The Ultimate Guide to Forex Trading for Beginners

Forex trading, also known as foreign exchange trading or currency trading, is a global marketplace for exchanging national currencies against one another. As the largest financial market in the world, it offers significant opportunities for investors, but it also comes with its own set of challenges, especially for beginners. This guide aims to equip newcomers with the essential knowledge and tools needed to navigate the forex market confidently. From understanding the basics to developing advanced strategies, we’ll cover all the crucial aspects that a beginner should be aware of before diving into the world of forex trading.

Key Takeaways

Forex trading involves the simultaneous buying and selling of currencies in pairs, with the aim of profiting from fluctuations in exchange rates.
Developing a solid forex trading strategy is crucial and should include knowledge of technical and fundamental analysis, as well as risk management techniques.
Choosing the right trading platform and making use of demo accounts can significantly enhance the learning experience without risking real capital.
The psychological aspect of trading is critical; maintaining emotional discipline and overcoming fear and greed are essential for long-term success.
Advanced forex trading concepts such as Fibonacci retracement, Elliott Wave Theory, and understanding currency correlations can provide a competitive edge.

Understanding the Basics of Forex Trading

What is Forex Trading?

Forex trading, also known as foreign exchange trading or currency trading, is the act of buying and selling currencies on the financial market. The goal is to profit from the changes in the value of one currency against another. The forex market is the largest and most liquid financial market in the world, with trillions of dollars exchanged daily.

Forex trading operates 24 hours a day, five days a week, and it is not centralized on an exchange like stocks or futures markets. Instead, currencies are traded over the counter (OTC) through a network of banks, brokers, and financial institutions. This global marketplace offers significant opportunities for traders, but it also comes with risks.

Forex trading requires a deep understanding of the economic factors that influence currency values. Traders utilize various strategies and tools to predict market movements and make informed trading decisions. One such resource is CryptoForex, which provides expert insights on forex market analysis, covering fundamental, technical, and sentiment analysis methods.

The key to successful forex trading is a well-crafted strategy that includes market analysis, risk management, and emotional control.

To get started, traders must familiarize themselves with common forex terminology such as pips, lots, and leverage. These terms are essential for understanding trade execution and managing risk effectively.

Major Currency Pairs and Market Hours

In the dynamic world of Forex trading, understanding the major currency pairs and their respective market hours is crucial for any trader aiming to capitalize on the global currency markets. The Forex market operates 24 hours a day, five days a week, encompassing different international time zones, which allows traders to respond to global economic events as they occur.

The major currency pairs, often referred to as the ‘majors’, are the most traded pairs and include EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, and USD/CAD. These pairs are renowned for their liquidity and lower spreads, making them a preferred choice for beginners and seasoned traders alike.

Currency Pair	Market Hours (GMT)
EUR/USD	24 hours
USD/JPY	24 hours
GBP/USD	24 hours
USD/CHF	24 hours
AUD/USD	24 hours
USD/CAD	24 hours

The overlap of the European, Asian, and North American sessions creates periods of heightened volatility and trading volume, offering opportunities for traders to enter or exit positions.

It’s essential for traders to be aware of the specific hours when the market is most active, as these are the times when the potential for profit is greatest. However, these periods also carry a higher risk, underscoring the importance of a well-thought-out trading strategy.

The Role of Leverage in Forex

Leverage is a powerful tool in the world of Forex trading, allowing traders to control large positions with a relatively small amount of capital. It is essentially a loan provided by the broker to the trader, amplifying both potential profits and losses. Proper use of leverage can be a game-changer, but it also increases the risk of significant financial loss.

In Forex, leverage is typically expressed as a ratio, such as 50:1, 100:1, or even 500:1. This means that for every $1 in your trading account, you can control $50, $100, or $500 in the market. While this can lead to substantial gains, it’s crucial to understand that the market can move against you, and higher leverage magnifies the impact of those movements.

It’s important to approach leverage with caution and to always consider the potential downside. Effective risk management strategies are essential when utilizing leverage in Forex trading.

Beginners should start with lower leverage to get accustomed to the volatility of the Forex market. As experience and confidence grow, traders may then consider increasing leverage in line with their risk tolerance and trading strategy. Here’s a quick overview of leverage levels and their associated risks:

Low Leverage (up to 10:1): Reduced risk, suitable for beginners
Medium Leverage (up to 50:1): Moderate risk, for experienced traders
High Leverage (100:1 and above): High risk, for seasoned professionals

Remember, leverage can be a double-edged sword. It requires a disciplined approach and a thorough understanding of the Forex market dynamics.

Forex Terminology: Pips, Lots, and Margins

Diving into the world of Forex trading requires a solid grasp of the essential jargon. Pips represent the smallest price move that a currency pair can make, typically the fourth decimal place, except for Japanese Yen pairs where it’s the second decimal place. For example, if EUR/USD moves from 1.1050 to 1.1051, that 0.0001 USD rise is one pip. Lots refer to the standardized quantity of currency units you’re buying or selling. One standard lot is usually 100,000 units of the base currency, but there are also mini, micro, and nano lots for smaller trades.

Margins are the funds required to open and maintain a leveraged position. Think of it as a good faith deposit, which allows traders to open larger positions with a relatively small amount of actual capital. Here’s a simple breakdown:

Standard Lot: 100,000 units
Mini Lot: 10,000 units
Micro Lot: 1,000 units
Nano Lot: 100 units

Leverage amplifies both profits and losses, making understanding margins crucial for risk management. Trading platforms like Tradeview offer tools to calculate required margin, ensuring traders can make informed decisions.

Developing a Forex Trading Strategy

Technical vs. Fundamental Analysis

In the realm of Forex trading, two primary schools of thought guide traders in their decision-making process: technical analysis and fundamental analysis. Technical analysis is the study of past market data, primarily price and volume, to forecast future price movements. Traders who use this method rely on charts and various technical indicators to identify patterns that can suggest future market activity.

On the other hand, fundamental analysis takes a broader approach. It involves examining economic indicators, government policies, societal trends, and other factors that can influence currency values. This type of analysis seeks to determine a currency’s intrinsic value and anticipate price movements based on economic conditions.

Both methods have their proponents and detractors, and most successful traders find that a combination of both strategies is often the best approach.

While technical analysis can be seen as a more mathematical and precise approach, fundamental analysis provides context and understanding of the forces behind the price movements. Here’s a simple list to consider when deciding which analysis to focus on:

Technical analysis is more about the ‘how’ and ‘when’ of trades.
Fundamental analysis answers the ‘why’ behind currency price changes.
Combining both can offer a more holistic view of the market.

Risk Management Techniques

In the realm of Forex trading, risk management is the cornerstone of a sustainable and successful trading career. Effective risk management strategies can significantly reduce potential losses and enhance the overall trading experience. One fundamental technique is the use of stop-loss orders, which serve to limit losses by automatically closing a position at a predetermined price level.

It’s crucial to understand that no single risk management technique is foolproof. Diversification of currency pairs, adherence to the 1% risk rule, and regular market analysis are all part of a robust risk management plan.

Another essential aspect of risk management is to maintain a favorable risk-to-reward ratio. This concept ensures that the potential gain of a trade justifies the risk taken. Here’s a simple illustration of how traders might set their risk-to-reward ratios:

1:1 Ratio: Equal risk and reward
1:2 Ratio: Risking $1 to potentially make $2
1:3 Ratio: Risking $1 to potentially make $3

By consistently applying these ratios, traders can stay disciplined and make more informed decisions. Remember, successful Forex trading isn’t about winning every trade; it’s about managing risk to ensure that losses don’t overshadow gains.

Creating a Trading Plan

A well-structured trading plan is the backbone of any successful Forex trader’s strategy. It serves as a blueprint for making consistent and rational decisions in the face of market volatility. Developing a comprehensive trading plan requires careful consideration of your financial goals, risk tolerance, and trading style.

When crafting your trading plan, consider the following elements:

Goals: Define what you want to achieve through Forex trading, be it financial independence, supplemental income, or simply learning a new skill.
Risk Management: Determine the level of risk you are willing to take on each trade, and set stop-loss orders to protect your capital.
Entry and Exit Strategies: Establish clear criteria for when to enter and exit trades based on technical indicators or fundamental analysis.
Trading Schedule: Decide on the best times to trade, considering the market hours of the currency pairs you are interested in.
Evaluation: Regularly review and adjust your trading plan to reflect market changes and your personal growth as a trader.

A trading plan is not just a set of rules; it’s a reflection of your trading philosophy and discipline. It’s crucial to adhere to your plan and not let emotions drive your decisions.

Remember, a trading plan is a living document that should evolve as you gain experience and insights into the Forex market. Utilize tools and services like Tradeview’s MetaTrader4, which offers features such as Multi Account Manager and comprehensive trading platform support, to execute your plan effectively.

The Importance of Consistency and Patience

In the dynamic world of Forex trading, where markets fluctuate incessantly, the virtues of consistency and patience cannot be overstated. Consistency is the bedrock upon which successful trading strategies are built. It involves applying your trading plan methodically, without being swayed by short-term market volatility or emotional biases. Patience, on the other hand, is the ability to wait for the right trading opportunities and not succumb to the temptation of overtrading.

Forex traders often find that the markets test their resolve. However, those who maintain a disciplined approach are more likely to achieve long-term success. Consider the following points to help cultivate these essential traits:

Establish a routine that includes regular market analysis and review of your trades.
Set realistic goals and understand that Forex trading is a marathon, not a sprint.
Avoid the pitfalls of emotional trading by adhering to your trading plan.

The journey to becoming a proficient Forex trader is paved with challenges, but it is the consistent application of a well-thought-out strategy and the patience to stick to it that often separates the successful traders from the rest.

Remember, every seasoned trader was once a beginner, and it is the commitment to these principles that has helped many navigate the complexities of the Forex market and emerge profitable.

Navigating Forex Trading Platforms

Choosing the Right Trading Platform

Selecting the appropriate trading platform is a pivotal decision for any forex trader. It can be the difference between a seamless trading experience and one fraught with obstacles. The ideal platform should offer a user-friendly interface, robust analytical tools, and reliable customer support.

When evaluating platforms, consider the following factors:

Ease of use: A complex platform can be overwhelming. Look for one with an intuitive layout and clear instructions.
Execution speed: Time is money in forex. A platform that executes trades swiftly is essential.
Available features: Ensure the platform includes necessary tools like charting, news feeds, and automated trading options.
Security: Strong security measures are crucial to protect your investments.

It’s essential to choose a platform that aligns with your trading style and goals. A mismatch can hinder your trading efficiency and growth.

Lastly, don’t overlook the importance of testing the platform. Many offer demo accounts, allowing you to get a feel for the platform’s functionality without risking real capital. This hands-on experience is invaluable in making an informed decision.

Setting Up Your Trading Account

Once you’ve chosen your preferred Forex trading platform, the next critical step is setting up your trading account. This process is straightforward but requires attention to detail to ensure your trading journey starts on the right foot. Your trading account is the gateway to the Forex markets, and as such, it should reflect your investment goals and risk tolerance.

To begin, you’ll need to provide personal identification and financial information to comply with regulatory requirements. This typically includes submitting documents such as a government-issued ID and proof of residence. It’s essential to secure your account with strong passwords and two-factor authentication to protect against unauthorized access.

Funding your account is a significant step that should align with your trading strategy. Consider starting with a modest amount to test the waters before committing more capital.

Here’s a simple checklist to guide you through the account setup process:

Complete the registration form with accurate information.
Submit the required verification documents.
Choose the account type that suits your trading style.
Fund your account with an initial deposit.
Familiarize yourself with the platform’s interface and features.

Remember, while Forex trading offers exciting opportunities, it also comes with risks. The same principles of speculation on price movements and the importance of technical analysis and risk management apply here, just as they do in cryptocurrency trading. Factors such as market volatility and regulatory frameworks can significantly impact your trading experience. It’s crucial to stay informed and adapt your strategies to the ever-changing Forex landscape.

Analytical Tools and Indicators

In the dynamic world of Forex trading, analytical tools and indicators are indispensable for deciphering market trends and making informed decisions. These instruments serve as the eyes and ears of a trader, providing insights into market behavior that might otherwise go unnoticed. Among the plethora of tools available, certain indicators have gained prominence for their reliability and ease of interpretation.

Technical indicators are categorized based on what they signify about price movements. For instance, trend indicators like Moving Averages help traders understand the direction of market momentum, while oscillators such as the Relative Strength Index (RSI) are crucial in identifying overbought or oversold conditions. Volume indicators, on the other hand, offer a glimpse into the intensity behind price changes, with tools like the Volume Oscillator measuring the difference between two moving averages of volume.

The judicious application of these indicators can significantly enhance a trader’s ability to forecast future price movements and adjust their strategies accordingly.

To effectively utilize these tools, traders must understand their strengths and limitations. Here’s a concise list of commonly used Forex indicators along with their pros and cons:

Moving Averages: Simple to use; may lag behind real-time data.
RSI: Good for spotting reversals; can produce false signals during strong trends.
MACD: Identifies trend changes and momentum; might be complex for beginners.
Bollinger Bands: Provides market volatility insights; requires additional confirmation from other indicators.

By comparing these indicators and considering their unique attributes, traders can build a robust analytical framework that aligns with their trading style and objectives.

Demo Accounts: Practicing Without Risk

Embarking on the journey of Forex trading can be daunting, but demo accounts offer a sanctuary for beginners to hone their skills without the peril of real financial loss. Demo accounts simulate the live market environment, providing an invaluable platform for novice traders to practice strategies, familiarize themselves with market dynamics, and build confidence.

One of the key advantages of using a demo account is the ability to test the waters of various trading platforms. For instance, Tradeview is known for its comprehensive Forex and Stocks trading platforms, including cTrader, which boasts advanced features and supports multiple languages. However, it’s important to note that Tradeview does not accept cryptocurrency deposits and is licensed by CIMA, ensuring a regulated trading environment.

By using a demo account, traders can also learn to navigate analytical tools and indicators, which are crucial for making informed trading decisions. This hands-on experience is essential before transitioning to a live account where real capital is at stake.

To maximize the benefits of a demo account, consider the following steps:

Familiarize yourself with the trading platform’s interface and functionalities.
Experiment with different trading strategies to see what works best for you.
Use the demo account to understand risk management tools and how to apply them.
Keep track of your trades and outcomes to identify areas for improvement.

Psychology and Mindset in Forex Trading

Emotional Discipline and Decision Making

In the high-stakes world of Forex trading, emotional discipline is the cornerstone of success. Traders often find themselves battling against fear, greed, and impatience. These emotional responses can lead to hasty decisions, deviation from planned strategies, and ultimately, a negative impact on one’s trading portfolio. Mastering emotional control is essential for making objective decisions that align with long-term trading goals.

Forex trading is not just about the numbers and charts; it’s also a psychological endeavor. A trader’s mindset can be the difference between profit and loss. Developing a mental framework that supports resilience and rational decision-making is crucial. Below are key practices for maintaining emotional discipline:

Recognize and acknowledge your emotional triggers.
Develop a routine that includes regular breaks to prevent burnout.
Use a trading journal to reflect on both successful and unsuccessful trades.
Establish a support network of fellow traders for perspective and encouragement.

Emotional discipline in Forex trading is not innate—it is a skill that can be honed with practice and dedication. By remaining vigilant against emotional pitfalls and adhering to a disciplined trading plan, traders can navigate the Forex market with confidence and clarity.

Overcoming Fear and Greed

In the realm of Forex trading, two emotions often dictate the success or failure of traders: fear and greed. Overcoming these emotions is crucial to maintaining a clear head and making informed decisions. Fear can lead to premature selling or the inability to execute trades, while greed can result in holding onto losing positions for too long or overtrading.

Greed, specifically, is a common pitfall that can cloud judgment. It’s essential to recognize the signs of greed and take proactive steps to mitigate its influence. Here are some practical strategies to help control greed in trading:

Establish realistic profit targets and stick to them
Set strict stop-loss orders to protect your capital
Take regular breaks to assess your strategy and mindset

By adhering to these guidelines, traders can foster a disciplined approach, reducing the likelihood of impulsive decisions driven by greed.

Understanding that trading is not just about analysis and strategy, but also about mastering one’s own psychology, is the key to long-term success. By focusing on process over profits and setting clear, achievable goals, traders can navigate the Forex market with greater confidence and control.

The Psychological Pitfalls of Trading

Forex trading is as much about psychological resilience as it is about financial acumen. Navigating the emotional landscape of the markets is a challenge that many traders underestimate. The psychological pitfalls of trading can lead to impulsive decisions, overtrading, and the inability to cut losses, which are detrimental to a trader’s success.

Emotional discipline is crucial in avoiding these pitfalls. Traders must learn to manage their emotions to maintain a clear-headed approach to the markets. This involves recognizing emotional triggers and developing strategies to deal with them effectively. Here are some common psychological traps that traders fall into:

Fear of missing out (FOMO) leading to impulsive entries
Overconfidence after a winning streak causing reckless risk-taking
Attachment to losing positions hoping for a turnaround
Inability to admit mistakes and exit losing trades

The key to overcoming these challenges is to adhere to a well-thought-out trading plan and to practice self-awareness. It is essential to review and adjust one’s trading strategies regularly to align with the ever-changing market conditions.

Understanding that losses are a natural part of trading can help in maintaining the right mindset. It is the overall profitability over time that matters, not the outcome of individual trades. Bybit, for instance, provides a range of trading tools that can assist in making informed decisions, reducing the likelihood of emotional trading.

Building Confidence Through Education and Experience

In the realm of Forex trading, confidence is not an innate trait but a skill honed through diligent education and the accumulation of experience. The journey to becoming a confident trader is paved with the stones of knowledge and practice.

Forex markets are complex and often intimidating for beginners. However, by immersing oneself in continuous learning and keeping abreast of market trends, traders can develop a robust understanding of market dynamics. This education is not limited to theoretical knowledge but extends to practical insights gained from hands-on experience.

Engaging in regular analysis and reflection on one’s trades allows for the development of a keen eye for market patterns and the ability to anticipate movements.

A crucial aspect of building confidence is the practice of maintaining a trading journal. This tool serves as a repository for strategies, thoughts, and outcomes, enabling traders to:

Analyze their decision-making process
Identify successful strategies
Learn from past mistakes
Track personal growth and improvement over time

By methodically reviewing and reflecting on your trading decisions, successes, and failures, you create a powerful learning tool that contributes significantly to your trading proficiency. As confidence grows, so does the ability to navigate Forex markets with greater assurance and less emotional turmoil.

Advanced Forex Trading Concepts

Understanding and Using Fibonacci Retracement

Fibonacci retracement is a key tool in the arsenal of a Forex trader, offering a roadmap to potential price reversal points based on the golden ratio. These retracement levels are derived from the Fibonacci sequence, a series of numbers where each subsequent number is the sum of the two preceding ones. Traders use these levels as indicators to pinpoint where to enter or exit trades.

Fibonacci retracement levels help to identify significant levels of support and resistance. These levels are not predictions but potential areas where trading activity could intensify, leading to a reversal or continuation of the trend. The common retracement levels include 23.6%, 38.2%, 50%, 61.8%, and 78.6%.

When applying Fibonacci retracement in your trading strategy, it’s crucial to remember that these levels are best used in conjunction with other forms of analysis. They are not foolproof but can significantly enhance decision-making when combined with other technical indicators or fundamental analysis.

To effectively use Fibonacci retracement, follow these steps:

Identify a significant price movement on your chart.
Select the Fibonacci retracement tool in your trading platform.
Draw a line from the high point to the low point of the movement (or vice versa for a downtrend).
Observe the retracement levels that appear on the chart and consider them for potential trade entry or exit points.

The Elliott Wave Theory in Forex

The Elliott Wave Theory is a sophisticated form of technical analysis that was developed by Ralph Nelson Elliott in the 1930s. It is based on the observation that financial markets move in repetitive patterns, which Elliott described as waves. Traders who use the Elliott Wave Theory seek to identify the start and end of these waves to predict price movements and capitalize on market trends.

Elliott Wave Theory posits that market cycles are influenced by the psychology of investors and are composed of a series of five impulsive waves followed by three corrective waves. This 5-3 wave pattern can be observed at varying degrees of trend, from long-term market movements to short-term price changes.

Wave 1: The initial impulse wave that starts the trend.
Wave 2: A corrective wave that retraces a portion of Wave 1 but does not exceed its start.
Wave 3: Usually the longest and most powerful wave in the trend.
Wave 4: Another corrective wave that typically does not retrace more than 38.2% of Wave 3.
Wave 5: The final impulse wave that completes the trend before the larger correction occurs.

The ability to correctly interpret these waves can provide a significant edge in trading, as it allows for the anticipation of future market movements rather than merely reacting to them.

While the Elliott Wave Theory can be incredibly powerful, it also requires a deep understanding of market dynamics and a disciplined approach to analysis. Critics often question its practicality, suggesting that it is too subjective and complex for the average trader. However, proponents argue that when applied correctly, it can be an invaluable tool for forecasting market trends.

The Role of Central Banks in Forex Markets

Central banks play a pivotal role in the Forex markets, acting as the primary architects of a country’s monetary policy. They have the power to influence currency values through the adjustment of interest rates and the implementation of measures such as quantitative easing. Their actions can lead to significant fluctuations in currency pairs, affecting traders worldwide.

Central banks aim to stabilize their currency’s value, control inflation, and foster economic growth. Their interventions can be direct, such as buying or selling their own currency, or indirect, by signaling future monetary policy changes to the market. These signals are closely watched by Forex traders, as they can provide insights into future market movements.

Interest Rate Decisions: Central banks’ decisions on interest rates are crucial, as they directly affect currency strength.
Quantitative Easing: When a central bank injects money into the economy, it can lead to currency devaluation.
Currency Interventions: Direct buying or selling of currency to influence exchange rates.
Policy Announcements: Forward guidance on monetary policy can sway Forex markets.

Central bank activities are not just routine operations; they are strategic moves that can redefine the landscape of Forex trading. By understanding these actions, traders can better anticipate market trends and make informed decisions.

Currency Correlations and How to Exploit Them

In the dynamic world of Forex trading, understanding currency correlations is crucial for crafting effective strategies. Currency pairs do not move in isolation, and their interdependence can be a powerful tool in predicting market movements. For instance, when two currencies are positively correlated, they move in the same direction, and conversely, a negative correlation indicates opposite movements.

To exploit these correlations, traders must first identify the strength and direction of the relationship between currency pairs. This can be done through correlation coefficients, which range from -1 to 1. A coefficient close to 1 suggests a strong positive correlation, while a figure near -1 indicates a strong negative correlation. Here’s a simplified example:

Currency Pair	Correlation Coefficient
EUR/USD	0.75
AUD/USD	0.90
USD/CHF	-0.85

By analyzing such data, traders can hedge their positions, diversify their portfolio, or double down on trades with confidence. It’s essential to monitor these correlations regularly as they can change over time due to economic events, policy decisions, or shifts in market sentiment.

In the realm of Forex, the savvy trader is always on the lookout for correlations that can signal profitable opportunities or potential risks.

Ultimately, the ability to leverage currency correlations can significantly enhance a trader’s market analysis and decision-making process. It’s a sophisticated technique that, when mastered, can lead to more informed and potentially profitable trades.

Frequently Asked Questions

What is Forex trading and how does it work?

Forex trading, also known as foreign exchange trading or currency trading, is the act of buying and selling currencies on the foreign exchange market with the intent of making a profit. It works by exploiting fluctuations in currency exchange rates. Traders predict whether the value of one currency will rise or fall against another and make trades accordingly.

What are the major currency pairs in Forex?

The major currency pairs in Forex trading are those that include the US dollar and the currency of one of the most significant and economically developed countries (e.g., EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, and USD/CAD). These pairs are the most traded and have the highest liquidity.

How important is leverage in Forex trading?

Leverage in Forex trading is a tool that allows traders to control large positions with a relatively small amount of capital. It can amplify both profits and losses, making it a powerful but risky tool. Proper understanding and management of leverage are crucial for a successful Forex trading strategy.

Can you explain pips, lots, and margins in Forex?

In Forex, a ‘pip’ is the smallest price move that a given exchange rate can make. A ‘lot’ is a standardized unit of currency being traded, and ‘margin’ is the amount of capital required in an account to maintain a trade. Understanding these terms is essential for managing trades and risks.

What is the difference between technical and fundamental analysis?

Technical analysis involves studying historical price action and patterns to forecast future movements. Fundamental analysis, on the other hand, considers economic indicators, news, and financial data to predict currency movements. Both are essential for developing a comprehensive Forex trading strategy.

Why is a demo account useful for beginners in Forex trading?

A demo account is a type of practice account that allows beginners to trade Forex without risking real money. It provides a realistic trading experience, helping traders to practice strategies, learn the platform’s features, and gain confidence before transitioning to live trading.