Watch the video online. Market coach Doug Hirschhorn, PhD, tells viewers what really drives the markets.
Archive for November, 2009
Fear is What Drives Us All
Sunday, November 22nd, 2009Hello all. I typed this up as an add-on to my recent CNBC Video Blog (GREED….or FEAR) which has been getting quite a bit of feedback.
Fear is What Drives Us
I have found that the deep fears and insecurities are what motivates top performing traders. That being said, the money really is not the driver - it is what the money represents (ego fulfillment, self confidence, justification of value, measurement of success, proof to the world or their peers that they are not losers). All of this is in a desperate effort to fill a void that exists at their core.
Once they establish “financial success” then it becomes a fear of “losing it” (either the money or their reputation)”
I would like to add, however, that in my coaching process (which is focused on achieving peak performance and not life coaching), I have found that a cognitive approach is not very effective in getting traders to modify their destructive trading behaviors; especially if they have had success over the years despite their destructive trading behaviors.
As a result, I spend less time getting them to understand the root WHY behind their dysfunction and instead help them quickly and clearly identify the dysfunction - and then implement behavior modification (via a strict behavioral approach) to get them to implement the change needed to improve their performance.
I have found that taking a John B. Watson-type approach not only allows them to extract the emotions from the situation and be more focused on the cause-effect; reward consequences of their actions but also gives them the quick results they desire as a result of being in a game based on immediate gratification and feedback.
Dr. Doug
3 Ways to Avoid Pitfalls on your way to Greatness
Friday, November 20th, 2009By the way, Hirschhorn has 2 “h’s” in it.” Ok, well, technically it has 3 “h’s.” But who cares? Right?
I know, it is a publicists nightmare. Actually, it is more of a headache and distraction for me, the author, to have to continually check and correct the media.
So, while I am the throws of letting the world know about my forthcoming book, 8 Ways to Great: Peak Performance on the Job and In Your Life (Putnam 2010) here are three of the lessons I learned so far which I believe can help you avoid some of the pitfalls that slowed me down along the way.
Lesson #1: Pick Your Battles
I have learned (over the past 18 months) that when balancing all the responsibilities involved in sharing your knowledge with the world via a book that you need to focus on what is really important.
Writing a book is so exciting so fun or at least it is supposed to at be. After all, just thinking about all things one has to do to make their dream become a written reality is so, well, energizing?
Things like doing a book proposal, finding an agent, maintaining a positive mental attitude in the face of rejection after rejection from publishers and yet hanging in there long enough to finally find one that believes in it, that believes in you and more importantly your ability to get people to buy the book. So then you sign with a publisher, which means hiring a lawyer to negotiate the wonderfully one-sided contract the publisher gives you.
And then the real fun begins as you get to write the book, edit the book, re-vise the book, do more edits. Then you finally have a book that really expresses yourself and your message. It truly shares with the reader that light that has been shining inside of you for so long. And it is wonderful and cool and awesome. As a man, it is the closest I think I will ever come to giving birth (except that I carried this baby for 18 months). I am so proud so grateful so frightened of the future. And then you realize, no one seems to care just yet about your baby.
Lesson #2: Don’t Take It Personal
Don’t take it personal. It is just the way the industry (and world) sort of works. People are wrapped up in themselves and in their lives. So now you realize your job is just beginning because it is up to you to get the message out there about your wonderful, spectacular baby that you created for the world to read, learn, grow, share and enjoy forever. So you dig into your pockets to hire a PR firm to promote the book (make sure you hire the right one – don’t worry, I’ll do another blog on my experiences from that process alone). Then you put together a marketing plan and in today’s world of social media, forget about setting up book signings or pounding the streets to get some face time; instead you better have a website, blog (like I am doing right now), tweet, bleet, facebook, dig, youtube, (my apologies if I forget to mention a few?) and so on.
Lesson #3: Remember what is truly important
All of this takes a tremendous amount of energy, resources and personal sacrifice. I have lived it – and while I am poking fun at it in this blog, I really love the process. Yes, it is exhausting which is why my final lesson is that you really need to always remember what is truly important in your life. For me, it is simple, I have a wife who gets me, believes in me and understands what I am about and three incredible children who want the one thing I don’t have much of (time). Both of these challenge me to examine the question of how important is 2 vs. 3 “H’s?”
How Important Is It?
You know what? I think instead of spending time and energy correcting media about the number of “H’s,” I think I will track down my kids and tell them how much I love them. Maybe give them a hug and kiss or two or three. Maybe I will just tell my wife, “Thank You. I love You.” Because after all, does it really matter that the media constantly misspells my name which has more “H’s” in it than any other single word in the human language? And if it does matter, then who does it matter to?
The Light Shines IN
Ah, a moment of self-reflection. A moment of pensive thought. A moment of self-awareness and I come to the conclusion that the only person it may matter to is me. And, you know what? So what? Do I actually think that if there is a quote from “Dr Doug Hirschorn” (that’s the 2 ‘H’ version) rather than “Dr Doug Hirschhorn” (that is the 3 ‘H’ version) that the audience I am painstakingly working so hard to connect with to read my baby, my book may actually think there are two people with this crazy last name?
Hey Dr Doug (this is me talking to myself), you may want to reread Principle # 2 in 8 Ways To Great and get to know yourself a bit better so you can get over yourself and realize this is not about you. It is about your message, your coaching process to help others find their way to Great.
Ah, thank you. Much better now. Just keep your cool (that is Principle #6) and know that all is well. The world is not passing me by. People will be able to find me. My book’s success does not hinge on the correct spelling of my name in the media. And most importantly, my wife and children will still love me no matter what happens with 8 Ways to Great which is why the number of “H’s” just does not matter as there are more important things to focus on right now, like helping my four year old son learn to write and spell.
Just wait until he finds out that he has 3 “H’s” in his name too.
Dr Doug
Feel Crappy? Here is how to change it immediately.
Friday, November 20th, 2009Here is a Tip to improve outlook on life to improve your health.
It is called the Psychosomatic Response or The Mind-Body Connection
We all know that a more positive mind and attitude will lead to better health and greater levels of overall happiness. But how can we quickly get there anytime we want, in just a few seconds? Here is how.
The Mind-Body have a remarkable connection. Both are organs with independent thought but have the ability to control/influence the other.
For example, have you ever had a dream that you were flying? Or being chased? Or playing a sport? Or being embarrassed in public? Of course you have. We all have. The remarkable part is not that we all have had these dreams or even what the dreams may mean; but what is truly remarkable is that our mind was imagining it and our body was BELIEVING it; yet we were sound asleep in our bed.
Psychologists call this the Psychosomatic Response or Mind-Body connection.
Now, since we know this exists inside all of us, as a peak performance coach, I have learned to teach my clients how to reverse the process so that they can use their BODY to convince their MIND that something is happening. And the end results is that they can change their mental outlook in a few seconds, just by changing their BODY posture (see Chapter 5 in 8 Ways to Great: Peak Performance on the Job and In Your Life).
For example, if you are feeling down and blue or unmotivated, all you have to do stand up-straight, shoulders back and force yourself to do a super confident walk; you know the kind of walk you do when you just had a great day or did something really wonderful and are feeling great. All it takes is just a few steps up and then a few steps back and your mind switches on like a light bulb and says, “Hey, my body is looking confident and energized, so I guess I should be confident and energized too!”
Its that simple, in just a few seconds, you used your BODY to convince your MIND to change what it was thinking/feeling much in the same way your MIND is able to convince your BODY while you are sleeping that it is doing something it really is not.
Want to learn more about how to BE GREAT?
Visit www.DrDoug.com and my Gateway to Great. Post your question - get a solution.
- Dr Doug



