Trader’s prudence

Chapter II T rader’ s prudence Despite the fact that reason is a commonly observed quality, desired in people of all classes, rank and status, in a sense, it is more befitting and beneficial to the trader whose common trait it generally is. Otherprofessions sustain themselves by abiding by proven rules and formal regulations, whereas trade isunique in its reliance on one’s freedom of choice and independent decision-making. Thus, the traderneeds to be prudent for prudence is what honest people, in order to distinguish right from wrong, are dependenton. The ability to make a distinction between the two is based on one’s previous experiences, aswell as considering the present experiences and those that have yet to be undergone. In his book On Comfort,Boetius says: “It will not suffice to observe what is written by eyes only, for reason determines the outcome of events. “ Cicero says: “May man not forget theduty of reason so that he can determine in advance what outcome might be produced, regardless of the steps hetakes, and what is to be done in whichever case so that he does not end up saying: This I failed to consider.”Most mistakes pertaining to trading are commonly irreparable or damaging so the trader musthave a clear head, a clear understanding and be able to make wise decisions. In every business affair, it isvital that he is cautious, always alert and able to change his decisions and make new ones to prevent anymishap that might be suffered. Common sense is a prerequisite of care, caution, mindfulness and flexibilityof spirit.

The trader must take care of his future, and therefore he will harness the events in his present,aiming at the purpose that leads to achieving the goal he set for himself. He ought to be mindful and wary of faults and maintain his cleverness. His mindfulness stemsfrom the capacity to distinguish right from wrong, cost from benefit, truth from lie and flattery from reality.He must not be misguided by wile benefits, as the T rojans were when the Greeks used a horse to deceivethem, building it instead of the statue of Minerva. Therefore, you, who are reasonable and cautious, be wary of people who appear as good, righteousand godly, for although they come in sheep’s skin, their nature is that of a wolf. They are adders indisguise who bow their heads in hypocrisy. The trader must be inclined to knowledge and studying himself first and then all others, forhe who understands his own nature, understands the nature of everything else. This can be accomplishedby extensive reading so I advise you to read whenever you find the time. T wo things must be keptin mind while doing so, according to Cicero. First, do not hold the unfamiliar to be familiar to you, for thisis presumptuous. Second, do not engage in matters you are not conversant with, which are unessential and unclear, at theexpense of those a trader should pursue. It would be as if one were to disregard ethics, but wished tostudy geography or astrology. Nevertheless, many unskilled and foolish young men occupy themselveswith dancing, courtship, banquets and other pleasures, being apparently less keen on studying grammar,oratory and other honorable studies. Many of our traders are very skilled in playing card games, chess,chequers,

gambling and fencing, wrestling, music, hunting, fishing, etc., but grossly ignorant about science.Such men are stupid and harmful: interested in matters of no importance and ignoring those ofessence, which is contrary to common sense and knowledge, its daughter. The quality of being learnedimplies not only having the knowledge but also the capacity to teach others, especially one’s offspringand all those dependent on one’s guidance and teaching.