“There are known knowns; there are things we know that we know. There are known unknowns; that is to say there are things that we now know we don’t know. But there are also unknown unknowns—there are things we do not know we don’t know.”
—Donald Rumsfeld, U.S. Secretary of Defense in the George W. Bush Administration
Performing a few mouse clicks and transmitting an order isn’t all that hard. It’s not all that difficult to understand how the money works, either. What is difficult is extracting profits from the markets (something we’ll tackle later), but you have to start somewhere. This chapter is for those who need to understand the basics.
Commodities are not only essential to life, they are necessary for quality of life. ...