Why does liquidity matter to the online trader?

Perhaps due to the following reasons:

  1. It is easy to establish and exit a position because of the depth, liquidity, and continuous, 24-hour nature of the FX market.
  2. You can react to economic and political events right away because you can get consistently tight bid/ask spreads anytime of the day.
  3. Because of the FX market’s continuous activity (24-hour), trading is more orderly.

Any other ideas?