How to turn AutoCorrect off on an iPhone?

I have an iPhone 4 and AutoCorrect is really annoying. It takes forever to send texts because I have to go back and fix the auto corrections. Is there a way to turn it off?

Settings>general>keyboard>switch auto-correction to off

On the iPhone 5 (so it may be the same or it may be different) you go to Settings/General/Keyboard and then there's a slider to turn Auto Correction on and off.

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