The biggest rule in trading is this: Markets can always go a lot higher than you think, and a lot lower than you think. How many times over the past several years have you heard that stocks are massively overpriced by historical standards that they just couldn’t go any higher? Plenty, I’m sure. But stocks have gone higher. A lot higher. Think about it, there have been people talking about the top in the market since 2009. And it’s essentially gone straight up. Think of how much opportunity you would have missed out on if you followed this doomsday narrative for the past several years.
Novice traders — and even a lot of veteran traders who should know better — often make the mistake of trying to anticipate the turn. They think they can “call the bottom” or “call the top.”
As a professional trader, it’s not my job to predict the market top, or what will bring this bull market down. It’s a waste of time to try. You might as well ask me for the winning lottery numbers. Look, I can’t disagree that stocks are extremely expensive by certain metrics. But they’ve been overpriced by those same metrics for a long time now. And stocks continue to climb, whether you think they should or not.
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Esta historia es de la edición September 2022 de Indian Economy & Market.
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