In order for most businesses and most things in general, to work and be successful, some amount of marketing is required. Herein lies the major difference between “most businesses”,and trading. In fact, I’m certain this is a primary feature that attracted me to trading more than thirty years ago.
For the most part, in the business sphere, where revenue streams depend on party/counter-party transactions, the business entity may need to concern itself with a spectrum of factors other than price. Not so in the world of speculation. Essentially, nothing but the price matters! I realize implicitly that my financial marketplace cohorts, make their buy and sell decisions (in the final analysis) solely based on price.Thus I’m free as a trader to focus totally on my product, with little or no concern regarding its perception, or lack thereof. This is extremely liberating. This non-necessity of marketing however, comes with a price (no pun intended). However perfect my focus is, on price and its attributes, by definition its never perfect enough. Also, by extension, if ever one were to obtain such a “perfect perception” they should keep it to themselves; at least I would since if it leaked out it would cease to be perfect.
The privilege of getting to focus solely on the price, in turn, obligates the trader to firstly acquire, and subsequently, improve their perceptual focus. Research and modeling are primary domains of the successful trader, for which dollar and cent returns are the ultimate metric. A further potential debt, is the tendency to lapse into complacency regarding one’s skills and acumen. To do this is to set up for failure. Constant concern about the relevancy of my particular capacities serves to prevent my obsolescence, and the continual learning which I believe to be a requisite adjunct for the evolving trader, underscores the importance of education to the industry.
Tune in next Thursday (11/20/14) , 1:00 pacific time, for my next webinar, wherein I’ll discuss a particular opportunity my research has found in the forex sector.
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