I think that Dave summarizes perfectly and concisely what can be said about last year.
I post it here because it resonates well with the discussion that's been going on.
Billy

"2011 was a tough year for most. The trend followers had no trend to
follow and the reversion to the mean guys looked pretty smart until
they blew up.

It was a market that rewarded bad behavior. Just the opposite of
what you should do often worked: not using stops, fading the
market, taking small profits, micromanaging, switching systems,
jumping in and out (for longer-term traders) etc...

I'm glad this one's over."