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.
That's why you need to plan one step further apart from any other traders out there because you don't want to be left holding the bag for yourself when everyone else threw theirs away. For crazy price rises like the one we had for some weeks ago, you should be observant of every single detail you see in the market because that might be a hint or an indication that prices would soon start falling down.
Also, another rule in trading: don't daydream and don't get too greedy.