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What is MACD in Forex?

Many traders use MACD in Forex, Stocks, Options and other markets to identify trends, entry points and exit points.

Moving Average Convergence Divergence, better known by the acronym MACD is a well-known technical analysis indicator used by forex traders of all experience levels. While many traders use MACD in their forex strategies, the indicator is popular with stock traders and even cryptocurrency traders.

As the name suggests, the Moving Average Convergence Divergence indicator incorporates Moving Averages within its formula. More specifically, two Exponential Moving Averages (EMAs). The terms Convergence and Divergence relate to the two Moving Averages coming together and moving away from one another respectively.

The MACD is used as a trend following indicator and a momentum oscillator which makes the MACD in forex a dual purpose indicator. Not only will it help you to confirm trends but also when they will conclude. Dispute MACD being both a trend and Oscillator indicator, you will find this tool in the Oscillator category of your trading platform.

What is an Oscillator

An Oscillator is something that moves back and forth, crossing a central point each time it does. In the context of forex technical analysis indicators, Oscillators are used to signal changes in the momentum of price.

The consensus is that as momentum drops in an uptrend, it highlights that buyers have stopped buying, and vice versa. This family of indicators helps traders to view changes in the strength of a trend and upcoming turning points.

While the MACD is considered a type of Oscillator, the Stochastic Oscillator, Parabolic SAR, and Relative Strength Index are all also found in the Oscillator indicator category.

The Origin of MACD Forex Indicator

Although the MACD indicator is popular with forex traders and comes preinstalled on many trading platforms, the indicator was originally created for trading stocks. In the 1970s a professional money manager, investment advisor and author called Gerald Appel created the indicator.

Besides his expertise in trading and investing, Appel is a qualified psychotherapist which is a skill that provided him with an upper hand as a trader.

How MACD is Calculated

Unlike Moving Averages, the MACD indicator is not overlaid on top of the price chart but shown in a stand-alone panel below the price chart. The indicator is typically composed of three elements which are two lines and one histogram. In some trading platforms, the histogram is negated. See the below image for reference.

**Include a chart of your trading platform or remove that last sentence**

Blue Line: This line is known as the MACD Line. It represents the difference between two Exponential Moving Averages. One of the EMAs being a Short Cycle, typically 12-periods and the other is a Long Cycle, usually being 26-periods. Therefore this line is a 12-period EMA minus a 26-period EMA.

Red Line: This line is known as the MACD Signal Line. It is an EMA of the Blue Line. Typically this EMA is based on 9-periods. This line is often known as the slow line because it’s a moving average of a moving average.

Greed Dashes: This feature is the MACD Histogram. It highlights the difference between the MACD line and the Signal Line. As the Blue Line and Green Line crossover the difference is zero and the Histogram will be tiny if it’s present at all. When the Histogram is below zero, it represents a bearish trend. If it’s higher than zero, it represents a bullish trend. The larger the Histogram, the further away from the Blue Line and Red Line are from each other.

How to Trade with MACD in Forex

The most common way traders use MACD in Forex is by observing the Signal Line crossing over the MACD Line or when the MACD Histogram transitions from being positive to negative and vice versa. A less common application is to look for Divergence.

Signal Line Crossovers

The most common way to interpret signals from the indicator is when the Signal Line meets and crosses the MACD Line. When the Signal Line crosses it signals a change in the trend. When the MACD Line crosses above the Signal Line, it represents a bullish signal. Likewise, when the MACD Line crosses below the Signal Line, this represents a bearish signal.

Another great feature of this indicator is that as the Histogram shifts closer to the Zero line or starts to reverse, you get a fair warning that the lines could meet soon.

Zero Line Crossovers

The Zero Line is sometimes referred to as the Base Line. When the MACD Line crosses from below the Zero line to above, it signals a bullish crossover. Alternatively, when the MACD Line crosses from above the Zero Line to below it, that indicates a bearish crossover.

In general, Zero Line crossovers are considered as a weaker signal than the Signal Line crossover that is described above. A Zero Line crossover can be helpful as a confirmation of the direction of the trend.

Divergence

A more sophisticated way to use the MACD indicator is to look for Divergence. Divergence occurs when the market makes lower lows or higher highs as it trends up or down. However, if the MACD lines aren’t following and fail to also create new lows or highs, then a trend reversal could be expected.

When the price chart and MACD indicator are not in consensus, then there is a strong indication that the trend is exhausting. If there are two failed lows or highs on the candlestick price chart that do not match with the MACD indicator, then the reversal could be quite significant.

False Signals

As is the case with any forex trading indicator, the MACD is not exempt from creating false signals. False signals are likely because the indicators are based not just on moving averages, but moving averages based on moving averages which cause the indicator to lag somewhat.

It’s recommended to complement the MACD with other indicators to help filter out any false signals.

Should you Use MACD in Forex?

Many Forex traders favour the MACD indicator and for a good reason. It works as a nifty two-in-one tool that confirms trends and highlights possible changes.

The MACD is a mainstay in the online trading community and comes equipped with most trading applications, be it on the desktop, web or even mobile device.

Any advice included in this website or correspondence is general advice only and is based solely on consideration of the investment or trading merits of the financial products alone, without taking into account the investment objectives, financial situation or particular needs (i.e. financial circumstances) of any particular person. Before making an investment or trading decision based on the advice, the recipient should carefully consider the appropriateness of the advice in light of their financial circumstances and should carefully review the PDS of the relevant financial product as provided by your investment broker.

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How to Set Forex Trading Goals

Setting targets is strongly correlated to success. Before you start risking capital, make sure you know how to set Forex trading goals.

Establishing goals is a crucial part of achieving anything. The goals you set become the roadmap to reaching your ambitions. A common mistake that new traders make when setting their first Forex trading goals is quite simply to confuse goals with desires.

Defining your trading goals is essential. Lots of consideration should be given towards establishing goals you can and will achieve. Hopefully, this blog will offer inspiration on how to set Forex trading goals that are specific, measurable, realistic and ultimately support your path to success.

How Not to Set Forex Trading Goals

Before advising you on how to set Forex trading goals, it might be easier to mention how not to do it. The following forex trading goals are inadequate:

Unrealistic: “I want to turn $500 into a million dollars by the end of the year and retire.”
Vague: “I want to make forex trading my full-time job and set my own hours.”
Unmeasurable: “I want to make lots of money and be successful at trading forex.”

None of the above statements is a goal per se. They could be better described as ambitions. While it’s essential to have a bigger picture in mind, that alone is not enough to get there.

Any of these ambitions can be enhanced by adding specific objectives or milestones that narrow down the steps needed to reach these ultimate aspirations.

Good Examples of Forex Trading Goals

As mentioned, you should set your sights on something specific, so you know when you reach that point. A lot of people think you can have just one goal and focus exclusively on it. In reality, you can be working towards multiple targets simultaneously.

Here are some excellent examples of Forex trading goals:

“I will only place three trades per day and stop trading immediately after my third trade is closed.” This goal encourages you to consider the trades you are going to make.
“After each unprofitable trade I close, I will take the dog for a walk or make a cup of tea.” This goal helps you to clear your head, reflect on what may have gone wrong and prevents you from revenge trading.
“If I have made 5% on my account in a day, I will stop trading until tomorrow.” This goal encourages you to finish your trading session on a high note and feel good about your success.
“I will not modify my take profit or stop loss after my opening order is filled.” This goal restricts you from second-guessing yourself and listening to the voices in your head that you were wrong, and this trade is doomed.

You may notice that all of these goals are quite mundane. While true, they are also highly actionable, achievable and closely related to following a consistent trading strategy and best practices.

These are good examples of Forex trading goals as they aim to prevent you from making some of the most notorious mistakes in forex trading.

How to Set your Own Forex Trading Goals

Your trading goals need to be specific to you. Ideally, your goals will focus on certain areas that you struggle with and want to correct or areas you feel you excel at and want to develop further.

Do you want to focus on controlling your behaviour, following your risk management parameters, increasing your knowledge or otherwise? To effectively set your goals, much soul searching is required to uncover your strengths and weaknesses.

Your goals will also depend on your personal circumstances, such as how much time do you have to allocate to your trading endeavours, how much capital can you afford to risk and how committed you are to the idea of developing yourself into a successful go-getting forex trader.

Some traders are so committed that they will get a job working for a forex broker to reach their goal of learning how the market functions and the industry operates. If you are a doctor or lawyer, you probably won’t find it reasonable to take such a drastic life decision to aid your quest of uncovering the secrets of the forex industry.

When you set goals, they should be framed positively. For example, instead of stating a goal as “don’t lose money and fail on more than three trades a day” it could be expressed as “when I am not successful, try not to allow it to happen more than three times a day.”

How to Evaluate your Goals

To help you identify any flaws or areas that can be improved in your trading strategy, you should be keeping a detailed journal. A journal isn’t just your trading history. You should keep a diary where you not only pinpoint which indicators, timeframes and other tools you were using but also how you felt at the time, what influenced you to make certain decisions and how you think you could have improved on the final result.

A well-documented journal can be a valuable asset for setting and evaluating your Forex trading goals. To prevent stagnation or to go off course, you should review your goals periodically, depending on how often you trade. If you trade every day, weekly evaluations would be reasonable. Or if you trade a few hours a week, then monthly assessments might make more sense. It’s good to challenge yourself but don’t overreach and exhaust yourself or set yourself up for failure.

Achieving goals should make you feel good about yourself. The road to success is long and bumpy. If you don’t enjoy the journey, then you may sadly give up. If you make your forex trading goals too easy, you won’t get a sense of gratification for reaching them. Likewise, if you make your goals too hard to meet, you’ll start to lose hope and feel inadequate.

Most important of all is learning valuable lessons that will support your trading career or hobby.

Disclaimer:
Any advice included in this website or correspondence is general advice only and is based solely on consideration of the investment or trading merits of the financial products alone, without taking into account the investment objectives, financial situation or particular needs (i.e. financial circumstances) of any particular person. Before making an investment or trading decision based on the advice, the recipient should carefully consider the appropriateness of the advice in light of their financial circumstances and should carefully review the PDS of the relevant financial product as provided by your investment broker.

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Should I Trade Forex or Stocks?

Many aspiring investors will find themselves confronted with the same question; Should I trade Forex or Stocks?

Many traders are attracted to forex trading because of the ease of access and seemingly endless trading opportunities. Historically, the idea of investing has been something far out of reach of the average Joe. But around a decade ago, Forex brokers dramatically changed the ideology that investing is only for the privileged.

Thanks to clear regulations, simple account opening procedures, a variety of funding methods, low minimum deposits and easy to use trading platforms, almost anyone can now trade Forex. Add the fact that technology has been aggressively democratising finance, making it more and more accessible. Some apps let you invest in ETFs with $20, others allow you to buy fractions of a share of a publicly listed company for a dollar.

In the past couple of years, forex brokers such as Propex 24 have evolved into much more than simple brokers that offer foreign currency exchange. You may be aware that many retail FX brokers such as ourselves, also offer precious metals, energy products, cryptocurrencies and even indices.

Now, there is a growing trend of brokers introducing stocks alongside the classic trading pairs and this trend has put the same question on every trader’s mind; should I trade Forex or Stocks?

The Downsides of Trading Stocks versus Forex

Investing in stocks lacks many of the benefits that Forex trading is best known for offering.

Stocks Have Shorter Trading Sessions than Forex

Every stock market in the world trades for several hours, only during local business hours. Whereas the Forex market is open to trade 24-hours a day, five days a week. Yes, you could buy different shares on different stock markets at different times of the day, but when the market is closed your capital is locked, but you’re not earning.

Stocks are Less Volatile than Forex

Stocks tend to trend up or crash. This makes it very difficult to profit from short term trading strategies. On the Forex market, a single currency pair can experience several breakouts in a different direction in a single day. Thanks to this volatility, the Forex market offers an abundance of opportunity. It allows traders to profit from holding short term positions which allows them to trade the same capital multiple times a day.

Stock Brokers Offer Lower Leverage

Stockbrokers do not offer leverage when buying shares, even if you hold them in an account. Forex brokers offer leverage, which on average in Australia is 100:1. In some rare cases, leverage can be even higher.

Stock Trading is More Expensive than Forex Trading

Stockbrokers charge differently to forex brokers. A stockbroker charges you per deal, as opposed to calculating commissions based on the value of your investment or trade. A stockbroker may cost in the region of $5 to $20 per deal. If you buy ten shares of Commonwealth Bank (CBA) for $70.00, you will pay a commission of around $20 with the major Australian share trading brokers.

The Stock Market is not as Liquid as the Forex Market

Yes, the New York Stock Exchange is the largest exchange in the world by any metric, including liquidity. However, not all 2,300 shares listed on the exchange are as popular as Apple Inc (APPL). Many shares are thinly-traded and very illiquid. Don’t let anything fool you into thinking that liquidity, volume or market cap on any stock exchange comes anywhere close to the $6.6 Trillion that is traded each day on the foreign exchange market.

You Usually Only Buy and Hold Shares

If you are trading on the stock market, you usually buy and hold stocks, then wait for them to appreciate. Sure, the objective of any publicly listed company is to perform well, pay dividends and boast strong fundamentals which inevitably raises the price of its shares. It can take a long time for a stock to increase in value; meanwhile, your cash is locked up. Keep in mind that just like Forex, there are various derivatives available such as Options and CFDs where you can speculate on the price of different stocks, usually with leverage and the option to short. But it’s often much more expensive and opens yourself to various other risks when markets close for the day.

How Forex Brokers Make Trading Stocks Better

Based on the above comparison that is definitely one-sided, you will notice that stock trading is very different from forex trading. In its natural form, trading stocks is only really suitable for long term investment as opposed to active trading strategies.

However, Forex brokers have started introducing global stocks on their trading platforms. They do not merely offer the ability to buy shares. Still, They have added them as CFDs, allowing them to be traded just like Forex.

Because of how forex brokers run their business and how CFD products function, stock trading has started to gain interest with Forex traders and short-term speculators, forex brokers have managed to flip some of the disadvantages of trading stocks to make them more attractive.

While there is little that a Forex broker can do about exchange trading hours, they have managed to solve other critical issues. FX Brokers that offer shares on their trading platforms allow clients to short-sell, just as they can on EUR/USD. Brokers also provide traders leverage on stocks. The commissions charged for trading shares with a retail FX broker are also closely aligned with their FX trading pairs.

The Bottom Line on Whether you Should Trade Forex or Stocks?

With so many investment products on the table, it can be hard to choose whether to trade forex or stocks. Both forex trading and stock trading are highly popular trading products.

One of the merits of dealing with certain Forex brokers is that they could also offer many other asset classes. You may not open your trading account with the intention of trading stocks. Still, if opportunity strikes, you wouldn’t want to find yourself in a situation where you can’t do anything about it.

Even so, many active traders would argue that Forex trading trump stock trading because of the volume, volatility, leverage and long trading sessions.

Disclaimer:
Any advice included in this website or correspondence is general advice only and is based solely on consideration of the investment or trading merits of the financial products alone, without taking into account the investment objectives, financial situation or particular needs (i.e. financial circumstances) of any particular person. Before making an investment or trading decision based on the advice, the recipient should carefully consider the appropriateness of the advice in light of their financial circumstances and should carefully review the PDS of the relevant financial product as provided by your investment broker.

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3 Most Used Technical Indicators in Forex

Most Forex Trading platforms are loaded with dozens of indicators. Here are the top 3 most used technical indicators in Forex.

There are hundreds of technical analysis indicators used by forex traders. Every trader will eventually establish their favourites but not before years of painful trial and error. If you’re new to using technical indicators in Forex you probably find it overwhelming to gaze into the screen of your trading platform only to see dozens of indicators staring back at you. Which indicator should you use for technical analysis? This article will give you a leg-up.

Way Too Many Technical Analysis Indicators

In MetaTrader 4, there are 30 technical indicators. In MetaTrader 5, there is 38, and in cTrader, there is 65. Most traders will use more than one indicator in their Forex technical analysis; it’s doubtful there are many who use 30 of them.

Not only are there a lot of indicators, but each indicator also comes with various settings that you can modify. Some platforms let you choose whether the indicator formula uses close prices or you can change it to open, high or low prices. Some platforms also allow you to change the number of periods that prices are derived from.

In this article, we will be introducing you to the three of the most used technical indicators by Forex traders. While there is no official statistic on what the most popular indicators are, we’ve compiled this shortlist based on what traders share in forums, chatrooms and blogs.

Types of Technical Indicators Used Forex

There are four categories of technical indicators, which are Trend, Oscillators, Volatility and Volume.

Trend indicators are used to identify trends in the market.
Oscillator indicators are used to identify overbought and oversold conditions.
Volatility indicators are used to show volatile conditions in the market and highlight when volatility starts and stops.
Volume indicators are used to show how active a market is based on the trading frequency and order volumes of the asset.

Technical analysts usually use an indicator from each of these categories as each piece of information can be helpful towards building a conclusion and making a trading decision. We’ve gone over 3 of the most used technical indicators in forex below.

1. Simple Moving Average

The Simple Moving Average (SMA) is a Trend indicator. Moving averages are used to smooth out the volatility that is shown on a typical chart. When applied on a standard Candlestick chart, you are able to see the highs and lows of each period and the SMA line shows the average price based on previous periods. Usually, this line will slice through the middle of the candlesticks. Traders use Moving Averages to observe trends and get confirmation of other signals they generated from different analytics.

There are several variations of the Moving Average indicator, such as Exponential, Weighted, Triangular, Time Series and Wilder Smoothing. Each of these indicators has a somewhat modified calculation which allows it to show different details.

Traders use Moving Averages for confirming mid-term and long-term trends, identifying support and resistance levels. Moving Averages are very weak when it comes making predictions as they simple consume price data from the past and compare it to current market data.

What makes Moving Averages so widely used, despite the lack of foresight it offers is that many other technical indicators are based on Moving Averages. One such example is Bollinger Bands, which are mentioned below.

2. Bollinger Bands

Bollinger Bands are a Volatility indicator. This indicator is made up of three lines. The middle line is a Simple Moving Average, and the upper band has a standard deviation of 2 added to it, whereas the lower band has a standard deviation of two subtracted from it. As price volatility increases, the bands move further apart. As volatility decreases, the bands move closer together.

The market will roughly trade between the upper and lower bands. Traders use the bands to help them to place support and resistance levels. The higher band is always interpreted as a resistance level and the lower band a support level. The middle band is interchangeably interpreted as either a support or resistance level.

3. Parabolic SAR

Parabolic SAR is another Trend indicator. Parabolic refers to the parabola or curve-like appearance of this indicator. SAR stands for Stop and Reverse.

A downtrend is highlighted by dots above the prices plotted on the chart whereas an uptrend is represented by dots below. Traders look for changes in the positioning of these dots.

When the curve switches from being below the candles to above, it signals that the current uptrend will come to an end. Not only does this indicator signal trend changes, but it helps traders to place their take profit and stop loss levels as well as pending orders to enter the market.

Parabolic SAR is considered by many to be one of the simplest trend indicators to read, which is why we believe it to be widely used by Forex traders. Just like Moving Averages, it does a great job of confirming the presence of a trend. However, Parabolic SAR is also a lagging indicator. It works best only when the currency pair you’re analysing is in a strong trend. If the market is flat, you can’t read much from this technical indicator.

Final Thoughts on Using Technical Indicators in Forex

Some traders like to prove their genius to their peers by sharing complex trade setups with so many lines and objects on their charts that you can barely see the candlesticks. Other traders believe that too many technical indicators in forex can cause decision paralysis.

The truth is, you need to figure out what works for you. Using indicators doesn’t tell you when and where to buy and sell. You still need to test drive them many times and ultimately craft your very own forex trading strategy around the technical indicators that you select.

Any advice included in this website or correspondence is general advice only and is based solely on consideration of the investment or trading merits of the financial products alone, without taking into account the investment objectives, financial situation or particular needs (i.e. financial circumstances) of any particular person. Before making an investment or trading decision based on the advice, the recipient should carefully consider the appropriateness of the advice in light of their financial circumstances and should carefully review the PDS of the relevant financial product as provided by your investment broker.

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What is Fundamental Analysis in Forex

Fundamental analysis in Forex is used by most traders to understand which direction currency prices might move.

Fundamental analysis is a broad subject that involves consuming and making conclusions from vast amounts of information. Fundamental Analysis looks for information or data that could influence the price of an asset or indicate a possible change in its value. Applying Fundamental analysis in Forex helps traders to gauge the true value of a currency pair. Forex traders use Fundamental Analysis to support their technical analysis effort.

What is Fundamental Analysis

Fundamental analysis in Forex, as well as all other securities markets, is the process of evaluating the actual value of an asset based on various influencing factors. Forex traders review news, dossiers, statistics and other data related to economics, finance and politics. Based on this information, traders can determine if an asset is, i.e. a currency pair, is worth the current price. Something that is overvalued or undervalued is likely to correct itself in the future. Fundamental Analysis can also highlight the strengthening or weakening of an economy.

While the Forex market can be very volatile, entire economies and global trade don’t respond as abruptly. Typically, fundamental analysis serves to highlight mid to long-term price corrections and is not effective at predicting when the price movement will happen. Traders use these conclusions in conjunction with Technical Analysis to help time their entry and exit trades. However, some news announcements can trigger a trend reversal and a considerable change in market sentiment.

What to Look for in Forex Fundamental Analysis

Knowing that nearly anything can influence the global financial markets is far from helpful or actionable. What you need to know is how to make sense of all these factors and what they mean under certain conditions. For example, high-interest rates can be a good sign, and so can low-interest rates.

High-interest rates are a sign of a healthy economy and investors like healthy economies. Meanwhile, low-interest rates are used to stimulate consumer spending and companies like selling things to consumers. What is important is the context behind each decision, which means even more fundamental analysis.

Other factors the fundamental analysts like to understand are;
Growth. This means a positive increase in Gross Domestic Product (GDP)
Employment. High unemployment is a sign of a weak economy.
Consumer Spending. Whether people are spending money and what they spend it on.
Trade. How much is a country exporting and importing and how it relates to previous figures.

News Trading and Fundamental Analysis

News trading is a topic that gets spoken about a lot. It is indeed a component of fundamental analysis but much more beneficial for short term forex trading strategies. Many Forex brokers promote and strongly emphasize the significance of news events. This is a tactic to engage traders and keep them trading on a regular basis. The tactic has led to many traders believing in a common misconception. Traders believe that a single news statement can dramatically influence the shape of an economy and alter the course of history.

Speeches and announcements are an essential component of fundamental analysis. Events like the Non-Farm Payroll (NFP) are well documented to cause dramatic moments of volatility. However, single pieces of data only have a short term effect on the Forex market, usually lasting just a few hours. Fundamental analysis is usually applied to larger timeframes.

News announcements can still be valuable. In a consolidated market where there is no clear trend, a statement or new piece of data can be the spark that ignites a breakout into a new trend. Earlier technical and fundamental analysis can help to determine the direction of the new breakout.

On the other hand, many traders are using economic news events to suspend their trades. These traders think that news events can interfere with their long term strategies which look further ahead than individual events.

There is no dispute that interest rate decisions and major changes to employment or GDP are important details. The sad truth is many insiders know these details before they are announced to the general public.

How Fundamental Factors Affect Forex

Like a butterfly effect, almost anything can influence the health and stability of a country’s economy. Using fundamental analysis in a Forex trading strategy requires a lot of research. Traders can spend several hours a week reading news headlines and analyzing economic reports. It’s just like conducting an investigation.

Generally speaking, the main reason a currency increases or decreases in value is related to the amount of interest there is to invest and spend in that country. That means natural resources, manufacturing, services, tourism and consumer spending are significant factors of whether a corporation wants to do business in a particular country. In order to do business in any country, you need their domestic currency to spend locally.

Fundamental analysis Forex traders study local and international news, the performance of other financial markets, announcements from Central Banks and interest rate changes, economic reports like GDP and unemployment stats, political stability, civil unrest, international relationships, trade partnerships, policy changes and regulations. As you can see, the scope of information required is broad. So many factors can influence the strength of a currency, even the price of other markets.

Why Fundamental Analysis in Forex is Important

Diversification is an overused phrase in investing and for a good reason. Never put all your eggs in one basket. A good trader will draw their conclusions from multiple sources of data. Micro news events can help to time breakouts, technical Analysis can be helpful gauging entry and exit points, and Macro Fundamental Analysis can help to predict the direction of the movement.

To be a competent trader, it’s essential to understand how the market moves and operates. Fundamental Analysis can help you to make sense of price movements and trends. Usually, if something looks irrational, it likely means that you are missing some essential data.

Any advice included in this website or correspondence is general advice only and is based solely on consideration of the investment or trading merits of the financial products alone, without taking into account the investment objectives, financial situation or particular needs (i.e. financial circumstances) of any particular person. Before making an investment or trading decision based on the advice, the recipient should carefully consider the appropriateness of the advice in light of their financial circumstances and should carefully review the PDS of the relevant financial product as provided by your investment broker.