try and distract him/get his mind working positively by doing leg yields, side passes
This is good advice. Also have a good one rein stop incase you need to slow or stop him. Circles can help alot, its often better to resort to doing side passing, circling, etc then grabbing both reins, which typically makes them worse.
Being calm and relaxed is a big deal, if you fall appart when a horse starts prancing/spooks/etc then a hot horse out in the open is not the best idea.
Set your self up for success, get very comfortable before moving onto the next step. Try groundwork. Then riding in a corral, then out with other riders.
I think the key really is keeping your head and taking everything in stride. Also don't try to make them something they are not. Ahot horse can be well trained and obedient, yet still hot. A hot horse will likely always be more forward and reactive. Embrace this, don't fight to turn a naturally energetic horse into a super laid back mount, that never makes anyone happy.
I love the hot horses, my primary saddle horse is an egyptian arab, and most of the other horses I ride are straight off the track OTTB's.