It’s helpful to understand (even if you don’t trade it)

Watching my adult children compete in rodeo over the weekend, this thought struck me. Learning about what they are doing helps me even though I’m not going to be doing it!  Trading is the same.
   Training them in martial arts and coaching my son in wrestling was normal for me. I had an intense knowledge of both as a competitor and trainer. When my daughter began dance comp I was lost, but I learned about it. I wasn’t going to do it, but it helped both of us avoid pitfalls. Same with the rodeo circuit now.
     In trading, many of us focus on very specific areas( myself included) and sometimes we don’t look at how other things effect our space. If I’m trading Eur/USD how does something involving a policy change in Canada effect that?  It doesn’t always, but it certainly can. Agreements from trade to shipping can have vast currents, especially in forex. It may just be general market jitters that hit your supposedly non correlated space, but often there is a deeper connection. The effect on energy prices of an agreement. New alliances. Reserves hitting the market. The list is long.
   I’m not saying that you shouldn’t have intense focus on your area. I myself do. I’m also not saying that you can or should know all that is out there. Not possible. Still a broader based view of markets and economies can help you avoid traps and see opportunities.  Broaden your daily look a bit. It doesn’t take long. Be nimble. Be aware
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