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Excerpt: Temple of Boom

Excerpts from an excellent article by Lambert Gann people:

One of the fundamental weaknesses of human beings is our desire to 'get rich quick'. On the one hand, our head tells us to be cautious. We know that there are few genuine rewards to be gained in life without hard work. On the other hand, something inside us makes us want to chase the quick big bucks.

Wherever there is a desire to make 'easy' money, there are unscrupulous people who will relieve greedy people of their hard-earned money. Collectively, these people comprise the 'temple of boom'!

One key to being able to survive and prosper is awareness. We are less likely to make crazy decisions based on greed or fear if we are aware of how human beings behave when influenced by crowd behaviour, and how this behaviour tends to be consistent over time. We are also less likely to become the victim of con artists if we have a basic awareness of the techniques they use to lure their victims.

The second key is discipline - the discipline to say "no", or "no, not until I have researched this more thoroughly".

Awareness and discipline are the keys to surviving and prospering as a trader or investor in the temple of boom.

*****

Human beings become members of a crowd and follow the crowd because:

  • Being a member of a crowd gives them a feeling of security.
  • Following a strong leader allows them to feel reassured.
  • Doing what others do helps to combat a fear of uncertainty.
  • They have felt secure being members of different groups all of their lives, and hence are conditioned to wanting to become a member of a group.
Rest of the article at http://www.lambertganneducators.com/newsletters_print/templeofboom.php

:) Falkor

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