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Wednesday, June 9, 2010

Daytrading quote that I like

There’s a quote in Dr. Alexander Elder’s ‘Trading for a Living’ that I like:

If eight or ten people place their hands on your head and push you down, your knees will buckle no matter how strong you are. The crowd may be stupid, but they are stronger than you. Crowds have the power to create trends. Never buck a trend. If a trend is up, you should only buy or stand aside. Never sell short because “prices are too high” — never argue with the crowd.You do not have to run with the crowd — but you should never run against it.

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