Stock Market Turning Points: Has Wall Street Ever Warned You in Time?

20 April, 2012

By Elliott Wave International

In the play "The Secret to Freedom," Pulitzer prize writer Archibald MacLeish had a character say this:

The only thing about a man that is a man is his mind. Everything else you can find in a pig or a horse.

MacLeish knew how to state the truth plainly.

 

And the truth is, you can use your mind in any way you wish.

When it comes to financial markets, most allow others to do their thinking for them. You’ve heard the phrase "the blind following the blind." Yes, they both fall into the ditch.

At Elliott Wave International, our mission is to keep our subscribers out of the ditch. To do so, we must first do our own financial thinking before offering our conclusions to subscribers.

Robert Prechter found it easier to think independently by being physically removed from Wall Street. In this excerpt from the book Prechter’s Perspective, Prechter was responding to an interviewer who asked about Prechter living 60 miles north of Atlanta:

It’s an advantage in my opinion to be away from the storm of mass psychology that exists in the financial centers. I have purposely distanced myself from New York to avoid the overload of superfluous information that you are exposed to there. I am an observer of crowd behavior. I think it is extremely difficult to shield yourself from the crowd’s influence when you are part of it.

Now, we don’t advocate contrarianism for its own sake. That would be just as big a mistake as letting the Wall Street crowd do your thinking for you.

That said, our financial analysis is born of deliberate independence.

Granted, the crowd might be right for a time, but generally not for long, and never at important turning points.


Learn to Think Independently

Being an independent investor never goes out of style — whether the markets are bullish or bearish. Learn to challenge conventional notions about investing and explain market behaviors that most people consider "inexplicable" with the FREE 50-page Independent Investor eBook.

You’ll get some of the most groundbreaking and eye-opening reports ever published in Elliott Wave International’s 30-year history; you’ll also get analysis, forecasts and commentary to help you think independently in today’s tumultuous market.


Source link  
Seminar on Swing Trading

This autumn, XM continued its forex trading seminar series started in the MENA region in September, reaching its next destination...

Two Seminars Held for Traders in MENA

Our seminar series on forex trading, started in the MENA countries this autumn, has recently reached two more destinations: Manama, Bahrain...

Forex Seminars in Latin America

This November XM will be back to Latin America, to offer traders a free forex trading seminar with free participation in as many as three cities...


Technical Analysis Seminar in Bangkok

On 30th September, shortly after having visited the city of Korat, we returned to Bangkok, Thailand, with a forex trading seminar about the use of technical...

FXTM Seminar Triumphs in Vietnam

FXTM is committed to educating its traders across the world, especially when it comes to new trading products. As such, the latest seminar in Ho Chi Minh...

Ultimate Trading Formula Continues

FXTM's educational series of seminars and workshops continued its successful run in South Africa, with recent Ultimate Trading Formula events...


Free Trading Seminar in Budapest

On 25th November we will be holding our next free trading seminar in the Hungarian capital, Budapest, for online investors willing to improve...

FXTM Seminar in Thailand

FXTM Partners is committed to providing clients around the world with market leading trading education. To that end, we recently hosted a highly...

Trading the Alligator Strategy

Ever since its development, the Alligator indicator has been utilised in thousands of trading strategies. Thanks to Fractals - breakout signals which ensure...

  


Share: