Monday, January 15, 2007

Basketball Hall of Fame

Yesterday rather then do the normal chores around the house, myself and my two sons decided to take a short road trip to the Basketball Hall of Fame in Springfield Mass.

The place is great very enjoyable. The first floor is a large basketball court. Numerous balls and baskets that all ages had to opportunity to use for as long as the wanted. Floor two consisted of uniforms, history and a host of interactive activities. We were able to make the call on the famous John Havlicek intercepted pass to win the NBA championship. “Play” one on one against NBA and WNBA players. “Make the Call” that referees do every night. On the top floor were the plaques. It was great reading about the players accomplishments. Many I was unaware were even in the Hall. This floor was my favorite (not my sons obviously). It really got me thinking about what it takes to make it to the top.

What makes a champion?

I do not think you can teach true champions. It is something inside of you. Something that makes you reach for the top even when the situation around you seems to be falling apart. In Darryl Dawkins book,Chocolate Thunder,he talks about this and he states

“I’d sit in the stands and watch some games where a guy averaging 20 points would stink up the court, missing easy shots, fumbling passes, committing stupid fouls. Then comes the game end of the game and he’d make a clutch shot to put his team over the top. The conclusion I cane to was the superstars work hard every night, even when their game is in the crapper. They just keep busting it until, maybe, they’d find themselves in the middle of a play that could redeem their poor performance and decide the outcome”

Now I must admit I never expected to be quoting “Chocolate Thunder” although I did always enjoy him when he played (a little hard work and he would have been awesome) but to me this makes a lot of sense. When trading, keeping yourself in the game and never giving up, will provide you with opportunites for another trade as long as you do not go broke.

Be prepared.

What do you do if a country raises interest rates to 1500% (Thailand 1997), revalues it’s currency (China 2006) or defaults on it debt (Ecuador 2006-7). These situations all occurred and if you can anticipate the unexpected then you can react appropriately. I call it sitting up in your chair. When markets are quiet, or you are in a losing streak, it is quite easy to sit back read the sports section and “wait till something happens”. Friday’s employment number or a new IPO hitting the street will always give you something to look forward to. But I think it is better to sit up in your chair listening to what is going on around you. Others feed off that body language (and you off thiers). Read, research and prepare. Last week my son missed an open jump shot for his CYO basketball team. He was visibly upset and when he came home he expressed his unhappiness to me. “Dad did you see that shot that I missed it was such an easy shot and I missed it”. I was not quite as surprised as he was. You see we have a basketball hoop in the driveway and my son never (well almost never) goes out there and practices. Rather he relies on a bit of natural ability. I told him if he practiced that shot 100 times a day 7 days a week and then missed it I would be surprised. But just walking on a court ill prepared and missing a shot is something which can easily occur. Trading without being prepared will usually have similar results.

Good Luck and Good Trading



Post a Comment

Subscribe to Post Comments [Atom]

<< Home