The most important step toward profits is to identify the Market Trend; this is 50% of the game! Trade in harmony with the trend. The action of the whole Market tells you when the selling is better than the buying and vice versa. To become a successful trader, you must learn to judge by the action of the Market. It is the action of the Market which carries the greatest influence with insiders. If the Market is declining sell short or raise cash and sit on the sidelines; likewise, if the Market is rising go long.
If you have a Bull Complex by all means get rid of it. Under its control you are a one way trader. You are biased, therefore unqualified to form an opinion uncolored by your leaning toward the Bull side. So, if you must have a complex, make it a Bear. Bad as it is one sided, you might better be a biased Bear than a biased Bull. The biggest and quickest money is on the Bear side. But why favor either side? Why not be a Bull in a Bull Market and a Bear in a Bear Market. If you say I can't sell them short, then you have no business to trade. Instead, become an investor if you like, and buy in panics and big slumps. But if you intend to be a trader, you must learn to operate on both sides fluently. After all, what difference does it make whether you buy first or sell first? Your objective is to derive a profit. So get rid of your complexes, if any, and ride 'em both ways. -- Richard D. Wyckoff
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