I have made most of my money on the fear of others. It really is my main strategy. Buy when there is "blood in the streets", sell when everyone is celebrating a rally. 
http://www.investopedia.com/articles/financial-theory/08/contrarian-investing.asp
http://www.investopedia.com/articles/financial-theory/08/contrarian-investing.asp
Buy when there is "blood in the streets", sell when everyone is celebrating a rally. What do you mean by this quote? sorry if I don't understand, for me its so deep. Maybe only a little bit of it I got the point, but not so sure. Can you briefly specify on this, if is it okay with you.
At the end of every heavy sell off, prices will bounce back. Similarly when traders start celebrating their profits they will start profit booking, it means prices start falling down.
This is one of basic trading strategy which will work on extreme market conditions.