To brief a transaction volume-price probability wave equation, a new advance in econophysics; To introduce a notion of trading conditioning for the first time in terms of operant conditioning in psychology; To measure the intensity of market crowd’s trading conditioning by transaction volume probability; To test correlation between the rate of mean return and the change in the intensity of trading conditioning subject to the return, using high frequency data in China stock market; To study market crowd’s learning and psychological behavior by correlation analysis, and explain their behavioral“anomalies”by trading conditioning.