It seems someone on ET is making a prediction every freaking day these past few weeks. "C will go no lower" "Market up 5% EASY tomorrow." When does it end? For you predictors.....trading has absolutely, positively, without a shadow of a doubt, nothing to do with being right and "knowing" where the market is going. Here's what a trader does. He flips through a bunch of charts and he begins drawing lines. All the while he is thinking, "If the market does this I will do that and if the market does that I will do this." This very basic statement means he steps into the market with either a small bias or better yet, no bias. He knows "anything can happen" and he prepares for anything. If Plan A doesn't unfold you can bet your ass he has Plan B laid out well ahead of time and then there are even occasions when Plan B does happen but it turns into Plan C and the appropriate action is taken. Trading is not about predicting, it's about listening to the market's message and acting accordingly. The longer you predict the longer you'll be a loser. Up tomorrow? Down tomorrow. I don't give a rat's ass. If it goes up I'll do this and if it goes down I'll do that. See how easy trading just became?
Having a plan/strategy does not mean you will win over time. If in doubt, ask W. A plan is necessary, but not sufficient.
Most of the predictors are probably BS but i bet there are some legit traders that trade day to day fluctuations or week to week swings that are quite successful. I would not consider those traders predictors but rather speculators based off of historical characteristics. Oh and by the way- WE WILL BE UP TOMMORROW HURRY AND GET IN!!!!
i see sp500 to 1250 by year end, all indicators are bullish and valuations are at historic lows, all signs for a massive rally.
... b/c you're a fader ... if you were a trend follower ... "If the market did this you'd do this and if the market did that you'd do that." ...