Analysts make predictions but traders make money
“I am the son and the heir of nothing in particular”
– Morrissey and Marr, “How Soon is Now?”
All the best traders I have ever spoken to believe that it is not possible to predict market action, I believe this myself. It is important that you come to also believe this. I often put this another way by saying that all analysis and trading techniques are meaningless or illusory. Thinking about this it occurs to me that this is perhaps a confusing way of saying the same thing.
But the main point is that whatever trading signal you take will only have a percentage chance of success. A trader must not get attached emotionally to any one trade and must trade what is really happening in the market. The ...