April 26, 2005

JWH Monthly Market Commentary

John W. Henry's monthly trading and market commentary is always worth reading.

Excerpt:

"Successful trading actually has two parts: (1) Calling the direction of the market; and (2) Timing the directional call. You can be right about the direction and still lose money if you do not time your trades properly. This is a good reason to let the market be your guide. Trading through price information may serve as the best conjecture. The trend will suggest the aggregate opinion of the market concerning the link between fundamentals and timing. It may also be wrong - it has been in the past, but it still may be a better supposition than the opinions of an individual forecaster."

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