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on December 3, 2001
This is really a good book if you want to understand market psychology. The author makes a very thorough attempt to explain why and when crowd psychology arises in the market place. I would say that the work is pioneering. A lot of other books talks about psychology and that it is important, but this book really explains to you how it works. The author uses several fictious characters to describe how individuals are transformed in to a crowd and this is fascinating reading. If you want strict advice how to trade this may not be the right book for you, but if you realize that understanding crowd psychology will help you to be a better trader you should absolutely read this book.
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on February 1, 2001
the psychology of trading is an extremely important subject. the author however attempts to explain certain occurences of trading range breakouts using fictional characters and situations, resulting in a book that is slow and repetitive, and has little practical value for the active investor. the author could have quite easily summarised his thoughts in a short magazine article, rather than a 250 page....
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on June 6, 2002
the title of this book should read: 'the mindset of shareholders in a range bound stock'; in his conclusion, the author wrote,"using an understanding of crowd psychology to enchance trading is actually the subject for a whole new book". so this book is actually for absolute biginners in the stock market who has no knowledge of technical analysis or its basis. it's a waste of time for anyone who has just a little of insight into trading. the entire book can be found in one section of a good technical analysis book, just look up 'triangles', rectangles, or range bound trading. and their breakouts. the author just describes the thinking behind various individuals in these situations, with much repetitions. it's a wonder i read til the end. the author did recommend some books in the second last page for 'better reading' though. 2 stars for his honesty and stated objectives.
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on April 15, 2003
Market participants are often emotional and irrational in their decision-making -- much like any crowd. In fact, to understand crowd psychology is to better understand the financial markets.
So says Carl Gyllenram, author of "Trading With Crowd Psychology," a book that claims market analysis is more behavioral science than anything else. While allowing that economic information and fundamental changes produce major market shifts, he believes that the conformist (and predictable) behavior of market participants -- the crowd -- is what usually drives price action.
Some traders and investors react late to changes in the market because they rely solely on fundamental and economic information available to everyone else. Others may use use technical analysis -- but end up trading off of conflicting indicators and/or stereotyped chart patterns.
Chart patterns are "people patterns," says Gyllenram, reflecting the behavior of everyone buying and selling in the markets. A successful technician understands the psychological dynamic (hesitancy? panic? resignation?) at play within these patterns, most all of which, he maintains, are simply variations of a trading range. Markets most often move laterally, with little significant price movement up or down.
An intuitive feel for market psychology helps the trader or investor understand how these trading ranges are structured.
Of particular interest to me were "balance points" -- those price levels at or near the top and bottom of a trading range that serve to predict a powerful price breakout. "You can never be sure," he says, "when a range will be broken or what direction a breakout will take. But trading with an understanding of crowd psychology and the ability to identify balance points certainly increases your odds. The important message you need to be able to read in a chart is when a clear change of the psychology is taking place. You must understand that the creation of a balance point is a powerful indication that the behavior of the market majority has shifted."
Gyllenram uses a clever approach to help us understand ( and profit from) the phenomenon of crowd psychology as it relates to market analysis: He uses a number of characters, each representing a different "category" of investor who own positions above a trading range (after a long uptrend), as well as below it (after a steep decline). What all have in common are emotional patterns of crowd behavior formed after large price movements (up or down) that make people nervous, excited or otherwise irrational.
Which character will remind you...of you?
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on January 5, 2002
This book really gave me a new perspective on the stock market. I wanted to understand why prices move up and down the way they do in the market and in other books I haven't got that knowledge. In this book however I found what I have sought after for a long time ; a explanation how people act in the market place and how their emotions affect their trading and therefore prices. For somebody like me, that really wants to understand market psychology this book was very valuable reading. If you are not intrested in psychology and instead are looking for new indicators this is the wrong book. But, if you have a desire to really understand crowd psychology in the stock market this is absolutely a book to read.
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on May 20, 2001
I reacted emotionally to the descriptions of fictional characters' emotions when faced with stocks that were rising or falling after their purchases, or their failures to purchase. We have all felt pangs when a purchased stock fell or when one we didn't buy moved rapidly higher. The discussion of the individual and the group reactions to these daily events was useful to me in my attempt to overcome my own inactivity when faced with a trading decision.
I also found the book helpful to me in understanding the psychology behind trading ranges and breakouts.
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on May 28, 2001
I have read all the major publications out there that deal with market psychology. Van Tharp, Adrienne Toghraie, Ruth Barrons Roosevelt, and Mark Douglas are all very interesting indeed. But none of these authors deal with the subject from the same thought-provoking angle as Gyllenram.
The work of Mr Gyllenram is highly regarded, and why shouldn't it be? He is an extremely popular seminar speaker, he has written some wildly popular articles on trading, and he appears frequently in the media as an expert commentator. His knowledge of the financial markets is vast. His research on market psychology is even more impressive. It is nowhere else to be found.
If you are searching for the Holy Grail of trading look elsewhere. You will not find it here. Nor will you find it in any other book. However, if you are interested in learning the very nature of the forces that affect the market this is a great place to start. Being able to ask the right questions is the foundation of profitable trading. This book provides unparallelled insights into market psychology, and the behaviour behind the charts on your trading screen.
Digest this book. Ask the right questions. And enjoy your trading...
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on July 23, 2001
Really bad book. Title misinforms. No psychology whatsoever. Loose on details and evidence. Long winded. Unorganized. Should have stopped on page 1 first and second sentences: "This book is not intended to be ... a scholarly, academically accurate thesis. Instead..., it is intended to describe my personal understanding of the importance of psychology in the stock market."
Abysmal writing combined with confusing make-believe characters and dialogue. Go buy Kindleberger's "Manias, Panics and Crashes", or Boucher's "The Hedge Fund Edge" for real insights into crowd psychology and behavior on your financial net worth.
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on October 27, 2001
I bought that book because of the table of contents. I thought it was exactly what I was looking for. In fact, that book is going nowhere. You read stories of people who are playing the market and who are going through different kind of emotions and you think: big deal, I have been through that. But you keep reading because you think the author will eventually summarize and draw conclusions that will benefit you. WRONG. Nothing happens. You finish a chapter and you get a feeling of emptyness. You read the following chapter and feel the same thing. Somewhere in the first few chapters, the author tells you that if you own a stock, there are only two things you can do: hold or sell. What an amazing piece of valuable information. And in case you didn't understand that, the author will repeat it three or four more times in the following chapters. On page 125, we learn that if we buy a stock and the market goes the way we anticipated, it makes us happy. But if the market goes the other way, we become sad, maybe even scared. That is the kind of information you get when you read that book. Worthless.
But I have to be honest with you. This is only a review of the first half of that book. I couldn't read the rest. I had waisted enough time.
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on January 27, 2014
If you have never used a stockbroker or traded a stock before then this book has a few examples of what could happen from various emotional viewpoints.

However, the title is misleading. I was expecting more of some explanations of stock movement based on crowd psychology, There really was nothing mentioned that gave me any trading benefit.
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