Most people, whether bull or bear, when they are right, are right for the wrong reason, in my opinion.
A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.
Don't take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don't be an impatient trader.
"On Pat Hearne - He made money in stocks, and that made people ask him for advice. He would never give any. If they asked him point-blank for his opinion about the wisdom of their commitments he used a favorite race-track maxim of his: "You can't tell till you bet.""
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