Table of forex instruments

// Опубликовано: 25.02.2022 автор: Taulrajas

table of forex instruments

The largest major pair—in fact, the single most liquid financial instrument in the world—is the EUR/USD. The three most liquid commodity currencies in forex. Forex trading terms on major and cross rates for Standard accounts. Minimum deal size makes up lots, minimum pip price totals USD , and margin is. Table 1: Global Foreign Exchange Turnover by Jurisdiction(a) foreign exchange instruments over the three years to April (Graph 6). FOREX IN DENMARK Overview Syxsense is Paragon Software Group sftp unavailable, but. You can click local database for commands to connect by lauching the. This would be Download links do the administrator modifies. Please watch the. What can I.

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Focused on the Client Size does not matter. Range of Trading Instruments Our clients can choose to trade forex and CFDs on cryptocurrencies, stock indices, commodities, stocks, metals and energies, from the same trading account. Transparent and Fair At XM what you see is what you get, with no hidden terms. Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars.

Because of the sovereignty issue when involving two currencies, Forex has little if any supervisory entity regulating its actions. The foreign exchange market assists international trade and investments by enabling currency conversion.

For example, it permits a business in the United States to import goods from European Union member states, especially Eurozone members, and pay Euros , even though its income is in United States dollars. It also supports direct speculation and evaluation relative to the value of currencies and the carry trade speculation, based on the differential interest rate between two currencies.

In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency. The modern foreign exchange market began forming during the s. This followed three decades of government restrictions on foreign exchange transactions under the Bretton Woods system of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after World War II.

Countries gradually switched to floating exchange rates from the previous exchange rate regime , which remained fixed per the Bretton Woods system. As such, it has been referred to as the market closest to the ideal of perfect competition , notwithstanding currency intervention by central banks. Currency trading and exchange first occurred in ancient times.

During the 4th century AD, the Byzantine government kept a monopoly on the exchange of currency. Papyri PCZ I c. Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food, pottery , and raw materials.

This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold. During the 15th century, the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants.

The year is considered by at least one source to be the beginning of modern foreign exchange: the gold standard began in that year. Prior to the First World War, there was a much more limited control of international trade. Motivated by the onset of war, countries abandoned the gold standard monetary system. From to , holdings of countries' foreign exchange increased at an annual rate of At the end of , nearly half of the world's foreign exchange was conducted using the pound sterling.

In , there were just two London foreign exchange brokers. Between and , the number of foreign exchange brokers in London increased to 17; and in , there were 40 firms operating for the purposes of exchange. By , Forex trade was integral to the financial functioning of the city.

Continental exchange controls, plus other factors in Europe and Latin America , hampered any attempt at wholesale prosperity from trade [ clarification needed ] for those of s London. As a result, the Bank of Tokyo became a center of foreign exchange by September Between and , Japanese law was changed to allow foreign exchange dealings in many more Western currencies.

President, Richard Nixon is credited with ending the Bretton Woods Accord and fixed rates of exchange, eventually resulting in a free-floating currency system. In —62, the volume of foreign operations by the U. Federal Reserve was relatively low. This was abolished in March Reuters introduced computer monitors during June , replacing the telephones and telex used previously for trading quotes.

Due to the ultimate ineffectiveness of the Bretton Woods Accord and the European Joint Float, the forex markets were forced to close [ clarification needed ] sometime during and March This event indicated the impossibility of balancing of exchange rates by the measures of control used at the time, and the monetary system and the foreign exchange markets in West Germany and other countries within Europe closed for two weeks during February and, or, March Exchange markets had to be closed.

When they re-opened March 1 " that is a large purchase occurred after the close. In developed nations, state control of foreign exchange trading ended in when complete floating and relatively free market conditions of modern times began. On 1 January , as part of changes beginning during , the People's Bank of China allowed certain domestic "enterprises" to participate in foreign exchange trading. During , the country's government accepted the IMF quota for international trade. Intervention by European banks especially the Bundesbank influenced the Forex market on 27 February The United States had the second highest involvement in trading.

During , Iran changed international agreements with some countries from oil-barter to foreign exchange. The foreign exchange market is the most liquid financial market in the world. Traders include governments and central banks, commercial banks, other institutional investors and financial institutions, currency speculators , other commercial corporations, and individuals.

The biggest geographic trading center is the United Kingdom, primarily London. In April , trading in the United Kingdom accounted for Owing to London's dominance in the market, a particular currency's quoted price is usually the London market price. For instance, when the International Monetary Fund calculates the value of its special drawing rights every day, they use the London market prices at noon that day.

Trading in the United States accounted for Foreign exchange futures contracts were introduced in at the Chicago Mercantile Exchange and are traded more than to most other futures contracts. Most developed countries permit the trading of derivative products such as futures and options on futures on their exchanges. All these developed countries already have fully convertible capital accounts. Some governments of emerging markets do not allow foreign exchange derivative products on their exchanges because they have capital controls.

The use of derivatives is growing in many emerging economies. The growth of electronic execution and the diverse selection of execution venues has lowered transaction costs, increased market liquidity, and attracted greater participation from many customer types. In particular, electronic trading via online portals has made it easier for retail traders to trade in the foreign exchange market.

Unlike a stock market, the foreign exchange market is divided into levels of access. At the top is the interbank foreign exchange market , which is made up of the largest commercial banks and securities dealers. Within the interbank market, spreads, which are the difference between the bid and ask prices, are razor sharp and not known to players outside the inner circle. The difference between the bid and ask prices widens for example from 0 to 1 pip to 1—2 pips for currencies such as the EUR as you go down the levels of access.

This is due to volume. If a trader can guarantee large numbers of transactions for large amounts, they can demand a smaller difference between the bid and ask price, which is referred to as a better spread. The levels of access that make up the foreign exchange market are determined by the size of the "line" the amount of money with which they are trading. An important part of the foreign exchange market comes from the financial activities of companies seeking foreign exchange to pay for goods or services.

Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have a little short-term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational corporations MNCs can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants.

National central banks play an important role in the foreign exchange markets. They can use their often substantial foreign exchange reserves to stabilize the market. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses as other traders would. There is also no convincing evidence that they actually make a profit from trading. Foreign exchange fixing is the daily monetary exchange rate fixed by the national bank of each country.

The idea is that central banks use the fixing time and exchange rate to evaluate the behavior of their currency. Fixing exchange rates reflect the real value of equilibrium in the market. Banks, dealers, and traders use fixing rates as a market trend indicator. The mere expectation or rumor of a central bank foreign exchange intervention might be enough to stabilize the currency.

However, aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives. The combined resources of the market can easily overwhelm any central bank. Investment management firms who typically manage large accounts on behalf of customers such as pension funds and endowments use the foreign exchange market to facilitate transactions in foreign securities.

For example, an investment manager bearing an international equity portfolio needs to purchase and sell several pairs of foreign currencies to pay for foreign securities purchases. Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk.

While the number of this type of specialist firms is quite small, many have a large value of assets under management and can, therefore, generate large trades. Individual retail speculative traders constitute a growing segment of this market. Currently, they participate indirectly through brokers or banks. Retail brokers, while largely controlled and regulated in the US by the Commodity Futures Trading Commission and National Futures Association , have previously been subjected to periodic foreign exchange fraud.

Those NFA members that would traditionally be subject to minimum net capital requirements, FCMs and IBs, are subject to greater minimum net capital requirements if they deal in Forex. A number of the foreign exchange brokers operate from the UK under Financial Services Authority regulations where foreign exchange trading using margin is part of the wider over-the-counter derivatives trading industry that includes contracts for difference and financial spread betting. There are two main types of retail FX brokers offering the opportunity for speculative currency trading: brokers and dealers or market makers.

Brokers serve as an agent of the customer in the broader FX market, by seeking the best price in the market for a retail order and dealing on behalf of the retail customer. They charge a commission or "mark-up" in addition to the price obtained in the market. Dealers or market makers , by contrast, typically act as principals in the transaction versus the retail customer, and quote a price they are willing to deal at.

Non-bank foreign exchange companies offer currency exchange and international payments to private individuals and companies. These are also known as "foreign exchange brokers" but are distinct in that they do not offer speculative trading but rather currency exchange with payments i.

These are typically located at airports and stations or at tourist locations and allow physical notes to be exchanged from one currency to another. They access foreign exchange markets via banks or non-bank foreign exchange companies. There is no unified or centrally cleared market for the majority of trades, and there is very little cross-border regulation.

Due to the over-the-counter OTC nature of currency markets, there are rather a number of interconnected marketplaces, where different currencies instruments are traded. This implies that there is not a single exchange rate but rather a number of different rates prices , depending on what bank or market maker is trading, and where it is. In practice, the rates are quite close due to arbitrage.

Due to London's dominance in the market, a particular currency's quoted price is usually the London market price. A joint venture of the Chicago Mercantile Exchange and Reuters , called Fxmarketspace opened in and aspired but failed to the role of a central market clearing mechanism. Banks throughout the world participate. Currency trading happens continuously throughout the day; as the Asian trading session ends, the European session begins, followed by the North American session and then back to the Asian session.

Fluctuations in exchange rates are usually caused by actual monetary flows as well as by expectations of changes in monetary flows. Major news is released publicly, often on scheduled dates, so many people have access to the same news at the same time. However, large banks have an important advantage; they can see their customers' order flow. Currencies are traded against one another in pairs.

The first currency XXX is the base currency that is quoted relative to the second currency YYY , called the counter currency or quote currency. The market convention is to quote most exchange rates against the USD with the US dollar as the base currency e. On the spot market, according to the Triennial Survey, the most heavily traded bilateral currency pairs were:. The U. Trading in the euro has grown considerably since the currency's creation in January , and how long the foreign exchange market will remain dollar-centered is open to debate.

In a fixed exchange rate regime, exchange rates are decided by the government, while a number of theories have been proposed to explain and predict the fluctuations in exchange rates in a floating exchange rate regime, including:. None of the models developed so far succeed to explain exchange rates and volatility in the longer time frames. For shorter time frames less than a few days , algorithms can be devised to predict prices. It is understood from the above models that many macroeconomic factors affect the exchange rates and in the end currency prices are a result of dual forces of supply and demand.

The world's currency markets can be viewed as a huge melting pot: in a large and ever-changing mix of current events, supply and demand factors are constantly shifting, and the price of one currency in relation to another shifts accordingly.

No other market encompasses and distills as much of what is going on in the world at any given time as foreign exchange. Supply and demand for any given currency, and thus its value, are not influenced by any single element, but rather by several. These elements generally fall into three categories: economic factors, political conditions and market psychology.

Economic factors include: a economic policy, disseminated by government agencies and central banks, b economic conditions, generally revealed through economic reports, and other economic indicators. Internal, regional, and international political conditions and events can have a profound effect on currency markets. All exchange rates are susceptible to political instability and anticipations about the new ruling party.

Political upheaval and instability can have a negative impact on a nation's economy. For example, destabilization of coalition governments in Pakistan and Thailand can negatively affect the value of their currencies. Similarly, in a country experiencing financial difficulties, the rise of a political faction that is perceived to be fiscally responsible can have the opposite effect.

Market psychology and trader perceptions influence the foreign exchange market in a variety of ways:. A spot transaction is a two-day delivery transaction except in the case of trades between the US dollar, Canadian dollar, Turkish lira, euro and Russian ruble, which settle the next business day , as opposed to the futures contracts , which are usually three months.

Spot trading is one of the most common types of forex trading. Often, a forex broker will charge a small fee to the client to roll-over the expiring transaction into a new identical transaction for a continuation of the trade. This roll-over fee is known as the "swap" fee. One way to deal with the foreign exchange risk is to engage in a forward transaction. In this transaction, money does not actually change hands until some agreed upon future date. A buyer and seller agree on an exchange rate for any date in the future, and the transaction occurs on that date, regardless of what the market rates are then.

The duration of the trade can be one day, a few days, months or years. Usually the date is decided by both parties. Then the forward contract is negotiated and agreed upon by both parties. NDFs are popular for currencies with restrictions such as the Argentinian peso. In fact, a forex hedger can only hedge such risks with NDFs, as currencies such as the Argentinian peso cannot be traded on open markets like major currencies. The most common type of forward transaction is the foreign exchange swap.

In a swap, two parties exchange currencies for a certain length of time and agree to reverse the transaction at a later date. These are not standardized contracts and are not traded through an exchange.

Table of forex instruments job responsibilities of financial analyst table of forex instruments


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Table of forex instruments forex calculate the cost

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Apply Demo. Risk Warning : CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take high risk of losing your money. About Instruments Deposit Withdrawal Platforms. Instruments Choose account type and instrument to get the data table by your parameters. Ticker Min. Trading starts at UTC on Sunday.

Trading ends at UTC on Friday. Break between trading sessions from until UTC on weekdays. Market spreads are applied. Major part of currency transactions is executed automatically, without additional approval. The value of swaps is measured in points. One point is equal to the minimum change of the 5th decimal place 0. Swaps are calculated and applied on every trading night.

Cryptocurrencies Cryptocurrency - is a new popular investment instrument. Ticker Name Lot size Min. Leverage applies to professional clients. Leverage for retail clients - Brokerage commission is charged on a one-time basis for opening and closing of position 0. Quotes in the trading platforms are indicative. Trading hours: around the clock.

Triple swap is charged on Wednesday night. Monday — Friday. Break between trading sessions - until UTC on weekdays. Minimum trade volume is five shares. Trading starts at UTC. Trading ends at UTC. Trading starts at UTC on Monday.

Trading hours are subject to change when changing trading mode on the underlying index or when changing the local time of an instrument. Precious metals Ticker Lot size Leverage. Break between trading sessions from until CET on weekdays. Cryptocurrencies Spot. Perpetual futures. Commission for holding position overnight: Commission min 0. Ticker Description Lot size Min. Commission per trade: 0. The information provided is for guidance only and may be incomplete or outdated.

The examples provided are not a recommendation to buy certain instruments. MT5 Global bonds trading manual and bonds specification. Futures CME. Brokerage commission: 1. Exchange and clearing fees apply, please refer to contract specification in the trading platform. Margin requirements are as close as possible to that of exchange. For Micro futures margin requirements are 4 times less than that of the exchange during the day and 2 times less at night.

Commission for exceeding Initial Margin: 0. Options positions with potential delivery but no sufficient collateral can be forced out. Canada TSX. France Euronext. UK LSE. Spain BME. Poland GPW. Singapore SGX. Thailand SET. Brokerage commission equals 0.

You need to learn all the ins and outs of the market so you can develop your own unique strategies. Trading any market, including the forex markets, involves risk. Everyone takes a unique approach but there are strategies that often share some common features. Here are some popular FX strategies you might like to consider:. Technical analysis is the use of a collection of methods that look for patterns in the chart that may predict future behaviour.

Technical analysis assumes that all the information related to a currency pair available is already priced in. Therefore, the theory is that if a particular pattern is repeated in the past, recognising that pattern can help the trader predict the immediate future. Further reading: What is fundamental analysis? Trading forex involves daily learning and education.

As markets move and present limitless trading opportunities, you as a trader need to be equipped with the right trading tools, information and strategies that can help you take advantage of any trading opportunity. At Axi, we offer access to an extensive range of trading resources to enhance your trading skills.

Access all our available educational resources including video tutorials, webinars, online trading courses, eBooks and trading guides. When you start trading the forex market, the economic calendar will become a great resource to implement into your trading strategy.

Learning how to read the economic calendar properly is essential to your success. To maximise your chances of success in forex trading, you should follow the most important releases and international events on the forex calendar. The calendar will show you all scheduled economic news and events happening across the world by default. You can customise the timeframe you want to review by selecting a custom date range and also select specific market conditions, volatility levels and countries you wish to monitor.

Download a forex eBook and develop your trading edge. We have published helpful resources and tips, including our MetaTrader 4 video tutorials. With over 20 videos to learn from, start with the basics and then move onto the advanced tutorials, focusing on things like understanding support and resistance levels and how to analyse economic data. You've now read the most comprehensive guide on forex trading for beginners.

Sign up for a live trading account with Axi today! The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy.

Readers should seek their own advice. Reproduction or redistribution of this information is not permitted. Desmond Leong runs an award-winning research team , , Finalists for Best FX Research and Best Equity Research advising the largest banks and brokers on where the markets are heading. He specialises in technical analysis with a focus on Fibonacci, chaos theory, correlations, market structure and Elliott Wave.

He is incredibly passionate in helping people become better traders, working closely with Axi on educational content like the eBooks series. Gold is one of the oldest traded commodities. Despite its age, there are traders who are still unsure about trading it, so here are the essential gold trading strategies for all traders. See More News. Open Account Try Free Demo. Australian Australian English EU. To be a successful long-term forex trader takes skill, patience, education and application. Table of contents What is forex trading?

What is the forex market? How does the forex market work? Forex trading course for beginners Forex terminology How much do you need to start trading forex? Advantages of forex trading What are the key forex trading tools?

How to start trading with a forex broker Risk management when trading forex Forex trading strategies Further education on learning forex trading Basics of forex trading Understanding the basics of forex trading will give you a solid foundation from which to build your skills, learn trading strategies and even work towards a successful trading journey.

What is forex trading? The foreign exchange market is a global network of brokers and computers from all over the globe, made up of two tiers of liquidity: Tier 1 The first tier of liquidity providers in the foreign exchange market is made up of the largest banks in the world with forex departments. Tier 2 The second tier of liquidity operates at the level of the interbank forex market.

There are three different types of forex markets to trade in: Forex spot market The forex spot market is the largest market in the world — and you may have even been a part of it without knowing. Forex futures market Futures contracts work by buying or selling a currency pair at a set time, date and size. Forex forwards market The forwards market operates between a customer and a bank, or bank to bank. Who regulates the forex market? Here are some of the key factors to look out for when trading forex: Central bank decisions — Central banks across the globe are responsible for setting interest rate levels for each country.

Forex market hours The global FX market is also known as a market that never sleeps. What are the most traded currency pairs on the forex market? Some of the more prominent exotic currencies include: Thai Baht Turkish Lira Danish Krone South African Rand Swedish Krona Further reading: Exotic currency pairs to trade in the forex market Commodity bloc currencies Commodity bloc currencies refer to a group of currencies from countries that are rich in natural resources, including Australia, New Zealand and Canada.

Forex trading course for beginners The Introduction to Forex Trading course on Axi Academy is perfect for brand new traders who are just starting out in the market. Forex broker A broker or brokerage is an individual or firm that arranges transactions between a trader and an exchange. What is a base and quote currency? What is a pip in forex? Further reading: Pips and pipettes explained What is spread in forex?

What is leverage in forex? What is margin in forex? Bull and bear markets A bull market is a common term used in investing when conditions are considered positive and prices are going up. Most common chart types used in forex There are many different types of charts used when analysing the forex market. Line charts Line charts are the easiest to read. Candlestick charts Although candlestick charts look complicated at first, they are actually very simple to read.

What you need to know before trading forex Alright, you know the basics of how the forex market works and all the terminology thrown around by traders. How much do you need to start trading forex? Are there any other costs to trading? Advantages of forex trading Being the largest globally traded market with an immense daily trading volume helps give the forex market some unique benefits over other markets, including: High liquidity Buy and sell the market using leverage 24 hours, 5 days a week The costs of transactions are low Profit by going long or short Being able to hedge with forex Read our article on the benefits of forex trading to discover more unique characteristics the forex market has.

What are the key forex trading tools? Here are some recommended tools you will need to look out for in the beginning: Forex trading platforms - Every Axi account gives you free access to powerful platforms and trading tools designed to help find your trading edge. A trading platform like Metatrader 4 allows you to open positions, while a tool like PsyQuation provides AI-powered analytics to help make smarter data-driven decisions.

Keeping a trading journal to record your thoughts, emotions and observations. You can read more about how to create a trading journal here. Forex volatility calculators are used to generate the historic volatility the range of price changes for specific currency pairs over a given time frame.

Understanding volatility is important as it influences trading decisions, strategies, and determines the level of risk undertaken by a trader. Time zone converters are used to assist you with viewing the open and close times of the major markets in your local time zone. Daily financial market analysis is a great tool to stay up-to-date with breaking news stories, the latest information, and forex trends.

View our daily market analysis written by our experienced market experts. Economic calendar keeps track of all the most important world events, news releases and market indicators. Use the Axi forex economic calendar to stay up to date. How to start trading with a forex broker Learn about forex trading: Step one starts here, learning about how the forex market works, completing the forex course and understanding the various terminology surrounding currency pair assets and what drives price movements.

Opening a live trading or demo trading account: You will need to find an online forex broker and open a forex trading account to be able to start trading. If you want to first practice in a demo environment that is risk-free, a demo account is the best option.

For new traders who are ready to jump into the real market, a live trading account will be what you want to get started. Conduct research and decide what currency pairs you will buy or sell: Based on your research have you decided to buy or sell a currency pair. What fundamental and technical analysis signals are helping to inform your decisions.

Follow your trading and risk management strategy: Ensure that you have followed your strategy and are managing your risk. Place your trade, close the trade and think about how you can improve next trade: Following the defined entry and exit points, place the trade and make sure your risk conditions take profit and stop loss are entered. When the trade has been closed, review the process, include details of the trade in your trading journal and gather insights to inform your future decisions.

Risk management when trading forex Trading any market, including the forex markets, involves risk. Know your own risk profile: Are you a big risk-taker? Or do you want to take smaller and calculated risks? Knowing your own risk profile or appetite for risk is vital in managing forex trades. Depending on your level of risk-taking, you can adjust your trading strategy accordingly. Position sizing: How much you allocate per trade can also have a big impact on your risk exposure. The bigger your position size, the bigger the potential win as well as losses.

The reverse is also true. The smaller the position size, the more manageable the trade is, though it may mean smaller potential for wins and losses. The thing to remember is you need to understand position sizing techniques to ensure that you can preserve your trading capital for the long-term. Stop loss: One of the benefits of modern trading platforms is that they give you the ability to set stop loss levels.

This is a predetermined price at which your trade will automatically close in order to prevent further losses. Setting stop loss for each of your trades is one of the most effective ways of managing trading risks, so use stop loss to your advantage. Leverage: Similar to stop loss, you can select and pre-set the level of leverage you want to use for forex trading. Keep in mind that leverage can be a double-edged sword as it can magnify your wins as well as your losses.

Your own trading psychology: Like knowing your own risk profile, it is also important to know your own trading psychology. This means being honest with yourself when faced with big wins and losses in the markets. If you know your own psychology and how you deal with different market conditions, you will be in a great situation to prepare for various situations. Here are some popular FX strategies you might like to consider: Trend trading : This is a simple and commonly used strategy that involves identifying potential trends and jumping on board to exploit momentum.

Range trading: This involves identifying key support and resistance areas where price is likely to bounce off this level rather than break through it. It works well during periods of consolidation when there is no clear trend.

Swing trading: This is a strategy where traders attempt to predict the tops and bottoms that currencies will hit, and choose long and short positions accordingly. Position trading: This means holding a position for a long period of time — from several weeks to as long as years! Position traders can use both technical and fundamental analysis. Day trading: This is at the opposite end of the spectrum to position trading, because trades may only last a couple of minutes or hours, and will be complete before markets close.

Scalp trading: This refers to a strategy in which traders profit off tiny price changes. They may hold positions for only seconds. Technical analysis Technical analysis is the use of a collection of methods that look for patterns in the chart that may predict future behaviour. Further education on learning forex trading Trading forex involves daily learning and education.

How to read an economic calendar When you start trading the forex market, the economic calendar will become a great resource to implement into your trading strategy. MT4 video tutorials We have published helpful resources and tips, including our MetaTrader 4 video tutorials.

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