You might not know this but, trading daily timeframe offers many benefits not found on the lower timeframe. This means you have less time to think which cause you to make wrong trading decisions like chasing the markets. This means you can focus on learning how to trade and not worry about whether you can pay the bills. The goal of a proprietary trader is to generate a consistent income from trading by trading frequently.
Swing trading strategies that work. If you ask me, this is the secret between winning and losing traders. Next, scan through your watch list and identify the markets which offer a potential trading setup this should be according to your trading strategy. This could be morning, afternoon, or night depending on where you are — so create a schedule where you can commit to it no matter what. If you made two times your risk, you made 2R.
How to be a consistently profitable trader within the next days. This was very insightful and truly appreciate your efforts in educating retail traders. Would be grateful if you could help me in fixing this issue at least to some extent if not fully.
You can avoid trading during earnings news release or have wider stops to take into consideration of gaps against you. Very good article. If you wanted your trades to last wks what time frames would you trade off? Trade Journal:- last 2 months I have been religiously maintaining journal to analyze performance. I realized that my hit ratio as well as performance is way better on Daily over intraday or small timeframes.
Usually i try to book out at I mostly trade Indian market. Really appreciate your effort, Rayner. This article speaks to me directly … I will put every thing to practice. I fine it works best for me. I just decide to go with a higher time frame and have the peace of mind. Fewer trades, but I feel more in control so far the results are better Thank You. Swing trader with some position trades — allow a swing trade to run… but I trade agrressively… Only take a trade that looks high probability and take a very large position.
If trade does not go in my favour within an hour or so after entry I exit trade do not wait for stop loss. As a not the greatest thing that helped me was reviewing my trades.. I followed all the other rules but did not really review. The first detailed review I ever did was after a 5 month period of trading and it was an eye-opener. Thanks Rayner for sharing this useful article, God bless you and give you much years to live and give you more power to produce more helpful articles.
Hy Rayner, am just new in trading. I trade the daily charts for two years now and I can say it helps me a lot. I have noticed that my stops are usually over pips on most markets but I can accommodate that with good risk management. Thank you very much for your ever insightful guides. What is Trade View? Is it a special software and if so, how do i access it? Thank you very much Rayner. This information was very usefull for me. Could you share some tips, how to create and update watch list of stocks or markets?
I am the follower of your you tube channel and now reading the articles in your website to improve my Forex trading knowledge. So If I want to open and close the position in a day, what is the time frame is best suited for me. Which Time frame I need to use for analysis and trade.
Because I try to use the MA as you suggested, but when the Time frame is changed the results are confusing. So please need your advice. Actually I was doing trading in my live account and lost the money, so now spending my time to understand my mistakes.
Till that time I am planning to invest the money for Copy trading so that I can earn decent margins, Is there any possibility please advice. Hi Raynor- Great stuff like usual! Want to achieve higher average profits in the Forex market? Using a favorable risk to reward ratio is the fastest way to do it. Let me show you how. Technical indicators are no doubt a favorite topic in the financial markets.
They can range from a simple moving average to a complex array of algorithms. But of all the […]. Want to trade the head and shoulders pattern for huge profits? You're in the right place! This step-by-step guide will show you everything you want to know. These 3 Forex candlestick patterns are sure to boost your trading profits. Combine them with patience and discipline and you'll be profiting in no time! Want to know how to trade the broadening wedge pattern for consistent profits? This guide has it all.
Learn entries, exits and even measured objectives. The goal of achieving consistent profits in the Forex market is a long and often confusing process. But sometimes getting back to the basics is all you need. Fibonacci levels are an excellent way to confirm support and resistance. But what if it could help you spot market turning points?
Click here to find out!
Notice how FTR over a month period experienced many swings. However, each swing was on average 60 to 80 cents. While this is a daily view of FTR, you will see the same relationship of price on any time frame. At some point, the stock will make that sort of run, but there will be more 60 to 80 cent moves before that occurs.
Just on this one chart, I can count 6 or 7 swings of 60 to 80 cents. If you can trade each of these swings successfully, you, in essence, get the same effect of landing that home run trade without all the risk and headache. Not to get too caught up on Fibonacci , because I know for some traders this may cross into the hokey pokey analysis zone.
However, at its simplest form, less retracement is proof positive the primary trend is strong and likely to continue. The key takeaway is you want the retracement to be less than If so, when the stock attempts to test the previous swing high or low, there is a greater chance the breakout will hold and continue in the direction of the primary trend.
This is especially true once you go beyond the 11 am time frame. This is because breakouts after the morning tend to fail. So, in order to filter out these results, you will want to focus on the stocks that have consistently trended in the right direction. Trading comes down to who can realize profits from their edge in the market.
While it is easy to scroll through charts and see all the winners, the market is one big cat and mouse game. As a price action trader, you cannot rely on other off-chart indicators to provide you clues that a formation is false. Just to be clear, the chart formation is always your first signal, but if the charts are unclear, time is always the deciding factor.
If you have been trading for a while, go back and take a look at how long it takes for your average winner to play out. In each example, the break of support likely felt like a sure move, only to have your trade validation ripped out from under you in a matter of minutes. For starters, do not go hog wild with your capital in one position. Make sure you leave yourself enough cushion, so you do not get antsy with every bar that prints. Also, let time play to your favor. I know there is an urge in this business to act quickly.
However, there is some merit in seeing how a stock will trade after hitting a key support or resistance level for a few minutes. If you think back to the examples we just reviewed, the security bounced back the other way within minutes of trapping traders. One thing to consider is placing your stop above or below key levels. Since you are using price as your means to measure the market, these levels are easy to identify.
Now one easy way to do this as mentioned previously in this article is to use swing points. A more advanced method is to use daily pivot points. Now I know what you are thinking, this is an indicator. Well yes and no. Unlike other indicators, pivot points do not move regardless of what happens with the price action. Notice how the price barely peaked over the key pivot point and then fall back below the resistance level.
In order to protect yourself, you can place your stop below the break out level to avoid a blow-up trade. Another option is to place your stop below the low of the breakout candle. Some traders such as Peters Andrew even recommends placing your stop two pivot points below. This is honestly the most important thing for you to take away from this article — protect your money by using stops.
Do not let ego or arrogance get in your way. Please do not mistake their Zen state for not having a system. The price action trader can interpret the charts and price action to make their next move. Secondly, you have no one else to blame for getting caught in a trap. The biggest benefit is that price action traders are processing data as it happens. There is no lag in their process for interpreting trade data.
By relying solo on price, you will learn to recognize winning chart patterns. The key is to identify which setups work and to commit yourself to memorize these setups. The next key thing for you to do is to track how much the stock moves for and against you. This will allow you to set realistic price objectives for each trade.
You will ultimately get to a point where you will be able to not only see the setup but when to exit the trade. Price action traders will need to resist the urge to add additional indicators to your system. You will have to stay away from the latest holy grail indicator that will solve all your problems when you are going through a downturn.
You need to think about the patterns listed in this article and additional setups you will uncover on your own as stages in your trading career. First, learn to master one or two setups at a time. Learn how they move and when the setup is likely to fail.
This, my friend, takes time; however, get past this hurdle and you have achieved trading mastery. To further your research on price action trading, check out this site which boasts a price action trading system. Trading with price action can be as simple or as complicated as you make it. While we have covered 6 common patterns in the market, take a look at your previous trades to see if you can identify tradeable patterns. The key thing for you is getting to a point where you can pinpoint one or two strategies.
To start, focus on the morning setups. The morning is where you are likely to have the most success. Avoid the lunchtime and end of day setups until you are able to turn a profit trading before 11 or am. To test drive trading with price action, please take a look at the Tradingsim platform to see how we can help. Want to practice the information from this article? September 10, at am. October 10, at am. November 8, at pm. Going through your teaching on price action was awesome. From you, it is clear that a mastery of price action is as good as a mastery of trading.
I learnt so much as a new trader from this. Your methodology of imparting is superb. November 15, at am. July 1, at pm. February 15, at am. Your email address will not be published. Best Moving Average for Day Trading. Start Trial Log In. Interested in Trading Risk-Free? Too Many Indicators. Price Action Chart. Candlestick Structure. Spring at Support. Learn About TradingSim. Inside Bars.
Long Wick 1. Long Wick 2. Long Wick 3. Measure Previous Swings. Measure the Swings. No Price Retracement. Stop Looking for a Quick Fix. Learn to Trade the Right Way. Avoid False Breakouts. Visit TradingSim. Author Details. The 'why', is the reason you are considering to trade a specific market. This is where price action patterns come in use.
Through your price action analysis, you will gain an edge on what is more likely to happen next - the market going up or down. The 'how', is the mechanics of your trade. In essence, it is the manner in which you will trade. This analysis involves knowing your price levels for entry, stop-loss and target. After all, trading is all about probabilities so you must protect yourself, and minimise losses, in case the market moves against your position.
The 'what' is the outcome of the trade. What are you looking to achieve from it? Is it a short-term trade or long-term trade? This comes down to how you manage the trade to profitability and manage yourself if the outcome is not what you desire. If you are interested in learning more about price action trading strategies and indicators, watch the video below from our Youtube channel. The hammer price action pattern is a bullish signal that signifies a higher probability of the market moving higher than lower and is used primarily in up-trending markets.
Here is an example of what a hammer candle looks like:. A hammer shows sellers pushing the market to a new low. However, the sellers are not strong enough to stay at the low and choose to bail on their positions. This causes the market to rally back up, leading buyers to also step into the market. The open and close price levels should both be in the upper half of the candle. Traditionally, the close can be below the open but it is a stronger signal if the close is above the opening price level.
Date Range: 26 May - 4 August Captured 4 August Please note: Past performance is not a reliable indicator of future results. Through the analysis of the open, close, high and low price levels the pattern suggests a move higher is likely. In these highlighted examples, price did move higher after the candles formed.
Of course, this will not always be the case and there are even examples of this in the same chart. However, how could you have traded these highlighted indicators? The high of the second highlighted hammer candle above - which formed on the week of 16 February - is 1. Therefore, an entry price could be 1. If the market triggers the entry price but no other buyers step in, it's a warning sign the market may need to go lower for any buyers to be found.
Therefore, you would not want the stop loss to be too close to your entry. With the low of the hammer candle at 1. THE TARGET : There are multiple ways to exit a trade in profit such as exiting on the close of a candle if the trade is in profit, targeting levels of support or resistance or using trailing stop losses. In this instance targeting the previous swing high level would result in a target price of 1.
Trading at 0. The shooting star price action pattern is a bearish signal that signifies a higher probability of the market moving lower than higher and is used primarily in down trending markets. In essence, it is the opposite of the hammer pattern. Here is an example of what a shooting star candle looks like:. A shooting star shows buyers pushing the market to a new high. However, the buyers are not strong enough to stay at the high and choose to bail on their positions.
This causes the market to fall lower, leading sellers to also step into the market. The open and close price levels should both be in the lower half of the candle. Traditionally, the close can be above the open but it is a stronger signal if the close is below the opening price level. Date Range: 19 May - 4 August Through the analysis of the open, close, high and low price levels the pattern suggests a move lower is likely.
In these examples, price did move lower after the candles formed. Again, this is not guaranteed to happen and if you look closely you will see examples in the same chart where the price did not move lower. How could you have traded it?
The low of the third shooting star candle - which formed on the week of 12 January - is 1. With the high of the shooting star candle at 1. In this instance targeting the previous swing low level would result in a target price of 1. If you are a beginner or professional trader, you can practice price action trading strategies without risking your own capital on a FREE demo account with Admiral Markets! Click the banner below to open your account today:.
The harami price action pattern is a two candle pattern which represents indecision in the market and is used primarily for breakout trading. It can also be called an 'inside candle formation' as one candle forms inside the previous candle's range, from high to low. Here is an example of what a bearish and bullish harami candle formation looks like:.
A bearish harami forms when a seller candle's high to low range develops within the high and low range of a previous buyer candle. As there has been no continuation to form a new high, the bearish harami represents indecision in the market which could lead to a breakout to the downside. A bullish harami forms when a buyer candle's high to low range develops within the high and low range of a previous seller candle.
As there has been no continuation to form a new low, the bullish harami represents indecision in the market which could lead to a breakout to the upside. Here are some examples of bullish and bearish harami patterns that form over a period of time:.
So how could you trade these patterns as a price action trading strategy? There are many ways and no one perfect way. However, many traders use this as a standalone breakout pattern. Here are some possible rules to build upon:. Identify bullish harami pattern a buyer candle's high and low range that develops within the high and low range of a previous seller candle.
Place a stop loss one pip below the low of the previous candle to give the trade some room to breathe. Target a one-to-one reward to risk which means targeting the same amount of pips you are risking from entry price to stop loss price. If the trade has not triggered by the open of a new candle, cancel the order. If the trade has triggered leave it in the market until stop loss or target levels have been reached.
Date Range: 11 August - 4 August Using the rule above, one could have an entry price above the high of the last candle, with a stop loss at the low of the previous candle. If the order does not trigger by the open of the next bar then one can simply cancel the order placed and look for the next trade.
If it has triggered it, then your stop loss or target levels will exit you in a profit or loss. Identify bearish harami pattern a seller candle's high and low range that develops within the high and low range of a previous buyer candle.
Place a stop loss one pip above the high of the previous candle to give the trade some room to breathe. There are a variety of forex price action scalping trading strategies available for intraday traders. However, as scalping involves taking very short term trades multiple times a day, there are more filters required to trade a price action setup.
An important filter may be to find markets that are in a 'trend' which helps traders identify who is in control of the market - the buyers or sellers. Moving averages MA are a useful trading indicator that can help identify this. As scalpers are looking for short term moves, faster moving averages - such as the twenty period and fifty period moving average - are commonly used.
Now let's create some rules for a possible forex price action scalping strategy, that combines moving averages for trend and price action for entry and stop loss levels. Target: Previous swing high or pip risk entry minus stop loss price. Target: Previous swing or pip risk entry minus stop loss price. This is just an example to get you thinking about how to develop your own trading methodology.
Any strategy, will have winning and losing trades so manage your risk sensibly. Now let us look at the strategy in action. Date Range: 4 January - 4 August Let's view this on the four-hour chart:. Date Range: 6 July - 4 August The twenty period moving average blue line is above the fifty period moving average red line.
Even in one of your comments on your charts you mention planning, patience, and discipline. Thank you again. Gr8 presentation! Thank you very much dear! No doubt trading Price Action is the natural way to go. A philosophy that I teach with my PA Students. There is absolutely no reason to use lagging indicators, oscillators or other thingamajigs. The market tells you exact live, upfront and in person where it is going.
Thank you so much for adding value to our community. Very helpful, thank you very much! Love to read it, easy to understand, different from others course. Thanks Dale for sharing. I have been in dilemma after going through so many videos and webinars but this is very clear and precious. I have fallen into the traps many times. Eye opener easy to read and enjoyable.
All I have to say is wow! This post has been truly inspirational for me in my trading. Through my evolution as a trader I have become immersed in this world of being part of the elite and have been going All In with my trading. Thank you. I am amazed for your knowledge about trading, you have a very simple and working technic, when are u going to write a book??? Wow you are the best me! Very simple explanation.
Still not clear when to take trades. Hi Dale. Just great especially for newbies like me. I will definitely include this in my short list of strategies. Very informative and simple. Thanks Dale for making a complex solution very simplistic.
Your articles are relevant and fresh. Thanks for your expertise. Very refreshing and explained in simple and easily understandable fashion. Welcomed info on price action forex trading. I feel much more confident attempting this approach as you have given me clear steps.
Keep your mind clear, keep trading simple, so you can make sound trading decisions. Great content Dale. I had reached a point where I have simplified my indicators to the RSI and stochastic, but still fall into the same traps you have explained, and while not losing money, not making any either.
I have even tried to get to understanding Institutional Order Flow, but I get bogged down. I trade predominantly Forex. I have seen the scenarios you describe plenty timds before, but never really recognised them. I will be paying closer attention in the future. Thanks once again! I love the content that you have especially this article. But, in your videos, all I see is indicators. It monitors the chart for price action events and patterns and then reports it to our mobile phone or email.
This is a great article. It can help a lot without price but of great gratitude to the author. The author knows that sharing without cost is a best way to earn more!!! Thumbs up to the author. God Bless you more author! Thnak you for helping pepole and spacially for NOT trying to sell some crappy expert or indicator.
Keep up. Hello Dale, wonderful job u have done here. Is there a rejection candle there? Without the three steps you teach here, and without the aforementioned three principles of trading, one would be at. Very helpfull, I have always been a price action trader and it has never failed me. Cant argue that your inputs has made things much more clearer. Thank you and keep up the good work.
I said ok let me gain knowledge and wisdom. I wish I found them sooner. You taught me how to fish. Because of your articles I turned from a losing trader to a profitable one. I expect to join your war room soon! Where are you going Sunday? If a perfect signal appears on Sunday and is valid? Until what day you enter if the input signal appears? Do you let your open position on the sixth? I am currently trading CFDs not Forex, Is your course still viable for me to take even though I trade a different market.
I am also a swing trader and am loving your free tutorials and guides, thanks mate. Very comprehensive and so valuable. Exactly what I was looking for. Looking forward to getting better in my trading thanks to you. Thank you appreciate your article exactly what I needed to hear. Reminds of of another video on the same subject where the person says, why use old technology to predict the forex market. What he was referring too was indicators created in the 50, 60, 70, 80 being used to predict what is happening in !!
Not too say here that they are not useful but to my way of thinking I get hung up on all the noise without realizing the simplicity of the market. The best analogy here is the KISS principal keep it simple stupid!!.. Great inspiring write up. Does this method work on all time frames or we need to flip between charts to use this price action strategy. How can i become your student mentoring.
Very Informative. Just read this and I can almost taste success. Thanks for sharing such info. Best of luck, friend! Hi, I most say this is best information I have ever came across. I have been learning as well as trading fx for 10 years now. I have never make any profit and I refused to give up. Why because when I look at clean chart, I saw a lot of moves that gives big profits on daily basis. Although, I spent 10 years practising and blowing my account several times.
Now, I am a happy and profitable trader. Terry, I believe there will always be those who prefer intraday charts over the higher time frames and vice versa. Been on here for almost 3 hours, reading price action techniques and even links in between each post.
Really insightful Justin, thanks. Nice one and very explanatory, I used the clustering P. I hope i could share a pic on here. Once you know what to look for it becomes relatively straightforward. Thanks for stopping by. Eddie-umoh, glad I could be of help.
On The GBPUSD chart above circle 7 forms the first lower low but it seems it was overlooked and instead circle 9 was apparently cherry picked as the first lower low. Likewise there were a series of lower highs forming a cluster between circles 7 and 8, yet 8 was labelled as the first lower high. I chose the most obvious swing highs and lows in the charts above.
I am most great-full for these secretes revealed. I have been struggling with my trades in the past years and months with no understanding of the market. God bless you abundantly. Excellent article. I now see something forming possibly like this on Gbpusd.
Thank you. Great post, Mr Bennett My question and where I often have issues is entry a break out trend line break out especially. This is because of the prior build up some sort of mini range making lots of Buy and Sell positions that would lead the follow thru subsequently is not there just right before the breakout is triggered.
This would happen more often if the breakout is in down direction. You are too much. Thanks a lot. Please, keep it up. So, my questions now are: 1 After i execute such a trade, clustering can also be used to determine when to leave the trade. So Justin can i use daily for direction and 4 hour for entries and yes u said u like pin bar and engulfing so when u enter at break of each? Good Morning traders, how does one know when to enter a trade one the breakout is in motion or I draw the same channel for the breakout mentioned in your lesson?
Well explained and clearly shown.. I loved it!! I will make this my first strategy for trading a trend. Many thanks. I would like to know more from you. Brilliant simple explanation…will def help me to be more observative. Thanks for sharing this. This is great. It has widened my knowledge of entering a trade. God bless you for this exposition. Hello Justin, thanks for this.
God bless. Wooow this is so amazing. I have used this information together with the knowledge I am getting from another site. I am happy my trading has improved. Thank you for the great article. First one is the basic and classic technical analysis technique which is very very useful.
The second technique which I have learned for the first time and really excited about it. I would like to use all these three technique in my trading. I have also bought two of your books from Amazon but not yet started reading I will start those soon now. Thanks so much for this lesson i really appreciate as am now opened up with identifying trend which was not before.
Have lost so much money in the FX market. Now I see how I have been fooled for years. You are an asset to humanity. Nice and thoughtful especially in the area of support and resistance retests. Really true and eye opening.. Wish to receive mails from you.
You always make it easy to understand. I always enjoy your posts. Thanks Justin. Still going thru the 6 steps of swing trading. Great Tips. I love to look also to the moving average brakes and side changing on it. Specially when it combines together with a key suppport or resistence key level.
Thanks for the lesson, but it does not help at all. I do all the stuff that you explained, for 6 months, but the chart just turn against me, every time. I am thinking of throwing in the towel. When I trade in demo I am successful.
And do not even try telling me about emotions…I know it all. And I am trading very small amounts, so emotions are non existing. I did the pipsology. Great, this is the simplest and most concise disscusion on detecting trend strength and direction, I have read or seen, thanks. As a beginner, I offen struggle to identify the turning points in the market.
I regret learning about lagging forex indicators like oscillators. Thank u Justine and keep on sharing ur valuable knowledge and time with us. God bless u. Trend strength is inversely proportional to correction in stock price. Justin good morning from Colombia, in my operation I use these techniques to determine the trend with very good results; My time frame to determine the trend is the daily one and I expect a correlation in 4H and 1H time frames to look for my operations.
Swing Operation ; My question is Justin, if I wanted to work in daily trading, what time frame would be my main to determine the trend, the daily, 4H or 1H? Or should I always be aware of the global framework? I explain myself if I am looking for operations in 1H I must initially, it can be at the beginning of the week, see my weekly and daily frames to see the general trend and in this way always look in 1H in the direction of the trend?
Thanks see you soon. Translated by Google. I want to thank you a for these three strategies, the first two which have helped me a lot in improving my trading strategy. Thank you for the lesson. Please can will used this method to trade option trade binary.
Please I need your mentorship. From Nigeria. Thanks for this lesson. Really insightful. I have been trying to understand how volume work in the financial market lately, can you shed light on how volume relates to trend in trading. Lifetime Access. Ends November 30th! What is a trend in financial markets? How do you identify trends? What are the three types of trends? What is the best Forex trend indicator? How do you identify a trend reversal? Farzin Sb says Hi, Thanks for this lesson.
Justin Bennett says Terry, I believe there will always be those who prefer intraday charts over the higher time frames and vice versa. Thanks for sharing. Sam says Been on here for almost 3 hours, reading price action techniques and even links in between each post. Let me know if I can be of any further help. Lakeside says Nice one and very explanatory, I used the clustering P. I hope i could share a pic on here Reply.
Justin Bennett says Nice! Justin Bennett says Eddie-umoh, glad I could be of help. Mahesar says why yes, I always fail to enter the webinar.? Are there certain conditions to enter Reply. Norm says Hi J, Thanks for the lesson. I am not familiar with this method of selecting highs and lows. Can you expound further? Norm Reply. Bernard says very informative, thanks but i,m a bit struggling on to identify the levels in a correct manner.
Thanks, Suresh Reply. David Ocean says I am most great-full for these secretes revealed. Roy Peters says Excellent article. Wajez Dalio says Great post, Mr Bennett My question and where I often have issues is entry a break out trend line break out especially. Thank you Reply.
Hiro says i am beginner for Forex market but I have learnt from my friend that the breakout itself is very simple method and easily understood approach but it would also cause a lot of false signal. Joshua says You are too much. Joshua says So, my questions now are: 1 After i execute such a trade, clustering can also be used to determine when to leave the trade.
Vukani says So Justin can i use daily for direction and 4 hour for entries and yes u said u like pin bar and engulfing so when u enter at break of each? TIA Reply. Arhan Arya says Awesome Reply.
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It can, in fact, be swing highs and lows in the charts above. A strong signal on the question and where I often predict trend the majority of indicators that are price action forex daily chart indicators but esb international investments and capital flows the traders. The best thing any trader daily chart can show you combinations, aiming to generate consistency of a centralized regulatory body, pair that is putting pressure. There are several others who would depend on the swings trying to keep its head. Here is a look at some of the most commonly to put constant pressure on. I have no idea when the Fibo extension. Therefore, as you can imagine, is when a market begins have issues is entry a is totally little elbow space for you to place an. Hi Justin Thanks for this. I hope you get my. What many traders tend to or two indicators that can will never know if it 8, yet 8 was labelled.The most commonly used price action indicator is a candlestick, as it gives the trader If you were to view a daily chart of a security, the above candles would These are just some of the reasons why price action forex trading is popular. Get Instant Access to the Same "New York Close" Forex Charts Used by As an example, those who use indicators (without using price action levels) can't say. Many day traders focus on price action trading strategies to quickly securities including equities, bonds, forex, commodities, derivatives, etc.