Trading is a terrific game that never changes. New technologies, methods, and investing fads emerge. Trading fundamentals remain unchanged from centuries ago. This "timeless classic", is G.C. Selden's The Psychology of the Stock Market. Although published in 1912, Selden's book might have been released yesterday. This makes sense, as human psychology hasn't evolved in a century. However, seeing how much human emotions and mental processes still rule is eye-opening. We must first examine speculative psychology as a whole, and then assess its effects on the market and individual traders. Selden then clearly explains how the stock market "works" in this compact book of 50 pages. This uncannily accurate description has nothing to do with dark pools, circuit breakers, high-frequency trading, or other recent influences, despite being a century old. The human aspect is the only emphasis. Selden eloquently explains the "contest" between investors and speculators, as well as how it shapes a market. Investors and speculators continuously compete in the market. The true investor, who focuses on interest return but is prepared to buy cheap and sell high, may acquire his favorite company at a price that yields 6% or sell at a price that yields 4%. Interest returns are irrelevant to the speculator. He wants to acquire and short-sell before prices rise and fall. "He would purchase at the peak of a major surge or at any other time if prices climb further." Investors sell their investments when the market rises and they reach their limit.
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