Often, as traders and investors we start off with an open mind about playing the field, so to speak. We watch the news, listen to friends and colleagues — and we try to apply what’s known as “fundamental” market analysis to make our trading decisions. Soon, though, we start to realize that the “bullet-proof” logic of “fundamental” analysis is not Kevlar, but a piece of cardboard. We see markets fall after good news; rally after bad; and go sideways, defying both bulls and bears. That’s when we realize that trading is not as easy as it seems.