A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.
Most people, whether bull or bear, when they are right, are right for the wrong reason, in my opinion.
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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