Most people don’t know how to trade.
Chris F. Masse February 4th, 2007
The truism is from Alex Kirtland at Usable Markets —not “useable markets”, as spelled by Jed C. on his blog (but clever-guy AK hedged against domain name misspellings).
Could it be that an exchange executive’s main purpose is to focus the marketing on a profitable segment, the ones who already know how to trade?
Would you try to sell scientific calculators to math-unliterate [*] people?
[*] See here the difference between “illiterate” and “unliterate” (or put your mouse cursor on the link and see the pop-up text).
(((As a joke, and with all due respect to AK, my next question is: Is AK a marketing-illiterate or marketing-unliterate person?)))
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Most males don’t know how to use condoms.
- Would you try to sell condoms to eunuchs?
- Wouldn’t you try to sell condoms to very sexually active males, first?
Should a prediction market exchange/consultant invest time and financial resources into educating people to trade? Shouldn’t they focus on market-friendly people, first?
Do we really need ALL the people to go trading? Or do we need to satisfy fully THE active traders, within any group or population?
Full traders’ satisfaction = continuous focusing on: software usability + software innovation
Would attending the newbies be a distraction in this pursuit?
Citing BetFair again, it seems that they identified the sophisticated bettors as their target…
http://www.midasoracle.org/200.....n-markets/
… but they are also trying to educate/train people.
Later on, when I have time, I will dive into the differences between BetFair Education and BetFair Academy.
[...] BetFair Education vs. BetFair Academy I looked into that, as I said. [...]