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Hirschhorn: Profiting From the 4th

Just because it's Independence Day, that doesn't mean you can't make some investing hay. In fact, the holidays are a fantastic opportunity for the average Joe to earn money. Why? Because during holidays, most top traders take time off. And that spells opportunity for those who stick around.

First, keep in mind July 4th is a U.S.-based holiday. While people in the U.S. are celebrating, investors around the world are actually looking to make some money. That means opportunities, but you have to have patience.

Patience is key. To cool you off on a hot summer day, think of it like ice fishing. You walk onto a frozen lake, drill a hole, sit there with your line in the water and wait, hoping some fish will swim by and bite the hook. You may put in a lot of time waiting, but the rewards, when you actually catch that fish, are huge.

While a lot of pros say it's not worth the time or the effort, I can tell you from first hand experience that when I was a floor trader in Chicago, the days I looked forward to most were those when the big traders were off the floor, celebrating a holiday or on vacation. That was when I had the opportunity to step up, show my skills and make a trade that could get me back on track.

The key is to be focused and patient -- to be willing to sacrifice and put the time in so you can grab opportunities when no one else is looking.

Think better, invest smarter.

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Doug Hirschhorn is the chief executive officer of Edge Consulting, a firm specializing in “Peak Performance Coaching.” He holds a Ph.D. in Psychology with a specialization in sport psychology, and has offices in New York and South Florida. His client list includes elite athletes as well as many of the largest banks, hedge funds and financial institutions in the world. Doug is presently at work on his new book, 8 Ways to Great (Putnam, 2010).

Have a question for Doug? You can reach him through his Web site, DrDoug.com

Disclaimer: Doug Hirschhorn's expertise is in the psychology of achieving peak performance. He is not a financial advisor and does not make trading or investment recommendations or provide trading or investment advice. He is an expert on the mental game. Although Doug Hirschhorn has a Ph.D. in Psychology with a specialization in sport psychology, he is not a licensed psychologist and does not provide therapeutic, clinical or counseling services.