FOREX
GUIDE FOR
BEGINNERS
THE WHAT, WHEN AND HOW OF FOREX TRADING
TABLE OF CONTENTS
01 02 04 05 06 07 08 09 10 11 12
Principles of Forex Trading Forex Trading Basics Suggestions for Beginners Education in Forex Trading Why is Education Essential? Assess the Right Time to Invest Innovation of Internet and Global Forex Trading Online Forex Day Trading Available Software for Forex Trading Fundamental Importance of a Forex Broker Always Make Use of E ective Leverage
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FOREX GUIDE FOR BEGINNERS
PRINCIPALS OF FOREX TRADING Are you new to the Forex market? Forex may sound really complicated and scary to tackle but, it is not. Just like in any other kind of trade, you make money when you buy low and sell high. Forex trading is simply trading currencies in the Forex market. Forex is the largest nancial market in the world. It generates trillions of dollars of currency exchanges every day and it operates 24 hours a day and seven days a week, therefore, also making it the most liquid market in the world. In the world of Forex, trading in this very liquid market is very unique compared to other nancial markets like stocks. Since the Forex market operates 24 hours a day worldwide, which starts in Sydney and ends in New York, trading is not centralized in one location. You can trade in Forex whenever you want regardless of the local time. In the past, Forex trading was only o ered to large nancial institutions, like banks. And, it was also only o ered to large companies, multi-national corporations, and large currency dealers. This is because of the large and extremely strict nancial requirements the Forex market imposed. This means that individual traders and small businesses are not able to participate in this liquid market. However, in the late 90s, Forex was made available to individual traders and small businesses. This is due to the advances in communications technology. High-speed internet made it possible for people to enter the Forex market and have become one of the best make money at home businesses. Forex trading is getting more and more popular each day. Besides, who wouldn’t want to trade in the largest and the most liquid nancial market in the world? Trading in Forex will certainly give you the opportunity to earn a lot of money. However, trading in this ever-liquid market also has its risk. It is a fact that many people who traded in Forex lost a substantial amount of money and some of these people are seasoned traders. This is why it is very important for you, as a beginner trader in the Forex market, to have the proper knowledge and education on how to trade in the Forex market. First, there are hundreds or even thousands of available websites on the internet that o ers Forex education. Some of these websites o er dummy Forex trading where you can practice trading in the Forex market using dummy money. These programs will really take you closer to actually trading in Forex. Many experts say that you’ll never really understand how Forex works, until you have traded in the market. So, if you want to learn how to trade Forex, you may want to sign up for a dummy account that numerous Forex trading websites o er. With a dummy account, you can trade Forex by not using real money at all. This way you can practice your knowledge and skills in trading in the Forex market and not waste money. To get started in trading in this market, all you need is a computer with a high-speed internet connection, a funded Forex account, and a trading system. These three simple things are enough to get you started in Forex trading.
THE WHAT, WHEN AND HOW OF FOREXT TRADING
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FOREX GUIDE FOR BEGINNERS
In order for you to minimize the risk of losing money, you need to have some basic knowledge in charting before you start trading. In most Forex trading systems, Forex charts are there to assist you with your trades. Forex charts are a visual representation of the exchange rates of currencies. This is where you will mostly base your decisions to buy and sell currencies. You have to learn how to read the di erent Forex charts in order for you to successfully trade in the Forex market. Each Forex chart is di erent although they represent the same uctuations. For example, in the daily Forex chart, you can evaluate market trends in the past 24 hours to help you make decisions on the next 24 hours of trading. In the hourly chart, you can use this chart to spot trends within the day. And, in the 15-minute chart, where it can help you recent currency uctuations in a 15-minute interval to help you decide on which currency to buy and sell. Sometimes, there is a 5-minute chart available to better help you get closer to the action. These are the basics of how to trade in the Forex market. Always remember that aside from the promising earning potential that you can have in the Forex market, there are also underlying risks that you have to consider. It is therefore wise to trade in this market with a proper investment plan and strategy. If you are just starting out to trade in Forex, consider opening a dummy account to help you practice trading Forex without risking money.
LEARNING THE FOREX TRADING BASICS Are you looking for the place to invest your capital? Don't worry now. There is the nancial market where you can invest in a pro table way. There are many large companies which are trading in this most liquid and volatile market and gaining pro t with both hands. If you like to adopt a trading career, do to forex trading. It is the best place to invest. Unlike many other stock markets forex trading is most appropriate place to invest because it operates 24 hours a day. It is present globally and you can also trade through electronic media such as internet or even with your mobile. For those who are new to forex trading it is simply buying and selling of currency. It is not as simple as it seems. It involves lot of technicality. You need to learn a lot about forex trading before entry. In this article we emphasis on learning forex trading.
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FOREX GUIDE FOR BEGINNERS
Nowadays accessing forex trading market is not a challenge any more. You do not need to go to real foreign exchange market . you can access forex trading on internet. There are many software programs available online that will provide you with timely market updates, currency quotes, rise and fall in currency value and so on. Software will analyze and tell you when to buy or sell a currency. It is recommended to gather maximum information before starting trade in foreign exchange market. You should be know trade tricks for earning more pro t. You can learn forex trading through experience and practice. To invest in forex trading and rule over it is not a child's play. As much you get in to forex market, more you will be expert player in this market. Although forex trading is a big place to make money but on the contrary you it becomes very expensive with one wrong move. It is recommended to gather maximum information before starting trade in foreign exchange market. You should be know trade tricks for earning more pro t. You can learn forex trading through experience and practice. To invest in forex trading and rule over it is not a child's play. As much you get in to forex market, more you will be expert player in this market. Although forex trading is a big place to make money but on the contrary you it becomes very expensive with one wrong move. The last thing is when you have to trade in the Forex market. Since the Forex market is open 24/7 you can trade whatever time suits you best and you can get out of it whenever you like. You just have to anticipate the trend of the market. As compared to bonds and stock, forex trading is more risky. But it is more volatile you can make billion of dollars in few seconds. Forex trading is not only for large rm and organization. This market is open for everyone. The only conditions are that you should have su cient capital and an account to deal in forex trading. You can opt forex trading as a part time task. You can trade any time you want. You should have right system to trade. Take free version trails of system before getting it. Analyze system by clients' blogs and testimonials about system working. Last but not least is the selection of an experience and well reputed forex broker. He can provide you with lot of advises to deal in forex market and how you maximize your pro t with increasing risk.
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FOREX GUIDE FOR BEGINNERS
SUGGESTIONS FOR BEGINNERS It is advisable to take advice of a professional trader when you are new in forex trading. It will help you to understand all forex trading issues and ways to cope with these issues. Beware of double dealers in forex trading. Fraud became easier in foreign exchange market because of its global presence. Global existence of forex trading is an amazing technological advancement, but be careful from cheaters. Forex trading provides many opportunities for new comers. There are many specialist rms and individuals to appreciate and guide new comers. Search for these companies for guidance. These companies are operating in nancial market for many years. Taking their suggestions and guidance is just like gaining an experience of 5-10years in few months. Listen to their advices carefully and act upon them seriously. It will give you long term bene t to survive in forex trading. It is nance rule that higher the pro t, higher the risk. Pro t and risk are directly proportional to each other. Keep this rule in your mind. It is way one way to identify scammers. Scammer companies will try to attract you by showing higher pro ts and lower risk, which is against the rules of nance. Another way to get learn about forex trading is to work as broker's assistant. Remember that every broker works for a legitimate company, so be sure that the broker with whom you are going to work belongs to government registered rm. It will help you to check the authenticity of broker and prevent you from scammers.
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Before trading in foreign exchange market, do su cient research to collect trade details. You should be aware of all the essential forex trading activities. You should be aware of how companies operates and how you can avoid deceitful companies and indiviual. Keep in mind that forex trading is highly volatile and unstable market where large rms and nancial institutions transect currencies. So do not trade with those companies who o er for inter-bank market trade. Avoid trading with those companies which do not disclose their information such as history, nancial statements, annual reports etc. do not transfer cash in their accounts at all. More you will be vigilant less will be the chances of deceit. Always be cynical while dealing with individuals and corporation in forex trading. Do not rush after those companies which o er you to provide promotional o ers such as advertisement. All these activities are there just to make fool of you. In spite of all the above suggestion it is purely depends upon you to adopt them or not. You should know when, where and with whom you have to trade in foreign exchange market. So in short, if you want to enhance in forex trading career, act skeptically and please beware of scammers and act upon all the above sincere advices.
Forex trading provides many opportunities for new comers THE WHAT, WHEN AND HOW OF FOREXT TRADING
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FOREX GUIDE FOR BEGINNERS
EDUCATION IN FOREX TRADING Forex is not a sophisticated market, but you must take into consideration certain aspects if you want your trades to be successful. You can really earn great amounts of money, the way many people have done it and got rich overnight. At the same time, you should always keep in mind that risks are involved too. It is necessary to get properly educated and have the adequate knowledge about Forex trade before starting actual trading. Many of the business school across the United States have courses on nancial trading and markets. Attending such courses will only bene t you, as they provide you with the required knowledge and skill to enter Forex market and trade successfully in there. A good business school will teach you about properly reading the charts and correctly spotting the trends. Reading a chart allows you to have an overview on the direction a certain currency is heading to. Thus, you will be able to decide on the currency you will trade. Reading a chart correctly is the skill that you need most on Forex market. It helps you lower the risks of losing your money and increase your earning chances. When deciding on a particular school, you should consider those providing real-time trading on model and even real accounts. It is a fact that the best learning comes out of experience. Therefore, you should be required to create both accounts. You need a dummy one for practice and a real one to actually trade. Your real account should not be large, so that you don't lose much money if you make mistakes. While practicing you get experience. You will better know the way Forex works, which will help you when you decide to become a real trader on the market. Various trading systems should be available in these schools, so that you can try them and decide which is easier for you to use. Even more important, you get acquainted with the way these systems work and are used, for the same purpose of avoiding mistakes on the real market. Due to the fact that it is largely based on speculating, Forex is indeed a risky market. You must have knowledge of the market, and skills to trade on it. You can earn money very easy, but at the same time you can lose it instantly. It is necessary to get properly educated before starting to trade on this market. Nowadays anyone owning a computer and having an internet connection can trade on Forex. You should keep in mind the fact that Forex cannot guarantee winning for everybody. The better knowledge you have, the better you chances are to get pro t on Forex trading. You'd better not step in if you only think you can do it. Get educated rst.
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FOREX GUIDE FOR BEGINNERS
WHY IS EDUCATION ESSENTIAL? Life is a continuous learning process. Learning needs dedication and determination to prosper in your life. Each time you come across a new challenge that made you to learn. It is not an issue what you do; learning is the most important element at every step of your life. Your knowledge will never go in vain. Sooner or later it will pay you. Same goes with forex trading. At foreign exchange market you will become more pro cient and practiced trader if you have forex trading education. It is useless to trade in forex trading without su cient piece of knowledge and education. More you learn about forex trading activities, trends, strategies and tactics more you will be able to capture the market and can be a successful businessman. At forex trading is a speculative market where you can trade currency. Speculation is not an easy task. Many traders are losing large amount of money every day in forex trading due to lack of knowledge. So, instead of losing huge sum of money in forex trading with meager knowledge about foreign exchange market, why now invest in getting forex trading education before entering in the most volatile market of forex trading. Foreign exchange market is the most unpredictable and unstable market. Changes occur every second. Forex trading runs at predictions, you predict and purchase the currency which will have higher value in future. New comers in this market thought prediction is an easy task, but it is not true. There are certain factors that re ect which currency is going to lead in the market and which will be down at forex trading index. All this require continuous learning, training and practice. You cannot learn unless you know the language of the medium you are dealing with. Similarly it is important to learn the basic forex trading language, for example , you should know what does PIP means, what is the meaning of buying or selling in foreign exchange market, what does 'volume' means and so on. Moreover, you will also learn about forex trading language, its structure and activities, market trends, how to see directory or index, nancial and technical analysis. How to read the forex chart, software used, how it is closed, what is the right time to bid? There are many schools that o er forex trading course which will educate you with all the key elements of foreign exchange market such as, money management, risk management, ways to make large pro t, when to buy or sell a currency ,time management and many more. It is commonly said that in forex treading, is just the buying and selling of currencies. You need to learn discipline if you want to survive in foreign exchange market. Seek from professional pro table traders how they manage and work in this environment. You should have su cient capital with you before entering into forex trading. It is not necessary to gain pro t in beginning, It is su cient to have positive return on capital in start. If you have good instincts and you have inborn capability to predict, even then you cannot be a successful speculator without undergoing a forex trading education. You can be more capable and expert in foreign exchange market if you have all the necessary education about the market.
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FOREX GUIDE FOR BEGINNERS
ASSESS THE RIGHT TIME TO INVEST To trade successfully in Forex you must be able to understand the trading signals that can contribute greatly to your pro ts. Select a chart that describes these trading indicators and rationally opt for a trading system that can optimize the bene t of these trading indicators. These signals can help in making important decisions regarding market entry and exit or to make any adjustments in currency exchange. Technical indicators describe the trading facts and gures by making certain mathematical calculations and state the time period that was selected for reckoning these indicators. Charts in Forex display continually updated exchange rates of various currencies, the upward or downward trends and the technical indicators. Every chart is being updated after a speci ed time period. You must be acquainted with these charts and the technical indicators before making an investment. It is a sensible norm to consult the charts before making an entry to Foreign exchange market. You can even consult multiple charts to gure out the best time of entry. After mastering at entry signals' evaluation, you must pay attention to the exit signals. Consider many options from trailing stops, xed stops and limit exits that you can use for your exit. If you intend to make short trade, try concentrating on 'turning points' by understanding any short term pattern which can recur in long run. Monitor the currency pairs to gure out any such swing. Usually traders prefer to set a higher percentage for a short period, opting for the limit exit. You can also consult exit signals that are based on real time transactions, to make a decision regarding your exit. In addition to consulting the technical indicators carefully, you must use a signal that best suits your conditions. Instead of making a decision randomly you must stick to a logical mechanism. Try using multiple signals in accordance with many parameters that will lead you to risk aversion. Evaluating various Forex signals along with technical indicators allows you to control your investment and anticipate the possible uctuations in market. Trading in Forex requires rigorous attention and observation and any negligence can cause big losses. Technological advancements have made it possible to analyze foreign exchange market 24 hours a day through internet. You can even buy and sell currency on phone, because the need of physical presence has been eliminated in Modern Forex trading.
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FOREX GUIDE FOR BEGINNERS
Now-a-days if the Forex trading indicators meet the de ned parameters, you'll receive an alert to invest or sell your stock. To ensure the maximum possible gain from your investment, decide on following the trading signal of an experienced service provider's signals. You must nd out the best trading system that suits you. Logical evaluation of gures and signals allow you to grab the right opportunity. You must conduct a thorough research before making a transaction and don't just rely on one source. Read reviews, online trading forums, business newspapers and magazines on foreign exchange to deeply understand the underlying system of Foreign exchange trading. Use software to evaluate signals or a method developed by any foreign exchange expert. Make notes and nd out the right trading system that works for you.
INNOVATION OF INTERNET AND GLOBAL FOREX TRADING In this era of increasing in ation and poverty, it becomes hard to earn basic necessities of food, cloth and shelter. Everyone is rushing to earn money to meet all of his or his family basic needs. He goes to o ce everyday and often stays in o ce for overtime. Still he lacks money to meet his expenses. Forex trading is a place where you can earn su cient amount of money through speculation and can earn more than basic needs. As world is becoming a global village, so are the FX markets are enhancing globally. Forex trading is no longer con ned to foreign exchange markets. It is very easy to approach forex globally. Turn on your internet and start dealing with currencies online. There are huge forex trading opportunities. There are lot of forex trading websites and programs on internet. Choose the one that suits your trading requirements. When you will have enough knowledge about forex trading and you learnt the tactics of earning large amount of money with little capital investment, than there is no room that you will lose in your transactions. Online Forex trading is favorable for you, you can trade currency whether you are in o ce or at home. Foreign exchange market is open 24 hours a day, 6 days a week. You can trade anywhere, anytime you need. Unlike other businesses, in forex trading business you do not need to spend billion dollars in promotional activities and other activities such as advertising, marketing, selling activities, sales training etc. only thing you need in foreign exchange business is large amount of capital and a bank account. The only major expense is brokerage fee that you bear. Minimum account opening requirement is three hundred dollars to two thousand dollars. Foreign trading does not bound you. Once you have done with transaction you can simply log o your account and can check trading market's status in free time. No doubt it is essential to have complete knowledge what happened in foreign exchange market during day, but you can do it in free time at home or in o ce. Another astonishing feature of online forex trading is that you can enter buy trades with speci c price that you are expecting to be the maximum currency rise. It will automatically sell currency at your desired price quote, when you are not online.
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FOREX GUIDE FOR BEGINNERS
Although the forex trading procedure is not complicated to comprehend but it is advisable that before investing hard cash in FX market, rst you should gather all the knowledge about foreign trading .Take the advantage of free online trading trials o ered at various websites, so that you would become a true speculator in the FX market. Forex trading is easiest and fastest way to make money. There is no restriction of choosing trading amount. You do not need any supervisor. You are fully responsible of your transaction. It also minimizes the fraud threat. In short, train yourself before entering in forex trading. Continuous learning process will help you to discover more and more ways of earning thousands of dollars. Presence of foreign exchange market on internet makes foreign trading more comfortable and easy.
ONLINE FOREX DAY TRADING Forex trading, also known as foreign exchange market, is the place where buying and selling of currencies takes place. Trading at forex trading continues day and night, six days a week with many prospects for traders to make pro t. If you want to trade only during day time than you need not to exert yourself to learn forex trading deeply. One thing that will make you a perfect and successful trader is PRACTICE. Practice makes you a perfect and superior trader in foreign exchange market. It should be remember that practice need determination and dedication to cope with tough foreign exchange market conditions. There are many online paper trading trials o ered at several websites. It is advised to practice paper trading before using hard cash in forex trading. In forex trading you can minimize risk but cannot eliminate it. If you are new in FX market, do not afraid losses. Losses will make you to learn unique ways of earning pro t. So it is recommended to learn from mistakes and do not repeat these mistakes in future. Discipline is the foremost rule for trading in foreign exchange market. Discipline will help you to make wise decisions about what strategies and tactics should be adopted to multiply pro t.
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FOREX GUIDE FOR BEGINNERS
You should create and maintain trading chart for evaluation of results. The chart will tell you what necessary adjustments should be made for better performance in future. Do not panic with failure; remember that failure is the rst stair towards victory. Learn from failure and do not repeat mistakes in future. If you see the currency value that you want to sell goes down, and you did not sale currency in the hope of rise in price again. Do not make such mistakes; sell the currency at the rst time when its value decline as there are more bright chances of further decrease in currency value. That is how you would be able to lessen more loss. If you are truly a day trader, then trading software and hardware can facilitate you to trade at home or o ce. As forex trading is fastest trading market, so for daytime online traders internet speed should be fast too. It will facilitate you to respond timely to quotes and trading updates. For quicker online responses for execution and con rmation of quotes there is more speedy online system called EDAT. EDAT has an additional feature through which traders can acquire and contact directly with trade specialists for captivating recommendation to solve unwelcomed market threat. Moreover, another facility for day traders is that if they want to sell speci c currency at desired price level, then they can set speci c price for that currency. When the value of currency will reach at their desired level than it is could be sold automatically when you are away or sleeping. In short, if you want to be a successful day trader you need discipline, dedication and immense e ort. All these factors collectively ensure pro t.
AVAILABLE SOFTWARE FOR FOREX TRADING There is already on hand software which helps you to develop your Forex trading through automatically selling and buying currency on your side. Fortunately, the range of choices is quite wide, so you can select whatever software you want. There are even websites which upon signing up provide you with free trading software, a bonus for creating a Forex account on them. Sometimes it is just the demo version, and most likely you must pay for the real one. Several types of currency trading software can be accessed on the Internet. It is advisable that you try the demos rst and see which is easier to use, and afterwards purchase the full version. As a currency trader it is vital to have an automatic for your Forex trades. There are basically two types of software: web based and desktop based. It's your choice which program you need, and it's still you that knows how comfortable you feel when using certain software for your trades. Regardless of the type of software you have decided to trust in, you should know that internet speed is essential. It is extremely important that your internet connection is a high speed one, so that you are kept away from any information delay, which might otherwise result in a nancial catastrophe.
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Software which is desktop-based operates with data stored in your computer hard-disk. Although information is on your drive, you need to secure that drive from any possible crash, virus or hacking. It is strongly recommended that you use a single computer for currency trading. There are also computers especially conceived for this purpose, but they are rather expensive. Web-based software di ers in as much as security should be the provider's responsibility. It is more comfortable to use it, as you are not required to download any software. In addition, you can handle your Forex trades from any location in the world. You only need an internet connection to access your account. Besides these di erences, there is also a price one. While for the desktop type you only pay once when you purchase the software, the web-based one requires a monthly fee for system maintenance. There are advantages and disadvantages for each type of software. Neither is good or bad. The one that suits your needs, that is the best for you. It is important, though, to have automatic software for Forex trading which provide real time access to data and changes on the market.
FUNDAMENTAL IMPORTANCE OF A FOREX BROKER Forex brokers are either individuals or companies that help large rms or individuals in trading their currencies or accounts in forex trading market. They only assist you to make deals but it is all your choice whether to trade or not. Forex brokers identify your trading requirements and charge only small proportion of your earning as a commission. A forex broker advices you regarding currency quotes, what and when a currency you should buy or sell. He also helps you in providing software data to make trading judgments. Moreover, they can also sell your account on your request. It is tiresome to nd good and trustworthy forex broker. You can nd many forex brokers on internet with attractive trading o ers. Beware in choosing a good and trustworthy forex trader. How do you nd reliable broker? One way is to ask some trader in forex trading to refer any reliable broker. Another easy way is to locate forex broker is to nd out with how many clients he serves. Number and type of clients he is dealing with will help you to nd trust worthy forex broker. Moreover, the category of clients will not only tell you the number of trades he is dealing but will also re ect his forex trading experience. More experienced the forex trader is more are the chances of earning money. If you have any doubt about broker, you should call the company he is dealing with to gather all the information about him. Do not hesitate to ask because it is your right to ask the broker's legitimacy after all he is the one going to deal your money. For each trading activity forex broker di ers. You should rst identify your trading category in forex trading. There are di erent forex traders for di erent platforms. Chose that forex broker who deals in your type.
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Search for forex broker who o ers you to see his demo account. This account will let you experience their trading platforms before investment. If you are comfortable with their trading platform then go and get them. It is also essential to nd the features you want in your trading platform. Make the broker to understand what you want and expect if you trade with them. If there is a mutual understanding between you and broker than go ahead else search for another broker. In this way you will be safe from money risk. If you a broker company which do not share its nancial information and company portfolio with you, do not trade with them at all. Because nancial information re ects the soundness of the broker's company where as its client's portfolio ensures its authenticity. Remember that forex trading is the most riskier and impulsive nancial market. Presence of experience and reliable broker is a blessing. He will not consider forex trading an e ortless task to make money without any risk. He always informs you about risks involved in forex trading.
ALWAYS MAKE USE OF EFFECTIVE LEVERAGE How much leverage you allow yourself to use will always have a considerable impact on your trading strategies and its eventual outcomes. There are many di erent formulas you can use to compute how much leverage you can a ord to use, but at the end of the day the factors listed below will prove most important. Keep it conservative. * Always apply a stop-loss point to your strategy. * Risk tolerance levels do not have to be proportionate with leverage. There are always exceptions to the rule, and those are simply an inevitable part of the game. Even if things do not go your way, the above traits will serve to minimize your losses and increase your winnings.
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