• What Can This NBA Star Teach Us About Trading?

    by  • October 8, 2013 2:43 pm • Lighter Side, Quick Hits • 0 Comments

    I’ve read Sports Illustrated for years now and an article this week on Tristan Thompson by Lee Jenkins might go down as one of the most amazing stories I’ve ever read.

    Thompson is a power forward for the Cleveland Cavaliers.  He was drafted into the NBA as a left handed player, and is currently making the switch to shooting right handed!  No player in the history of the NBA has ever done this.  You’d be hard pressed to find many high school players even try it.

    Larry Bird is famous for adding one element to his game very summer, well Thompson is taking this to a whole new level.

    I loved his rationale for the switch.

    “A lot of people stick with what they know because they’re insecure about putting something new out there and getting embarrassed,” Thompson says.“I don’t want to sit here in 12 years and think, What if I made that change? Could I have been one of the best power forwards in the league? Could our team have taken a leap?”

    I see several parallels with what Thompson is doing and with trading.  You can’t be afraid to make a change.  No system or strategy always works.  Times change and as traders we need to adapt.  He could have carved out a nice NBA career and made a ton of money, but he wanted to become great.  Shooting just 33% on his jump shots wasn’t good enough.  He threw a football right handed, but wrote left handed.  It was worth a shot to make that ultimate change.

    Don’t be afraid to fail.  We all make a lot of mistakes in this game.  I went on CNBC and was bearish in late February, this was right before a big rip higher in March.  The key is taking those mistakes and learning from them.  Also, bouncing back is huge.  Over the course of a year you’ll have so many ups and downs, it is extremely important to stay the course.

    Will his change work?  Check the box scores throughout this year and see how Thompson is doing.  Remember, he averaged 11.7 points a game last year.  I’m hoping his change works and he is a great example for everyone to take a chance and better themselves.

    About

    Ryan Detrick is the Senior Technical Strategist at Schaeffer's Investment Research in Cincinnati, Ohio. He joined Schaeffer’s in 2003 and is a frequent speaker and writer on stock market and economic issues and is widely sought after by financial media for his expertise and commentary. Mr. Detrick is a common guest on CNBC, Fox Business, and Bloomberg Television and has been quoted in outlets such as The Wall Street Journal, BusinessWeek, USA Today, Reuters, the Associated Press, and others. With a decade of financial industry experience in the investment and financial services area, strengths include short-term trading with an eye toward timely technical- and sentiment-based trading opportunities, and advanced option trading strategies. Mr. Detrick received a BA in finance from Xavier University, an MBA in finance from Miami University, and has earned his Chartered Market Technician (CMT).

    http://schaefferstradingfloor.com/

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