Analytical tools. Why should they be used by traders

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Why the Trader Should Analyze the Trades

No successful professional trading in financial markets is possible without sticking to the trading algorithm and continuously evaluating and improving the results. So, the traders face an important task of analyzing the trades they make. This is done based on the entries in the trader’s diary.

That being said, the majority of traders either doesn’t keep it or does so occasionally. So, it comes as no surprises that many stock traders lose their money.

If you have been trading in the market for a while, it is likely that you have encountered a situation where you got a negative result, even though the positions were closed in the black. And you had no idea why this was happening since you saw the figures in your statistics, yet couldn’t remember why you entered the position, why and where you closed it, and what your winning and losing trades have in common.

Without a thorough analysis of mistakes, you won’t be able to find your way out of the losses and accurately predict your profitability. Keep in mind that for the analysis, you need not just the figures, but also market circumstances under which a position was opened, a sequence of steps and the reasons behind them.

If we take the traders’ ranking compiled based on their profitability, pick the best of them and figure out the key to their success, all of them will agree on the importance of carefully analyzing the trading algorithm parameters, identifying the strengths and weaknesses of the trading strategy, getting rid of ineffective steps while improving those that bring money.

Some of the traders keep a trading diary in Excel where they enter the parameters of the trades and add comments regarding key factors of trading. Some prefer the old-fashioned way of writing everything down in a paper notebook and then analyzing the entries, keeping track of the patterns and drawing conclusions.

Now, you might be wondering, is keeping a trading diary essential if you want to make it big in trading? Or is the statistics maintained in the trading terminal enough for this?

For starters, you need to test out the mathematical expectation and profitability of your trading strategy to be able to create a trading algorithm.

This is best done in real time mode and not by using a strategy tester. It is a lengthy process but it is worth taking the time to work out the algorithm that will later serve you as your very own money machine. To achieve this, you have to open all of the positions given to you by the market and which are in line with risk and money management parameters and in doing so follow the rules of the trading strategy.

In 3, 6 months, a year, you will have statistics that you can analyze and based on which you can draw conclusions about the entry techniques that lead to the most profitable trades, figure out whether you place the stop loss orders correctly or need to adjust the risk management parameters. In this case, having the statistics generated by the trading terminal isn’t enough, since some of the essential parameters are simply left out.

Keeping the trading diary is a time-consuming process that requires a lot of self-discipline. But the good news is that there are plenty of solutions designed to automate and thus simplify this process. The handiest one is Forex Trader’s Diary developed by Gerchik & Co.

It allows getting stock exchange statistics and analyzing it quickly and automatically. You can enable this service by logging in to your personal account and then configure it for automatic or manual statistics collection.

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Let’s take a closer look at the advantages the Trader’s Statistics offers. First of all, you can set up both an automatic generation of the statistics from the trading terminal, unload it from the statement, as well as enter the information manually. This will allow cutting down the time you spend on filling out the statistics and will help to not miss a single perfect trade.

Second of all, you can visually analyze the data obtained automatically according to various criteria in a matter of seconds. By adjusting the filters, you can track down which strategy produced the largest number of winning trades or the biggest profit in money terms, and which one turned out to be losing. You can then decide which strategy you should get rid of.

Third of all, you can individually customize the analysis of your trading according to the parameters you are interested in. Let us assume, you would like to analyze a popular and highly profitable strategy of one of the traders in order to improve your own trading performance.

To make it happen, you can use the trader’s diary, an example of how it is filled out by the author of the strategy, and based thereon set up an online diary at Gerchik & Co. The only difference is that the selected parameters do not have to be analyzed manually. It can be done automatically.

The online log will reveal the strengths and weaknesses of this strategy, display the results in the form of tables, diagrams, and bar charts allowing to closely assess the data you are interested in.

Using this tool, you will be able to switch from amateur trading where profit is more often than not incidental to actual professional trading with predictable outcome based on which you can plan your work, profitability, and scale them up.

With solution brought to you by Gerchik & Co, you can also keep your own trading log where you enter not only the parameters of the trade, but also describe your mental state when opening and managing the position.

For instance, you can indicate that when opening a position according to a specific strategy, you got scared and took the profit manually before the price could reach a specified price level in profit, even though the quotes later reached the indicated goal.

By describing the emotions you experienced and consequences of the decisions made in each trade in the trading log, eventually you will notice that the fear of losing profits and manually closing a position reduced your profitability by 10 %, since the price still reached a specified price level in profit in 80 % of such trades, and you wasted additional profit you could have made because you acted too hastily.

From this perspective, the trading strategy you use can potentially produce solid entry points, so there is no need to worry and miss out on profit because of the fear.

Another common mistake made by Forex traders is moving the stop loss to break even. If after each such trade, you write down that you have been kicked out according to a breakeven, whereas the price has eventually reached the take profit, you will realize that you should remove this game plan from your trading strategy, since you missed out on 20 % of the profits because of it. Drawing this conclusion without analyzing the entries in the trading diary is impossible simply because you cannot memorize every little detail.

So, if you have warmed up to the idea of keeping the trading diary, what you need to do next is download the Trader’s Statistics by logging in to your personal account.

It is advisable to analyze the entered data on a weekly (you can do so over the weekend), monthly, and quarterly basis, as well as at the end of the six months and a year.

To analyze already made trades, you should download the trading statistics from Metatrader 4 and then upload the obtained document to your online diary. Once you have set up and applied available filters, you will be able to analyze the available data automatically and draw conclusions.

To maintain the discipline and form a new habit of keeping the trading diary, you can set up auto data fill out. You can enter them manually after making each trade, specify the strategy you used and reasons for your actions, as well as add comments regarding the news background and your psycho-emotional state.

It makes sense to analyze the entered data on a weekly (you can do so over the weekend), monthly, and quarterly basis, as well as at the end of the six months and a year. Aside from the general statistics, analyze the most and least successful time periods at the end of the year and identify the reasons behind it.

It is no secret that the things typically slow down in the market during the summertime, since the market players who have big capital go on vacation. Against this backdrop, the volatility increases, and some strategies may stop performing well which is evidenced by the frequency of losing trades.

For instance, you have noticed that you got more stop loss orders than you typically do during the time period from mid-June to late August. Based on comments, it has been revealed that 40 % of potentially winning trades were closed according to the order, and even though the price produced profit in the momentum, it, however, failed to reach the stop loss.

This will help you decide whether you need to make any adjustments to the trading algorithm and reduce the size of take profit during this time period, even by reducing the risk/reward ratio per trade, since this would increase the percentage of winning trades and thus boost your profitability.

It stands to mention that there is no universal rule for keeping the trading diary. It’s purely individual for each trader. The most important thing you should do is get as much information as possible from the data in order to improve your trading results. So, don’t be afraid to try things out. Luckily, Trader’s Statistics offers wide opportunities for this.

You can use tables, graphs, graphical charts and histograms, customize your own filters and analyze the results using 37 digital indicators. What’s more, all of this is done in a matter of seconds which saves you time and effort.

5 Of The Best-Performing Analytical Skills For Your Resume

If you’re in business, technology, or even education, you’ve likely heard of analytical skills. The term has become a modern buzzword that effectively piques the attention of many executives and hiring managers.

Why? Because analytical skills have become the standard by which job applicants are being measured.

These highly sought after practical thinking skills can easily transfer not only between industry fields, but between the realms of your personal and professional lives.

But just what are analytical skills? And why do they matter?

What Does It Mean To Have Strong Analytical Skills?

Analytical skills, while practical in nature, mostly involve your ability to perceive, organize, and assimilate information.

Simply put: analytical skills are problem-solving skills. They’re a collection of traits and abilities that emphasize a logical, rational approach to tackling new ideas, sorting information, and discovering creative solutions.

Having a natural inclination toward logical thinking certainly helps, but it isn’t necessary. An analytical skill is just that: a skill! And skills can be learned.

Here are a few examples of common analytical skills:

You may have an inherent talent for thinking and strategizing – and that’s great! But rest assured, even if problem-solving doesn’t come naturally to you, these skills can be developed.

Why are analytical skills so important?

Analytical skills are useful in many ways. Developing analytical skills won’t just give you a leg up at work — they will help you become a better problem solver in many different areas of your life.

However, one of the real reasons these thinking skills have become such a hot topic is because of how invaluable they are in the workplace.

Employers are increasingly interested in the analytical thinking skills of their employees and potential hires. Workshops are hosted to develop facets of critical thinking. Seminars are provided that seeks to encourage collaborative problem-solving.

While analytical skills are certainly useful at home, they’re a powerful commodity within the workplace, which is why identifying what analytical skills you already have at your disposal will help nurture your inherent potential.

How do you assess analytical skills?

As you can see, it is highly beneficial to have good analytical skills. And, naturally, there are some questions that can help you assess your skills or the skills of your potential employees.

Here are a few questions to ask:

  1. What did you do when you had a problem to solve but didn’t have all the information you needed?
  2. How do you weigh a decision based on pros and cons?
  3. How do you choose between multiple options when you like all of them equally?
  4. You have a lot of work to do, but not enough time? How do you prioritize your time?
  5. How do you solve a fight with someone who just doesn’t want to listen?

What Analytical Skills Do You Have?

Think you don’t have any analytical thinking skills?

You’d be surprised at how savvy a problem solver you truly are!

Analytical thinking skills are about a lot more than creative solutions to tricky conundrums.

If you’d like to find out more about your critical thinking skills, why not try an online analytical reasoning test? This is a good way to discern where your natural talents lie, and where you may need to invest some time improving your skills.

What Are Examples Of Analytical Skills?

If you want your credentials to be as competitive as can be, you’ll need to add some strong analytical skills to your resume.

Executives and hiring managers love to see that you can exemplify these abilities. Anyone of these skills will look fantastic on a resume, but the more you’re able to confidently exhibit, the better!

1. Effective research

Being able to effectively research and gather data is an invaluable analytical skill, and gathering the right information from the right sources isn’t always easy.

As an effective researcher, you need to know what’s relevant and what isn’t. You need to know what sources are reputable, and which aren’t. You need to stay focused on the task at hand, and not gather extraneous data.

Assembling information in a timely manner is important to your manager because it means the company’s time is being utilized well.

Demonstrate that you can wield this analytical skill and your resume will shine.

2. Data analysis

The next step after curating your information is being able to analyze it. This is where critical thinking comes into play.

Analyzing data may sound super technical, but don’t worry! This is something we actually do each and every day, both in and out of the workplace. Data analysis is simply the ability to find and detect patterns in a volume of information.

Being a competent data analyst means you’re able to look at a collection of data and discern where logical patterns and sequences emerge.

Data analysis comes in many forms, so see where you can detect your own inner analyst at work in your everyday life!

3. Efficient problem solving

Problem-solving isn’t just about finding a solution. It’s about being able to identify that there’s a problem in the first place.

Sometimes, projects are sidelined by simple, small problems that were allowed to snowball into catastrophic monstrosities. An effective problem solver might have been able to detect the presence of such a hitch before it became a true hindrance.

Once a problem has been identified, critical analysis and a rational deduction will help you solve it. Try to find the most efficient, practical solution available. If your options are few, try some outside the box thinking and create something entirely new and unique.

4. Creative thinking

This ties in well with being an efficient problem solver. Creative thinking is an analytical skill that’s highly valued and very transferrable.

Nurturing your inner wellspring of creativity will help you tackle challenging problems. It will also encourage you to try alternative methods and inventive approaches that may help streamline the problem-solving process.

Being a creative thinker means you are able to see a problem from a different vantage point than most. This makes you an invaluable asset to the team.

5. Compelling communication

Being able to solve problems, think analytically and spot trends are all useful skills in and of themselves. But they require something else, something more to facilitate their effectiveness in the workplace:

Without communication, we’re unable to make our ideas heard. Without communication, we’re unable to share our other analytical skills with our teammates, our co-workers, or our project managers.

Whether it be written or verbal, we must be able to communicate our thoughts. As an effective communicator, we can facilitate the potency of all our other analytical skills.

How To Include Analytical Skills On Your Resume

Now that you know what hiring managers are looking for, you know exactly what to add to your resume.

Besides compiling a laundry list of buzzwords and tossing them into your CV, how can these skills be demonstrated and displayed?

In other words: what’s the best way to integrate analytical skills into your resume?

Well, to weave analytical skills seamlessly into your credentials, you’ll need to identify the times in which you’ve displayed an effective use of these skills.

What job experiences have you had in which you had to use critical thinking? Data analysis? Creative problem-solving?

Once you know which relevant job experiences you’ve had that directly relate to analytical thinking skills, find a way to include them in the description of the work you did!

Carefully pick apart your resume to find spots where you can slide in a reference to an analytical skill or two. The next hiring manager you meet will definitely notice, and you may just get the call for that second interview sooner than you were expecting!

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Maybe you struggle to remember important dates or even basic facts and figures you need for a presentation?

If you do, don’t worry – it’s a common problem.

But what’s also common is the myth that some people are just born with good or photographic memory, while the rest of us just have to struggle.

The truth is, memory is just like a muscle – you can train it to be stronger.

Whether you’re a working professional looking to learn new skills, a student cramming for exams, or even just a senior who’s looking to stay sharp – there are techniques you can do to actively and permanently improve your memory.

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From it, you’ll also learn:

The biggest lie we’ve all been told about our brainsthat’s holding us back from our potential. Contrary to conventional wisdom, your memory actually isn’t fixed. Once you realize how much control you have, you’ll begin to discover what you’re truly capable of.

10 powerful mental hacks you can apply to unlock your inner super learner. Small tweaks in these areas could make the difference between being someone who’s forgetful, to someone who has near-perfect memory.

A powerful memorization technique you can use in any situation. You’ll be able to deliver a speech without having to use your notes, and even remember your entire grocery list without having to write it down!

4 Effective Trading Indicators Every Trader Should Know

When your forex trading adventure begins, you’ll likely be met with a swarm of different methods for trading. However, most trading opportunities can be easily identified with just one of four chart indicators. Once you know how to use the Moving Average, RSI, Stochastic, & MACD indicator, you’ll be well on your way to executing your trading plan like a pro. You’ll also be provided with a free reinforcement tool so that you’ll know how to identify trades using these forex indicators every day.

The Benefits of a Simple Strategy

Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Traders often feel that a complex trading strategy with many moving parts must be better when they should focus on keeping things as simple as possible. This is because a simple strategy allows for quick reactions and less stress.

If you’re just getting started, you should seek the most effective and simple strategies for identifying trades and stick with that approach.

Discover the Best Forex Indicators for a Simple Strategy

One way to simplify your trading is through a trading plan that includes chart indicators and a few rules as to how you should use those indicators. In keeping with the idea that simple is best, there are four easy indicators you should become familiar with using one or two at a time to identify trading entry and exit points:

  • Moving Average
  • RSI (Relative Strength Index)
  • Slow Stochastic
  • MACD

Once you are trading a live account a simple plan with simple rules will be your best ally.

Using Forex Indicators to Read Charts for Different Market Environments

There are many fundamental factors when determining the value of a currency relative to another currency. Many traders opt to look at the charts as a simplified way to identify trading opportunities – using forex indicators to do so.

When looking at the charts, you’ll notice two common market environments. The two environments are either ranging markets with a strong level of support and resistance , or floor and ceiling that price isn’t breaking through or a trending market where price is steadily moving higher or lower.

Using technical analysis allows you as a trader to identify range bound or trending environments and then find higher probability entries or exits based on their readings. Reading the indicators is as simple as putting them on the chart.

Trading with Moving Averages

One of the best forex indicators for any strategy is moving average. Moving averages make it easier for traders to locate trading opportunities in the direction of the overall trend. When the market is trending up, you can use the moving average or multiple moving averages to identify the trend and the right time to buy or sell.

The moving average is a plotted line that simply measures the average price of a currency pair over a specific period of time, like the last 200 days or year of price action to understand the overall direction.

Learn Forex: GBPUSD Daily Chart – Moving Average

You’ll notice a trade idea was generated above only with adding a few moving averages to the chart. Identifying trade opportunities with moving averages allows you see and trade off of momentum by entering when the currency pair moves in the direction of the moving average, and exiting when it begins to move opposite.

Trading with RSI

The Relative Strength Index or RSI is an oscillator that is simple and helpful in its application. Oscillators like the RSI help you determine when a currency is overbought or oversold, so a reversal is likely. For those who like to ‘buy low and sell high’, the RSI may be the right indicator for you.

The RSI can be used equally well in trending or ranging markets to locate better entry and exit prices. When markets have no clear direction and are ranging, you can take either buy or sell signals like you see above. When markets are trending, it becomes more obvious which direction to trade (one benefit of trend trading ) and you only want to enter in the direction of the trend when the indicator is recovering from extremes.

Because the RSI is an oscillator, it is plotted with values between 0 and 100. The value of 100 is considered overbought and a reversal to the downside is likely whereas the value of 0 is considered oversold and a reversal to the upside is commonplace. If an uptrend has been discovered, you would want to identify the RSI reversing from readings below 30 or oversold before entering back in the direction of the trend.

Trading with Stochastics

Slow stochastics are an oscillator like the RSI that can help you locate overbought or oversold environments, likely making a reversal in price. The unique aspect of trading with the stochastic indicator is the two lines, %K and %D line to signal our entry.

Because the oscillator has the same overbought or oversold readings, you simply look for the %K line to cross above the %D line through the 20 level to identify a solid buy signal in the direction of the trend.

Trading with the Moving Average Convergence & Divergence (MACD)

Sometimes known as the king of oscillators, the MACD can be used well in trending or ranging markets due to its use of moving averages provide a visual display of changes in momentum.

After you’ve identified the market environment as either ranging or trading, there are two things you want to look for to derive signals from this indictor. First, you want to recognize the lines in relation to the zero line which identify an upward or downward bias of the currency pair. Second, you want to identify a crossover or cross under of the MACD line (Red) to the Signal line (Blue) for a buy or sell trade, respectively.

Like all indicators, the MACD is best coupled with an identified trend or range-bound market. Once you’ve identified the trend, it is best to take crossovers of the MACD line in the direction of the trend. When you’ve entered the trade, you can set stops below the recent price extreme before the crossover, and set a trade limit at twice the amount you’re risking.

Learn More about Forex Trading with our Free Guides

If you’re looking to boost your forex trading knowledge even further, you might want to read one of our free trading guides . These in-depth resources cover everything you need to know about learning to trade forex such as how to read a forex quote, planning your forex trading strategy and becoming a successful trader .

You can also sign up to our free webinars to get daily news updates and trading tips from the experts.

10 trading indicators every trader should know

Using trading indicators is part of any technical trader’s strategy. Paired with the right risk management tools, it could help you gain more insight into price trends. Let’s explore 10 of the best trading indicators.

Trading indicators explained

Whether you’re interested in forex trading, commodities trading or share trading, it can be helpful to use technical analysis as part of your strategy – and this includes studying various trading indicators. Trading indicators are mathematical calculations, which are plotted as lines on a price chart and can help traders identify certain signals and trends within the market.

There are different types of trading indicator, including leading indicators and lagging indicators. A leading indicator is a forecast signal that predicts future price movements, while a lagging indicator looks at past trends and indicates momentum.

Best trading indicators

You can use your knowledge and risk appetite as a measure to decide which of these trading indicators best suit your strategy. Note that the indicators listed here are not ranked, but they are some of the most popular choices for retail traders.

Moving average (MA)

The MA – or ‘simple moving average’ (SMA) – is an indicator used to identify the direction of a current price trend, without the interference of shorter-term price spikes. The MA indicator combines price points of a financial instrument over a specified time frame and divides it by the number of data points to present a single trend line.

The data used depends on the length of the MA. For example, a 200-day MA requires 200 days of data. By using the MA indicator, you can study levels of support and resistance and see previous price action (the history of the market). This means you can also determine possible future patterns.

Exponential moving average (EMA)

EMA is another form of moving average. Unlike the SMA, it places a greater weight on recent data points, making data more responsive to new information. When used with other indicators, EMAs can help traders confirm significant market moves and gauge their legitimacy.

The most popular exponential moving averages are 12- and 26-day EMAs for short-term averages, whereas the 50- and 200-day EMAs are used as long-term trend indicators.

Stochastic oscillator

A stochastic oscillator is an indicator that compares a specific closing price of an asset to a range of its prices over time – showing momentum and trend strength. It uses a scale of 0 to 100. A reading below 20 generally represents an oversold market and a reading above 80 an overbought market. However, if a strong trend is present, a correction or rally will not necessarily ensue.

Moving average convergence divergence (MACD)

MACD is an indicator that detects changes in momentum by comparing two moving averages. It can help traders identify possible buy and sell opportunities around support and resistance levels.

‘Convergence’ means that two moving averages are coming together, while ‘divergence’ means that they’re moving away from each other. If moving averages are converging, it means momentum is decreasing, whereas if the moving averages are diverging, momentum is increasing.

Bollinger bands

A Bollinger band is an indicator that provides a range within which the price of an asset typically trades. The width of the band increases and decreases to reflect recent volatility. The closer the bands are to each other – or the ‘narrower’ they are – the lower the perceived volatility of the financial instrument. The wider the bands, the higher the perceived volatility.

Bollinger bands are useful for recognising when an asset is trading outside of its usual levels, and are used mostly as a method to predict long-term price movements. When a price continually moves outside the upper parameters of the band, it could be overbought, and when it moves below the lower band, it could be oversold.

Read more about Bollinger bands here

Relative strength index (RSI)

RSI is mostly used to help traders identify momentum, market conditions and warning signals for dangerous price movements. RSI is expressed as a figure between 0 and 100. An asset around the 70 level is often considered overbought, while an asset at or near 30 is often considered oversold.

An overbought signal suggests that short-term gains may be reaching a point of maturity and assets may be in for a price correction. In contrast, an oversold signal could mean that short-term declines are reaching maturity and assets may be in for a rally.

Fibonacci retracement

Fibonacci retracement is an indicator that can pinpoint the degree to which a market will move against its current trend. A retracement is when the market experiences a temporary dip – it is also known as a pullback.

Traders who think the market is about to make a move often use Fibonacci retracement to confirm this. This is because it helps to identify possible levels of support and resistance, which could indicate an upward or downward trend. Because traders can identify levels of support and resistance with this indicator, it can help them decide where to apply stops and limits, or when to open and close their positions.

Ichimoku cloud

The Ichimoku Cloud, like many other technical indicators, identifies support and resistance levels. However, it also estimates price momentum and provides traders with signals to help them with their decision-making. The translation of ‘Ichimoku’ is ‘one-look equilibrium chart’ – which is exactly why this indicator is used by traders who need a lot of information from one chart.

In a nutshell, it identifies market trends, showing current support and resistance levels, and also forecasting future levels.

Standard deviation

Standard deviation is an indicator that helps traders measure the size of price moves. Consequently, they can identify how likely volatility is to affect the price in the future. It cannot predict whether the price will go up or down, only that it will be affected by volatility.

Standard deviation compares current price movements to historical price movements. Many traders believe that big price moves follow small price moves, and small price moves follow big price moves.

Average directional index (ADX)

The ADX illustrates the strength of a price trend. It works on a scale of 0 to 100, where a reading of more than 25 is considered a strong trend, and a number below 25 is considered a drift. Traders can use this information to gather whether an upward or downward trend is likely to continue.

ADX is normally based on a moving average of the price range over 14 days, depending on the frequency that traders prefer. Note that ADX never shows how a price trend might develop, it simply indicates the strength of the trend. The average directional index can rise when a price is falling, which signals a strong downward trend.

What you need to know before using trading indicators

The first rule of using trading indicators is that you should never use an indicator in isolation or use too many indicators at once. Focus on a few that you think are best suited to what you’re trying to achieve. You should also use technical indicators alongside your own assessment of the movements of an asset’s price over time (the ‘price action’).

It’s important to remember that you have to confirm a signal in some way. If you’re getting a ‘buy’ signal from an indicator and a ‘sell’ signal from the price action, you need to use different indicators, or different time frames until your signals are confirmed.

Another thing to keep in mind is that you must never lose sight of your trading plan. Your rules for trading should always be implemented when using indicators.

To practise using trading indicators, try IG’s demo account.

Or, if you’re ready to start trading, open a live account.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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