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Figure 1.1
The Trading Success Cycle |
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From that very humble beginning has grown an almost unimaginable financial powerhouse that has long been the envy of the world, and that is becoming more global each day. The trillions and trillions of dollars that have flowed through our securities markets . . . have financed world wars, built cities, launched awe-inspiring public works, and given rise to great business empires. And, countless millions of individuals have enjoyed the growth of their financial assets. |
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How did this all happen? From a loose collection of brokers under a single tree grew an amazingly productive, yet complicated, financial world. There are equity markets, bond markets, option markets, commodity markets, currency markets, and on and on. |
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Each market is driven by its own unique specialists, working in highly specialized firms, who effect the trading of a specialized group of securities, following specialized rules and customs, and even speaking their own specialized business language. It is this very ability to specialize that makes this growth all possible, and within the equity markets, it is specialization that has been at the root of the creation of the first five markets. |
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