Forex trading for beginners

Before starting this article, we’ve compiled a list of essential forex trading terms that might be important for you to know as a new forex trader. We’ll also be using most of these terms throughout the article.

• Spread betting: This is a derivative product which allows traders to speculate on the price movement of currencies without having to take ownership of the underlying asset.
• Contract for differences (CFDs): This is another derivative product that allows traders to speculate on the price movement of currencies without having to take ownership of the underlying asset.
• Liquidity: Liquidity is the ease at which assets can be bought or sold without having major effects on the price. When a market is highly liquid, it means many participants are willing to buy and sell assets.
• Volatility: Volatility is the measurement of price fluctuations over time. When a market is experiencing high volatility, it indicates significant and sudden price changes, which could present a certain level of risk for traders.
• Technical analysis: This form of analysis involves studying price charts and various patterns and indicators to predict future price movements and make trading decisions.
• Fundamental analysis: This analysis involves monitoring economic indicators, news events, and political events to assess a currency pair’s intrinsic value and make trading decisions accordingly.
• Risk-reward ratio: This is the measurement of potential profits versus the possible losses, which could help traders calculate how much they are willing to lose per trade compared to how much they could profit. 
• Pip: A pip is the smallest movement in the price of a currency pair and happens at the fourth decimal place within the price. A pip stands for percentage in point or price interest point.
• Bid price: This is the price a trader will look at when they want to enter a short (sell) position.
• Ask price: This is the price a trader will look at when they want to enter a long (buy) position.
• Spread: The spread is the difference between the ask (buy) price and the bid (sell) price. This is the cost paid to open a position and the compensation that goes towards the broker.
• Leverage: Leverage is the ability to control a much bigger position with only a small amount of investment capital.
• Margin: Margin is the amount required to open and maintain a position when trading with leverage.
• Lot: Forex trading is traded in lots, which are standardised units of measurement. A standard lot is 100,000 units, a mini lot is 10,000, a micro lot is 1000, and a nano lot is 100.
• Long (buy) position: When traders predict that the market will continue or reverse into an uptrend, they buy a currency pair.
• Short (sell) position: When traders think the market will continue or reverse into a downtrend, they sell a currency pair.
• Bull market: When the market is in an uptrend, making consecutive higher highs and higher lows.
• Bear market: When the market is in a downtrend, making consecutive lower highs and lower lows.
• Stop-loss order: A stop-loss order is a predetermined level a trader sets to protect them from a substantial loss. The trade is automatically closed when the price moves against your prediction towards that level, limiting further losses.
• Take-profit order: This is the opposite of a stop-loss order; the trader sets a predetermined level to automatically close the trade when the price reaches that level, securing any profits earned.

Forex, also known as foreign exchange, FX, or the currencies market, could be used interchangeably as they all mean the same thing.

Forex trading is the process of exchanging one currency for another at an agreed-upon price, which is also known as the exchange rate.

There are various ways in which forex trading could take place; for example, when you go on holiday to another country and need to exchange your currency for the local currency, you are participating in the forex market.

Another method is when a business buys or sells products or services to clients in various countries, where payment is made in the client’s local currency. For example, if a company in Germany imports products from Japan, it would need to exchange its Euros for Yen in order to pay for the products.

However, the majority of forex participants only speculate on the price movements between two currencies to make a potential profit from those price movements. Forex trading is mainly done through derivative products such as spread betting or CFD trading.

Currencies in the forex market are always presented in pairs, such as EUR/USD (the Euro against the US dollar), which is why when traders buy one currency, they simultaneously sell another and vice versa when they sell a currency.

The forex market doesn’t have a centralised exchange like the stock or bonds market. Instead, it works on an OTC (over-the-counter) principle, where all trades occur electronically through a network of computers between traders across the globe. Because of this, the forex market is open 24 hours a day, five days a week.

Hopefully, now that you have a better understanding of forex trading, let’s look at how this all works.

In its simplest form, it’s the process of buying one currency and simultaneously selling another with the hopes of making a potential profit from the changes in value between the two currencies according to the price movement.

However, many other variables go into trading the forex market, which is why we’ve listed all the necessary factors, each with its own detailed section underneath.

Different categories of forex currency pairs

Every forex currency will always appear as a three-letter code; the first two letters represent the country of origin, and the last represents the currency’s name. For example, if we take USD, the first two letters stand for the United States, and the third letter is a dollar.

As previously mentioned, in forex trading, currencies are always traded in pairs; however, out of all the currency pairs available, they will only fall into one of three categories: majors, minors, or exotics.

Let’s have a closer look at each of these categories in more detail.

• Majors: These currency pairs include the currencies from the world’s biggest economies: the Euro, Pound, US dollar, Japanese yen, New Zealand dollar, Australian dollar, Canadian dollar, and Swiss franc. They are some of the most traded pairs in the forex market. All major currency pairs will include the US dollar as the base currency or the quote currency, for example, AUD/USD or USD/JPY. The reason for this is because the US dollar is seen as the world’s primary reserve currency.
• Minors: These currency pairs are also known as cross-currency pairs. This is because these pairs still include major currencies but don’t include the US dollar, for example, EUR/AUD or GBP/JPY. These types of currency pairs are still popular among traders; however, they do see less liquidity than major pairs. This is mainly due to the fact they don’t include the US dollar.
• Exotics: These currency pairs are some of the least traded currency pairs. These consist of one major currency paired with a currency from any emerging economy. For example, USD/SEK (US dollar against the Swedish krona) or EUR/TRY (Euro against the Turkish lira). Most traders will always end up trading major currency pairs mainly due to the high liquidity that those pairs offer.

Trading with leverage

Leverage trading involves borrowing funds from your broker, allowing you to open a much bigger position by only depositing a small amount of investment capital called margin.

Leverage will always come in the form of a ratio, which states the amount of funds the broker could be willing to lend you. For instance, if you have a leverage ratio of 20:1, it means that for every $1 you deposit, your broker will lend you $20.

Trading forex through a derivative product such as spread betting or CFDs allows you to trade with leverage.

Trading with leverage will magnify any potential profits. However, it will also magnify any losses. The reason for this is because a trade’s results are calculated based on the entire size of the position and not just your initial margin capital.

The main reason why forex trading is mainly done through leverage is because, generally, the price movements are so small that leverage allows you to open a position of greater value to try and profit from these small price movements.

Trading on margin

As mentioned above, margin is the capital you’ll need to open a position with leverage.

Margin is typically displayed as an amount or a percentage on your chosen platform.

With margin trading, you might want to remember the maintenance margin. This refers to the minimum equity required to keep a position open; if your initial margin fell below this required level due to consecutive losses, you would experience a margin call.

A margin call is a notification sent out by the broker informing you to add more funds to your account in order to continue trading.

If this isn’t corrected, the broker could automatically close all open trades at the current market price to prevent your remaining margin from falling to zero.

Forex trading hours

The forex market trading hours operates 24 hours a day, five days a week and follows the time zones of four major financial capitals: Sydney, Tokyo, London, and New York.

On a normal trading day, the market will open with the Sydney session, then move towards the Tokyo session, then the London session, and end with the New York session.

While the market is open, some sessions will overlap, as seen in the picture below. The Sydney session overlaps with the Tokyo session, Tokyo will overlap with the London session, and the London session overlaps with the New York session.

If one of these countries has a public holiday, the market will remain open; however, the trading volume for that specific session will be significantly less than usual.

What is a base and quote currency?

As previously mentioned, forex currencies are always traded in pairs called the base and quote currency. The first is the base currency, and the second is the quote currency.

The base currency will always equal one, and the quote currency will state how much is needed to purchase one unit of the base currency, also known as the exchange rate.

Let’s take EUR/USD as an example, where EUR is the base currency and USD is the quote currency. If the exchange rate is 1.4300, you’ll need to pay $1.43 to get €1.

What are bid and ask prices?

When trading currencies, two prices will always be listed for a currency pair: the bid price and the asking (offer) price. The asking price is the price you’ll look at when you want to open a buy (long) position, and the bid price is the one you’ll look at when you open a short (sell) position.

The asking price will always be higher than the bid price, and the difference between these two prices is known as the spread.

Spreads in forex trading

As mentioned in the previous section, the spread is the difference between the bid and ask price and can be seen as the price you’ll pay the broker to open a position on your behalf, which is essentially compensation that goes towards the broker.

In forex trading, two different types of spreads will be available: variable and fixed.

Fixed spreads will always stay the same; it doesn’t matter how volatile the markets get. However, the spread might differ depending on the financial asset you could be trading.

Variable spreads, on the other hand, constantly change as the bid and ask prices change due to trading volume, liquidity, volatility, and supply and demand.

What is a lot?

A lot in forex trading is used as a standard unit of measurement for the trade size. Lots are used because the price movements are generally very small, which increases the value of a currency pair when trading.

However, with that said, it might be best to remember that the higher the lots you choose to trade, the more risk you’ll be taking on.

Now, there are four different lot categories you could have access to, depending on your chosen broker. These are:

• Standard lots: These are 100,000 units of base currency.
• Mini lots: These are 10,000 units of base currency.
• Micro lots: These are 1000 units of base currency.
• Nano lots: These are 100 units of base currency.

What is a pip?

A pip stands for a percentage in point or price interest point and is the smallest movement a price can make in a forex currency pair.

The measurement occurs at the fourth decimal place within the price. So, let’s say EUR/USD is trading at 1.3658, and it moves up towards 1.3659, which has moved up one pip.

Now, if it were to move from 1.3658 towards 1.3758, it would then move up 100 pips.

For most currency pairs, pip movements stay the same; however, some exceptions exist. For example, currency pairs where the Japanese Yen is the quote currency will have the pip movement occurring at the second decimal place.

For example, if the USD/JPY is trading at 123.55 and moves up towards 123.56, that will be a single pip move.

There are other currency pairs where the pip movement also happens at the second decimal place. However, those currency pairs tend to fall into the category of exotic pairs and aren’t necessarily traded as often as the major currency pairs.

Now that we’ve covered how forex trading works, let’s look at two examples, one for opening a long (buy) position and one for opening a short (sell) position, to tie everything together.

Let’s say you’re looking at the EUR/USD trading with an asking (buy) price of 1.2367 and a bid (sell) price of 1.2365, having a spread of two pips.

You predict the value of the Euro will strengthen against the Dollar, so you decide to open a long (buy) position at the asking (buy) price of 1.2365.

Your prediction was correct, and the price rose by 20 pips to a new asking (buy) price of 1.2387 and a new bid price of 1.2385, still keeping the spread at two pips.

Keeping with the same price, let’s say instead of strengthening, you predict the value of the Euro would weaken against the Dollar and decide to open a short (sell) position you would open it at the bid (sell) price of 1.2365.

Your prediction was correct, and the price fell by 30 pips to a new ask (buy) price of 1.2337 and a new bid (sell) price of 1.2335, still keeping the two-pip spread.

There are three different types of markets within the forex market which could be used to trade. These are the spot market, forwards market, and futures market.

Let’s have a closer look at what each of these are in more detail.

• Spot market: The spot market, also considered an OTC market, is where you can find the majority of traders. This market is where all the live prices for currencies are presented. So, if a trader opens a position, they will use the prices listed in this market. This is also true for someone who travels to another country and has to exchange their currency for the local currency; the prices listed on the exchange rate will be from the spot market.
• Forwards market: This is also considered an OTC market. Two private parties agree to exchange currencies at a set price at a future date. Retail traders speculating on the price movements of forex pairs won’t necessarily trade on the forwards market, seeing as some enter and exit trades within the same day or a couple of days, depending on their trading style. These markets are generally more for businesses or institutions who want to customise the contracts to fit their trading needs before the agreed-upon future date is reached.
• Futures market: This is the only one which doesn’t form part of an OTC market. Instead, this market is centralised and traded through an exchange such as the CME (Chicago Mercantile Exchange). It allows for buying and selling a set amount of currency at a fixed price at a future date. Futures are also binding contracts where one party, the seller, takes on the potential risk that a currency’s price might change in the spot market before the contract has ended.

Supply and demand are the primary influences determining the price movements of forex currency pairs. However, many other factors could influence price movements that should also be considered.

These types of market influences also fall into the category of fundamental analysis, which is a way of looking at certain factors outside the charts to better understand the price movements of certain currency pairs you might want to trade.

Understanding these influences could be essential to avoid any possible significant losses.

Below, we’ve included some of the factors that could also influence price movements in more detail.

• Market sentiment: Market sentiment is the price movement of a currency; the trend can be bullish, bearish, or neutral. Major market participants will determine the market’s direction, usually reacting to news or political events. Traders could look at the movements in the market after such events and make trading decisions accordingly.
• Interest rates from central banks: A country’s central bank determines the supply of a currency. The participation and actions of these central banks will significantly influence a currency’s exchange rate. Central banks also determine the interest rate, which can be increased or decreased. The increasing or decreasing of interest rates will have a significant effect on the value of a currency. Another factor to consider is quantitative easing, where the central banks inject more money into the country’s economy. This can be viewed as a negative event by many forex participants and cause the currency’s value to drop.
• Foreign debt: A country’s debt level could significantly impact the price fluctuations of a currency. Countries with high debt levels compared to their GDP could be seen as less appealing to overseas investors. These countries that don’t get foreign investments may struggle to increase their financial capital, resulting in greater inflation rates and currency devaluation, particularly if they cannot raise interest rates to compensate.
• Economic news events: The scale of an economic news event could also influence a currency’s price, either on a short or long-term basis, depending on the event’s intensity. It’s safe to say that a positive news event could see an increase in a currency’s value, whereas a negative news event could see a decrease in the value of a currency. Different news events could include employment data, manufacturing data, GDP updates, and more.
• Political events: Various political events can determine a currency’s strength. Political instability and impaired economic performance can impact the value of a currency. Politically stable nations with a steady and predictable economic performance are typically more desirable to international investors. As a result, these countries attract investment away from countries with more economic unrest. Other political events, such as presidential elections, will see high volatility within a currency, causing prices to fluctuate quicker and more often.

When trading the forex market on any platform, there will always be a minimum of three different types of charts you could choose to use: line charts, bar charts, or candlestick charts. Each of these charts will provide you with unique information regarding the price movements of currency pairs.

Below is a detailed explanation of these three charts in more detail.

Line chart

Line charts are the easiest to read because it’s simply a line connecting one closing price with the next. With this chart, you won’t be able to see the high, low, or open points in price.

Line charts provide you with a simplified view of how the market moves, and they are mainly used by traders who have a longer-term outlook on the market.

Bar chart

Bar charts provide you with more information regarding price movements compared to line charts as you’ll be able to see the high, low, open, and closing points in price during specific time intervals.

Each bar is represented as a straight line with a small horizontal line to the left, indicating the open price, and a small horizontal line to the right, representing the closing price.

Between the closing open and closing price points, you’ll also be able to see the highest and lowest points the price reached during the session.

The bars will also adapt to the specific time frames you choose; for example, if you’re using a daily time frame, each bar will represent a day of trading, or if you use an hourly time frame, each bar will represent an hour of trading.

The colour of the bars will also depend on the platform you use; generally, bullish bars will appear either green or white and bearish bars will appear either red or black.

Candlestick chart

Candlestick charts are considered the most popular chart type to use as they provide sufficient information regarding price movement. Each candle has four key aspects: the high, low, open and closing price points, much the same as with a bar chart.

However, the formation of the candle is what makes it unique, as many traders look at this formation when trading candlestick patterns, which forms part of a price action strategy through which certain patterns could give them an indication of where the price might be heading.

The candlesticks will also adapt to the specific time frame you could choose to use, just like with the bar chart; for example, on a daily time frame, each candle will represent one day of trading, and for an hourly chart, one candle will represent an hour of trading.

The candle’s colour will depend on the platform you use; most platforms will have bullish candles, either white or green, and bearish candles appearing red or black.

Choosing a trading style is a personal choice for every trader and could depend on various factors, such as the time you have available to look at the charts and the amount of funds you have to trade with.

Let’s go over some of the most popular trading styles traders use.

• Scalping: This is a style used by traders looking to profit from short-term price movements in the market, keeping a position open for a few seconds to minutes. Scalpers, as they’re called, tend to use various technical analysis tools and indicators to look for potential opportunities in the market.
• Day trading: This could also be seen as a short-term trading style where traders also look to profit from short-term price fluctuations. However, instead of keeping a position open for a few seconds to minutes, day traders tend to keep their positions open a bit longer, spanning from a few minutes to hours but never longer than a day. They also generally use technical analysis tools and indicators to look for potential trading opportunities; however, they might combine that with some fundamental analysis aspects.
• Swing trading: This trading style is more for traders with a longer-term approach to the market, keeping their positions open for a couple of days to a week. Swing traders tend to use a combination of technical and fundamental analysis to look for potential trading opportunities in the market.
• Position trading: Traders using this style have the longest-term approach to the market, apart from traditional investing, where they keep their positions open for weeks to months. Some traders might even keep their positions open for up to a year. Position traders aren’t concerned about daily price fluctuations; instead, they are looking for opportunities that could stretch over the long term. They also tend to use a combination of technical and fundamental analysis in order to look for potential trading opportunities in the market. However, the type of analysis they focus on might come down to the financial instrument they’re trading.

With trading strategies, there is no one-size-fits-all, as there are many strategies available that traders could choose to implement. However, most traders might end up only using one or two strategies that best fit their trading goals.

Choosing a strategy is a personal choice and might come down to certain factors, such as the amount of time you have available to analyse the market, the amount of funds you have available, or your level of experience.

For the most part, strategies could be difficult to remember, so it might be best to start with one that best suits your trading goals, and as your experience develops, you could choose to incorporate more strategies.

Now, it might be essential to remember that every strategy comes with its own pros and cons, and no strategy is perfect.

With all that said, below, we’ve provided you with five popular strategies traders use in the forex market.

• Trend trading: Trend trading is a common strategy among swing or position traders, where traders look at the overall trend and potential opportunities to enter and ride the trend. Traders could use certain technical analysis tools like trendlines to look for potential trading opportunities. The market trend could be bullish or bearish, seeing as forex trading is mainly done through derivative products such as spread betting or CFD trading; traders have the ability to open both long and short positions, as previously mentioned.
• Breakout trading: Breakout strategies could be incorporated in a shorter or longer-term trading style. With this strategy, the market will most likely be in a period of consolidation, and traders could be looking for a breakout of resistance towards the upside. Or a breakout of support towards the downside to possibly enter a trade. It might be essential to remember that a fake breakout could also take place. This is when a breakout happens; however, instead of the price moving in the way of the breakout, it reverses in the opposite direction. Traders could incorporate candlestick patterns or technical indicators, such as moving averages, for further confirmation.
• Moving averages: The most common strategy with moving averages is the crossover strategy, when two moving averages crossover, signalling a possible trend reversal. Two different types of crossovers could occur; one is known as the golden cross, which happens when the 50 MA crosses above the 200 MA, signalling a possible change in the direction of the trend towards the upside. The second one is known as the death cross, which happens when the 50 MA crosses below the 200 MA, signalling a possible change in the direction of the trend towards the downside. Traders could also incorporate certain candlestick patterns, such as the bullish or bearish engulfing pattern, with the moving averages crossovers for potentially further confirmation on entry points.
• Price action: Price action is a strategy that any of the above-mentioned strategies could implement. Price action focuses on the price movements in the market and making decisions based on that. Some popular price action strategies include candlestick patterns and chart patterns.
• News trading: Traders try to make a potential profit from price movements that are influenced by any major news event. An example of a significant news event could be the American central bank increasing the dollar’s interest rate; this could affect any currency trading against the dollar.

In forex trading, there are advantages and disadvantages; let’s have a closer look at what they are below.

Advantages of forex trading

• Traders can trade various currency pairs between majors, minors, and exotics.
• The forex market operates 24 hours a day, five days a week. This allows traders to trade any time during the day, starting with the Sydney session and ending with the New York session. So, it doesn’t matter where you are based; you’ll be able to trade the forex market.
• Forex trading is a highly liquid market offering tight spreads, especially on major currency pairs.
• Forex trading is mainly done through derivative products such as CFDs and spread betting, allowing you to trade on margin with leverage. This will enable you to control a much bigger position with only a small amount of investment capital.
• Forex trading through derivative products also allows you to trade on bull and bear markets. This means you can open a short (sell) position if you think the price of a certain currency pair will fall, as well as a long (buy) position if you think the value of a currency pair will rise.
• Forex trading offers various risk management tools, such as stop-loss orders, to minimise the potential losses to your account.

Disadvantages of forex trading

• When trading forex on margin, traders could experience a margin call. This notification gets sent out when a trader’s account has sustained several concurring losses and the initial margin drops below the margin requirement. If this is not corrected, the broker will be able to close all open trades automatically.
• Certain factors, such as economic data releases, geopolitical events, or market sentiment, can make the market more volatile, which will cause prices to change more rapidly. This could expose traders to risk as the market could quickly move against their prediction.
• Trading with leverage has the potential to magnify profits, but the risks come in because it can also magnify losses.
• Because the market is open 24 hours a day, some traders could experience overtrading, causing them to make impulsive decisions or decisions based on emotions, such as greed or fear. This could be avoided by having a solid trading strategy and keeping a trading journal.
• Traders should always be aware of any operational risks that could disrupt trading, such as internet connectivity or technical problems from your trading broker.

Any form of trading involves a certain level of risk, so it might be essential to have a risk management plan before deciding to trade the forex market.

Risk management in forex trading involves taking certain precautions to protect yourself against possible losses when the market moves against your position.

Some of the steps you could take include managing the amount of leverage you choose to use, limiting the amount of capital per trade, setting up a risk-reward ratio, and setting a predetermined stop-loss order to limit any potential losses that could occur in the market.

Another essential reason for a risk management plan is to provide you with a set of rules and guidelines to assist in becoming more disciplined and potentially reducing your emotional stress levels to make more rational trading decisions instead of trading based on emotional impulses.

Following the rules and guidelines and everything within your risk management plan could ultimately protect your investment capital from the ever-present market uncertainty.

When starting out trading the forex market, you might want to keep a couple of factors in mind.

1. It might be essential to gain a greater understanding of both the currencies within the currency pair you are looking to trade by looking at certain macroeconomic factors that could influence each currency’s price movements and value.
2. As the markets are uncertain and ever-changing, staying on top of any significant news and political events and learning about all aspects of forex trading to improve your overall knowledge and abilities might be necessary.
3. Use a normal stop-loss order or a trailing stop-loss order to try and protect yourself from any possible losses, as forex trading does involve a certain degree of risk.
4. Together with using a stop-loss order, it might also be essential to keep a trading journal, which could assist in developing your discipline while holding you accountable in order to try and avoid emotional trading, such as revenge trading or overtrading.
5. Stick to your trading plan and strategy; most novice traders tend to constantly switch between strategies, which could impact their overall progress.
6. If possible, trade on a demo account first to get a feel for the forex market, and it could also assist in refining your trading plan and strategy while developing your skills.

A trading journal is an essential tool for any trader, no matter if you’re a seasoned professional or just starting out. This journal serves as a record of all your trading activities and experiences through every trade.

It can be seen as a diary, documenting every detail of every trade, starting with your analysis, which could include when to enter and exit a position, the type of strategy you might choose to use, and ending with the outcome. 

The information included in the plan can vary between traders. However, some information that might be essential are entry and exit points, market conditions, reasons for taking a trade, and emotional state before, during, and after a trade.

A trading journal also serves as a learning tool, allowing you to revisit past trades, review your performance, and learn from winning and losing trades. It allows you to gain insights into your strategy and where you could make possible changes if needed.

Trading the forex market is easily accessible for anyone with a computer or laptop and a strong internet connection.

Trade nation offers two ways traders can participate in the forex market: through CFDs and spread betting. However, spread betting is only available to residents from the UK and Ireland.

It doesn’t matter if you choose CFDs or spread betting. Trade Nation offers an excellent variety of currency pairs available to trade. If you feel ready to dive into the fast-paced world of forex trading, opening an account with us only takes a few minutes.

• To get started, you could sign up by creating an account. This account will serve as a platform to deposit your funds and to keep track of your gains and losses. Moreover, it will provide you with access to all the necessary tools that you will need for forex trading.
• Submit all the required documents for your account to be approved.
• After you’ve opened your account and submitted all the necessary documents, it’s time to choose the currency pairs you might want to trade. We offer all the major currencies for you to trade, such as USD, CHF, CAD, AUD, EUR, GBP, and more.
• Next, you might want to look at various strategies you could implement into your trading. You can refer to this article’s different trading strategies section for guidance.
• After you’ve picked your currency pairs and trading strategy, you could add the necessary funds to your account.
• Once everything is in place, you could open an account through Trade Nation, regulated and authorised by the UK Financial Conduct Authority (FCA), Australia’s Australian Securities and Investments Commission (ASIC), Bahamas Securities Commission of the Bahamas (SCB), Seychelles Financial Services Authority (FSA), and South Africa’s Financial Sector Conduct Authority (FSCA).