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On January 4th, Dr. Doug appeared on Power Lunch on CNBC at 1:15pm EST.

Topic: The topic was Trader Psychology for 2010.

In case you missed it, we have it here for you.

Read more...
Home Blog Investment Psychology

Archive for the ‘Investment Psychology’ Category

Becoming Great in a Traders Market

Thursday, February 4th, 2010

As you’ve probably heard by now, we are in what is commonly referred to as a “Traders Market.” This type of market is tricky, even for the elite traders out there which is why I want to to give you four tips to help you improve your trading psychology.

1)  Take a Tactical Approach

Once you have established your trading thesis, you are going to want to play close attention to where you get in and get out of the trade. Like a sniper, you have to have laser sharp focus because one mistake will cost you big time.

2) Get in Bigger, Quicker

A “Traders Market” will not allow you the luxury of scaling into your positions. That means becoming great in these markets requires excellent timing. To do this, you have to be patient, wait for your ideal setup and then when it appears, hit it BIG, without hesitation, because that may be the best entry level you get for the trade.

3) Use Tighter Stops

Yes, stops are always important for risk management in any trading environment; but in a Traders Market, tight stops will keep you in the game longer and the traders out there that are making the most out of this market volatility are the ones who are able to survive the quick moves.

4) Let your Intuition show you where the Profits are

Intuition plays a key role in trading success, but really separates the mediocre from the elite in a Traders Market. By focusing on your trading psychology, you can learn how to listen to your intuition, trust it and then execute the trade when that gut feeling pops up.

As the premier trading coach to the Elite on Wall Street, one of the biggest mistakes I see traders make is that they have a great trading idea; a solid trading plan but they lack the confidence to put it into action.

Do Not Be That Guy!

Trade well,

Dr. Doug

Stick to Your Shorts

Thursday, January 21st, 2010

(Watch the Video Online: Market coach Doug Hirschhorn, PhD, advises traders to stick to their shorts for the time being.)


This week’s trading plan should be to stick with your shorts. The top traders on the Street have spent the past couple months positioning themselves for a 10- to 15-percent correction. As their coach, I can tell you it’s rare for these Wall Street titans to be wrong for so long. What does that mean to me? That it’s time to remember three important rules:

  1. Trust your original thesis Just because the market doesn’t respond in the time frame you prefer does not mean your trade thesis is wrong. More times than not, it just means you were early to the party. So stick around because it’s about to get good.
  2. Patience is the key to bigger profits When the market starts to sell off over the next few weeks, don’t rush to buy back your shorts and take small profits, like everyone else. If you’re looking for that 10- to 15-percent sell off, have the patience to stick with the trade and endure the pains that precede your gains.
  3. Stay objective Forget about how long you’ve had the trade on. When the market starts to sell off, ask yourself one simple question: “If I had no trade on right now, what would I do?”

That’s what I call calibrating your trading mindset. If you want to trade like the elite, you have to think like the elite.

Think better, invest smarter.

Success in 2010

Saturday, January 16th, 2010
(Watch the Video Online: Market coach Doug Hirschhorn, PhD, discusses how traders can find success in the coming year.)

This year will prove to be challenging even for the elite traders out there. Here are four things traders can do to tip the probabilities of success in your favor:
  1. Trust your gut If something looks like crap and smells like crap, then chances are, it is crap. Listen more to your gut to tell you when to cut a loss and move on.
  2. Keep it simple If something is working, keep doing it. There aren’t any bonus points for being clever. The money is the same color no matter how you make it. So do the simple things and chip away at the profits. I once had a client who felt he had to do complicated trades in order to make money. Bottom line was, he was wrong. Keeping it simple is the proven strategy for success.
  3. Probabilities don’t lie If you’re not carefully tracking the metrics on your trades, you might as well be gambling at a casino. Make it a point to track the data on your trades and study them. That way, you can do more of what’s working and less of what’s not.
  4. Avoid speculating and predicting I can’t begin to tell you how many times I see traders blow up their accounts because they try to speculate or predict what’s going to happen in the future. The simple fact is, no one knows. Even the best traders have a winning percentage of around 50 percent. That means successful trading is not about being right, it’s about what you do when you’re wrong. The bottom line is, trade what you see, not what you think.

Think better, invest smarter.

Dr. Doug on CNBC’s Power Lunch - January 4th, 2010

Tuesday, January 5th, 2010

Watch It Online.

On January 4th, Dr. Doug appeared on Power Lunch on CNBC at 1:15pm EST.

Topic: The topic was Trader Psychology for 2010.

In case you missed it, we have it here for you

Tuesday, March 31st, 2009

Catch me on XM channel 156 at 3pm today.


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