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Investment Psychology Explained Classic Strategies to Beat the Markets - Pring, Martin J

Investment Psychology Explained Classic Strategies to Beat the Markets - Pring, Martin J

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03/18/2014

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Investment
Psychology
Explained
Classic Strategies to
Beat the Markets
Martin J. Pring
John Wiley & Sons, Inc.
New York \u2022 Chichester \u2022 Brisbane \u2022 Toronto \u2022 Singapore
Contents
Introduction
PART I
KNOWING YOURSELF
1. There Is No Holy Grau
2. How to Be Objective
3. Independent Thinking
4. Pride Goes Before a Loss
5. Patience Is a Profitable Virtuc
6. Staying the Course
PART II
THE WALLSTREET HERD
7.A New Look at Contrary Opinion
8. W hen to Go Contrary
9. How to Profit from Newsbreaks
10. Dealing with Brokers and Money
Managers the Smart Way
Bibliography
Index
7
9
24
47
67
79
89
107
109
134
154
167
181
PARTIIISTAYING ONE STEP AHEAD
11. W hat Makes a Great Trader or Investor?
183
12. Nineteen Trading Rules for Greater Profits 205
13. Making a Plan and Sticking to It
224
14. Classic Trading Rules
244
267
271
Introduction
x"or most of us, the task of beat-
ing the market is not difficult, it is the job of beating ourselves
that proves to be overwhelming. In this sense, "beating our-
selves" means mastering our emotions and attempting to think
independently, as well as not being swayed by those around us.
Decisions based on our natural instincts invariably turn out to
be the wrong course of action. A ll of us are comfortable buying
stocks when prices are high and rising and selling when they are
declining, but we need to develop an attitude that encourages us
to do the opposite.
Success based on an emotional response to market condi-
tions is the result of chance, and chance does not help us attain
consistent results. Objectivity is not easy to achieve because all
humans are subject to the vagaries of fear, greed, pride of opin-
ion, and all the other excitable states that prevent rational judg-
ment. We can read books on various approaches to the market
until our eyes are red and we can attend seminars given by ex-
perts, gurus, or anyone else who might promise us instant grati-
fication, but all the market knowledge in the world will be
useless without the ability to put this knowledge into action by
mastering our emotions. We spend too much time trying to beat
the market and too little time trying to overcome our frailties.
One reason you're reading this book is that you recognize
this imbalance, but even a complete mastery of the material in
these pages will not guarantee success. For that, you will need ex-
perience in the marketplace, especially the experience of losing.
ability
imbalance

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