On Showtime’s big-business drama “Billions,” sultry psychiatrist Wendy Rhoades (played by Maggie Siff) advises blue-chip traders on staying psyched up and avoiding emotional tailspins.
Dr. Rhoades is not a complete fabrication.
In-house shrinks provide hedgies with psychological coaching and keep them focused on making big bucks.
Here, a trio of the money world’s elite mind-molders give tips that the rest of us can use to keep cool under pressure, ratchet up productivity, snag promotions and, yes, make more money while on the job.
Maintain perspective
In providing coaching and therapy to traders, CEOs and pro athletes, Dr. Alden Cass, co-author of “Bullish Thinking,” has seen successful people get into professional slumps after just one or two things go wrong during previously thriving careers.
“When a trader has a bad month, he makes no money, and if it goes on it can contribute to him losing his job,” says Manhattan-based Cass. “It can lead to getting caught up in irrational thinking . . . that things will never improve.”
For those overcome with feelings that their mojo has gone MIA, Cass suggests keeping thought-monitoring logs. In the log, describe important situations, your immediate reaction and how you eventually dealt with them. Review the log each day to see where negative thoughts or actions are holding you back. “It brings to light your thinking that is driven by fear or irrationality,” explains Cass, who says the monitoring can help turn things around.
Own your stress
Common wisdom has it that we need to think positively to calm jitters before requesting a raise. Denise Shull, a Manhattan-based neuroeconomist and principal at the Re:think Group who consulted on “Billions,” suggests a contrary route.
“Everyone tries to use their intellect to tell them that they shouldn’t be afraid of asking for a raise,” says Shull. “Admitting to yourself that you have a fear reduces its power.” As the time of the meeting approaches, says Shull, “verbalize your true feelings [to yourself] — especially if they seem negative. It works.”
Break the income ceiling
Dr. Andrew Menaker, a San Francisco-based clinical psychologist who coaches traders, entrepreneurs and CEOs, says many employees shy away from career advancement due to a fear of outperforming parents or a mentor.
“People harbor subconscious fears that doing better than an admired figure will cause the relationship to change,” he says, pointing out that the fear is reasonable. He recommends envisioning how your increased income might affect the relationship, and get comfortable with that change.
Don’t love your job
When clients complain to Cass that they don’t love their jobs, he tells them to “take the focus off of loving work and put it on loving the things that the job provides them.” This, he says, makes it easier to put in overtime when you don’t really want to. “Think about what the money you make offers you outside of your job. Focus on the vacations you take, the house you live in and the family you support. That allows you to focus less on the drudgery. It can make you a better employee as well as a happier person.”
‘Admitting to yourself that you have a fear reduces its power.’
- Denise Shull, neuroeconomist
Drop your ego
Menaker remembers a very smart, successful client who had a bad habit of always needing to show off his intellect. “He had a meeting to raise money for his hedge fund and he blew it by trying to prove to the investor how smart he was rather than centering on the successfulness of his company,” he says. “You need to stay conscious of what you are trying to accomplish.” Focus on the goal at hand.
Take your personal life into account
In addition to looking at external data — such as survey results — examine your internal data as well. “The way we feel or what’s going on in our lives plays a major role in how we read situations,” says Menaker. “Gauging internal data — say, stress in a romantic relationship that might make you less open to change — and adjusting for how it influences what you see on the outside will lead to more informed decision making.”
Menaker saw this in action with a trader who was losing money by jumping into stocks prematurely. “It turned out that he had a friend who was doing very well. That brought out fears of not being good enough and of missing out.”
Make a mental highlight reel
Psych yourself up for meetings and presentations by closing your eyes and mentally replaying past successes. Cass created this exercise as a way of keeping professional athletes at their most competitive right before games. But, he says, it works for the rest of us as well. “I want you to visualize times you peaked in a competitive way,” he says. “Think about how it felt and smelled and looked. It allows you to get hyperfocused and competitively juiced for what you are about to do.”