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any good book on forex crowd psychology ? 1 reply

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Anybody studying crowd psychology?

  • Post #1
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  • First Post: Apr 2, 2010 10:29am Apr 2, 2010 10:29am
Im at the point where it is hard to learn about tech side of tradeing anything new...academicly. Feels like I know it all....just have to practice practice practice now....

But how useful is crowd psycholog in FOREX. I know in stocks it plays a big role....but what about FOREX?

Cheers
I believe crowd psychology is important in all markets.
A book Trading for a living by alexander elder tells about it.
Psychology is his job also.
A very interesting and useful topic.
Quoting MarketPips
I believe crowd psychology is important in all markets.
A book Trading for a living by alexander elder tells about it.
Psychology is his job also.
A very interesting and useful topic.
Yeah, there is a chapter in the book that speaks about psicology, mass leaders (that is in fact the price) and other things, but the most important thing that he says about it it's that maybe you are more intelligent than the mass, but the mass is always stronger than you, so if you don't want to blow your account: follow the mass (= follow the trend). That's all you need to know about crowd psicology, this, and the fact that (unless you have privilege information, which is illegal) you CANNOT predict the future, admit it, you only can follow the mass when the trend is still active, or bet for a trend change, but in both situations, you have no idea about what the crowd leader (the price) is gonna do next.
ff had a news item a while ago on the subject.
Quoting MarketPips
I believe crowd psychology is important in all markets.
A book Trading for a living by alexander elder tells about it.
Psychology is his job also.
A very interesting and useful topic.
Isn't crowd psychology reflected in the movement of price?
Quoting fxtradergirl
Isn't crowd psychology reflected in the movement of price?
As much as I know single traders input into market about 8%, the rest belongs to banks and institutions. In my opinion 8% is the real crowd but the banks make
highly developed calculations and probably do not belong to the crowd. They are
different kind of crowd. But as I was told not long ago that somewhat 8 mightiest banks united and one click gets them into market.
But, I believe nobody wants to go against crowd.
The matter is to get out of market before the crowd starts getting out.
Have something unique.
Quoting ha-pattern
ff had a news item a while ago on the subject.
Did you listen to him? What most you like of it. I saved it for myself
for later studying. Thanks for sharing.
What these beautiful girls are doing in the background?
  • Post #8
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  • Last Post: Apr 3, 2010 6:57am Apr 3, 2010 6:57am
Quoting MarketPips
I believe crowd psychology is important in all markets.
A book Trading for a living by alexander elder tells about it.
Psychology is his job also.
A very interesting and useful topic.
Thanks...will check that book out, I just ordered Trading with Crowd Psychology (Wiley Trading) by Carl Gyllenram. But the point you make later about those 8%. That was my initial consern. "cowd" plays a small role makeing the market...

This is a good reason I gues to read more about this to see how big of an inpact it has...
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