ABSTRACT
The fact is, however, that many traders, not having set up a basic strategy and having no sound philosophy of what the market is doing and why, are at the mercy of every Panic, boom, rumor, tip, in fact, of every wind that blows. And since the market, by its very nature, is a meeting place of conicting and competing forces, they are constantly torn by worry, uncertainty, and doubt. As a result, they often drop their good holdings for a loss on a sudden dip or shakeout; they can be scared out of their short commitments by a wave of optimistic news; they spend their days picking up gossip, passing on rumors, trying to conrm their beliefs or alleviate their fears; and they spend their nights weighing and balancing, checking, and questioning, in a welter of bright hopes and dark fears.
