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Posts Tagged ‘dr doug hirschhorn’

Tiger Woods: Lessons For Great Risk Management

Thursday, December 3rd, 2009

(Watch the video online: Market coach Doug Hirschhorn, PhD, discusses the lessons that can be learned from Tiger Woods’ handling of this week’s events.)

So this week, we learned that Tiger Woods is human, after all.
And for the rest of us, his situation is an excellent reminder about how to execute Great Risk Management

Here are Four things I think we can learn from Tiger.

1) Quickly Take Responsibility for your Actions
a. Sometimes you make good decisions and sometimes you make bad ones.
b. Either way it is yours now and you have to deal with it

2) Choose the Lesser of Two Evils
a. When forced to choose between two bad options like whether you should
take a loss on an investment or hold onto that bad investment, choose the less bad option
b. I know it’s hard – but you will live to fight another day

3) Cut Your Losses
a. For Tiger, the hardest thing to do was that first admission of guilt.
b. For the rest of us, the hardest loss to take is the first one.
c. Once you do that, managing the risk of the situation gets a lot easier.

4) Learn From Your Mistakes
a. Mistakes are part of the game. Tiger is not perfect and neither are you.
b. All that matters is that you learn from your mistakes
and move on to the next opportunity.

Tiger is going to be a better golfer, a better person, and even a better dad as a result of what he is going through.
And you know what, if you learn from your mistakes, then you’ll be better too.

If you want to learn more about how to become GREAT, then visit my website at DrDoug.com or pick up a copy of my new book 8 Ways to Great.

3 Ways to Avoid Pitfalls on your way to Greatness

Friday, November 20th, 2009

By 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

Why People Are Too Scared To Invest

Tuesday, June 16th, 2009

The #1 reason is because they have a Fear of Re-Injury

I devoted an entire Chapter in my book “The Trading Athlete” to this exact concept.

 

Traders (and athletes) are so afraid of getting hurt again, that they become paralyzed in their decision making process or they wait for over confirmation on things and miss out on good investments right now. This is very similar to when athlete gets injured – even after they are physically healthy they are afraid to get back in the game (because they don’t want to go through it again. Several popular movies have shown this phenomena (see Top Gun or Days of Thunder)

 

Here is what you can do to get past your Fear of Re-Injury

 

Go Small in Your First Few Trades. This helps you rebuild confidence. This is similar to when a hitter is in a slump, the best way to get out of the slump is to just bunt the ball a few times – put the bat on the ball. Keep the process simple until you get some momentum.

 

Think in Terms of Probabilities. Ask yourself, “What are the odds of a once in a lifetime event happening twice in my life time?” Is it possible? Of course..anything is…but is it PROBABLE (highly likely)? Not it is not and successful investors bet on that.

 

Live in the Present. The past is the past, so leave it there. Avoid operating out of fear and live in the here and now of the world.

 

Keep Life in Perspective. People place too much value on their investments – they correlate it with their self esteem. They need to keep it in perspective, it is JUST the market and money… yes, it is important but it is NOT your life or your health.

 

Trade Well,

Dr Doug