Posts Tagged ‘dr.doug’

Trader Personality Types

Sunday, March 14th, 2010

(Watch the Video Online: Market coach Doug Hirschhorn, PhD, discusses different trader personality types and how you can take advantage of them.)

Is there an ideal trader personality? In my opinion, no.

Actually, it’s more important to develop your own style based on your own personality. For example, if you’re analytically minded, you should have a trading style that focuses more on data, technicals or fundamentals, and less on price action.

If you’re an “intuitive” person, you should establish a style that has shorter holding times and a go with your gut type of approach.

If you are an introvert, you should avoid chat rooms and instead, set up your own game plans and stick to them.

And if you are an extrovert, you should increase your social interaction and look to pick out the “best ideas” you uncover from others.

So once you determine your personality type, how do you figure out how to put the right size on for the right trade?

Many traders fail to do this is because they’re distracted by the dollars involved in the trade. Get rid of this performance barrier by taking time to identify what you consider to be you’re A, B and C trades.

“A” trades are the ones that have highest conviction, while “C” trades have lowest conviction in, but are still worth doing.

Then write down what size trade you should do if it is an “A” idea, “B” idea or “C” idea. This is determined by how much capital you have to risk and what you’ve established as your daily loss limit.

Then all you have to do is match them up, meaning if you have an “A” trade then do “A” size. If you have a “B” trade, do “B” size, etc.

Traders generally get themselve into trouble when they have “A” conviction but only put on “C” size, or have “C” conviction and put on “A” size.

The Difference: Mediocrity vs. Greatness

Tuesday, March 2nd, 2010

In Trading, the STATISTICS show that smarts, experience, etc. are not the differentiating factor.
The BEST (most successful guys I know and work with) have winning %’s of less than 50%.. actually, the average is between 45-55% but the point is, basically, winning percentages don’t matter – so they might as well be a random event.

So, what does make a difference?

  • CONVICTION in ideas
  • INTERNAL CONFIDENCE
  • TRUSTING YOURSELF
  • GETTING BIG IN TRADES you believe in
  • LETTING WINNERS RUN
  • CUTTING LOSERS QUICKLY
  • SWITCHING DIRECTIONS QUICKLY

These are many of the factors that allow some people to become monster traders over time. It’s not my opinion, just my observations.

Trade Well,
Dr Doug

Winning Gold When You Take Home the Bronze

Sunday, February 28th, 2010

You know what Greatness is?

It was watching Canada’s Joannie Rochette, win the Bronze medal in women’s skating in the 2010 Winter Olympics. Actually, it wasn’t just that she won the Bronze, it was that she did this less than a week after her mother’s sudden death.

Joannie was an only child. Her mom was her biggest fan and her closest friend. She could have crumbled. She should have fallen apart. Most people would have. Even elite athletes lose focus and self-destruct from time to time like Dan Jansen did in the 1988 Olympics in Calgary when he was heavily favored to win Gold and tripped during the 500m speed skating race; earlier that day his sister Jane Beres died from leukemia. No one blamed Dan for his failure to deliver his best when it mattered most. How could he have? The Olympics are just a game and his sister’s death was the tragic loss of someone he dearly loved. In a recent interview, Dan acknowledged that it was not until years later that he realized how much his sister’s death had impacted his ability to focus that day. A focus he regained eight years later when he won the Gold medal in the 1000M men’s speed skating at the 1994 Olympics in Lillehammer, Norway.

For Joannie, no one would have blamed her if she was unable to deliver her best over the past few days in Vancouver. She could have under-performed and been completely justified in doing so. But she didn’t. She focused. And she did it under extreme personal stress while competing against a group of skaters that could arguably be considered the greatest talents women’s ice skating has ever seen in Olympic competition at one time. Japan’s Mao Asada, who was the Silver medal winner and the first women in Olympic competition to do a triple axel in her routine. Except Mao didn’t just do one; she did two of them. And, of course Korea’s
“ice queen,” Kim Yu-Na took the gold while setting a new world record score of 150.06.

What does it take to be a champion?
Effort? Yes.
Talent? Of course
Desire? Yes
Passion? Yes
But most of all, as Joannie showed us, it takes mental toughness.
Congratulations Joannie for showing us what winning Gold looks like even when you take home the Bronze.

Dr Doug

Carving Out Your Niche At Work

Sunday, February 14th, 2010

As the Career Coach to the Wall Street Elite, I take a unique approach to coaching them to identify their own greatness factor so they can become even more successful.

Carving Out a Niche
I do NOT believe people have strengths or weaknesses (See Principle #2 in 8 Ways to Great). Instead, I believe we all have characteristics and personality traits – the combination of which makes each of us unique, like a personality fingerprint.

Employers/companies are not looking for “Perfect” people; they are looking for people that can add value now and adapt and change as the company/world changes.

I believe if you change your attitude about traditional strengths and weaknesses and position yourself more as the person who understand how your personality traits both help and hurt you in your role, then you have automatically differentiated yourself from your co-workers and being just “another employee.”

By taking this unique approach, it shows you have highly desirable skills like:
• Critical thinking
• Creative engagement
• Problem solving
• Self-awareness
• Resilience and ability to adapt to changing environments

All of these are excellent characteristics to be able to showcase as your assets in the current environment.

How to show it while you are on the job? How to let management know you are working on the skills?
• Ask to work on a special project so you can showcase your skills…..set yourself up for success by offering to do a project you are passionate about and know you will be fully engaged in, even if it means putting in time outside of work

• Another strategy is to ask for regular “check-ins” with your manager or boss. This will give you a chance to showcase the progress you are making while getting corrective feedback from the manager as well.

VERY IMPORTANT: these check-ins should be short (few minutes…every week to two if possible). The point is to let him or her see how you are learning, making mistakes, dealing with setbacks, , adapting, growing and knocking stuff out along the way. Important…keep these check-ins very brief. If he or she wants to ask you questions then stick around longer but let that be their choice.

Dangers

  • Moving yourself to the next level and becoming great is hard. Not just because of the sacrifice and effort but because of the social pressures you will be faced with along the way. Beware, your co-workers may get jealous and think you are kissing butt to get ahead. Do not let this peer pressure deter your efforts. That is their problem, not yours. Are you working to make friends or to be the best you can be in your role?
  • If you want to be different and get ahead of the crowd, then you have to work smarter and know that they are going to want to bring you down. Keep your focus on yourself and know that you are doing this to add value to the business, improve YOUR life and the life for your FAMILY. That is the most important thing there is.

Dr. Doug

For Conan (and other elite), Becoming Great Is Not About The Money.

Sunday, January 24th, 2010

Just because your severance check is over 30 million, doesn’t mean getting fired is any less painful.

Everyone is talking about Conan and grappling to understand what the big deal is. He has millions, got paid tens of millions to leave AND within months he can basically sign a new contract with a competitor. How bad can life possibly be for him? That’s a problem I would love to have, wouldn’t you?

I’m Dr. Doug Hirschhorn, the premier coach to the Wall Street elite. My clients make tens of millions each year, every year. Unbelievable, I know. No, they don’t break laws. No, they are not shady characters. And as I clearly explain in my new book, 8 Ways to Great (Penguin/G.P. Puntam’s Sons), they are not the ones responsible for the economy falling apart. They are just regular guys who are highly skilled entrepreneurs, faced with great opportunities, just like Conan on TV or like Steve Jobs in the technology world. The mentality of these titans, as I have discovered in my decade of leadership coaching, is remarkably similar, and it does not seem to matter whether they are an athlete, business mogul or media star. Their path to finding that place called great, is identical and can be condensed to six words in a single sentence. And here it is, “IT IS NOT ABOUT THE MONEY.”

For Conan, Leno, Steve Jobs, Hedge Fund Titans or even Oprah Winfrey, what motivates them to tap into and unlock their inner greatness are things like ego, passion, inspiration, fear of being mediocre, desire to improve the lives of others, or even low self-esteem that got engrained in them somewhere in their childhood and it has served to push them to prove those doubters from way back when that they were wrong. The bottom line is it is lots of things, just not money.

What does this have to do with you and your career building? Well, instead of being just another person who writes this Conan thing off as a ridiculous example of rich people crying over how big their pile of gold coins is or isn’t; think for a second about how much work and sacrifice Conan had to endure in order to reach his dream of being the top dog in the late night media. Have you ever made tremendous personal and professional sacrifices to have a shot to reach your goals? If you haven’t, then that is a shame; but if you have and my bet is most of you have, then you know exactly how Conan must feel right now.

He worked his entire life to get his shot – and he got it. And then it was taken away from him seven months later. The reason why is less important than the reality that it was. What I mean is, it doesn’t matter if he was fired because his ratings were down or because of politics; all that matters is Conan, just like many of us, had a dream and for decades worked towards achieving it. Then he goes into work one day and is told it’s over, here’s a check, don’t let the door hit you in the ass on the way out.

Is Conan pissed? Of course, he has to be, he is human. Is his ego bruised or maybe shattered? Probably. Does he feel like he was wronged, cheated by people he trusted? Yep. Has he stayed awake at night these past couple of weeks asking pointless questions like, “Why is this happening to me?” I sure bet he has - just like you or I would.

One thing I have learned from my elite clients on Wall Street is that these inflection points create huge potential opportunities for them to create a greater life if they are willing to remove the emotion and take smart risk. And for Conan, it is no different.

Conan has a CHOICE. He can choose to stay bitter, focus on the past, the empty promises, the mud slinging, the anger, emotion and remain stuck in time or he can choose to compartmentalize all of the anger, animosity, fear and doubting and create a new, career building plan for the Conan brand. He is still the same guy. He has the same unique quirky edge and comedic skills. The situation has just changed. Now it is up to him to choose to reinvent himself or not.

For this reason, I believe Conan is no different than any of us out there who thrive on finding our greatness. Stuff that is out of our control happens to all of us at some point in lives. Sometimes it has to do with our employment and other times it may have to do with our relationships. Yes, I know, plans are destroyed, effort is wasted and resources are exhausted but in the end, all that is going to matter for Conan, me, you or any other human being on this planet dealing with this type of situation is what choice we make after unexpected, uncontrollable events occur in our lives.

Conan, feel free to email me if you need a wake up call because I, for one, am looking forward to seeing what choice you make in the face of adversity.

Dr Doug