urge when I get letters like that. To answer the question at so many levels, I usually don't try this question this early in the talk. Usually that comes later because I try to talk about something more important, but I want to do it now because this is DEF CON and there's a lot of comic book men in the audience. You know, in World War II, when the Allies could break the Enigma machine, there was that story about Coventry, the town in Britain that was going to be bombed. But and the Brits knew it, but because they broke the Enigma code, but they didn't want to evacuate the city because then the Germans would know that they could break the code. So they kept it a secret and they let it be bombed. Well, that's what happens when they can break it, right? So they're not going to tell tech TV, you know?  That's just not going to happen, right? So that's one level I'd like to answer, but that's really not even the right level to answer it. The right level to answer it is it's impossible to put a backdoor in PGP because all the engineers who work on it, work on it because they believe the same things that I believe, you know? They believe in privacy and civil liberties, you know? The reason why they signed up to work there is because of that. And they're not going to, you know, they would notice in the CVS logs that there's, you know, that somebody's putting backdoors in it. It's so, there's too many people involved. It couldn't be kept a secret, you know? Conspiracies can't get that big, you know? If I wanted to put a backdoor in PGP, I have no clue how I would do it, you know? So there's never been a backdoor in any version of PGP in the entire 12 years since 1991. And I certainly wouldn't stand by and allow anybody to put one in. Not after everything I've been through, you know?  Network Associates wouldn't have a clue how to put a backdoor in PGP. They wouldn't know how to put a frontdoor in PGP. The great relief that we have is that PGP has been rescued from Network Associates about a year ago. And so there was a lot of dancing in the streets. PGP is back, you know? We're, you know, it's out of the land of Mordor where the shadows lie. It's now, you know, you got a question. The engineers that are working on the code are, you know, they're close to the code. They're, you know, they're focused on the code. You know, they're not, nobody could change their code without them knowing it. There's just too many redundant eyes on it. You know, you're not going to have somebody break in in the middle of the night and put a backdoor in it. Because it just, it wouldn't work. It's just, it's not how things work in the real world. There's no, you know, there's no, what is it, the, what's the name of that vast conspiracy that the New World Order was supposed to come from? The, what, something commission? The trilateral commission, yeah. Sometimes I get email asking about the trilateral commission. For some reason, everybody who is really paranoid about that seems to be attracted to cryptography, you know, and they all write to me asking about this. You know, and I have to tell you that I can't review the code like I used to when I was, you know, back in the old days, I used to read every line of code. And then as it got bigger and bigger, then I used to just do things like read the random number generator, you know. And the key spots were, you know, where it was most sensitive. But it's just too big. You know, I can't read all the GUI code and C++ classes and all that stuff. I just can't. So I can't realistically do that. And it's very hard to do, you know. We publish the source code and hope that people will look at it. You know, and sometimes people find bugs. There are, there have been bugs. There have been some embarrassing bugs in PGP. Not as many as you find in other products like Microsoft Windows or something like that. Especially security related bugs. It seems like every couple of weeks there's another security related bug in Microsoft Windows. So, PGP actually started out as a human rights project. I was a peace activist in the 1980s. And during the 1980s, the peace groups were kind of in a very adversarial relationship with the White House. We were accused of being KGB puppets, you know, and offices were burglarized by the FBI to get the floppy disk containing their contributors and mailing lists. And I figured back then that there was a need to protect grassroots political organizations from the government. And that in other governments around the world, other countries around the world in impressive countries that human rights groups, human rights workers, or just ordinary people that needed to protect their human rights needed to have this kind of tool. Now, the business, excuse me, the threat model that business encryption software had at that time was protecting your business secrets from your competitors. But your business competitors don't have any significant crypt analytic capabilities. 56-bit DES was just fine for that because some other company wasn't gonna break 56-bit DES. They weren't gonna break it. They weren't gonna have a key exhaustion attack on 56-bit DES or any other attack. So, you know, the software of that time in 1991 kind of reflected that. Privacy enhanced mail was used 56-bit DES. But PGP had a different threat model. In that threat model, the national technical means of major governments could be used to attack files that were gonna be encrypted with PGP because it was for human rights applications. And then the Cold War, you know, even the smaller countries, the smaller oppressive countries were sort of client states of the superpowers. And so, major governments could be called upon to try to break this stuff. And so that drove the design of PGP. Now, after PGP was published, the decade after that, which was the decade after the Cold War, the end of the Cold War, the world changed. And the intelligence agencies kind of were looking for new things to do after the end of the Cold War. And so, their governments kind of reassigned them to new things to do, including economic espionage. And so, to compete in a global economy, businesses began to have the need to protect their stuff from the same thing, the major governments. So, the business population of users started to have the same requirements as the human rights workers. Not exactly, I mean, nobody was gonna die if their stuff wasn't decrypted, but at least it was the same assets attacking it. So, PGP became a business tool. And now it's a commercial product. But the original purpose was that it was a human rights project. And during the three-year criminal case, my defense lawyers wouldn't allow me to say that it was a human rights project, because if I said that, that would be important for the prosecution's case, which they were trying to show intent, that I intended it to be exported. And if I said that it was for human rights, that it was a human rights project, that's almost the same as saying that I wanted it to be exported. So, I wasn't allowed to say that at that time, the statute of limitations are over, so now I can say that. So, you don't take a human rights tool and put a back door on it. People could die. So, during the AES conference, there were three AES conferences. Brian Snow, who was this senior cryptographer at NSA, got up and said that when he listens to companies talk about their attitude toward data security, they always talk about it in terms of liability. They think about liability. How much will I be sued for? How much could I lose financially if I screw up in this encryption stuff? And he said that he never thinks of it that way, because Brian makes stuff at NSA that protects secrets that lives are on the line. He said, if he makes a mistake, somebody dies. And that's a totally different attitude than thinking of it in terms of liability. And he said to me during the break that he really liked my attitude about PGP because I had the same attitude. And so, that's what drove PGP and that's what makes PGP so different from other commercial products that do encryption. So, anyway, let's see. Let me open it up for questions to kind of give me an idea of what you're interested in. Yeah. Quantum computers, a lot of people ask about quantum computers. It's very hard to build a quantum computer of any size. You have to isolate it from the rest of the universe. And I mean really isolated. I can't have any kind of quantum mechanical interaction with gravity waves or photons or anything else. It has to be isolated from the rest of the universe. And that's not an easy thing to do. You know, they have built quantum computing devices of just a couple of bits, but there's not anything that can attack, you know, operational cryptography. You don't have, I tend to think of it as a science fiction technology. I'm not gonna base my career plans on them building quantum computers. Call me when it works. Yeah. Oh sure, quantum cryptography is not really, doesn't really have anything to do with quantum computing. It's sending photons through glass fibers that one photon at a time to, and you look at it whether it's polarized this way or that way. And if anybody intercepts it, they're gonna change the way it's polarized and you can tell whether it's been intercepted or not. It's a cool idea, but I mean, you could rely on cryptography instead. You can't do it over enormous distances. They do it over a few kilometers of fiber optics. Well, it's a good question. Will encryption always be legal? You know, I think that if we just hang on to what we have and not let them take it away, we can do that. Right after 9-11, there was a lot of discussion about are we gonna lose the gains that we had fought so hard to win in the 1990s. And nothing happened, you know? Nobody tried to make, or I think there was some legislation that was talked about to bring back the export controls. But it never happened. One reason why it never happened was that John Ashcroft, who I disagree with on just about everything, was a senator during the debate that we had in the 1990s and he was on our side of the debate. So, okay, on that one thing, you know, he was on our side and he seems to have stayed that way. I mean, he became attorney general. And also, you know, the NSA gave up years ago on this. The FBI did. The FBI fought it to the bitter end. Well, that's because the FBI doesn't really have any cryptographers working for them. The NSA does. And so the NSA saw the handwriting on the wall years ago and kind of woke up and smelled the coffee before any of the other federal agencies. And they knew that they were gonna lose it. And they fought it for a little while, but they didn't fight it hard because they just knew it was inevitable. I don't think it's gonna come back. Somebody told me that the new draft of, rather, the Patriot Act II had something in it about that. And I haven't seen that. But if it does, then we'll have to fight it again. But remember, it's now entrenched. The whole computer industry exports photography all the time. It's not easy to just take that away. They might try to impose some domestic controls, but that's also entrenched. It's a very hard thing for them to do. We don't wanna get too complacent, but I don't think we should be too worried about it. If it comes up, we'll fight it. Yeah. Well, it wasn't treason. It was actually the charge would have been the violation of the Arms Export Control Act, which was exporting munitions. In other words, if I exported Stinger missiles to Libya, I would be violating the same law and be charged with the same crime for exporting PGP. Okay, how I heard about this was I got a call from a US customs agent, Robin Sturtzer, called me up on the phone and said, this is special agent Robin Sturtzer of US Customs. We'd like to ask you some questions about PGP. And I thought that maybe they needed some help on, maybe they'd seized a computer and maybe there were files encrypted with PGP and they wanted my advice, you know. I was gonna tell her to call psychic friends. But you know, I tried to be helpful and answered whatever questions and tried to explain her what PGP was. And then she said she'd like to fly out to Boulder. I lived in Boulder, Colorado at the time from their office in San Jose, send two agents of US Customs, put them on an airplane, fly out to Boulder. That's when I realized that there was something going on here that they weren't just looking for a tutorial on PGP. So I contacted the criminal defense lawyer, Phil Dubois. He's kind of a street-wise criminal lawyer in Boulder, Colorado. He actually is in Colorado Springs now, but anyway, so I walked into his office and I saw on the floor a box that said discovery documents for Michael Bell, which was, he was a murderer, you know. And I was so freaked out by this, you know. I thought, oh my God, this guy defends criminals. What am I doing here?    Somebody who has experience with the feds, you know. Somebody who's had to fight in the trenches, somebody who's maybe who was served in the public defender's office so they know how to do it with minimal resources. Phil Dubois was that kind of lawyer. And so I told him what happened and so we put together an appeal for funds, for legal defense fund, and we got contributors from all over the world sending money in. And I got other lawyers on the legal defense team who volunteered to do it for free. Phil had to be paid because he didn't work for this big law firm like the other lawyers. So he had, you know, he lived by his wits every day so he had to be paid for his work. But the other lawyers were pro bono. And I had four lawyers on the core defense team. I had Kurt Carnow in San Francisco who was a former federal prosecutor and an intellectual property lawyer. At that time we thought there were intellectual property elements to the case. Eben Moglin, a Columbia Law School professor who wrote an APL interpreter before he became a lawyer. And he clerked for Thurgood Marshall. And there was Ken Bass who was, used to be a work in the justice department on national security matters and worked for a big law firm in Washington. And then we had a couple of other lawyers that helped out from time to time. The gang of four was who did most of the heavy lifting. And it was a great team. And I wanted to talk to the press but they were telling me don't talk to the press because lawyers don't want their clients talking to the press. They never do. But my instincts told me that if we were gonna get through this I would need the press. So I said I'm gonna talk to the press. After all, the lawyers work for me, you know. And so I talked to the press almost every day for the entire three years, about five times a week. And the press I think had a lot to do with why the government dropped the case. Now, I'm sure if you asked the justice department that they would deny that, but I just have a feeling that the press made the political climate difficult for the government to proceed in the case. Every one of the press articles of the period was sympathetic to me and critical of the government. Not 99% every last one. So that's a great asset to have. And sometimes during critical parts of the case we knew when the decision of whether to indict me was gonna be handed off from the local prosecutor to Maine Justice in DC. And so at that time we got the press on the East Coast, the Washington Post, New York Times, the U.S. News and World Report, the news magazines all cranked up to write about me during that critical time when policy people at justice were making a decision of whether to proceed. And the press was actually the press was sort of, they kind of tossed all semblance of objectivity out the window. They would say to me during the press interviews, okay, I'm all yours, what do you want me to say? What do you want me to do? I mean, I'm exaggerating a little bit, but the press was firmly behind me because this was a First Amendment case. If I can be put in prison for publishing something, then that hits close to home for the press. There's no way that the press is gonna be against me in that case. So they turned up the heat at just the right time. Now, early in the case, it looked really bad because early in the case, well, early in the case, I was told of this in September of 93. And in October of 93, I went to Washington to testify in front of Congress in favor of some legislation to get rid of these export controls. So I went to Washington, and while I was in Washington, I went to EFF, the Electronic Frontier Foundation, where they had assembled a team of lawyers. There were 10 lawyers in the room. They were all lawyers, nobody but lawyers, because it was, so I could tell them about it, and it would all be a privileged attorney for client communication. And so there were people from EFF, there were lawyers from EFF, the Electronic Privacy Information Center, the American Civil Liberties Union, a couple of private law firms in Washington, Phil Dubois, my criminal lawyer, and I don't know, I can't remember all of them. But they all sat and listened to me tell them what the case was, and I had some real vulnerabilities in the case. The biggest vulnerability was not what happened in June of 91 when I published PGP on the internet, but rather what happened later when I helped in the development of PGP 2.0, because then I was actively involved in managing the development of a crypto product overseas. I had, in fact, and there was so much audit trail to show that I had an $800 phone bill one month because of just talking to the software engineers in New Zealand, in Amsterdam, in Southern California, coordinating this handoff of code from continent to continent on a daily basis. And so there was all kinds of proof that I was violating the Arms Export Control Act for that. That's where I thought the vulnerability was, the subsequent development. So I told the lawyers this, they listened to it, and they shook their heads and they said, here's nothing we can do to help you. You're dead. I mean, they didn't say it quite as succinctly as that. It wasn't quite as black and white as that. They said a whole lot of things, but that was the checksum of what they said. And so, the feeling in the pit of my stomach of hearing 10 lawyers all in the same room, I mean, what a concentration of legal skill, all saying that. Phil Dubois was the only criminal lawyer in the room. Phil Dubois was not worried, you know? Because when it comes down to it, when it comes in the courtroom, he knows what to do. But the other lawyers, they had other specialties, and they were all saying, you have no chance, you know?  And it's a good thing that meeting happened after my congressional testimony, instead of before, because I would have been the basket case in front of Congress. So we mounted this defense effort, and it worked, you know?  One of the things that we did was, we went to MIT, I went to MIT, and got them to put it on their FTP site. Actually, I ran into them at a computer street in the privacy conference, and we kind of came up with the idea at the same time. They would publish the source code in a book with MIT Press. It was a high profile, high prestigious academic press, would publish the source code. And export the books. And that's a kind of a in-your-face kind of gesture to the government. We took the actual source code, byte-for-byte from PGP 262, which was the current version at that time, and put it in a book, and tried to put it in a nice, scannable font. And then the author's preface to the book, which I have on my website if you want to read it, go to philzererman.com, and you can read the preface to this book. Spells Zimmerman the right way with two Ns, the German spelling, because there's another guy who named Phil Zimmerman, and he's got a website too, and he spells it with one N. But anyway, in this preface, I said, why we're doing this book? And you could scan this book in in Europe. So the strategy here was that we were gonna ask permission to export the book. We were gonna ask the State Department for a Commodities Jurisdiction. Now, some of you may have been at the Black Hat Conference. How many people here saw my talk at the Black Hat Conference? Okay, so some of you have heard this already. But we, and I apologize for repeating myself for that. But the reason why we were gonna do this was because Phil Karn had taken Bruce Schneider's book, Applied Cryptography and Applied for CJ, a Commodities Jurisdiction for that book. And of course they gave it to him because there's nothing wrong with exporting books.  Of course you can export this book.  We don't have any export controls on books. And so then he then applied for a Commodities Jurisdiction for a floppy disk containing the source code that was in the book.  And he said, well, you said yes to the book. Well, here's the floppy disk with the book on it. In fact, it's not even the whole book. It's just the appendices with the source code, you know? How could you object to that? And of course they said no. And so then he appealed it. There's administrative appeals you can do. And they kept saying no, no, no because the NSA said no, no, no. The NSA told the State Department. I had, years later I did a FOIA lawsuit and I got some documents from the State Department from NSA, from other agencies. And you could see the conversation going on between NSA and the State Department about these books. And so he sued them. And so the State Department was actually defendants in a lawsuit at the time that they got the Commodities Jurisdiction application from MIT Press for my book. And also they'd already been suckered once. They knew what was gonna follow if they said yes to that book. So they never said anything. They didn't say yes, they didn't say no. They just sat on it. But MIT Press didn't wait. They just exported the book immediately. So it was already, and besides, you know, the software was already available in Europe. Which was, we didn't actually do the book with MIT Press because we wanted to export the source code. The source code was already exported. We did it because it was part of our defense strategy. We wanted to use it at trial. And then years later we did another book with the source code after I started a company. And the purpose of that book was really to export source code. And we came up with these special tools for scanning the book. We had checksums on every line. We had OCRB font. We had modified the OCR font to make some of the characters less ambiguous. And we were able to scan it in tremendously fast. And so I even had a book with all the software tools that we developed. The name of this book was Tools for Publishing Source Code via OCR. And it was really slick. But it blew a hole a mile wide in the export regime of the Clinton administration. And they just realized how futile it was. And that had a lot to do with them of breaking down their will to fight. And eventually along, you know, the rest of the computer industry is putting pressure on them too. They gave up and they dropped the export controls. We had a multi-front war going on. We had litigation going on in the courts. We had the Congress acting to try to turn it around. And the executive branch decided that they weren't gonna be flanked by the courts and the Congress, the other two branches of government. So they just made an executive decision to lift the export controls. So that's how we won that battle. And I don't think we're gonna, I don't think we're gonna have to fight it again. Yeah. Yeah, a lot of people recognize that it was silly. But the FBI didn't. The FBI hung on to it.   You know, criminals do use this. Terrorists do use this. Al-Qaeda uses PGP. You know, I'm sorry that that's the case, but that's the, you know, that's the trade-off we make. You know, either we have nobody have crypto or we have everybody have crypto. And I think that the world is better off if we have strong crypto. You know, the internet works a lot better. And as we move our lives from the physical analog world to the digital world, we need crypto to enjoy the same protections we had in the analog world. We had envelopes for postal mail. Why can't we have envelopes for digital mail, you know? So, you know, we have financial transactions. We have medical records. We need, you know, the case was clear that we needed this. But it wasn't, you know, but there were arguments to be made on the other side. And that's why it took so many years. We fought this debate for years in the courts, in academia, in the, you know, journalists, Congress. Okay, sure. The FBI, the NSA, the press, everybody participated in this debate. And there was a lot of expert participation from all these quarters, a lot of legal scholars. Everybody was involved. And it took years and we came to a decision collectively that we should get rid of the export controls, that we should not have domestic controls. And I think it was a good decision. And to try to turn that decision back in the sort of heat of the moment after 9-11 would have been a tragic mistake. Pardon me? Oh, you mean, the question is, I think you're asking about that maybe the courts could force you to give up your private key. Yeah, that's something that I think we're probably gonna see some effort to do that here. And I think that that's gonna be, you know, a fight that we're gonna have to make. There's fifth amendment problems with that, but self-incrimination. There's also the idea that what are they gonna do if you forget your passphrase, you know? In the stress of being a criminal defendant. It could happen.  I mean, I actually have some PGP disc volumes from years ago that I got creative and used different passphrases for those.  Because I forgot what they were. And now for the life of me, I don't even remember what's in them anymore, you know? It's like in five years. I can't open those and I, you know, I guess I should throw them away. Yeah, but the NSA. Yeah, different to the NSA, yeah. I was thinking what you could do for that is if you wanna find out if the NSA can break PGP, is you hire a comedian to write a really, really funny joke and not tell it to anyone else. Commission them, you know, to do this. And you encrypt it with PGP and then you put it out somewhere in a channel that, you know, they're gonna intercept, hope that they intercept. Try to make, try to convince them that they ought to intercept it and break it. And then wait for several years and see if the joke shows up in the population. Yeah, yeah, deniable encryption. The problem with that is that the message size is limited by how much information is in the message.  So it's hard to do that.  So you could do it that way, but nobody uses one-time pads and if you started using them, then they would know why you were doing it, you know. Yeah, steganography, you mean? Yeah, well, you know, the problem with steganography is that it works okay for once in a while when somebody is trapped behind enemy lines and they gotta get this one message out to get picked up by the helicopters, you know. That's fine, but you can't have a hundred million people do it every day because it depends on the enemy not knowing you're doing it.  People actually call me up about this.  And it was early in the morning, you know. I think he was on the East Coast and he said that he had this cool idea of hiding information in a picture, you know. And I said, well, congratulations, you've just reinvented steganography. And he said, he thought it was such a cool idea that he wanted to create a standard. He wanted to propose a standard for the standards bodies for this. And I thought, oh, this is great, you know. This is like Samsonite luggage having a standardized compartment for smuggling cocaine. You know. Every suitcase would have it in the lower left corner. You know. A lot of advantages in adhering to standards. Yeah. Well, there's a lot of, there's several implementations of the OpenPGP standard. GNU Privacy Guard is an open source version and it doesn't have any patented algorithms in it. I applaud that. I unfortunately did use patented algorithms in the original PGP. And in fact, it doesn't use the idea cipher because they have a patent on that. The idea cipher is a really good cipher but I stopped using it because it had this patent. And they did too. Actually, we still have it in there for legacy reasons. But Hush Mail or Hush Communications has a product, a web-based email encryption service called Hush Mail that is OpenPGP compliant. It's really nice. It doesn't work on a Macintosh for some reason but and I use a Mac so I can't really use it that much but it's really nice on browsers that support it on the PC. There's another company up in Seattle called Thora. They also have a web-based encrypted email service. I have it till 12, right? 10 minutes, okay. And then there's Veritas in Belgium which has several OpenPGP compliant products including a Unix command line product. Now, network associates, when they sold the intellectual property of PGP to PGP Corp, they retained the command line version for some period of time. So PGP can't sell that. This is not interesting enough I see. I try to get interesting in the last 10 minutes or I'm gonna lose the audience. Yeah, what? Why would there be a risk if it's open standards? Well, somebody could implement their own version that has a backdoor and I encourage people to publish the source code of their implementation. So I would recommend that you only use products that publish their source code. Network associates doesn't publish their source code anymore. Yeah. Oh, the Washington Post story. I got this interview from this reporter who talked to me just a few days after 9-11. And we were talking about how upset we all were about what happened. And I told her that I had thought about this whole question of cryptography and terrorism and all that. But I decided that it was still the right thing to do to publish just strong cryptography. But I was also, that I had cried about it like everybody else. But for some reason it got changed by her editors and it was shortened. The article was short. She read it to me over the phone before she ran it because I wanted to make sure she didn't say something that was politically damaging. I wanted to make sure that she was clear that I still felt that PGP was a good thing to do. And she read it to me on the phone and she said that and it was all perfect. And then she gave it to her editors. And the editors shortened the article and they took some of my remarks and just shortened them to, yeah, I don't know what they, they didn't shorten the remarks, they just threw them out. And they said that I felt guilty about that I regretted writing PGP. And this was like completely wrong. She didn't write that, I didn't say that. And I made her say that to me over the phone to make sure that she didn't say that. So I had to issue a denial, which caused thousands of emails to the Washington Post. It was a shitstorm they never experienced. And it damaged her career. It almost, it got her in trouble with her editors, which seems backwards to me because they're the ones that did it. And so, and then I had to write another thing saying it wasn't her fault. She read it to me and it was right before she published it. So, so I had to write something about that why it was a good idea to have strong cryptography and to deny that, that's on my website too, by the way. Yeah. In regards to PGP rocket engines. Rocket engines? What do you mean? What are the classes of rocket engines? Because they contain things that can make them into a bad thing and right now they're in the rocket, probably the rocket industry. Really? Okay, so Homeland Security won't allow people to use rocket engines because they might turn them into missiles. I don't know anything about that. But there's other inroads elsewhere. I think this is a concerted effort where they just. There's constant pressure to maintain our civil liberties against people that wanna respond to national security threats and take them away. We have to always be vigilant. We can never relax, you know? So I guess we must be out of time because everybody's leaving. Since we got eight minutes, so why is everybody leaving? I must not be sufficiently interested. Pardon me? Really? So really the time is gone, huh? I thought I had an hour. I would have talked faster if I'd known. Yeah. Oh yeah, yeah, okay. The first version of PGP used a homegrown encryption algorithm that I had called Bassomatic, which I named after a Saturday Night Live Skip. And I'd spent a couple of years on it, you know? And I took it to the Crypto91 conference and talked to L.E.B.M., who was a noted crypt analyst from Israel, and Adi Shamir. Actually, Adi Shamir said, send it to me and I'll look at it in Israel. It's a good thing I didn't send it to him. But I went to lunch with L.E.B.M. and he spent 10 minutes looking at the source code with me and I explained to him how it worked. Within 10 minutes he found embarrassing weaknesses. It was a very embarrassing experience, you know? And so that was when I realized that even after spending a couple of years on this, I couldn't write, I couldn't design my own block cipher. It was futile. So I gave up.   So I used a block cipher, I used the idea cipher, which was a far better cipher. And at that time, even though there was a patent on it, I did get permission to use the patent. So yeah, it's ease of use. The reason why people haven't adopted PGP is ease of use. A couple of years back, somebody at Carnegie Mellon, I think it was, or somewhere, wrote a paper called Why Johnny Can't Encrypt. And it was about the difficulty of grasping all these concepts of public key trust models, public key infrastructure and all that. Your mom can't use PGP. Doesn't matter whether it's got a gooey on it or not. It's not just PGP, it's all the others too, all the other public key encryption products.  And so we had to come up with something that didn't require you to grasp all that. And now PGP Corporation has a new product that's coming out very soon that lets everybody in an enterprise, thousands of employees in an office building, all encrypt their email without even realizing it. So not only do they not have to be trained, but they don't even have to know it's happening. And so it's a proxy, it's an email proxy. And all the email going in the building and all the email going out of the building gets encrypted and decrypted on the fly. So that lets the great unwashed masses who's never gonna try to learn this stuff get their email encrypted. Meanwhile, the power users, the geeks can still do everything they always did before and manage it on their desktop with the clients running PGP just like they did before. So everybody gets what they want. So it's a cool product and a lot of big companies are really responding well to it. So I recommend if you work for a company, you take a look at this new product coming out from PGP. Johnny can encrypt, can encrypt with that. Yeah. Yeah, except it's for email, you know. I think we're done. Okay.


Welcome to the session of introduction to the managerial economics. These are the learning outcome of the session. In the session, we are going to see what is the economics, meaning and definition of the managerial economics, the nature of the managerial economics and scarcity. Before proceeding, let me ask you one question. When the inflation is too high, whether it is bad or the good? You may pause the video, think about the question, write down your answer in your notebook. You may return to the video to see the answer. When the inflation is too high, of course, it is not good for the economy or the individual. The inflation will always reduce the value of the money unless the interest rates are higher than the inflation rates. So, what is the economic? The economics is nothing but a study of how the individual and the societies make their choices which are subject to the constraint. The need to make a choice is generally arises from the scarcity. So, what is the scarcity? From the perspective of the society as a whole, scarcity refers to the limitations placed on the production of goods and the services because the factors of the productions are finite. From the perspective of individual, scarcity refers to the limitations on the consumption of goods and the services because of the limited personal income and the wealth. So, what will be the definition of the economics? We can define the economics as the economic is a study of how the individuals and the society choose to utilize the scarce resources in order to satisfy their virtually unlimited wants. The scarcity describes the condition in which the availability of the resources are insufficient to satisfy the wants and the needs of the individuals. The economics is a study of how the people allocate scarce resources for the production, distribution, consumption and both individually and the collectively. The two major types of the economics are microeconomics which focuses on the behavior of individual consumers and the producers whereas, the macroeconomics which examine overall economies on the regional, national and international scale. The economic is specially concerned with the efficiency in the production and the exchange and use the models and the assumptions to understand how to create the incentives and the policies that will maximize the efficiency. Economics formulate and publishes the numerous economic indicators such as gross domestic product that is called as a GDP and consumer price index which is called as a CPI. So, the let us see how what is the managerial economics? Many firms has used a well established principles of managerial economics in order to improve the profitability. The managerial economics draws an attention on the analysis of the concepts such as cost, demand, profit and competition. It attempts to bridge the gap between the purely analytical problems that attract many economic theorists and a day to day decisions that the management must have to face. It offers a powerful tool and the approaches for the managerial policy making. It will be relevant to present several examples illustrating the problems that the managerial economics can help to solve. These also can explain how the managerial economics is a integral part of the business. Demand, supply, cost, production, market competitions are the important concept in real life business decision. A meaning and definition of the managerial economics. The managerial economics is a discipline that combines the economic theory with the managerial practices. It tries to bridge a gap between the problems of logic that attract economic theorists and problems of policy that plague a practical manager. The subject offers the powerful tools and technique for managerial policy making. An integration of economic theory and the tools for decision science work successfully in optimal decision making in phase of the constraints. The study of the managerial economic enriches the analytical skills and helps in the logical structuring of the problem and it provides the adequate solution to the economic problem. The managerial economic is concerned with the application of economic concept and economical analysis in order to solve the problems of managerial decision. Managerial economic is the use of economic model of thoughts to analyze the business situations. So, what is nature of the managerial economic? A close interrelationship between the management and the economics has led to development of the managerial economic. The management is the guidance, the leadership and the control of the effort of the group of the people towards some common objective. It does tell us about the purpose of function of management, but it tells us the precious little about the nature of the management process. So, the management is the coordination, an activity or ongoing process, a purposeive process and the art of getting things which is done by the other people. On other hand, the economic is in the broadest sense is what the economist do. The economists are primarily engaged in analyzing and providing the answers to the manifestations of the most fundamental problems that is scarcity which is called which is nothing, but the insufficiency of the demand. The scarcity of the resources result from two fundamental factors of the life. The human wants are virtually unlimited and uncontrollable and the economic resources to satisfy these human demands are limited. Thus, we cannot have everything we want and we must make a choices broadly in between the three areas. What to produce, how to produce and for whom to produce. These three choice problems have become the three central problems of the economy as shown in the figure. The science of the economics has developed several aspects and analytical tools to deal with the problems of allocation of the scarce resources among the competitive ends. So, definition of the scarcity, the scarcity refers to the resources are being finite and limited. The scarcity means we have to decide how and what to produce from these limited resources. It means there is a constant opportunity cost involved in the making of the economic decision. The scarcity is one of the fundamental issues in the economy. The managerial economics when viewed in this way may be taken as economics applied to the problem of the choices or the alternatives and the allocation of the scarce resources by the firms. Thus, the managerial economic is a study of allocation of the resources available to a firm or the unit of the management along the activities of that unit. The examples of the scarcity will be what a shortage of the fertile land for the population of to grow the food and another example can be like desertification of the Sahara is causing decline in the land useful for the farming in the sub Saharan African countries. Water scarcity will be what a global warming and a changing weather has caused some part of the world to become a dryer and also the reverse has dried up. This has led to the shortage of the drinking water for the both humans and the animal. The labor shortage means what in the post war period the United Kingdom has experienced with the labor shortages that is the insufficiency of the workers to fill the job. Examples are the bus drivers and more recent year the shortage have been focused on a particular skilled areas such as nursing doctors, engineers and the health care shortages. In any any health care system there are limits on the availability of the supply of the doctors and the hospital beds. This will cause a waiting list for the certain operations. So, these are the references of the session. Thank you.


How's it going forex shooters? It's yours truly Dapo Willis and I am back with another banger. Yes, I'm back with another amazing video. If you're just joining me for the first time, my name is Dapo Willis and this is the segment of my YouTube channel. One of the most highly anticipated aspect of my YouTube channel, where I come and break down the charts. It's called Trader Talk. Now guys, I'm sorry. I'm sorry I've been gone for a bit but I needed that holiday. I needed to go and spend my forex profits.  I needed to visit family. Because at the end of the day, the reason why we do what we do is to be able to live life on our terms. But something happened while I was on holiday.  I was trading, I was giving trade calls but I noticed something. Because I wasn't posting that many videos on YouTube, a lot of traders were struggling even their mentors as well. That just showed me how powerful this channel is. That just showed me how powerful the information that I share here is. Because guys, at the end of the day, I'm not trying to blow my own trumpet but I've been seeing my comments, my mentions. Dapo Willis, where are you? Now that being said, I mean, whilst I was on holiday and enjoying my life and enjoying my profit, the forex market pretty much went into a kind of like a range, kind of like an indecision zone. So the thing about the markets is it would trend for 40% of the time. So the remaining 60% of the time, it will go into a range. So once I started to see signs of a retracement or a range or something or something of that sort, I decided to leave the market and go do other things, go handle other things. Now during this period, this period of consolidation is where a lot of traders go to blow their profits. And this is why, if you guys can remember correctly, whilst the market was trending and we were making all that money, I was urging you guys and begging you guys to redraw your profits and spend a percentage of it on yourself because I knew that sooner or later the market was gonna go into a nasty range. So guys, in this version of trader talk, I'm not only gonna be teaching you guys how to make money, but I'm gonna be teaching you guys how to preserve your capital and preserve your profit because at the end of the day, that's the reason why we're here, we're here to not just make money, but we're also here to preserve it and spend a portion of it and enjoy our lives. Take a good look at me, for example. I still have my Benjamin Franklin's with me. I took about 26K, two weeks before I went on holiday, I had like 26K that had withdrawn from my trading account. I went on spending them all. I came back and I've withdrawn another 30K. As you can see, this is real bad, okay? Say hello to Benjamin once again, guys. The challenge here is a lot of traders cannot do this right now. Why? Because they've gone ahead to blow their accounts. Yes, that's the honest truth because from what I've been seeing on the internet, a lot of people are really struggling on this market. So like I was saying, guys, in this segment of my trader talk, I want to not just teach you guys how to make money, but I wanna teach you guys how to preserve it regardless of the market conditions. And guys, as far as I'm concerned, the most realistic way to go about it is the top-down analysis because on the Forex Mastery Program, which you should get, if you know you want to stand any chance at being able to, first of all, make money in the market, but most importantly, preserve that money, means keep it. You need to grab the program because what has happened could have, what has happened to most traders could have been avoided because from the characteristics, from the features, from the signs that the market was showing, if you were a Forex Mastery student, you would have understood that the market was going into a period of consolidation and because of the fact that a lot of people just have refused to get the program, you know? I don't know for what reason or the other, they just refused to get the program. They ran into a lot of issues. So all the money that they made because they were watching free YouTube videos, they only got a portion of the teaching they didn't understand when it was time to stand aside. And I don't talk about that on my YouTube channel. I only speak about it on the Forex Mastery Program. So if you haven't gotten it, the link is going to be down here below or around here somewhere. Yes, they're going to be like, oh, that probably keep talking about the Forex Mastery Program but by now you should understand the essence.  So once again, the link is around here somewhere. And yeah, after this video, I'm going to go do some shopping actually. Let me just count my Benjamins one more time.  People who have refused to listen. Get the program. They're like, I'll get it next week. I'll get it next month. And now what's happened? You made some money and guess what, you've lost it all in the game. So should I be mean and not talk about this in my trade at all? Or should I help them out? Should I help them out? Okay guys, if you want me to help you out, type help, help. Just type help me, that's in the comments section. So just type help and okay, let's jump into the video. All right guys, don't go anywhere. Stick around. I'm going to give you trade calls. I'm going to teach you how to preserve your capital and all the money that you've lost. You want to make some of these bands, stick around to the very end of this video. And now let's go, let's go. All right guys, welcome inside of my screen. It's quite refreshing to see candlesticks again. It's quite refreshing to show you guys some candlesticks.  The market is currently in consolidation mode. It's given some signs of a, I wouldn't say reversal, but I'll say pullbacks. And like I was saying earlier guys, you see these are the little characteristics of price action that a lot of people don't really know about and that's why they run into issues. I mean, look at all the money you guys have probably made. I mean, I made a lot of money short in the Euro. Same thing with GBPUSD, only for most traders to come and give away all their profit right about here. So before I jump into this video, before I do anything, I would advise you guys to go ahead and subscribe to the YouTube channel so that you guys don't miss out on any of this kind of information. As you can see, this is from pretty valuable stuff. People are losing a lot of money. People who listen to me are making a lot of money. People who refuse to listen to me are losing a lot of money. So if you wanna be on the winning side, if you want to be able to make money and keep the money, I'm gonna give you guys five seconds right about starting from now. Smash the subscribe button right there so that you guys get updated immediately. I drop my video. So I give you five, subscribe, four, three, two, one. So that's the subscribe button right about there. All right, guys, so let me jump into the chat. So I haven't done any prior analysis. I'm just opening the chat for the first time. I'm gonna break this thing down one trader to another trader so that you guys can understand what exactly is happening. So I'm gonna kick off with a Euro. I think I wrote down a couple of pairs that I wanted to speak about. Euro, USD, AUD, USD, gold. So these are the pairs I wanna speak about and will potentially look for trading opportunities for those of you guys who have lost money, want to make it back. Let's see how you guys can make some money back, okay? So you asked me what exactly is happening with the Euro dollar? What's the issue with the Euro? What's happening with the Euro, USD? Now, as you can see on the monthly timeframe, this is a very, very decent trend. I call this collapse all the way into 0.9600. As you can see, the market has come into my area of support and mind you, I didn't just plot this now. If you watched two, three, four, five, even maybe seven videos ago, you would see that this level has been here even while the market was trading all the way up here. And that's the good thing about understanding the top-down analysis. You're able to plot your major zone. So even before the market gets there, you already know, because I already knew the market was gonna have issues here, I was gonna turn around here. So this was always my overall target. You see, and this is why I keep telling people, I mean, this is what I teach on the Forex Mastery program. The very first thing, after we identify the overall flow of the market, the overall flow of the river, the very first thing I like to do, or rather the second thing I like to do is I like to, sorry, my laptop seems to be spooling up. The second thing I like to do is I like to plot out my key levels because these key levels is exactly where this market is going to respect. So that's very important. So you asked me, Dapo Willis, why did you stop trading the euro? Because we were trading around this region. It's as simple as that. I took out most of my money here, if not all of it. I stopped trading a while ago because we came into major support. But a lot of people were blind to this level. A lot of people kept on trying to sell short because the market kept on coming lower. And guess what happens? The market sucked everybody into this nasty range you can see right about here.  As you can see, the monthly candle for October, it's a monthly timeframe if I'm not mistaken. You can see this is an inside bar of this candle. And then this month, we're obviously pushing all the way, you know, we're reaching all the way back to the upside. So, that's why I keep telling you guys, grab the Forex Mastery Program, grab it, grab it so that you know when to stop trading. It's one thing to know when to continue. It's one thing to know when to be trading. It's another thing to know when to stop trading. So, if you haven't grabbed the program, once again, the link is in the description as always. But the monthly timeframe has come into this major support level who are pushing all the way to the upside. Monthly is telling me this problem, their challenges, their issues. Let's come over to the weekly timeframe to see what exactly is happening. From the weekly timeframe, from what I can see, the trend isn't exactly over. I wouldn't say the Euro-USD trend is over. I would say that there is some, you know, there's a significant amount of pullback we're consolidating at the moment. So ideally, the market would definitely want to push into, don't forget guys, as I teach on the Forex Mastery Program, we move from zone to zone. From this zone, we came down here. We tested this zone, we came here, as you can see. We tested this zone before we came back down to this zone. So now we're currently playing in between 1.0400 and 0.9600, okay? So zone to zone. Have we seen a trend reversal? We don't have a clear sign of a trend reversal. Can it happen, possibility? Has it happened yet? No, okay? So at the moment, we're still currently trading down below this very massive trend line. I'll go ahead and plot an inner trend line but I'll be very careful as I'm plotting it. Always don't forget Forex Mastery students, remember I always teach you guys, plot your trend lines at the top. You know how to plot your trend lines, right? I don't need to tell you guys. Okay, okay? So put it at the top, at the wicks of the candle. So I'm done with the monthly time frame. As you can see, the inner trend line of the weekly time frame has been breached. Not even the time, this is the outer trend line and this is the inner trend line. The inner trend line has been breached, okay? Somewhat has been breached. If I want to see things a bit more clearly, I'll come to the daily time frame. And as you can see very carefully, okay? As you can see, top trend line, top trend line, top, top, top of the week, top of the week. You can see how we broke above this trend line, close back down below it, we've come. So if you pull your trend line a bit closer to the market, you will notice that this is technically a breakout retest continuation. What this simply means is we've broken out of the trend line. We're currently testing the outer point of this trend line and we have basically bounced off of this trend line and we're now pointing to the upside. So you still ask me, is this a trend reversal? Not yet. So sometimes, when there are not sometimes for consolidation to happen, it will look like a trend reversal but there are some certain things that, you know, the market needs to tell you before you can be sure it's a trend reversal. Forex Mastery students once again check module five. I think module five talks about chat patterns and trend reversals. If you haven't grabbed the program once again, as you can see, I'm making a lot of reference to it so that you're not lost out, you don't miss out on anything. Grab the program because I'm not here to start teaching people how fresh and all that. Right now, when I do my make my videos, I'm gonna say it here. My videos are almost tailored as much as I want people to understand what I'm saying but my videos are actually really tailored to the Forex Mastery students. So if you know you wanna be in sync what I'm saying, get the program. Once again, module five, the link is gonna be for the Forex Mastery program it's gonna be in the description. Once again, module five talks about chat patterns and we haven't seen any chat pattern from yet. All we can see is the market breaking out of this inner trend line. Now, what do I think is going to happen? Personally, I feel that the market wants to come and pull back significantly. So for every major move you see, I'm taking my time out to explain everything to you guys now. There's a lot of confusion going on in the market. We don't really know what the market wants to do next is going being a bit crazy. But from what I can see, the euro might attempt to shoot at 1.0400. That's gonna really depend on a couple of factors. Am I going to be trading it? No, because I don't really like to trade counter trends. I'm not really a counter trend trader because counter trend, the chances of a counter trend trade work or rather the chances of a in trend trade working at this higher than a counter trend, okay? The counter trend trade needs to look so good and so juicy in order for me to want to take advantage of it. I'm really, I'm not really a fan of this setup right now. So what I'm going to do is I'm going to sit on my hand but I can tell you for those of you guys who are looking at the euro and wondering what exactly the euro might want to do next. First of all, we'll need to clear out this level about here because this is a 100% retracement of this mode. So this is a, we started to come out and we made a high, higher high, sorry, this is a high, higher low. It came in and made a higher high. It's technically a higher low. Again, if I move my Fibonacci from swing high, shoot. From swing high to swing low. This is a 50 Fibonacci move and we look to be pointing to the upside. So I would not be surprised if the euro decides to blow out all the way to the upside. To be honest, I would not be surprised. So at the moment, what do you use this kind of, how rather, how do you use this kind of information? What do you do with this kind of information? Personally, I take this information and I say to myself, okay, at this point in time, the market is no longer trending in the way that I want it to trend. What I do is I stand aside. This is where a lot of traders tend to struggle. Standing aside is a big problem. Everybody wants to care. I see people are still drawing counter trend lines like this. The market is stopping.  I know. I know because I've been seeing a lot of people who have been seeing crazy setups on social media, right? People have been tagging me and I'm saying like, you guys don't even know what you're doing. Can't you see there's been a four hour double bottom on this major level? If you're a foreign mastery student, you would have known that there's danger. We've pulled all the way to the upside, okay? We've even come back down and somewhat tested this and the market is going up and people are still drawing counter trend lines and wanting to shut even when we're making higher highs in the downward market. I say, no, no, it's a red flag, okay? So for me, these are red flags and that's exactly how I didn't trade it. I wasn't interested in it. If you watch my previous videos, I kept on saying I wasn't interested in Euro anymore and as you can see, the market is now pointing to the upside. So I'm gonna delete this trend line and I'm gonna watch this market very carefully. Like I said once again, I won't be surprised if the Euro lifts off, you know, to probably test this region and probably come and test one of these highs. But if I know this market very well, it's probably I in this 1.03500. So for now, I am not interested in the Euro. I will not be trading the Euro and the same thing goes for now. Don't forget guys, the Euro, okay? The Euro and the Euro and the Euro and the Dollar index are very much correlated, they're inversely correlated. So if the Euro is ranging, if the Euro is, you know, having any issues, moving sideways, best believe the Dollar index is doing the same as well and every other US dollar pair will obviously be experiencing the same thing as well. So you see, is these little things that differentiate the consistently profitable trader from the world, that people who are just following mentors blindly, okay? So if the Euro is telling me that, look Daps, I don't really know what I'm doing right now, right now it doesn't know what it's doing, okay? Right now the Euro has no idea as what it's doing, okay? It has no idea as to what it's doing. So I'm just gonna watch the Euro very carefully. So maybe we might be forming an XTE wave pattern so X to A to B to C to D to E. So okay, let's see what might potentially happen at this region. So this green bar will pretty much dictate what the Euro is going to do next. If we sustain below this green bar, we might potentially roll over to the downside. However, if we clear this green bar, we're gonna come on here. So these are the two scenarios, okay? So ideally I would still like for the Euro to be bearish but for right now we're currently consolidating. Now you need to give the market time. Are you not tired of eating the market's money?  You know, I'm good. All the ones that are stuck in my bank account I probably have 350Ks, hold on. This guy on the Telegram keeps calling me, man. You see the thing about Telegram is everybody keeps calling me on Telegram but I tell them get the program, man. All the questions you're asking me is in the program. It's in the program, it's in the program. I just keep calling me, okay, begging me, please. My life is over. I sold my house and this.  Look at, very simple. This is how you know a real trade, as you can see. There's nothing to be done here. You have to wait, okay? We're done with the Euro. What are we doing for the Euro? Forex mastery students, we're waiting, okay? So I'm done with the Euro. Don't worry, guys. Give it another 10, 15 days. The market will give us those. Look at how much money we've made. Now you guys should understand the power of the top-down demands, the power of a clear direction. Once we have a clear direction, riches. Once there's no clear direction, leave it alone, if not poverty. He he he he, he he he, he he he he. I'll tell you, clear direction, trade it, riches. No clear direction, you trade it, poverty. So the choice is yours. The choice is yours. So we're done with the Euro and the dollar index. As you can see for now, I'm just gonna quickly expand everything. Don't do much, just relax. Allow the market to play around. Delete this, allow the market to move. Keep your levels. The market will, when it's time, the market will come and, as long as you're a Forex mastery student, the market will come and knock on your door. Yo, it's time for us to go training. But from now, allow it be, okay? So that's the Euro. The next thing I wanted to speak about was AUD-USD. And another reason why the Euro might be acting up. Exactly why I wanted to show you guys. Another, that's all I wanted to talk to you guys about AUD-USD. Now over to AUD-USD. As you can see from a monthly timeframe perspective, the market is bearish, okay? As you can see, I call this market very easy trade. You know, I predicted a 1,000-pip drop. I've been calling short all the way from here. 1,000-pip drop. So my 1,000-pip drop hasn't been fulfilled yet. So what happened was, I've been shorting AUD-USD. I still have my short positions. However, I'm trailing my stops. So what is happening here is, we've come into this black bar, okay? We've come into this black bar. Why is there a black bar here? Because of this boy here. This guy's a serious guy. Now, as you can see, it's played out before in the past. So don't just be blinded and say, oh, just map out the key zone. If I see, and like I teach on the program, if I see between two major zones, I see some very key levels that have happened in the past. I wouldn't ignore them. I would use a black line to highlight them so that when the market gets around that region and starts misbehaving, as it is doing like so, I know exactly why it is misbehaving. It doesn't necessarily mean that the market is going to reverse from here. What this will simply mean is that could be an area of potential profit-taking. And you know, once profit-taking tends to happen, the market will be presenting you, listen, this is something that I want to share with you guys. Or should I share it on the Forex Mastery program? How do you know when, how exactly do you identify when the market, okay, I'm going to upload, and I'm not joking. I know I keep saying this a lot, but I'm actually going to do this. On the Forex Mastery program, I'm going to upload a five-minute video, very short, brief, and precise, how to identify when the market is exhausted. Okay? How to know, okay, because do you know that the market can be trending downwards? This is one thing I need to share with you guys. The market can be trending downwards, okay? And still give you sell opportunities and still be a losing trade. Yes? Because the market can be in a downtrend. You can still see selling opportunities. You can still trade those selling opportunities and still lose money. Why? Because even within that downtrend, if the market is retracing for a bigger move to the downside and you're still trying to sell, you can still lose money. I don't know if that makes any sense. Well, coming down, as you can see, for all the traders who try to sell here, coming down, you have lost money. Traders who are still trying to sell, but the market is bearish. But traders are still losing money in the bearish market. So what I'm gonna do is, I'm gonna do like a five to 10 minute section on the Forex Mastery program. Once again, if you haven't grabbed it, I suggest you do so. The link is gonna be around here as always. I'm gonna do that and I'm gonna put it so that you know that as much as the market is moving south, the way things are happening, maybe I will just chill, okay? So that you don't give away all your profit. And my primary objective in this market is, make money, secondly, keep it. I'd hate to give away my profits. So what's happening with AUD, where as you can tell, this black bar due to what's happened historically is causing issues. So what do I think is going to happen next? Well, as long as I always have a very golden rule that guides me in all my trading, all my trading opportunities, all my trading days, my entire, my entire strategy, both my ideologies built around this. We have a downtrend. We have that trend line. We also have an inner trend line. As you can see, trading is simple. You don't need to complicate it, guys. There's no need or reason for complication, zero. So we have a bigger trend line, which we don't need. Delete that. We also have an inner one. We can draw like so. Fantastic. So as you can see, for AUD USD, we're still trading below. And sometimes, guys, the market is just trying to move sideways to, let me keep that. Actually, let me take some notes that I'm going to add to the Forex Mastery Program sideways moment. Trend line, man's support for Peter. Further downside. So three key points that I need to touch on on the Forex Mastery Program so that you guys know when it's time to chill, when it's time to just calm down on your selling, okay? When it's time to calm down on your buying, when it's just time to just relax. And a lot of market do this thing before it starts falling. As you can see, the market is moving sideways and trying to approach this, the inner trend line. So this will be the deciding point. So I'm going to be waiting. I'm still short. My short positions are here. I'm still short, okay? My stop losses are probably somewhere around here. I've been locking in and locking in. As the market, I'm trailing my stops and my overall targets are all the way down here. Still, I'm still going for my 1000-pip move. Okay, so as you can see, I will still follow the key principles of price action. I will still keep everything in check. I wouldn't say, oh, because, guys, the principles of the top-down analysis and what you've learned on the Forex Mastery Program will still guide you into prosperity. It's just that sometimes, you guys don't need to open your eyes and understand that, look, there's danger here. Let me chill. But because everybody has been making too much money, they're like, oh, no, no, I want to keep selling. I want to keep selling.  Sorry, guys, any time I fly back to Dubai, the vent, because in Dubai, we use central cooling. So I think the vents always affect my sun sizes. But when I was back in Nigeria, I was good. I don't know if my sun sizes started to play up again. But nevertheless, same thing for ADUSD. I will not even put this trend line here. I would just, I want a clear, clean chart. I don't want whatever I want to do, go ahead and do. I will wait because this isn't anything to trade. Isn't anything to trade. There's nothing here to trade. No, people don't want to hear it, but it's the fact there's nothing here to trade. So what do we do? We wait. We wait, and now take me to the next trade, which is gold, and I'm gonna wrap up with gold. But I can bet you that I'll be back here 10 days from now, and we'll look for opportunities to trade the market. But for now, it's my duty to come. It's not every time. I mean, when it's time to make money and everybody's jumping like, yes, I'm making money and good, yes, I'm the first person to be here to show off my US dollar bills, you know, to talk about other things I'm buying, but also, I should also be able to come on here and tell you guys when it's time to wait. Some people will not listen to me. They will still go and trade NFP on Fridays. They will still go and do this and do that and blow their account. That's entirely up to you, okay? Let's quickly look at what gold is saying. My bias for gold still pretty much is the same. Okay? Do, do, do, do, do. Do, do, do, do.  No matter how you want to draw this trend line, we're still very far away from this trend line. What I'm doing for gold now is I'm just checking to see if there's any reason why gold and a short trade should not be joined together in holy matrimony because I don't get why gold isn't collapsing. Honestly, the real truth is why gold isn't collapsing yet is because of the dollar index. If gold was at this point when the euro was falling, the way it was falling like maybe last month or the way the dollar index was going up last month, gold would have dropped easily. But for now, gold has presented its head with the trend line, but there isn't that much momentum to the downside. So it's just playing around here, waiting for volume, waiting for traders to dump it, but that hasn't happened yet. And because of that, there's a lot of sideways movement, okay? But not withstanding, I'm just gonna be watching gold to see. I'm gonna delete this. I tried to sell gold. I was short gold from this point. My next level target was here. However, you see, this is what I always tell you people. Always take out 50% of your position at the 100% retracement. Gold came in here, I took out 50% of my position and moved my stop losses to break even. My second trade is still open, although my stop losses have been moved past my entry. So at this trade, I've banged 50% and my second trade is what risk-free. So for gold, same thing for gold, I will be watching this bad boy to see what exactly happens, okay?  I mean, this is still a Fibonacci play that's going. This is still a Fibonacci play going on, right? So, A, B, C. I see no reason why we shouldn't still come on complete at A, B, C, D leg all the way down here. But a lot of this moves really depend on the dollar index. So I'm gonna be watching the dollar index, which is obviously the euro dollar to see what exactly is happening. But if I draw my trend lines like so, as you can see, there's been a slight breach of this. I'll just be watching to see what exactly happens. Ideally, I would appreciate it if gold traded below this level, which is 1, 684. Guys, as long as gold stays below 1, 684, we're still very much bearish. And if I just adjust this pretty nicely a bit to the outer point. So I'm just gonna be watching this right about here to see what exactly happens. I'm still short gold. I've taken out 50% of my position and I'm just gonna be watching gold to see what exactly happens. When it's ready, you'll come and let me know. And for now, no trades across board. Let's look at Bitcoin as well. Bitcoin is moving sideways here, consolidating, currently consolidating. My next trader talk, I'm gonna break down Bitcoin for you guys properly, but we need clear direction across board, okay? And then obviously we have US oil that's gonna run up into $97 pretty soon. But let's not get ahead of ourselves. In the next video, I'll talk about commodities. But for this week, let's take to Forex. Next week, I'll do more of crypto and commodities so that we can position ourselves for some trading opportunities. Once again, before I let you guys go, it is very important that I announce to you guys that I'm back. That poll list is back. I'm gonna be back on YouTube, back on Twitter, back on Instagram, posting a lot. I was obviously back home, taking care of other aspects of my business. As you guys know, I like to make money from the markets and then I like to invest it in other businesses as well because that's the way to go about it. For example, look at how this market is dealing with a lot of people who are addicted, who their only life revolves around Forex. It's always good to have other things aside from Forex to distract you, okay? That's why I'm a different guy. I'm a different Forex YouTuber. I'll tell you guys the truth. If you're always in front of the screen, you don't have the necessary distraction, okay? To distract you from the market so that when the market is not exactly cooperating, you can be doing other things. For me, my other businesses distract me and this way I'm not always trying to force trades. I have the ability to be patient, okay? So once again, guys, I encourage you guys that having grabbed the program to do so, I will be updating it shortly. I have three major things I want to talk about that can literally help you guys identify when it's time for you guys to calm down on your trading and know how to basically better position yourself and wait for the next train to come. So once again, my name is Dapo Willis and I'll catch you guys on my other screen. Let us go. Thank you guys for staying to the very end of this very lengthy video. As you can see, we've covered a couple of things. First of all, how to make money in the market, how to preserve it, and most importantly, the importance of rejoin your profit to go spend on yourself. Once again, my name is Dapo Willis. If you haven't already grabbed the Forex Mastery program, the link is gonna be in the description. As always, somewhere around here. Do yourself a favor, grab it, and smash that subscribe button if you haven't already done so, and I'll catch you guys in my subsequent videos. I love you very much. Peace out, adios, and bang out. Bye.


Hey guys, I would say how are you today because I normally do but I Think the answer is going to be same no matter who you are where you are. We're all stressed out, right? Kids are home from school for a good bit and in between e-learning and Not being able to hang out there with their friends are probably driving you crazy This video is made for kids. It's attended for kids It's safe for kids. I will let you know that You kids out there that are watching before you Do this that you're doing it with your parents permission That you're not using any tools or supplies or materials. You're not supposed to without their permission That includes Markers crayons scissors, whatever it is. Make sure you have mom and dad's permission. Okay? So for those that don't know I For the parents out there that are watching with their kids. I was a daycare provider In-home daycare provider for a long time From about 1995 to about 2003 or so. I actually try to figure out the exact dates for you all but yeah It was so long ago. I have no idea So in the description below I've pulled from my old backup files of my daycare website Yes, I did have a website even back in the day I pulled some Craft ideas and homemade Supplies if you will Recipes and I put them into a PDF document and I will link the Document in the description below should YouTube allow me to With these made for kids videos, I have no idea But I will link the Document in the description below if I can and if I can't you can go to my Facebook group a Life of art and self-expression and they link to the document will be over there for all to use and share and print and reprint and Do whatever you want with In the meantime, we're going to work on some quick little ideas of some things that you all can make at home and You're going to need This is with simple tools I try to pull out simple things kid-friendly things things that you're probably not going to Not have at your house Trying to like knock knock knock everything off of my table on tables a disaster anyway as it usually is anyway So I've got Crayola markers. I've got some different kind of crayons these are actually the kind that you get when you go out to a restaurant and Your kids get the activity kit A Fun fact, I may be a grown-up, but I like the activity kids So anyway, I have some different kind of crayons. I have these I have some Crayola twistables. I've got some Crayola markers. These are the metallic ones use what you have You may have different things in me. I've got a few Crayola Are they Crayola? Yeah Crayola mini colored pencils. I've got some regular pencils. This is one from Ikea You know the free one I've got a plain old pen Now I have a water brush and a paint brush. You all may not have that so get a q-tip if you have like a q-tip maybe a little bit of water Popsicle stick maybe a couple of little sponges again ask mom and or dad What they have that you can use and Do this with their permission and mom and dad? Probably some of this depending on the age of your child should be done with supervision. All right I have some masking tape, but any tape and I've got some newspaper and I've got some colored paper Okay, so the first thing we're going to do is take these these are just scraps of white paper Any paper will do you could do paper with the lines on it binder paper that would work I'm going to take a pen you definitely could do this with a pencil And I'm going to just draw some shapes. So these are some that I've done already. I did eyeballs noses lips Things that could be used for eyebrows circles flowers Dots Arrows you get the idea, right? Okay, so I'll show you real easy stuff And don't say to me or yourself Well, mine doesn't look like that. It doesn't matter just draw and it could be Messy it could be Neater, maybe you're a better artist than I am and you can do really fabulous stuff. Cool.  You can draw an eyeball You do kind of a Shape like that and then do These two sort of half moons in the middle and do a circle And put this like line above For the eyelid. This is the pupil This is the iris the colored part of the eyeball This part the is the white part of the eyeball, which is called the sclera. Okay And you have that pink part, right? Which is usually like right here If you're going to do eyeball and you're going to want to do two of them because you're going to want to put a face Then you have to do another one. They don't have to be exact What is it the beauty gurus say when they're doing like their eyebrows sisters not twins? So just kind of close for you parents out there. This video is not monetized. It's not going to be This is to help you all out in this stressful time that we're having Give the kids something safe to watch on tv something to do Okay eyebrows Do a nose so You do this kind of funny shape like this and then do This and then do another one on the other side and let's do some lips And don't draw your shapes too close together Those lips are probably a little too close to that arrow, but we'll make it work Yeah, something like that Once you have your shapes in either again pen or pencil then I want to take you to take your coloring Implements and I want you to start coloring things in so I'm going to grab this light blue colored pencil and I'm you notice I'm coloring with it on the side So I can get a more even coverage of color Okay, then I'm going to take One of my crayons and I have this like green as your blue color And I'm going to go around the outer edges Of the iris the colored part of the eye Now in real humans The outer edge of your iris is darker than the center part If you look in the mirror You'll see that I'm going to take this even darker purpley blue color a little bit of that on here Okay, and then the wax the crayons going to leave if you feel that it leaves a little bit of a waxy finish Right, so I want to really push the crayon into the paper or get rid of some of the excess wax So I'm going to rub over it with a popsicle stick the picture's going to shake a little bit because this makes the table shake And then this will allow me to more easily go over the top of that crayon with other things Which I normally would not be able to do because waxy things don't like to be drawn over the top of I'm going to take this is just this is a mechanical pencil But you could take any pencil and I'm going to just add some shadows to the top of the eyelid where the eyelashes would be To the corners of the eye And I'm going to take one of my markers And a Paint brush that this is one that has water inside of it, but you could definitely do this with a q-tip um, I'm going to put a little bit of this marker On my eye and then I'm going to right away go in with my Brush and look what happens to that crayola marker It dissolves in the water It gives you something really interesting, right? And the idea is just to have fun with this and make some shapes Again, they could be any shape There's no rhyme or reason. There's no rule Do what you think you feel like doing I really like playing with these markers with water because they really Give an interesting sort of watercolor effect right So I am going to color the rest of these I'm going to fast forward through that and we'll be right back Enough to use scissors then this next part is really easy for you But if you're not old enough for that, I do have an alternative um, and I want to say that if you have access to paints again with your parents permission Um, and making sure that you're not making a mess for mom and dad You're again doing it with their permission. You could color these in with paints Watercolor paints or something like that that would be cute So if you have scissors you can just cut these out of this piece of paper if you don't have scissors Then I kind of recommend that you Tear them out now you can use a paint brush, but you can just use a q-tip. I think It's been a while since I did it this way You want to get the paper wet? around drawing Now the wetter you get it the easier the paper is going to tear Only where you want it to tear So can you tell that that's wet there? okay so paper is going to Um, take the easy way and it's going to tear where it's wet and weak And you notice i'm putting my finger over the design. So just in case It decides to tear a different way. It doesn't tear my design and I have something like that, right? So i'm going to do the rest of them I do with my own I was going to say what I do with my q-tip, but it's right in front of me Now if you have a paint brush, you can definitely do this with a paint brush.  That's good Don't use any paper materials or supplies that aren't um Okayed by mom and dad and I know I'm repeating myself about that but you know Our point is to do something fun and creative and not get in trouble with mom and dad, right? Now the only trouble with doing it with water instead of scissors is some of your Marker if you've used marker might reactivate, but I'm okay with that Now if you are keeping an art journal or a diary Um, you could definitely use these shapes as embellishments in your in your journal It's a good use for them if you're doing scrapbooking Or some other kind of papercraft You might be able to use these and and or this idea Making your own embellishments Especially right now when we can't go outside to go buy stuff, right? Or at least we shouldn't be going outside to go buy stuff because we should be all staying home Okay So now we have our stuff whole pile of it Right, okay. So now we're going to take some colored paper And I have colored cardstock. You might have something else at home You might have construction paper or something like that use what you have It could be plain white paper. It could be Paper from mom and dad's printer Again, use what you have I think i'm going to grab this purple one This is a small piece of paper. I think it's four by six. I'm going to fold it in half I'm going to pick some of my shapes And I think I made these squares yesterday There's one more of them in here somewhere. I know there is Square, square, where are you? There it is. I see it.  It doesn't matter really what it says If you're looking for just color and texture of that piece of paper and the writing on the paper This one happens to be yellow and purple that goes good with this piece of paper here Cut it so that it fits on the front I'm going to use Elmer's You can use a glue stick to glue it on Center it on the front of your paper Then put your decorations on whichever ones.  I do think I'm going to put the squares Actually before I put the squares. I'm going to take some of my masking tape I want to put some tape on there. I gotta find the end of the tape and and where are you and Hmm Is there no end? Oh, there it is. Got it Okay, so I'm going to take some of this tape. I want to put some tape on here I like the texture of the tape It's not about because I need to like tape the thing down I just like the texture of the tape.  So I'm going to write hello So how do you spell hello? H-e-l-l-o, right? You could write it in cursive if you're practicing cursive do they even still do that in school? I don't know or you could just print it So h Then we're going to use some more glue and put that on now once that's dry You can grab an envelope And write a little note to your friends one of your friends on the inside And write a note to them say, you know, hello, I miss you. What are you doing? How are you? You know getting on I'm you know enjoying making cards and playing with, you know, my xbox whatever it is make write a note to them And sign your name and ask them to write a note back to you and start a pen pal Mail with them while you're home. You can send them Little notes with of course mom and dad's permission because you're going to need to get a stamp from mom and dad So that's a safe way to communicate In an old-fashioned way with your friends send them a note The other thing that you could do with these is there's a lot of people that are sick right now There's a lot of people that are sick in the hospital right now So you could write them a little note About you how you hope they get well soon That you're thinking of them And then you could have maybe mom and dad Mail these to the local hospital. I don't advertise Going over there to drop them off. I think that's a bad idea right now But you could send the notes to a local hospital. You could even call The hospital and ask them where that you have some get well notes for their patients in The hospital and where can you send them to and get a mom and dad can mail the notes for you Um, these are cute little notes. You could also just make a whole bunch of them And when this whole thing is over you have little cards to give your friends for their birthday for Christmas you could do them for any holiday You could make one for mother's day and father's day. Those are going to be coming up soon.  It's a good way to kill the time and do something creative while you're home. Yes All right, that's it for today. Don't forget to like share and subscribe if you can I don't know I don't even know if you can but um Whatever you can do this this video is not monetized So like share subscribe if you can and don't forget the most important thing go out and have a great day Do what you need to right now in this stressful time to do our part and um help How we can which is stay home stay clean and stay healthy and um do something nice for yourself because you deserve it And I'll see you later. Bye guys