Quote from kingfisher3210:
I cant believe. After 15 months of trading and going no where, i now firmly believe to be successful in trading, i need to have a solid grasp of mass/crowd psychology.
At a certain price range after bullishness, bulls are tired and trend starts to reverse to bearishness.
At a certain price range after bearishness, bears are tired and trend starts to reverse to bullishness.
To understand crowd psychology, it needs phenomenal experience, note taking and revision. This looks to me a journey of 10 years to become a full time trader from an amateur trader.
I got fed up with my losses in trading and after one year of trading beginning from Oct 1, 2010 i started to make notes of the Asian indices market which i trade.
For the first time in my trading life, i am able to understand the scheme of things.
What you guys say? Am i wasting my time in trying to become a discretionary trader?
You are on the correct track towards longer term trading..........
"There is nothing new on Wall Street or in stock speculation. What has happened in the past will happen again,
and again, and again. This is because human nature does not change, and it is human emotion that always gets
in the way of human intelligence. Of this I am sure."
--Jesse Livermore
"The financial markets are naturally set up to take advantage of and prey upon human nature. As a result, markets
initiate major intraday and swing moves with as few traders participating as possible. A trader who does not understand
how this works is destined to lose money."
--John Carter, Financial Trader
"Fear and greed drive markets. That's why to succeed as a trader, you must learn to respect the two principal driving forces
of price. To win consistently, you must put the odds in your favor by understanding when sentiment reaches an extreme at
either end of the scale and take advantage of the markets at that time."
--Boris Schlossberg, author of Millionaire Traders: How Everyday People Beat Wall Street at its Own Game
"Be fearful when others are greedy and greedy when others are fearful".
--Warren Buffett, Oct 2008 on buying US stocks for his personal portfolio in the Oct. 2008 stock market environment.
"Buying at market bottoms when fear is at an extreme is an acquired taste that most people never attain."
--RTS Trading
RTS