(Video: Market coach Doug Hirschhorn, PhD, discusses how to gain a competitive edge in a post-Galleon world.)
With everything that's going on these days, we may find ourselves asking, "What is edge?"
Rules are changing when it comes to the way we used to think about having competitive advantages and making the right trades at the right time. As the Galleon situation plays out before our eyes, we no longer know if it's ok to access certain information and to actually trade on that information. And as people at the top of the pyramid are questioned and challenged, it causes us to all rethink our strategies.
Well, here are some things to think about.
First, you may want to consider technicals as indicators. You may also want to look at price action. There's more than one way to make money in the market. Pick the right strategy and you don't really even have to worry about missing out on all that information.
Start to look inside yourself. See how your emotions react to the market. See how your personality matches up with your trading style. If you do those types of things, you can find an edge and take your trades to the next level.
Think better, invest smarter.
_________________________ 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.