Specific Topics – Bristol Palin’s brashness used in understanding Trading psychology

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BPT Specific Topics - Bristol Palin OverconfidenceUn-wedded, pregnant at 18, Bristol Palin got $262,500 from sex abstinence work – what? Bristol Palin, the 20-year-old daughter of former Alaska governor, 2008 vice presidential candidate Sarah Palin, and potential 2012 presidential candidate, earned $262,500 for her work advocating that teens abstain from sex, according to information posted on the Internet by GuideStar, which monitors the finances of nonprofit groups. Bristol Palin, then 18, was pregnant during the 2008 presidential campaign and her son was born in the month after the election. She and the boy’s father, Levi Johnston, had a much-publicized breakup.

Like mother, like daughter, the boldness must be in the DNA. Both young parents have embarked on separate celebrity careers. Not to be out done, Levi Johnston has been promoting a proposed reality television show and posed, shortly after the 2008 election, for Playgirl magazine. You have to admire the brashness of the Palins. The seem to have away of turning reality and common thinking completely upside down.

Ok, watch how I spin this story into a trader’s blog – but when I saw this I just had to put it into my blog post. Here it goes.

Does this kind of brashness work in trading? In the wild and whack y world of celebrity presidential politics this may work, but I would suggest it has no place in trading psychology.  When we have interviewed many retail traders and we have seen this same kind of brashness. They most likely have seen some YouTube video that promotes a high flying trader with their fast car, telling them that they too can be a top trader. They begin to adopt an alter reality about what a traders life really is. Making millions sitting on the beach 15 minutes a day – trading the world (as a recent nicely marketed forex commercial promotes). When you ask them about their Trade Plan or how the actually work, you get this astonished look and they tell you that they are too successful and too experienced for this.

Good traders know that they are never 100% correct. The market humbles us. Good traders are constantly in learning mode. Nothing replaces doing the countless hours of required homework and countless hours of actual trading experience. It often can be very boring during low market volatility times – but rewarding with the constant changing and challenging market conditions. Is being bold useful? Yes – but based upon the hard dedicated work, real logical thinking and well analyzed probabilities – not just talking big time trader talk 5 minutes a day.

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