Comments for Dr. Doug's Blog http://www.drdoug.com/blog.html Discover and Achieve Your Inner Greatness Tue, 07 Feb 2012 10:46:34 +0000 http://wordpress.org/?v=2.7.1.1 hourly 1 Comment on Trading Psychology: The 16 Truths About Great Trading by Dr Doug Hirschhorn http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/cpage/1.html#comment-655 Dr Doug Hirschhorn Fri, 22 Jul 2011 19:37:47 +0000 http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/#comment-655 Hey Jeff, The point I am making is that people assume that sports and trading are alike...in some ways they obviously are; but I have found that in a number of ways (as I outlined in #16) they are dramatically different. Years ago, I did my doctoral dissertation on this concept and challenged the long-held assumption that athletes make better traders. My data confirmed that there were no correlations between athletic background and trading success. Further to the discussion is that I could argue that trading is like any competitive or high performance related endeavor be it music, politics or graduate school. Thanks for your post. Dr D Hey Jeff,
The point I am making is that people assume that sports and trading are alike…in some ways they obviously are; but I have found that in a number of ways (as I outlined in #16) they are dramatically different. Years ago, I did my doctoral dissertation on this concept and challenged the long-held assumption that athletes make better traders. My data confirmed that there were no correlations between athletic background and trading success.

Further to the discussion is that I could argue that trading is like any competitive or high performance related endeavor be it music, politics or graduate school.

Thanks for your post.

Dr D

]]> Comment on Trading Psychology: The 16 Truths About Great Trading by Animated Trades http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/cpage/1.html#comment-654 Animated Trades Wed, 29 Jun 2011 22:36:10 +0000 http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/#comment-654 This is a great list. I have seen lists like this before, they are always insightful and refocus me on the basics of trading. I like the quote: "The market does not know how much you are up or down, so don’t trade that way" In trading(and gambling) people assume the market owes them something when they feed it their money. I think it has to do with how we are all ingrained to believe there is reciprocity coming when we give a gift. With humans this may be true, but the market could care less. Great post, keep up the amazing work. This is a great list. I have seen lists like this before, they are always insightful and refocus me on the basics of trading.

I like the quote:
“The market does not know how much you are up or down, so don’t trade that way”

In trading(and gambling) people assume the market owes them something when they feed it their money. I think it has to do with how we are all ingrained to believe there is reciprocity coming when we give a gift. With humans this may be true, but the market could care less.

Great post, keep up the amazing work.

]]> Comment on A Trader, a Neurosurgeon and a Cancer Reasearcher Walk into a Bar… by V. Smooth http://www.drdoug.com/blog/blog/2011/01/14/a-trader-a-neurosurgeon-and-a-cancer-reasearcher-walk-into-a-bar/cpage/1.html#comment-653 V. Smooth Wed, 11 May 2011 04:25:48 +0000 http://www.drdoug.com/blog/blog/2011/01/14/a-trader-a-neurosurgeon-and-a-cancer-reasearcher-walk-into-a-bar/#comment-653 The Neurosurgeon and Cancer Research are overpaid. It's quite obvious actually, you value risk with reward. The Cancer Researcher job has no risk, their job isn't on the line most of the time. The Neurosurgeon, possibly overpaid as those who struggle to pay for their operation pay a lot for not much work. The Broker, if he/she does well can earn the company millions, what's to say that they deserve a 6 figure salary or less? Although the way the system works, they do deserve to take some of the grunt when things go wrong. The Neurosurgeon and Cancer Research are overpaid. It’s quite obvious actually, you value risk with reward. The Cancer Researcher job has no risk, their job isn’t on the line most of the time. The Neurosurgeon, possibly overpaid as those who struggle to pay for their operation pay a lot for not much work. The Broker, if he/she does well can earn the company millions, what’s to say that they deserve a 6 figure salary or less? Although the way the system works, they do deserve to take some of the grunt when things go wrong.

]]> Comment on Trading Psychology: The 16 Truths About Great Trading by Jason Leavitt http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/cpage/1.html#comment-645 Jason Leavitt Fri, 08 Apr 2011 12:34:17 +0000 http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/#comment-645 Good ideas...I posted a response to this article here... http://leavittbrothers.com/blog/?p=4164 Good ideas…I posted a response to this article here… http://leavittbrothers.com/blog/?p=4164

]]> Comment on Trading Psychology: The 16 Truths About Great Trading by Jeff White http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/cpage/1.html#comment-642 Jeff White Wed, 06 Apr 2011 19:34:28 +0000 http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/#comment-642 I'm surprised given your sports background as both an athlete then a sports psychologist who has now shifted into trading to read you say #16 that trading is "NOT" like sports...any further comment on that, given your sports background that's so prevalent in you bio here on the site? As a former NCAA athlete, and as a 12-year full-time trader, I've found many similarities between trading and sports....preparation, discipline, attitude, psychology, etc. Other traders with athletic backgrounds seem to agree. The biggest sports event this week is the Masters, in which every shot carries the same value (1). Players will wonder "what if I mess up" before a shot (a). A missed putt *is* costly (b). Focused effort in both sports and trading should result in improved performance (e). Don't you advocate a sound work ethic for traders for that very reason? Curious to hear your thoughts... I’m surprised given your sports background as both an athlete then a sports psychologist who has now shifted into trading to read you say #16 that trading is “NOT” like sports…any further comment on that, given your sports background that’s so prevalent in you bio here on the site?

As a former NCAA athlete, and as a 12-year full-time trader, I’ve found many similarities between trading and sports….preparation, discipline, attitude, psychology, etc. Other traders with athletic backgrounds seem to agree.

The biggest sports event this week is the Masters, in which every shot carries the same value (1). Players will wonder “what if I mess up” before a shot (a). A missed putt *is* costly (b). Focused effort in both sports and trading should result in improved performance (e). Don’t you advocate a sound work ethic for traders for that very reason?

Curious to hear your thoughts…

]]> Comment on Trading Psychology: The 16 Truths About Great Trading by PositvePsych http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/cpage/1.html#comment-639 PositvePsych Mon, 04 Apr 2011 19:44:09 +0000 http://www.drdoug.com/blog/blog/2011/04/03/trading-psychology-the-16-truths-about-great-trading/#comment-639 Am enjoying your book Trading Athlete. Picked it up by coincidence while at the library. While reading it - I was like hey, that's the book I was gonna write, Hey it's already been written... duh. Then I checked you guys out- and I was like - oh it's that guy! At first glance 9, 15, and 16 are most illuminating. 9. "Learn to endure the pain of your gains." Not sure if I have it as you intend... but the few big gains on some trades I made were definitely very stressing and not so easy to handle or endure. I had not anticipated this to be an issue - but the emotionality involved for me in learning how to manage and ride a winner - through scaling and integrative charting skills is sill a work in progress. And that's the good news! Am enjoying your book Trading Athlete. Picked it up by coincidence while at the library. While reading it - I was like hey, that’s the book I was gonna write, Hey it’s already been written… duh. Then I checked you guys out- and I was like - oh it’s that guy!

At first glance 9, 15, and 16 are most illuminating.

9. “Learn to endure the pain of your gains.” Not sure if I have it as you intend… but the few big gains on some trades I made were definitely very stressing and not so easy to handle or endure. I had not anticipated this to be an issue - but the emotionality involved for me in learning how to manage and ride a winner - through scaling and integrative charting skills is sill a work in progress. And that’s the good news!

]]> Comment on A Trader, a Neurosurgeon and a Cancer Reasearcher Walk into a Bar… by Andrew Ramponi http://www.drdoug.com/blog/blog/2011/01/14/a-trader-a-neurosurgeon-and-a-cancer-reasearcher-walk-into-a-bar/cpage/1.html#comment-542 Andrew Ramponi Fri, 21 Jan 2011 08:13:47 +0000 http://www.drdoug.com/blog/blog/2011/01/14/a-trader-a-neurosurgeon-and-a-cancer-reasearcher-walk-into-a-bar/#comment-542 I'd say they are all paid the right amount of money; gross; their net take home pay is where we should debate who is left with too much. Society, via the market, creates the system that allows certain professions to make more money than others, it also creates the government that decides how to tax. I’d say they are all paid the right amount of money; gross; their net take home pay is where we should debate who is left with too much.

Society, via the market, creates the system that allows certain professions to make more money than others, it also creates the government that decides how to tax.

]]> Comment on Trader Psychology Coaching and Money Goals by jadoube http://www.drdoug.com/blog/blog/2010/09/22/trading-psychology-coaching-and-money-goals/cpage/1.html#comment-480 jadoube Thu, 23 Sep 2010 03:50:20 +0000 http://www.drdoug.com/blog/blog/2010/09/22/trading-psychology-coaching-and-money-goals/#comment-480 Doug- I go with the CHUMP method myself: Controlling Harried Unaccountable Miserable Pissed Works for me. Doug-

I go with the CHUMP method myself:

Controlling
Harried
Unaccountable
Miserable
Pissed

Works for me.

]]> Comment on Introvert or Extravert - does it really matter? by David John Hall http://www.drdoug.com/blog/blog/2010/07/18/intravert-or-extravert-does-it-really-matter/cpage/1.html#comment-476 David John Hall Wed, 18 Aug 2010 07:33:38 +0000 http://www.drdoug.com/blog/blog/2010/07/18/intravert-or-extravert-does-it-really-matter/#comment-476 Great post and excellent comments by both. I myself am an introvert in certain situations and an extrovert in others, an introverted extrovert if you will or an extroverted introvert. I think market performance can benefit from a healthy dose of self reflection and this comes from my introverted side. I think market performance can also benefit from a resilience to setbacks and a desire to put myself out there and see what happens. This is more my extroverted side. The best trades are when both sides join together, each managing their respective duties...where reflection and imagination join with action and decision. For the most part I see trading as a solitary endeavor. Is it a coincidence that one of the biggest traders to come out of the retail sector was Nicholas Darvas, world famous dancer and artist? I myself apply the solitary skills I obtained learning how to surf, sitting alone in the shifting ocean for hours, perfecting set up, entry, wave management and exit. Again and again. Over and over. Frustrating days interwoven with sparks of brilliance I will not soon forget. I agree, labels by their very nature can do not much more than try their best to explain an entire person or idea in the smallest space possible. A gazillion memories, ideas, desires, thoughts, needs. In a few letters. Seems a mistake to even try. At least a little it seems like a mistake...when the subject is as vast as the markets/oceans themselves. Thanks for the thought provoking discussion! Great post and excellent comments by both. I myself am an introvert in certain situations and an extrovert in others, an introverted extrovert if you will or an extroverted introvert. I think market performance can benefit from a healthy dose of self reflection and this comes from my introverted side. I think market performance can also benefit from a resilience to setbacks and a desire to put myself out there and see what happens. This is more my extroverted side. The best trades are when both sides join together, each managing their respective duties…where reflection and imagination join with action and decision.

For the most part I see trading as a solitary endeavor. Is it a coincidence that one of the biggest traders to come out of the retail sector was Nicholas Darvas, world famous dancer and artist? I myself apply the solitary skills I obtained learning how to surf, sitting alone in the shifting ocean for hours, perfecting set up, entry, wave management and exit. Again and again. Over and over. Frustrating days interwoven with sparks of brilliance I will not soon forget.

I agree, labels by their very nature can do not much more than try their best to explain an entire person or idea in the smallest space possible. A gazillion memories, ideas, desires, thoughts, needs. In a few letters. Seems a mistake to even try. At least a little it seems like a mistake…when the subject is as vast as the markets/oceans themselves.

Thanks for the thought provoking discussion!

]]> Comment on Becoming Great in a Traders Market by Jasmine Ward http://www.drdoug.com/blog/blog/2010/02/04/becoming-great-in-a-traders-market/cpage/1.html#comment-474 Jasmine Ward Wed, 21 Jul 2010 03:37:57 +0000 http://www.drdoug.com/blog/blog/2010/02/04/becoming-great-in-a-traders-market/#comment-474 Goal setting is very important if you want something to be done in a short period of time."`* Goal setting is very important if you want something to be done in a short period of time.”`*

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