The New Trading for a Living – Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management : [PDF Download]

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“Volume reflects the degree of financial and emotional involvement, as well as pain, among market participants. A trade begins with a financial commitment by two persons. The decision to buy or sell may be rational, but the act of buying or selling creates an emotional commitment in most people.

Buyers and sellers crave to be right. They scream at the market, pray, or use lucky talismans. The level of volume reflects the degree of emotional involvement among traders. Each tick takes money away from losers and gives it to winners.

When prices rise, longs make money and shorts lose. When prices fall, shorts gain and longs lose. Winners feel happy and elated, while losers feel depressed and angry.

Whenever prices move, about half of the traders are hurting. When prices rise, bears are in pain, and when prices fall, bulls suffer. The greater the volume, the more pain in the market.”

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