World of Speculation (part 1)

The Key to Trading
So how does the understanding of speculation apply to trading? The answer is that you speculate on the speculators. And for that, you learn to read charts and other signs that reveal the speculator’s intent.
The first thing to understand is that all market action is from speculation. Whether we are referring to day trading, swing trading, or long-term investing, it is all about speculation. The day trader is speculating the near-term movement of a stock. The swing trader is doing the same thing for a slightly longer period. The long-term investor is also speculating, even if it is only the anticipation of future company value. All of these methods are based on exactly the same thing---speculation---and each method is only separated by the time horizon.
While all traders and investors are speculating, here is the one twist that I submit: It is your job to speculate on them. The success of your trading depends on this lone fact---you must successfully speculate on the speculators!