Investor's Library

Review of
8 Ways to Great: Peak Performance on the Job and in Your Life

By Dr. Doug Hirschhorn

Reviewed by Karris Golden, Vice President, Traders Press, Inc.

At first glance, you might pass over 8 Ways to Great.

It's a small book -- only 128 pages. The title doesn't zero in on its possible usefulness as a trading tool. The cover doesn't scream, "This book will improve your trading."

That is, perhaps, by design: The book transcends a particular focus on specific professions or practices. The wisdom contained in 8 Ways to Great can be applied to anything to which you'd devote brainpower, time, money and other resources. For that reason, the publisher no doubt concentrated marketing efforts on pulling a broader audience.

That makes sense, and Hirschhorn, affectionately known as "Dr. Doug", delivers with an exceptional, no-frills guide to tapping into and maximizing inner strengths.

However, the book's catchall exterior and marketing may have caused traders to overlook 8 Ways to Great, and that's a shame. After all, Dr. Doug has established himself as performance coach and trainer for exceptional traders. When it comes to dissecting the psychological similarities between trading and sports performance, he's known as the guy who catapults good traders into legendary ones.

In 8 Ways to Great, traders will indeed find valuable, untapped wisdom that can help refine their psychological game. Dr. Doug is unmatched in his ability to rise above flashy techniques and systems. Where others promise to "teach" you, he gives you the tools to teach yourself. He goes on to offer advice to help you identify and manage -- if not overcome -- self-defeating behaviors.

The "ways to great" seem easy enough. You may even read them and say to yourself, "There's nothing there I don't know." You don't even have to buy the book to get the list:

Let your true passion be your core motivation
Develop self-awareness and use what you know about both your strengths and weaknesses
Set goals and game plans -- and learn to love this process -- because it's all about the process
Identify your competitive advantage -- what sets you apart and what will turn the odds in your favor
Develop inner confidence that keeps you from judging yourself based on others' standards and expectations
Keep your cool -- and don't let emotions dictate your decisions
Take risks, yet act intelligently with imperfect information
Be accountable

In reality, Dr. Doug's "8 ways to great" are the part of the iceberg you can see. The enormous mass lying beneath the surface is the tough part. His analysis of psychological factors, behavior triggers and cues and motivational factors that cause action and reaction make this book invaluable.

Read on, and you'll realize that separating the list from Dr. Doug's analysis could be dangerous. That is, direction is key to implementing the "ways to great". In analyzing the list, Dr. Doug notes the personal discovery process attendant to each point.

For example, the act of discerning your "true passion" and letting that direct your motivation as a trader could dramatically change your approach. The reality of such a discovery can be life-changing. Likewise, how would your trading change if you focused on "what sets you apart"? Have you considered the mental preparation required for such a change? According to the book, greatness ultimately comes from discipline, awareness and constant vigilance.

Those traders who are inattentive to the psychological aspects often do so to focus their attention on methods, systems and techniques. If they reach a point where they pick up trading psychology, they come late to the game -- often after a devastating loss. If you want to learn from the mistakes of others -- not necessarily your own -- 8 Ways to Great may be worth your time.

More information and full details on this book are available at http://www.traderspress.com