Psychology of the Stock Market (Classic Edition) Review

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(More customer reviews)This book was written in 1912, but surprisingly would have been a great guide book over the past 100 years. The principles could have made us a lot of money in the twentieth century and stopped a lot of the losses in 1929 and 2000.
Here is the top five principles of the book in summary:
1. Your main purpose must be to keep the mind clear and well balanced.Hence, do not act hastily on apparently sensational information;do not trade so heavily as to become anxious; and do not permit yourself to be influenced by your position in the market.
2. Act on your own own judgement, or else act absolutely and entirely on the judgement of another,regardless of your own opinion."To many cooks spoil the broth."
3. When in doubt,keep out of the market. Delays cost less than losses.
4. Endeavor to catch the trend of sentiment.Even if you should be temporarily against fundamental conditions,it is nevertheless unprofitable to oppose it.
5. The greatest fault of ninety-nine percent out of one hundred active traders is being bullish at high prices and bearish at low prices. Therefore, refuse to follow the market beyond what you consider a reasonable climax, no matterhow large the possible profits that you may appear to be losing by inaction.

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