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How to Start Forex Trading

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How to Start Forex Trading

Speculating in the stock market has been a regular source of income for a select few savvy traders for generations. In contrast, the foreign exchange or forex market has only recently become available to small retail traders after the introduction of online forex brokers was facilitated by the Internet. In just a few short years, forex trading has now become as widespread among retail traders as trading in stocks or commodities. If you’ve ever wondered how to start forex trading, then keep reading for an introduction to forex trading, how to start off on the right foot, and what it takes to become a successful forex trader. 

What is Forex?

The forex market is where national currencies trade in pairs against one another at a quoted rate of exchange or “exchange rate.” The forex market is the largest capital market in the world with a daily turnover in excess of $6.6 trillion. 

The primary participants in this massive financial market include commercial banks and other financial institutions; central banks; retail traders; high-net-worth individuals; investment and hedge funds; online forex brokers; and corporations. 

Unlike the exchange-traded stock and commodity markets you might be familiar with, the forex market is an over-the-counter market that has no centralized location or exchange. You can trade currencies in the forex market around the clock from 5 p.m. on Sunday until 5 p.m. on Friday New York time since the over-the-counter market opens and closes in different money centers that have overlapping time zones throughout the trading week. 

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Each day’s forex trading session starts in Wellington, New Zealand, and continues in Sydney, Australia. The Tokyo opening then overlaps with those markets, trading actively all night until the London forex market opens shortly before the Tokyo market closes. The New York session then begins after London’s lunchtime and closes as the markets in Wellington and then Sydney open again. This rounds out the forex market’s 24-hour global trading schedule.   

Since the forex market stays open continuously during the trading week, knowing which session to trade in can make a substantial difference to your forex trading success because of variations in market liquidity for certain currency pairs. 

The forex market also has no centralized regulatory agency. While regulatory oversight of the retail forex market exists in several specific jurisdictions, the quality of forex market regulators and the rules online forex brokers must follow can vary considerably depending on their legal domicile.

How Do I Trade Forex?

Trading is a speculative activity that involves buying and selling an asset with the goal of making a net profit. This basic principle applies to trading in all capital markets, whether it involves currency pairs, stocks, bonds, commodities, precious metals or any other tradable asset.

In general, forex traders aim to buy a currency pair at a low exchange rate and sell it at a higher exchange rate. That may sound easy in principle, but it can take years to learn to discern which levels are high enough to sell and which levels are low enough to buy.

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To start trading currency pairs as a retail forex trader, you will first need to open and fund a margin account with an online forex broker to gain access to the forex market. Most online forex brokers only require a small minimum deposit to do that. 

Online forex brokers will also generally let you open a free demo account funded with virtual money. This feature lets you practice forex trading without putting your real funds at risk while you learn the ropes. 

Forex Trading Example

Currencies trade in pairs, which means you’ll always be long one currency and short another if you’re holding a forex position. The shorthand for a particular currency pair, such as EUR/USD, shows the EUR or euro as the “base currency” on the left and the USD or U.S. dollar as the “counter or quote currency” on the right. The base currency is quoted in terms of the amount of the counter currency needed to buy one base currency unit.  

As a retail forex trader, your online broker may require you to trade in lots, which are standardized amounts of base currency units. At such brokers, a standard lot consists of 100,000 base currency units, a mini lot of 10,000 units, a micro lot of 1000 units and a nano lot of 10 units. 

As a forex trading example, if you believe the euro will appreciate versus the dollar, then you might look to buy 1 lot of the EUR/USD currency pair at an attractive exchange rate. This means you will buy 100,000 euros and sell the equivalent amount of dollars consecutively to lock in a rate. 

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Once executed, the forex transaction will settle in two business days, which is known as the spot value date, unless you roll it over periodically. Most online forex brokers will automatically perform such rollovers for their clients’ open positions held after 5 p.m. New York time so that the positions stay value spot. 

Forex quotes from your broker might show an offer rate where you can buy the currency pair on the right and the bid rate where you can sell the currency pair on the left. Such a quote might look like this: 1.0824/1.0829 where the difference of 0.0005 represents the dealing spread, the broker’s bid is 1.0824 and their offer is 1.0829. If you were to buy the pair to establish a long position based on your bullish market view, you would need to pay the broker’s offer of 1.0829. 

After several minutes, the market in EUR/USD begins to rise sharply. You get a new quote of 1.0871/1.0876 from your broker, so you decide to sell your lot of 100,000 euros for 1.0871, the broker’s bid price. 

This trade will net you a profit of (1.0871 – 1.0829)=0.0042 or 42 pips (points in percentage). The amount of profit you would receive in your trading account for that one lot trade would be 100,000 x 0.0042=$420. 

11 Steps for How to Start Forex Trading

Before you decide to sell the ranch to become a forex trader, you can build your confidence and market acumen by following the steps outlined below for how to start trading forex: 

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Get Educated on Forex

Knowledge is power, so the more you know about trading forex and the methods traders use to analyze the currency market, the more likely you’ll be successful. If you want to learn from other traders and emulate their trades, you can research social trading so that you can copy the trades of professionals with an established and profitable track record. 

Trade with a Demo Account

A demo account where you only trade with virtual money simulates real-time trading conditions in the forex market and can serve as a powerful learning tool without any financial risk involved. Once you’ve gained some experience trading in a demo account, and you feel confident with your trading plan and strategy, you can then open and fund a live margin account.

Control Your Emotions 

Trading forex can send you on an emotional rollercoaster since making a large sum of money in a short time can be quite uplifting, but taking a big loss immediately after initiating a trade can be very disappointing. Trading in sensible amounts and using stop-loss levels can help you avoid traumatic losses. Keeping a cool head when trading can be attained by trading only with risk capital that you can readily afford to lose and by developing a viable trading plan with an objective trade entry and exit strategy that also incorporates sound money and risk management principles. 

Decide Your Trading Risk Profile

Your “pain threshold,” or the amount of money you don’t mind losing, depends on your personality. Do you enjoy taking risks, or do you prefer less risky endeavors? For example, do you parachute jump on weekends or go for a long bike ride? To trade effectively you need to know what levels of risk you feel comfortable taking and avoid taking uncomfortable risks.  

Choose a Trading Strategy

Choosing a profitable strategy is an essential element of successful trading. Forex trading strategies vary considerably from trader to trader, so you can personalize a strategy for your unique personality type and circumstances. Strategies can also be combined and fully or partially automated. For example, some traders prefer to keep themselves busy scalping the market by taking small profits or losses all day long, while other traders might use technical analysis as part of a longer-term trend or swing-trading strategy. 

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Don’t Expect to Get Rich Overnight

Profitable forex trading may not begin immediately, and most retail forex traders lose money. You can increase your chances of becoming a profitable forex trader with education and experience. Most profitable forex traders have achieved their success over time, so take your time to learn and practice before risking real money. 

Use Stop Losses

Whenever you take a forex position, you can determine the amount of risk you wish to take on it and enter a stop-loss order at or near that risk level. This type of order is placed at a worse level than the prevailing market to liquidate your position at the market if that level trades. You can also use a stop-loss order to protect your gains on a winning position while allowing your profits to accumulate further potentially. 

Be Aware of the Markets

Make sure you stay aware of key events happening in the countries of the currencies you’re trading.  The forex market watches many different fundamental factors that can affect relative currency valuations. These include geopolitical events like natural disasters and elections, the release of major economic data and monetary policy shifts in one or both countries.  

Don’t Expose Yourself to too Much Risk

You really want to avoid trading with money you can’t afford to lose. Also, resolve to use prudent money management techniques when trading forex to avoid taking excessive risks that can leave you with a loss you cannot easily recover from or even blow out your trading account entirely. 

Develop a Trading Plan

Trading without a plan is like sailing without a compass. It’s preferable to either develop a viable trading plan of your own or find someone else’s plan that suits you before you begin to trade with real money. If you can’t do either of those things, then you can instead open a social trading account to copy a successful trader’s transactions in your own account or purchase reliable automated trading software that will make trades for you based on its internal programming.

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Choose the Right Broker

The right online forex broker can provide quick trade executions, offer a great trading platform and tools and save you money by offering tight dealing spreads. You might even qualify to access an electronic communications network (ECN) where you can receive very competitive exchange rates for your forex trades directly from professional forex market makers.

Benzinga’s Top Broker Suggestions 

When you’re learning how to start trading forex, start with finding the right broker. To help you decide on a competent and reputable online forex broker, Benzinga has provided the comparison table below listing some of the best forex brokers available. 

Claim Exclusive Offers

  • securely through Forex.com’s website

  • securely through CedarFX’s website

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    CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St. Vincent and the Grenadines.

  • securely through IG Markets’s website

  • securely through AvaTrade’s website

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  • Account Minimum

    AUD$200 or equivalent

    securely through Pepperstone’s website

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    $100 USD (or equivalent)

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    securely through HYCM – Forex’s website

  • securely through SimpleFX Forex’s website

  • securely through eToro Forex’s website

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

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Frequently Asked Questions

Q

Can I trade forex with $100?

A

Yes, you can find online forex brokers that will let you open a micro account with $100 to use as margin.

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Q

Can I start forex trading on my own?

A

Yes, you can fund an account and start forex trading on your own via an online forex broker.

Q

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Is it hard to trade forex?

A

The mechanics of trading forex are easy enough for most people to learn, but learning how to trade forex profitably can take a lifetime.

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Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates

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Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates

Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a transfer of voting rights on September 30. Bridgewater’s co-chief executive explained on Tuesday that “Ray no longer has the final word,” in regard to the hedge fund’s future.

Hedge Fund Giant and Bridgewater Associates Founder Ray Dalio Steps Down, Co-CEOs Mark Bertolini and Nir Bar Dea to Take Over Senior Management

On Tuesday, October 4, after founding Bridgewater Associates more than 40 years ago, Ray Dalio stepped down as co-CIO. Bloomberg’s Erik Schatzker first reported on the matter after the hedge fund founder relinquished all of his voting rights to the board of directors on September 30. After founding Bridgewater in 1975, Dalio was considered a mogul hedge fund titan and within the first ten years of business, Bridgewater got a $5 million investment from the World Bank.

Schatzker report cites Bridgewater’s co-chief executive, Nir Bar Dea, who told the reporter “Ray no longer has the final word.” Dalio also spoke about his resignation on Twitter and he told the public that today was a special day for him because he “transitioned my control of Bridgewater to the next generation.” Dalio added:

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I feel great about the people and ‘machine’ now in control. This transition moment is the culmination of a 47-year journey.

Dalio is also well known for being a critic of bitcoin (BTC) and blockchain technology. The hedge fund titan has explained on many occasions that he believes governments would eventually outlaw cryptocurrencies.

“I think at the end of the day if it’s really successful, they will kill it, and they will try to kill it,” Dalio said two months before bitcoin (BTC) reached $69K per unit. “I think they will kill it because they have ways of killing it,” he added.

Last February, Dalio noted that he had a “tiny percentage” of crypto in his portfolio because he wanted to “diversify.” However, he further stressed: “It’ll be outlawed, probably by different governments.” As far as Bridgewater is concerned, Dalio explained that the hedge fund’s co-CEOs Mark Bertolini and Nir Bar Dea would be in charge of senior management.

“Hopefully until I die, I will continue to be a mentor, an investor, and board member at Bridgewater, because I and they love doing those things together,” Dalio concluded in his remarks on Tuesday.

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ban bitcoin, Bitcoin, Bitcoin (BTC), blockchain technology, Bridgewater, bridgewater associates, Cryptocurrencies, Erik Schatzker, hedge fund, hedge fund founder, Mark Bertolini, Nir Bar Dea, outlaw BTC, Ray Dalio

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What do you think about Ray Dalio stepping down as co-CIO of Bridgewater Associates? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us

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NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us

In recent times, non-fungible tokens (NFTs) and their physical counterparts have started to debut at well known retail stores and luxury boutiques. On October 4, the NFT project called Veefriends revealed that the team is launching its limited edition series of collectible characters exclusively at Macy’s and Toys”R”Us. Veefriends holds the 20th position in terms of all-time NFT collection sales, with approximately $240.15 million in sales since the NFT project launched.

Veefriends Are Coming to Macy’s and Toys’R’Us Retail Locations, Existing Veefriends Holders Can Claim Physical Counterparts

The non-fungible token (NFT) project created by the serial entrepreneur Gary Vaynerchuk aims to debut in both physical and digital form at the retail stores Macy’s and Toys”R”Us. The collection is starting its pre-sale today and will officially launch on October 17. The collection will feature plush and vinyl characters of the Veefriends, and people can pre-order leveraging the Macy’s mobile app, at all Toys”R”Us locations, and via the website shop.veefriends.com.

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“This partnership means way more to me than you could ever imagine,” Gary Vaynerchuk, the CEO and creator of Veefriends said in a statement on Tuesday. “I fondly remember growing up in Edison, New Jersey, walking down these stores’ aisles as a kid. We chose characters that we think embody exciting features for first-time collectors, much like some of the toys I picked up on the shelves of Toys”R”Us the first time.”

Vaynerchuk added:

I can’t wait to see them in-store and on the shelves – it’s a full circle moment for me and a very big step for the company.

Veefriends Joins the Slew of NFT Projects Entering the Retail Space, NFT Project Teams up With Mattel Creations

NFTs have been entering the retail space for quite some time as a number of projects have been featured in physical locations. For instance, clothing featuring Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) can be found at Pacific Sunwear stores. At the end of September, the pop culture collectibles firm Funko (Nasdaq: FNKO) introduced DC digital collectibles and physical counterparts with Walmart.

A handful of the Veefriends physical collectibles that are available to purchase at Macy’s and Toys”R”Us.

NBA Top Shot NFT packs were distributed to last year’s NBA Summer League Games attendees. Luxury jewelry and specialty retailer Tiffany & Co. launched Cryptopunk pendants tethered to NFTs, and at the end of February 2021, Topps introduced Garbage Pail Kids (GPK) NFTs inside packs of physical trading cards sold at Walmart and Target. Moreover, pre-existing Veefriends NFT holders are eligible for a free physical figure. Each physical counterpart will feature a QR code that leads to 3D animated videos and character songs.

“Veefriends wants to bring value to our NFT community – not only will they get first access to claim the collection, they also get priority at the in-store events,” Andy Kraniak, the president of Veefriends remarked during the announcement on Tuesday. “It’s just one more way we want to connect with our NFT holders and show them how we are developing the IP behind the characters,” Kraniak concluded.

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Gary Vaynerchuk holding a Veefriends and Mattel Creations’ UNO foil card featuring the character “Gary Bee.”

Veefriends’ CEO Vaynerchuk also revealed a partnership with Mattel Creations in order to release a reimagined UNO deck featuring the Veefriends characters. The new deck will include a non-playable foil card featuring one of 17 Veefriends and the character “Gary Bee” will be the rarest foil card in the collection. The Veefriends and UNO The collectable packs will sell for $25 per pack and are only available via the website creations.mattel.com.

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Andy Kraniak, Bored Ape Yacht Club (BAYC), DC digital collectibles, Funko, Garbage Pail Kids, Gary Vaynerchuk, GPK, Macys, Mutant Ape Yacht Club (MAYC), NBA Top Shot, nft, NFTs, Non-fungible tokens, Pacific Sunwear, physical counterparts, Target, Tiffany & Co., Topps, Toys”R”Us, Veefriends, Walmart

What do you think about Veefriends coming to Macy’s and Toys”R”Us? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Veefriends claim web portal

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals

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Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals

Groups supporting Russia’s war effort in Ukraine have been actively collecting cryptocurrency to fund paramilitary operations and evade sanctions, researchers say. According to a new report, these organizations use Telegram to raise money then used to pay for equipment and training.

Paramilitary Groups Employ Cryptocurrency to Fund Russian Operations in Ukraine

Pro-Russian groups have reportedly raised a serious amount of cryptocurrency for Russia’s military activities in Ukraine, circumventing U.S.-led sanctions. According to a study carried out by the digital asset compliance and risk management firm TRM Labs, the total had reached $400,000 as of Sept. 22, CNBC reported on Monday.

The study unveiled that these organizations were using the popular encrypted messaging app Telegram to offer supporters options to send funds, which were later spent to purchase supplies for Russian-affiliated militia groups and pay for their combat training at locations near the Ukrainian border.

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One of these, Task Force Rusich, has been labeled by the U.S. Treasury as a “neo-Nazi paramilitary group that has participated in combat alongside Russia’s military in Ukraine.” The department’s Office of Foreign Assets Control (OFAC) has placed it under sanctions. It was trying to raise money for items such as thermal imaging equipment and radios on a Telegram channel.

Another group identified by TRM Labs, the Novorossiya Aid Coordinating Center, raised about $21,000 in cryptocurrency, mainly bitcoin (BTC), with the aim of buying drones, the report added. The organization was established in 2014 to support Russian operations in Ukraine.

The findings come amid mounting sanctions against Russia over its decision to attack Ukraine in late February, which have severely limited its access to the global financial system. The Russian government is now working to legalize crypto payments for international settlements in order to circumvent the restrictions.

Crypto Said to Lack Liquidity for Large-Scale Russian Transactions

While the crypto space may not have the sufficient liquidity Russia would need to move large sums of money, as experts have pointed out, it has enough to allow paramilitary groups to make transfers for the items they need to acquire. Ari Redbord, head of legal and government affairs at TRM Labs, elaborated:

They’re probably using non-compliant exchanges to off-ramp those funds… Of course, there’ll be more. But will it be billions of dollars? Highly unlikely.

To pinpoint the groups, TRM Labs used publicly available wallet addresses and cross-checked other websites and online activity. Redbord remarked, however, that it’s not possible to establish with certainty whether they were working with the Russian government.

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“I think an interesting part of this story is that crypto is just a form of payment in these cases. It’s a way to move funds. And there’s an example of it being used for good and example of it being used for bad in this context,” the executive added. Ukrainian volunteer groups and government have been also relying on crypto donations to fund their defense and humanitarian efforts.

The latest research on the topic comes after, earlier this year, a report by blockchain analytics firm Chainalysis identified 54 pro-Russian groups that had collectively received over $2.2 million in various cryptocurrencies. Although most of the crypto funds were sent to several of these organizations, the rest had received considerable amounts as well, the company said.

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conflict, Crypto, Crypto Donations, Cryptocurrencies, Cryptocurrency, fund raising, Funds, Groups, invasion, operations, organizations, paramilitary, Russia, russian, transactions, Ukraine, ukrainian, War

Do you think groups on both sides in the conflict in Ukraine will continue to raise funds in cryptocurrency? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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