Trade Essential Books – Extraordinary Popular Delusions and the Madness of crowds
investment classic Extraordinary Delusions Charles Mackay people and the madness of crowds will cost about $ 10.00 and more than 150 years, but is simply a classic. If you see a vendor sells a system that no one can say predict market tops or funds – or purports to be scientific this book goes directly.
First published in 1841 shows that the madness and confusion of crowds knows no limits, where greed is involved and people succumb to the pack instinct.
It has not lived to see the crash of 29 or 87 or the bubble technology – but they are different stages of the boom and fall was seen in his book. These are extremely funny stories, told in an entertaining way greed and naivety and stupidity.
Human nature never changes and as in the rise and fall that Mackay describes the investors still have today. No we must succumb to our emotions, especially when it comes to money.
As Mackay says:
"The money, once again, has often been one of the causes of the illusion of the crowd. Sober nations have suddenly become desperate for players, and risked almost their existence to the back of a leaf Paper "
Books such as MacKay put into perspective how traders are stupid who think they can predict market behavior and there is no scientific law human nature is not and never has been.
This book covers three financial manias:
Madness of the South Sea Bubble Mississippi (Early 1700) and the famous "crisis of tulips to the Dutch in 1600, when the tulips made progress in price that made them more expensive than gold!
"The noble citizens, farmers, mechanics, seamen, footmen, maids, chimney sweeps and even clothes for older women dabbled in tulips. "
Why why people splashing in the tulip speculation?
Because people bought them because they were in the price that they thought had no value make real and frantic speculation inevitable to change
Mackay rightly – that when people are trapped in a crowd, do not stop to think logically and Greed rules it is too late:
"The men, who have said, think in herds, let's see what goes mad in herds, as they recover their senses slowly, and one by one. "
The greatness of this book lies in the manner indicated in Mackay how human beings to be illogical emotions come into play and not only covers the financing of the tellers, that witchcraft and fortune and a host of other illusions
The book does not tells you how to trade – but it shows how strange and how human nature is illogical. For investors who think you can predict human behavior in terms scientists, this book will make you think.
One thing is certain human beings are unpredictable when their emotional needs and their short-term actions just can not wait – Note Rader day this issue can not predict what man will do in few hours!
I would have thought that the logic of this book was common sense – but meet him and talk to Forex traders all the time, that stupid trade theories (such as day trading) and a lot of other traders who believe in natural law, as the devotees of Gann, Elliot and Fibonacci.
There is no scientific theory of market behavior if would all know that prices in advance and there would be no market. Once again – if it is a scientific theory must be objective and work all the time and Of course, none of this does.
Extraordinary Delusions as a popular book and the madness of crowds reminds us that the scientific theories are stupid and how human beings are unpredictable. The book can be more than 150 years – but it is as relevant today as it was then. There is no difference between emotions at work in the dot-com mania and the crisis of tulips.
We like to think we have more sophisticated but the same emotions rule most investors today, as they did 100 or 1,000 years.
If you want to trade, can, but you have to trade is a game of probabilities, not certainties, and separated hustle and bustle of the pack and not trade emotionally.
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