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  
Trading Seminar Hosted in Perth

This November, XM embarked on a seminar tour in collaboration with Tradepedia’s Avramis Despotis to visit as many as three cities in Australia...

World Economy BAND Seminar in Korea

On 3 November, 2017, FXTMPartners sponsored another fantastic IB event in South Korea. Held at the lavish Lotte City Hotel Daejeon 1F Ruby room...

Seminar on CFD Trading in Athens

On 9th December, XM will be hosting a seminar with free participation in Athens, Greece, where we look forward to welcoming online investors...


Kuantan Forex Seminar

Our summer-autumn seminar road trip across Malaysia reached the city of Kuantan on 11th November, welcoming online investors to the free XM seminar titled Confluence...

Forex Seminar in Florence

For all those online investors eager to attend the free forex trading seminars hosted by XM in Italy this year, we have organized a series...

Forex Trading Seminar in Barcelona

The seminar titled Technical Analysis in Online Forex Trading was held on the premises of Ayre Hotel Gran Vía, Barcelona, where our company...


Trading with the Elliott Wave Theory

Spreading forex knowledge is a core principle for FXTMPartners, as they continue to develop online tools and expand in terms of subjects...

XM Hosts Forex Seminar in Manila

Shortly after having visited the Philippines with a free forex trading seminar this summer, the XM team headed back to further destinations...

Seminar on Swing Trading

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

  


Share: