Podcast

TME 038: Trading Pride and Trading Imagination

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Today we want to talk about two topics that could be detrimental to a trader. One is trading pride and the other is trading imagination.

First let me tell you a story of a woman who was having some problems. She went to her pastor and said I need help. The pastor asked her what is the problem? She told the pastor that she was dealing with pride. The pastor said tell me about how you are dealing with pride. She said well every time I walk by a mirror I’m blown away by my beauty. I can’t stop looking at myself. I can’t stop looking at my beauty. The pastor said to her what you described is not pride what you described is imagination.  Now on a serious note how can pride and imagination effect our trading?

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Historic and Fortune Teller Trading

I saw a fortune-teller on the streets of New Orleans one time. People would walk by and she would tell their fortune. I often wondered why she was on the street if she could tell the future. Why didn’t she go to Wall Street make millions and retire? Why didn’t she go to the casino that was less than a mile from where she was sitting?

The obvious answer is that she could not tell fortunes at all. No one can.

The future is something unknown to all of us. So when we trade why do so many people trade as if they can tell the future? Why do so many risk their hard-earned money on a future that is unknown?

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