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| Your job as a trader is to stand apart from the crowd and not be influenced by their emotional behavior. Many times, bursts of buying and selling signal a trading opportunity in the opposite direction. This mechanism uncovers one of the great truths in the financial markets: profit rarely follows the direction of the herd. Always try to visualize the possibility of price action opposite to the current popular wisdom. Careers can be built on this contrary thinking. For example, during this choppy NXTL action, notice how almost every price thrust was immediately followed by a swing move in the opposite direction. Choose to trade the reaction and avoid chasing the emotions of the moment. |
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