The Psychology of Stock Market Timing
The Psychology of Stock Market Timing by Peter Wyckoff
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Here is a new and different approach to stock market timing, based on the principles of "crowd psychology." Peter Wyckoff, a well-known Wall Street research analyst, bas made a lifelong study of the psychological factors that influence financial decision-making and has found remarkable ways to identify and control the human elemen in investment.
He bas found tbal the seemingly illogical behavior of stock prices is directly attributable to certain "psychological triggers" that set off a chain reaction when released.
For instance, be shows bow abnormal weather conditions, war scares, elections, strikes, and similar phenomena cause significant fluctuations in the price of stocks and be shows you bow you can profit by these fluctuations by knowing in advance what the investing public will do.
He reveals how mass opinion ways seasonal prices, and how you can anticipate these movements to your gain. And he demonstrates how to spot the psychological "turning point" in daily trading activities when prices reach their lowest ebb-the best time to pick up the issues you want.
You'll see how the reactions of market professionals can be scientifically predicted and acted upon.
You'll discover how to "read between the lines" of charts and tapes, and how to apply what be calls the Confidence Factor to get the true significance of these facts and figures. and how to develop attitudes that will free you from following the crowd, and Jet you play the market in a coldly scientific, logical manner.
Wyckoff reveals unsuspected psychological pitfalls in many common investment techniques, and points out the dangers in stop-orders, the scale-order plan, dollar cost averaging, fluid portfolios, and similar "formulas."
He shows why low-priced stocks are psychologically risky-and what special attitudes you must adopt in order to trade in them profitably.
He analyzes the so-called "hunch," shows you its origin and meaning, and tells you when to follow it and when to go directly against it.
And he presents a novel "normal value" theory, based on psychological laws, that helps you spot the "moments of decision" in the trading cycle-and understand the central, controlling forces in tbe market.
You'll discover certain psychological indicators that show when a stock will have difficulty moving upwar and you'll see how the human tendency to think in round figures sets the price.
And tbe book also covers the psychology of selling short, feminine investment tendencies, off-season buying, and many other aspects of the market's basic structure usually overlooked by other books on investment.
Newcomer or professional, you'll find this book a powerfuJ addition to your arsenal of investment knowledge and tecboiques