This article contains the complete text of the book "Ten Truths of Trading" that [i]Trade Routes[/i] adds to the world as an in-game way of explaining the mechanics of how the mod works. If you are interested in these guidelines, read on; however if you prefer a more immersive and spoiler-free experience, you may want to stop here and find the book for yourself in-game. [b][u][color=yellow]Ten Truths of Trading[/u] [i]by Tyrellius Turrianus[/i][/color][/b] [i]found randomly for sale, and in the East Empire Trading Company offices at the docks in Solitude (EastEmpireTradingCompanyDocks), in Windhelm after they're restored (WindhelmEastEmpireCompany), or on Wyrmstooth if installed (WyrmstoothDocks01)[/i] Throughout my long career as a traveling merchant, I have often been approached by aspiring young traders - and occasionally by old ones - who sought my guidance and advice. I never gave them any, of course, since all of those young traders - and even the old ones - were merely competitors in disguise. Even those with the courtesy to offer payment for my consultation failed to grasp the fundamental contradiction: those who needed my advice could not afford it, and those who could afford it did not need it. But now that I am comfortably retired, I find myself moved to impart upon the next generation some small portion of my knowledge of the merchant's trade. By purchasing this book you have already set yourself well on the road to riches and prosperity, but nonetheless I will begin at the beginning, with the first and most fundamental truth of mercantilism: [b][i]Profit Is Price Minus Cost[/i][/b] This may seem so self-evident as to be unworthy of mention, but I have been astonished at the number of traders who become so engrossed by the intricacies of their schemes that they lose sight of this basic principle. If you seek to make a profit in the buying and selling of goods, then all you must do is sell those goods at a price that is higher than your cost to buy them. In the remainder of this book you will find Truths which can teach you to identify what goods to trade, and to choose where to buy and sell them, and to minimize your cost and maximize your price. But always remember that those Truths derive from this one, and they are meaningful only to the extent that they can be used to increase your profit. To that end, one of the simplest and most widely applicable ways to increase your profit is to remember that [b][i]Tongues Of Silver Earn Pouches Of Gold[/i][/b] To find any success as a merchant you must learn to barter, negotiate and haggle. The greater your skill in these arts, the less you will pay for your goods and the more you will earn from their sale. It is not necessary to achieve mastery before embarking on your mercantile career - a true novice may require some initial training, but the most profitable opportunities can be exploited with only a basic competency in the art of speechcraft. Be warned, however, that what you lack in skill you will have to make up in stamina, because [b][i]Neighbors Need No Middlemen[/i][/b] As an apprentice trader you will only be able to realize a profit on goods with the greatest difference in value between your points of purchase and sale, and such routes will never be short. Indeed, they will often lead you across entire provinces with each load of goods. As your mercantile skills develop, however, additional opportunities will become available to you. For example, where the apprentice must always buy his goods at the lowest possible cost and sell them for the highest possible price, an expert trader might buy those same goods at the second lowest cost, or sell for the second highest price, and still make a profit, albeit a lesser one. If it is not immediately apparent to you why any trader would voluntarily choose a lesser profit over a greater one, simply consider that [b][i]Time Is Money[/i][/b] Once you have identified the most profitable routes in your area, there is little more to be gained from agonizing over how many Septims you earn per crate of goods, or even how many Septims you earn per hundred Septims invested in goods. Such metrics are interesting, certainly, but their utility is limited given that these things are ultimately not under your control. Your profits will increase as you improve your haggling skills, but are otherwise determined primarily by the larger economy. Meanwhile, your ability to invest in goods to trade will almost always be limited by the inventory - be it goods or coin - of the merchants with whom you do business. What you can always control, however, is how you choose to spend your time, and so it is the Septims you earn per day that you should seek to maximize. To that end, it may well be worth accepting a profit of 100 Septims for one day's journey rather than 200 Septims for three days' journey, and for this reason you will often observe expert traders following a relatively direct tour from one town to the next. But, to be sure, considerable skill and experience are required before any worthwhile profit can be found on a tour of lower-margin routes. The apprentice merchant would therefore be well advised to consider only those goods with the greatest potential for profit, and in this regard, it is helpful to understand that [b][i]Variance Is The Spice Of Opportunity[/i][/b] The potential for profit in the inter-regional trade of any particular item may be influenced by many factors, but all of them are magnified and enhanced by the degree of variance in that item's supply and demand from one region to the next. The greatest opportunities will always involve items which are harvested or produced in only one place, or which are primarily desired in only one place, or both. With only a little consideration, the clever merchant will realize that the goods which most often fit this description are the minerals that are dug from the ground, since rich deposits of any given material tend to be few and far between. There are also certain types of flora whose growing conditions are unique enough to exhibit strong regional variance, and branded commodities such as wines, meads and ales can sometimes fetch a premium in the markets furthest from their source. On occasion I have even found profit in the distribution of spell books. But all of these are the exceptions; as a rule, most merchants will do the bulk of their business in metals. Even so, it can be quite tedious to scour a region in search of its mines, vintners, brewers, and unique flora and fauna; much time can be saved by recognizing that [b][i]Customers Can Be Your Best Teachers[/i][/b] Whenever you find yourself in an unfamiliar market, searching for a profitable export opportunity, it may be tempting to wonder which goods are available there at a lower cost than anywhere else. But that question, when put that way, is remarkably difficult to answer, since it requires knowledge of the cost of those goods in every other region. Instead, remember that high supply tends to drive prices down, and that correlation can be observed in both directions. Therefore, if you notice that a local merchant is offering a certain material in much higher quantities than all others, it is a good indication that you are close to a source of that material and it may be worth exporting. Unfortunately, this technique only applies to one end of the transaction; when goods are not available at all in a region, that does not necessarily imply that they will fetch a high enough price there to be worth importing. It can be difficult to find a suitable buyer for your goods, and there may be times when you must resort to visiting many regions in search of one where your goods are worth the most. But this can sometimes be avoided, since [b][i]Competitors Can Be Your Next Best Teachers[/i][/b] No matter where you go in Tamriel, you will seldom be the only trader operating there, much as you might like to be. Still, these competitors can sometimes be used to your advantage, since they will often know things about the local market that you have yet to discover. The clever ones will keep these findings to themselves, of course, but useful information can often be had for the comparatively low cost of a flagon of wine. And if the direct approach fails, there is always the possibility of sneaking a glance at a private notebook or journal. Certainly I cannot condone or encourage this tactic, but I would be remiss if I did not mention it, purely in the interest of completeness. It may also be the only available option during troubled times, when other merchants are especially wary and unwilling to speak openly with strangers. And indeed, you may find yourself in this situation regularly, because [b][i]Troubled Times Can Be Good For Demand[/i][/b] Whenever you hear tales of trouble and turmoil in some part of Tamriel, you would be wise to consider journeying there immediately. These are the times when regular trade tends to slow or even halt, as the local merchants become unwilling to risk the increasing danger on the roads. For the bold trader, however, this represents the ripest of opportunities, since the breakdown of normal trading routes will tend to drive all prices to the extremes. Suitable precautions must be taken, of course, and it must also be noted that [b][i]Troubled Times Can Be Bad For Supply[/i][/b] An atmosphere of danger and upheaval can increase your profits in the general case, as it will tend to scare off many competing traders, but it can also reduce your profits in particular cases, if it interferes with the normal production of goods that would otherwise be ripe for export. When you arrive in a troubled land, you should therefore pay close attention to any rumors of trouble among brewers, miners, and other producers of goods. In some cases you may even find yourself in a position to offer assistance. If at all possible, you would be well advised to do so, since this will very often lead to a reduction in your cost for the relevant goods, and a corresponding increase in your profit. Because, of course, [b][i]Profit Is Price Minus Cost[/i][/b] The life of a traveling merchant begins and ends with this basic principle, and so it is only fitting that this book should do the same. Some readers will no doubt consider themselves betrayed by the promise of Ten Truths, but after all, Nine is a decidedly more blessed and auspicious number than Ten.