Archive for the ‘Peak Performance’ Category

Women and Wall Street

Friday, October 22nd, 2010

Women may actually be “hardwired” to be better traders than men, according to Dr. Doug Hirschhorn. Recent gender discrimination law suits may soon put this to the test.

Do men or women make a better trader or investor? Recent lawsuits, like those against Goldman Sachs and Citi have raised questions about gender discrimination on Wall Street and what it means for the women who work there.

What I don’t understand is why gender equity is so important to have on Wall Street. After all, the Street is all about one thing—making money. It shouldn’t matter if it’s a man or a woman in charge, because I’m 100 percent certain that the market doesn’t care.

Now brace yourself for what I’m about to say: I truly believe women are hardwired to be better traders than men. As a trading psychology coach, my applied work has repeatedly shown that in order to get traders to perform at higher levels, I frequently have to deconstruct the ego and male-mindedness and teach more female-minded skills such as self-awareness, observation, and patience.

If you’re convinced men are better traders than women, then my response is simply, “show me the data.”

The problem is you can’t, because it doesn’t exist. For that reason alone, it’s bad research to assume men are better traders just because that’s the way it’s always been.

The key takeaway for this trader coaching session is that it’s time for a change in the financial markets. Not because of gender equity, but because those who could be some of the most talented people in this game are not even given a chance to play.

Risk Aversion May be the Greatest Risk of All

Monday, October 11th, 2010

A review of two studies in today’s WSJ shows that investors are shying away from risk in the market. One study showed that in May 2008, several months before the financial crisis took hold, 37% of mutual fund investors had an appetite for substantial or above-average risk. This May, that number was down to 30%.  The studies confirm generally that people are buying in when the market is high and selling when it’s low. That behavior may be the greatest risk of all.

Stocks and Commodities Magazine Interview with Dr. Doug

Saturday, August 14th, 2010

Here is a link to my interview in the August Issue of Stocks and Commodities Magazine.

Read it and learn why H + W + P = E will change the entire way you trade and think about risk.

Trade well, Dr. Doug

Shorting the Euro - Missing the Trade

Saturday, August 14th, 2010

Introvert or Extravert - does it really matter?

Sunday, July 18th, 2010

I recently received this email from a person who is reading my new book 8 WAYS TO GREAT. I wanted to share this with the rest of you to shed some additional light on my perspective about what it takes to find your way to great. Thank you, John, for letting me share this with others. Dr Doug

Doug, I really need to call you on this.
I bought your book “8 Ways to Great”,and so far find it insightful, I am only up to chapter 2, “Know Yourself”, but felt compelled to identify a glaring error. You have identified introverted as a weakness. Now it may be that trading may not be the best job for an introvert, I will let you comment on that. But if your book is intended for opera singers, teachers and any other profession you need reconsider your placement of introvert on a weakness list. Optionally you should add extroversion onto the weakness list as well, accepting both traits have their weaknesses.
Introversion is neither positive nor negative. It simply is who you are, introverted or extroverted.
I would suggest researching introversion as a part of a normal personality spectrum would be of benefit to at least one third of your clients.
I am surprised that someone with a psychology background would perpetuate this harmful misconception. Too often the media indentify reclusive mentally unstable people as introverts. Introverts are normal functioning people who have friends and can effectively deal with people in our day to day lives. We can do public presentations, network for business and have a conversation with a stranger.
I would further suggest that Warren Buffet, Albert Einstein and Steven Speilburg would attribute some of their success to strengths gained by being introverts.
Thanks for your time. I look forward to reading the rest of the book.
John v L. – Winnipeg, Canada

Hi John,
Thank you for your email.

I certainly have made more than my share of errors along my path.
In this case, however, I do not believe I made an error as I am not suggesting at any time that introversion or any other individual’s PERCEIVED strength or weakness is a definable predictor of success or even a strength/weakness for that matter.

The point of the strength/weakness and how it helps/hurts a person exercise is to open the reader’s mind to understand that we ALL have traits that we are LED to believe or conditioned to think they are strengths or weaknesses, but in the end, all of our traits both HELP and HURT us….so none are good or bad. They are just parts of our personality.

I think if you carefully re-read this section of my book, that message may become more clear.

I firmly believe (as it seems you do, that what a person perceives as their greatest strength, can be their greatest weakness…and vice-versa.

I believe in obtaining self awareness and looking at oneself objectively so one can break down preconceived notions and bias about personality traits determinate of success or failure.

For what it’s worth, I am an introvert and was raised to believe that introverts were good at some things and extraverts at others.

I believe that is just not true as the true core determinant of a person’s success in any endeavor in business and life is dependent upon their level of self awareness, willingness to commit to a goal and be held accountable.

I truly appreciate your well constructed email and for taking the time to send your thoughts to me.

I believe we are on the same page on this matter, however.

I am confident if you re-read that section of my book, my message may be a bit clearer. If not, then I trust this email gave you greater understanding of my point of view on this matter.

Thank you again -
And keep finding your way to great.
Dr. Doug