PDF Ebook Psychology of the Stock Market, by George Charles Selden
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Psychology of the Stock Market, by George Charles Selden
PDF Ebook Psychology of the Stock Market, by George Charles Selden
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912 edition. Excerpt: ... VII--The Psychology of Scale Orders THE observer of market conditions soon comes to know that there are two general classes of minds whose operations are reflected in prices. These classes might be named the "impulsive" and the "phlegmatic." The "impulsive" operator says, for example, "Conditions, both fundamental and technical, warrant higher prices. Stocks are a purchase." Having formed this conclusion, he proceeds to buy. He does not try or expect to buy at the bottom. On the contrary he is perfectly willing to buy at the top so far, provided he sees prospects of a further advance. When he concludes that conditions have turned bearish, or that the advance in prices has overdiscounted previous conditions, he sells out. The "phlegmatic" type of investor, on the other hand, can hardly ever be persuaded to buy on an advance. He reasons, "Prices frequently move several points against conditions, or at least against what the conditions seem to me to be. The sensible thing for me to do is to take advantage of these contrary movements." Hence when he believes stocks should be bought he places an order to buy on a scale. His thought is: "It seems to me stocks should advance from these prices, but I am not a soothsayer, and prices have often declined three points when I felt just as bullish as I do now. So I will place orders to buy every half point down for three points. These speculators are a crazy lot and there is no knowing what passing breeze might strike them that would cause a temporary decline of a few points." Among large capitalists, and especially in the banking community, the "phlegmatic" type naturally predominates. Such men have neither the time nor the disposition to watch the ticker closely and they nearly always disclaim any...
- Published on: 2013-09-12
- Original language: English
- Number of items: 1
- Dimensions: 9.69" h x .4" w x 7.44" l, .12 pounds
- Binding: Paperback
- 20 pages
From the Back Cover
Motley spent five years in Dresden, Brussels, and the Hague to produce, in 1856, this popular three-volume history hailed by readers of the time and recognized by scholars since as a standard of the field. The lessons for modern society Motley finds in the microcosm of Holland continue to hold true in today's uncertain political environment, and his dramatic narrative and eloquent, lyrical prose remain a delight. The author's respect for the people of the Netherlands and their triumphs as a nation still shines through, and this love letter to the Dutch Republic retains the power to instruct and inform.
About the Author
G. C. Selden authored "The Psychology of the Stock Market, " "Trade Cycles," and "What Makes the Market?"
Most helpful customer reviews
37 of 41 people found the following review helpful.
Good advice for stock traders
By Steve Burns
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.
24 of 26 people found the following review helpful.
A wonderful little book on trading
By Sam Johnson
This was a treat. Written in the begining of the 19th century it is still dead on. Even after reading a score of trading books this one reads fresh. It's the kind of book that is short but brilliant and which you will find yourself rereading. Wonderful little apercues on market pyschology. Much of it, you already know if you're an old hand, but expressed in a way that brings it home to you. Very well written. A joy to read.
13 of 13 people found the following review helpful.
A Pithy Read for So Slender a Volume
By Leisa
I have the paperback version of this book. Though originally published in 1912, it reads as a contemporary volume. Why? Human DNA has not changed. Accordingly fear, greed, hope and despair will always be key elements in everything that we do--to include our being market participants.
There are so many quotable phrases in this book. Foundational to everything is this one from p. 28 of the paper back: "Probably no better general rule can be laid down than the brief one, 'Stick to common sense.' Maintain a balanced, receptive mind and avoid abstruse deductions."
While that phrase is foundational to the book, this book ought to be foundational to every investor/trader's resource library. And I promise this....when you get to the chapter entitled "They"--you will find it so extraordinarily reminiscent of our current conversations of the shadowy figures 'propping' up the futures or "quant machines go wild" that you will chuckle.
You will not be disappointed by this book.
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