Being familiar with the terminology and trading jargon will allow you to comprehend what experts in the field are discussing.
Terminology and definitive
The most basic definitions and terms are commonly used within the financial market.
Transactions with addresses are transactions executed directly between bidders based on an agreement between them, not via a trading platform.
Iceberg application. A form of order where the entire number of contracts is listed however only a small portion of these (visible) is shown. The process of processing such applications takes place in phases. After the operation of the first stage it is then displayed the next then the next.
Shareholder is the person who owns shares.
The term “share” is an investment that offers its owner numerous options:
- You can claim a portion of the profits of the company proportional to the fair market value of the asset
- Participate in the Board of Directors and take part in the decision-making process that determines the direction for the development of the business.
Shares are generally divided into preferred and ordinary. The second type of security allows the owner to take home an agreed-upon percentage of company’s earnings.
Algotrading (algorithmic trading) is the process of trading using certain algorithms, based on the statistics. The majority of the time, this method is automated. For instance, in MQL, a type of MQL language, experts create programs (EAs) which can trade in accordance with an exact algorithm, without any human intervention. In recent times the machine learning process is gradually being added to them.
Analyse is a research of the current market condition as well as the background of quotes, and the impact of economic factors and other variables on the dynamic of pricing to create an efficient trading strategy and then implement it.
arbitrage is the acquisition and selling of one particular asset on multiple stock exchanges for a set price in order to earn profits. Contrary to Forex the Stock trading platforms can be centralized, and so the price of one asset on individual platform can be different due to an incorrect evaluation or other factors. This can lead to opportunities to trade arbitrage.
Ask — the amount that the investment where a sell transaction is open (opening an order to sell).
outsiders are traders that do not possess exclusive (insider) details about the price of assets.
Base currency or base currency (Base Currency) – a monetary unit that is part of the numerator of an paired asset. For instance in the EUR/USD pairing that is euro as well as in the AUD/USD pairing it is that is the Australian dollar.
Bar Chart is a chart that shows the dynamics of asset pricing as a sequence of prices (bars). It looks visually like this:
Every element is designed to correspond with the specific timeframe determined by trader (timeframe) it displays data like:
- Price fluctuations of an asset over the specified time period, which is in line with the timeframe that is set;
- The price of the opening (horizontal direction of the line to left) and closing price (horizontal directed to the right);
- The price fluctuation range over the course of the year.
A risk-free interest rate refers to the interest rate that applies to the holders of “risk-free” securities. These include for instance, US Treasury bonds.
Bid Bid The price where the asset will be bought (opening the Buy order).
The Exchange is a platform to trade securities and other financial instruments. Experience shows that these platforms are created by experienced bidders who are represented by LLC, OJSC, CJSC etc.
Brokers are an firm or individual who offers consulting and intermediary services to the financial market. In this sense, the broker takes trading orders from customers and promises to fulfill them at the rates stated in the order.
To be on the market or not in the market – to be able to trade or not.
Counter currency is A money-related unit which is the denominator of a fractional of a pair of assets. For instance, in the EUR/USD and AUD/USD pairings it is the currency used to counter the US dollar.
Currency basket is a collection of standard currencies of third-country nations that are required to determine accurately how much value is attributed to the nation’s currency. For instance for the Russian Federation, a similar method is used to link the currency exchange rate of the country’s currency and euro to that of the US dollar.
A currency intervention refers to the intentional effect of the central bank’s influence on the price of nation’s currency. This is because the Central Bank of each state is attempting to build up reserves of foreign exchange. It’s about purchasing demanded currencies. If there is a risk of a fall within the value of exchange for the currency, a substantial portion of the reserve transferred to the market, which can affect the stability of the national currency. For instance it is the US dollar holds a substantial part of the reserve of foreign exchange in the Russian Federation. When the ruble falls in comparison to the American currency then the Central Bank of the Russian Federation sells a large amount of dollars, which results in an artificially low demand. The manipulations that result outcome, boost values of Russian ruble against USD.
An promissory note is a form of promissory note drafted in a strict form. The owner of the bill of exchange can request from the debtor or the organization an amount in cash, or other values that are specified in the contract.
Volatility refers to the amount of deviation from its mean values. The more volatile the price fluctuation in an investment, the greater its volatility.
Margin is an portion of the capital not available on the account of the trader when purchasing an asset with leverage. For instance when the broker’s financial backing is 1:20 The minimum margin amount is 20 percent on the balance. The collateral acts as an insurance policy for the transaction against non-fulfillment financial obligations by the customer.
GKO GKO is a short-term bond issued by the government. A method of raising money for borrowing GKOs are not available in every country. For instance, in Russian Federation, the issue of GKOs is not yet renewed, mostly due to the negative experience of the past which led to the default in the 90s was caused through the misuse of this instrument.
Global deposits is the procedure of transfer of securities from one bank to another. The process of transfer and the structure of the portfolio transferred are strictly controlled. The seizure of papers is banned.
market depth – details on the transactions of buyers and sellers of a specific asset.
Blue Chips are parts of biggest and stable companies that have a significant size capitalization (Rosneft, Gazprom, Apple, Microsoft, Sberbank and other companies).
Horizontal spread is a method that involves purchasing choices of the identical kind (Calls or Puts) at the same rate however with different expiration dates.
An could be a gap that appears on an price chart. In general, it develops after the publication of the report. Gaps tend to close. This feature is often used for trading.
Gambling It is the trading style that is not regulated is defined. Translated into Russian gambling literally means “playing for money”, which demonstrates the impulsive behavior of traders in engage in trading.
Currency devaluation is a decrease in the cost of a nation’s currency relative to currencies of other nations.
Delisting refers to an act of delisting of the shares of a particular business from the inventory of the assets that are traded through the market. Delisting is carried out in a forced manner upon the recommendation of the administrative staff of the floor for trading or upon the request of members of the boards of directors for the company that issued the security (the company which granted the securities).
Denomination is an alteration in the value market of a note, however the actual value is not changed. The denomination can be utilized to facilitate mutual settlements under conditions of extreme inflation.
Derivatives are asset whose worth is dependent on an underlying asset.
Definition is the reverse of inflation, an expression which refers to an intense diminution in the cost of services and goods relative with the worth of the currency used in the country.
default – inability to pay the agreed financial obligations. The term is employed when a nation or firm recognizes that it is not able to meet its credit obligations.
The long-term position represents an offer to purchase (Buy).
Divergence refers to an example of a divergence. When it comes to trading on exchanges the term “divergence” is employed in situations where the chart and the oscillator line go in opposite directions. Additionally, the idea is applicable in situations when each local maximum on the graph of price is constructed over the previous one and the bars of indicator histograms are constructed from the reverse direction, and the reverse is also true.
Diversification refers to the allocation of capital among various assets or opening orders on a variety of financial instruments that have zero correlation coefficients to limit the risk. For instance, if the stock of one firm goes down, another position will offset the loss and will meet the financial requirements of the investor.
Dividends (dividend yield) are dividends are the amount distributed for shareholders by the firm. The decision regarding the payment of dividends as well as its importance is taken by the Board of Directors based on the outcomes of the period in which they report.
A Dealing center is an business that offers the services of intermediaries and consultants on the financial market. Dealing centers offer traders trading software, and facilities with all the necessary equipment for a an enjoyable work environment.
Drawdowns are an unprofitable series of trades that resulted in the loss of some of the money.
EBRD – European Bank for Reconstruction and Development.
Eurobond Eurobond European Coupon bonds are issued for a prolonged period. The duration of interest it is common to differentiate between the long-term (from 15 to more than) and short-term (5-15 year) or the short-term Eurobonds (1-5 five years).
Euronotes The duration of these bonds is 3…8 months. The interest rate is afloat and is determined using LIBOR. A debt instrument that is used to raise funds.
European choices are options that do not allow early redemption. The repayment is only made at the time of expiration.
The sole price is given through the broker customer. It is a fixed price and not a quote from the market which is always changing based on the balance between demand and supply.
Deal logs is an area for recording and storing details about previous trading transactions. The closest equivalent would be trading histories. The information needed is crucial for traders to gather data and analyze mistakes to adjust the strategy, in the event of need.
A market that is abandoned has a place that has virtually no liquidity. There is no one who wants to sell or buy.
The “blue sky” laws are the official name given to the law that regulates the actions of those who participate on the securities market within the United States.
Pledge assets that act as collateral for borrowing funds. In leveraged trading, margins are also known as collateral.
Application is a reference to trading on exchanges An application is an offer to conclude an exchange. It may be provided the market price or at a price different in comparison to the price of market.
Zigzag is a well-known indicator that lets you discern significant movement in charts. It’s not intended to predict the future behavior that the charts will exhibit in the coming days Its purpose is to detect minor changes.
price umbrella A monopoly company determines the policy of price to every other firm that makes the identical product. Because of this, identical pricing for similar products remain in the marketplace.
The gold parity is the amount of pure gold is in the unit of monetary value of the state, in weight. It can also be used to describe the ratio of currencies by the weight in gold.
A gold standard refers to the obligation of the value of currencies of nations to gold in a predetermined ratio. The same system of world order was in use up to July 22, 1944. It was replaced with the Bretton Woods system which focuses on the separation of currencies from the worth of gold in addition to an absence of fixed rates for exchange.
Investors are an person who seeks an income from investing no-cost money in lucrative projects or financial instruments and other things.
investments – the money invested to earn passive income
A index can be described as an example of a “portfolio” that includes shares of several major corporations. The chart of an index shows the average total value of the assets in the structure.
Indicators are an an analytical tool The algorithm includes a specific formula for creating trading signals.
Instrument (financial) -(financial) – any asset that can be exchanged on markets for financial instruments (cryptocurrencies and futures, as well as options CFDs, currency pairs commodities, and many more).
Inflation refers to an rise in the price of services and goods relative to the exchange rate of the currency used in the country.
Insiders are an investor who is able to provide valuable information on the potential dynamic of the price of instruments in the financial market.
Institutional investor bidders with the highest capital. The term has recently come into use in a more narrow meaning. The term “trader” is used to refer to funds and investment companies, as well as insurance firms (such as institutional investors, etc.)
US Treasury bill – an security issued over a time of 3 to 6 or 12 months to attract investors to pay for the deficit of the national budget.
Channels are an moving price trend between resistance and support lines.
Capital Capital the total of all tangible assets, such as real estate, transport and many others in which the possession can provide a source for passive income.
Capitalization refers to the total value of assets of a company multiplied by the value of their market.
Clearing refers to not a cash-based trading of shares, goods as well as other physical assets which is based upon accounts for financial mutual demands as well as the debt obligation (balance of the payments) of the parties of the trade.
Close – closing a deal (order).
Quote Quote the cost of an asset that bidders are prepared to purchase or sell.
Convergence refers to the term used to describe convergence, or the term that is opposite to divergence.
Consolidation refers to the change in prices in a downward direction. Consolidation indicates uncertain market sentiment. In these times it is evident that there is a drop in the volatility of financial instruments.
Correction Correction the motion of the chart that is directed towards the trend. Corrections can range from half of trend’s movement.
Correlation refers to the primary dependence of different assets. The value of correlation is defined as a range of coefficients ranging between -1 and 1 where -1 indicates the opposite of negative correlation (asset chart moves in an opposite direction from one another) 1 indicates positively correlative (charts are moving in the exact same direction) and 0 signifies the absence of financial instruments that have connections. The correlation values can vary according to market volatility.
Short position — opening deals for sale (Sell).
Leverage is the ratio of the capital of a trader or investor to borrowed funds provided by a broker or other bidders to increase the volume of transactions and, therefore, profits.
Cross rate – price charts of currency pairs, which do not include the US dollar.
The market value of a security (rate) is the market price, that is, the actual value of the asset at the time of the transaction.
Leverage is synonymous with leverage.
Liquidity is the ability to quickly sell a financial instrument. The closest synonym for liquidity can be called “demand”.
Line chart – displaying the dynamics of asset pricing in the form of a curved line.
A trend line is a straight line drawn in relation to local levels on a price chart. Trend lines indicate the direction of the trend, and also allow you to identify a reversal in a timely manner.
Listing is a set of procedures for checking the company’s shares for compliance with the requirements of the trading platform, as well as adding x to the list of assets available for trading.
Locking is the opening of two deals with equal trading volume in the opposite direction. Locking is often used to save a transaction from being forced to close with a negative financial result (Stop Out).
Lot — a unit of measurement of the trading volume of an exchange transaction.
Low – price minimum.
Majors or majority shareholders – holders of large blocks of shares.
Broker – an agent who, at the request of the client, identifies the relationship between supply and demand in the market. In addition, the brokers negotiate all the terms with the parties to the transaction, and also assume the responsibility for registering the transaction on the stock exchange.
Money management is a set of rules aimed at the competent management of capital in the conditions of exchange trading.
Margin – in the context of exchange trading, this term refers to the amount of funds reserved for an open order.
Margin trading is the ability to carry out trading operations using leverage.
A market maker is a participant in trading operations that ensures high liquidity of the assets assigned to him. To maintain the desired balance of supply and demand for fixed assets, market makers open purchase and sale transactions with the trading volume necessary to achieve the set goals.
Metatrader (MetaTrader) is one of the most popular trading platforms for opening transactions in the Forex market (currency pairs and CFD contracts).
Minors or minority shareholders – the owner of shares, the number of which does not allow him to take part in the board of directors and influence the vector of the company’s development.
Accumulated coupon yield (ACI) – yield on a bond, calculated taking into account the number of days that have passed since the date of payment of the last coupon or issue of bonds. When selling a bond, ACI is not lost.
Non-market quotes are inaccurate quotes that have a significant price gap with the chart (more than 10 points). They arise as a result of a technical failure in the operation of the software due to the fault of brokers or liquidity providers.
Market inefficiency is a term that defines a market condition in which investors are unable to determine the future pricing potential of an asset.
Non-voting shares are securities that do not give the right to vote at a shareholders’ meeting. In other respects, they may not differ from ordinary shares; dividends are paid on them in the same amount as on voting securities.
An uninsured option is an ordinary option, the holder of which has decided not to insure and not to buy the contract in the opposite direction. For example, buying a Call without buying a Put means working with an uninsured option.
Non-trading transaction – any transaction that is not directly related to trading. It can be replenishment of an account or withdrawal of funds from it, or transfer of money between brokerage accounts.
Par value (face value of a share) is the value of a security officially announced by the issuer. As a rule, it has nothing to do with market quotes, which are determined by the balance of supply and demand.
Nominal rate – the rate of a security established on the basis of its par value, the market quotation is not taken into account.
A bond is a security that is actually an analogue of an IOU. Its holder has the right to demand from the issuer at the agreed time its face value. Bonds are one of the most popular instruments for risk diversification.
A convertible security is an option or preferred stock that the holder can convert into ordinary shares.
An option is a contract under which the parties agree to buy/sell an asset within a specified period and at a pre-approved price, even if the price of the asset differs significantly from the market at the time of closing the transaction.
Order – a trade order.
The oscillator is a “leading” indicator. Oscillators are technical analytical tools that identify overbought/oversold areas, divergences/convergences, and reversal points on price charts. Visually, they are histograms or curved lines that are built in an additional window under the graph.
Rollback – a slight change in price against the main trend.
Open interest is a fundamental indicator, the value of which corresponds to the number of futures exchange contracts (options or futures) that have not yet been settled.
A pending order is a trade order that will be executed when the price reaches the level specified by the trader.
A pattern is a model or figure, the formation of which on a price chart allows a trader to predict further price movement based on statistical data.
A mutual investment fund (PIF) is one of the forms of collective investment. The management company forms a portfolio and then sells its shares or units, anyone can buy them and sell them later, thus fixing the profit.
Support is a horizontal level below the price. It is built on local or absolute extrema.
A portfolio is a set of assets in which funds are invested. The portfolio may include shares of companies, precious metals, cryptocurrencies, bonds.
Slippage is the difference between the price specified in the trader’s trade request and the value of the asset at the moment the order is executed by the broker.
Profit – profit on the deal.
Direct investment is the investment of funds directly in the production of a product or the purchase of a controlling stake.
A preferred share is a security that gives the holder greater rights than the owners of ordinary shares. The advantages lie in the priority right to receive the property of the company during its liquidation and the payment of dividends.
A pip is the minimum price change.
A rally is a sharp non-rebound increase in the value of a stock.
Register of shareholders – a list of holders of securities. For dividend securities, it is important to be in the register of shareholders before the cut-off date, otherwise, dividends will not be accrued.
Repo is an agreement on the sale of any assets, which stipulates the obligation of the seller to redeem them at a certain price.
RTS is one of the main Russian indices.
Range – the movement of the asset chart in a horizontal corridor.
Regulators are structures that control the activities of brokerage companies and ensure their compliance with legislative norms, as well as protect the interests of clients.
Reinvestment is the investment of profits received from the purchase of securities in order to increase potential profitability.
Requote – a broker’s offer of a new price at which the order will be executed. Requotes are formed due to the impossibility of executing the client’s trading order at the price specified in the order.
A recession is an intense decline in economic activity.
Risk management is synonymous with money management.
Swap is a fee for transferring an order to the next trading day. It can be both positive and negative. Swap values are unique for each brokerage company and are specified in the contract specifications.
Spread is the difference between the Bid and Ask prices.
Split – splitting shares, increasing their number. At the same time, the value of one security decreases proportionally so that the capitalization of the company does not change. Due to this, the entry threshold is reduced and new investors are attracted.
Strike is the price at which the underlying asset is bought/sold. The position of the strike affects the profitability of options; it is with respect to the strike that the result of a deal with options is calculated.
Strapping is an options trading strategy that involves buying 2 Calls and 1 Put with the same expiration but different strikes.
Strip is a strategy for working with options. A synthetic construction is created from a purchased Call and 2 purchased Puts.
Derivatives market – a market where futures contracts (options, futures, forwards) are traded.
Glass — a list of applications for opening orders in the trading terminal.
Stop Loss is a safety order that limits the maximum allowable loss on a trade.
Tick - the minimum exchange rate fluctuation.
Trading session – a certain time period within which transactions are concluded on the stock exchange.
Timeframe – how long it will take to form 1 candle or bar.
Technical analysis is a method of market analysis, the main postulate of which sounds like “the price takes into account everything”. Traders proceed from the fact that the price has already taken into account all the fundamental factors, so for analysis it is enough to work with the chart.
A trend is a directional movement of a chart. It is characterized by constantly rising or falling local extremes.
The breakeven point is the quote value at which the total result for all open positions is equal to zero.
Timing is the most favorable time to enter the market. Depends on the specific trading strategy.
Take Profit is an order that fixes profit at the level marked by the trader.
Trailing Stop is a constant transfer of the Stop Loss order when the chart moves in the direction the trader needs.
Free-float (free-float) – shares that are freely traded on the market.
Futures is a derivative financial instrument, by concluding which the parties agree on the purchase / sale of the underlying asset, as well as on the price and delivery time.
Forward is a settlement system in which the direct exchange of currencies occurs after a certain time after the conclusion of the transaction.
Forest is a non-standard chart type. A line is drawn at the closing price, and information on other prices is displayed as dots.
Fractal is a standard indicator that determines local highs and lows on 5-candle formations.
Fundamental analysis – market analysis taking into account fundamental factors (news, quarterly reports, macroeconomic indicators that characterize the company’s work).
Stock indices are indicative instruments used as barometers that characterize the state of the markets of individual countries, sectors of the economy or regions of the planet. You cannot buy/sell indices directly, but you can work with derivative instruments on them (futures, options).
Hedging is the opening of a series of trading orders in order to protect capital.
Chart – price chart.
The Chicago Mercantile Exchange is one of the largest trading floors in the world. Futures and options are traded here.
Short — a Sell order.
Equity is a value that displays the state of the trading account after opening an order.
Expiration – the term of the contract.
The issuer is the company that issued the share.
Emission is the issuance of securities or money into circulation.
Emission right – a set of rules governing the issue of securities or money.
Japanese candlesticks are a type of price chart display. Bar analogue. Price elements are formed in the form of candlesticks: colored elements indicate that the value of the asset was declining, while transparent ones indicate growth
Audi or kangaroo or kiwi – AU/USD currency pair.
Alpinist – supporters of opening Buy orders.
Watermelon – a billion rubles.
An astrologer- analyst, here traders are hinting that analysts’ forecasts often do not come true.
Avtotaz – shares of the Avtovaz automobile manufacturing company.
IPioshka – shares of a company that recently went through an IPO.
Fornication – inconsistent, chaotic movements of price charts within the day.
Beavers – bonds of the Central Bank of the Russian Federation.
A swamp is a side trend or flat.
Bonds are bonds.
Sideways or riser is another slang term for a sideways trend.
Bull – t raiders who open buy orders.
A bull market is an uptrend.
Biggins are traders who place pending buy orders.
Chainsaw – strong price fluctuations.
Paper – shares of a company.
Tops – stocks with low liquidity.
Fly in – lose a significant part of the deposit.
Wolf is a successful trader.
Stand in a pose – open an order.
The second tier is stocks of young companies or enterprises with small capitalization.
Entrance ticket – requirements for the amount of the initial deposit.
Takeaway is an intensive change in the value of an asset.
Sluggish glass – a low number of applications for opening new orders.
Blow, vparit – sell shares.
Go to zero-close transactions with a zero result, there is no loss or profit.
Wolf is a confident trader.
Vazelinos is the former Prime Minister of Greece, his surname is Venizelos.
Hydra – shares of RusHydro.
Gazmyas – shares of Gazprom.
Nails – a set of long candles, from a range that exceeds the ranges of neighboring candles.
Digest – a list of major events that may affect the pricing dynamics of liquid assets.
Dax is the German stock index DAX.
Dvizhnyak is an intense short-term trend, which is accompanied by a significant increase in volatility.
Day trading is intraday trading.
Depot – deposit.
A driver is news that can radically affect the mood of large trading participants, which will affect further pricing dynamics.
Topping up – additional entries into the market in the same direction. Traders often top up, for example, during the development of an uptrend.
Eve is the EUR/USD currency pair.
Jewish currency pair EUR/JPY.
Unicorn is a startup with an estimated value of more than $1 billion, and the startup has yet to issue shares or become a public company.
Marrying on paper is a long-term investment of free funds in securities.
Giro – an instruction to the bank to transfer a certain amount to a third party, the signature of the check. The term comes from giro – appeal.
Fat Cat is a relatively small company that earns money by participating in high-risk projects.
A stinging bee is a relatively small company that implements a project together with a large business and receives an inflated profit relative to its contribution to the common cause.
The rip saw victim is the result of a double bad deal. For example, a trader buys at the maximum, after the fall of quotes he decides to sell, but does it in the area of the minimum. As a result, he receives a loss on both transactions.
The crane is a small volume trade.
Zhypi is a financial conglomerate from JPMorgan Chase.
Load – invest all free funds in one asset.
Bully – unreasonably increase the value of an asset.
Castle – locking.
Zafibonachit — drawing on the price chart of the Fibonacci grid — one of the most common analytical tools.
Shove — close the order at the market value.
Salt – sell.
A hare is a trader who unreasonably opens many trades throughout the day.
Zebra – consecutive alternation of descending and ascending Japanese candlesticks.
Slaughter an elk – fix losses.
An ambush security is a stock that has the potential for growth, but does not grow when the majority of traders expect it. The paper is in a kind of ambush.
Izba is a company related to trading on the stock market.
The hut is a representative of a brokerage company who sees the levels of location of safety orders for clients.
Industrial is the American Dow Jones index. The structure of the index includes shares of companies in the industrial sector.
The turkey is an indicator.
Intraday – intraday trading.
An intraday trader is a supporter of short-term intraday trading with insignificant target levels.
A boar is a trader who overstays profitable orders, as a result of which he closes transactions with a zero or negative financial result.
Cable – GBP / USD currency pair.
Qual is a qualified trading participant with access to an extended list of financial instruments available for trading.
Quick (QUIK) is a popular trading platform for transactions in the stock market.
Contango – situations in which the value of the futures is higher than the prices of the underlying assets.
Feed or plankton – novice traders who do not have the necessary knowledge and skills for successful trading.
Shorty — an order opened against the global trend in order to profit from tick price changes.
An astronaut is a trader holding an open buy order.
Crocodile is an indicator of Bill Williams “Alligator”. It is one of the standard analytical tools in any trading platform.
Crosses are currency pairs that do not contain the US dollar.
Puppeteer – market maker.
The merchant is a big investor.
Buy in the Pit — opening Buy orders after the price chart reaches a local minimum.
Smoking on the fence – analyze the market without taking trading actions.
Kitchen – brokers that process client orders on internal servers and do not provide real access to trading in financial instruments. Cooperation with such organizations entails a conflict of interest, that is, a situation in which the profit of the trader is the loss of the broker. In such conditions, there is a high risk of non-payment to the client of the profit received in the course of trading.
Author of articles, trader, and investor. “Trading for me is a source of inspiration and a pleasant pastime. There are more than 20,000 assets, but even any one of them can open up great horizons of activity, knowledge, and opportunities.”