I think it's vital to understand the market environment. Call me crazy, but I think you should have different strategies for investing in a bull market vs. a bear market. In bull markets, you want to buy breakouts to new highs and retests of structural/dynamic support. In bear markets, you want to zoom out and buy while other's capitulate on breakdowns to new lows. If you fuck this up, you're long-term returns will plummet. That's why it's vital to understand trend.(Caleb Franzen)