My perspective is based on short to midterm position trading. I find that if once I put on a trade and I’m watching prices non stop, I’m being sucked into the group. If I’m happy or sad based on a winning or losing trade I’m being sucked into the group. Making impulsive trades based on what prices are doing, I’m being sucked into the group… and I lose my independence! Groups can be powerful in nature and be responsible for massive trends so it would be beneficial to ride the coattails… but, when it comes to Turning Points, the remaining group gets Crushed. So it would be of utmost importance to analyze the group but think Independently of the group and know your Entrances and Exits! Like the song goes, “Know when to hold them, know when to fold them” … And then there is the Contrarian. If everyone else is doing it then it is wise to do the opposite… but you have to identify if the crowd has gone too far in one direction, measuring if too bullish or too bearish. These are generally the turning points. Certainly it would help if one has deep pockets to absorb risk like a Warren Buffet deep pockets lol. Basically if there are a greater number of Bulls the greater the risk of market decline. The more Bears that exist the bigger the upside.