I have heard all the time that trader and investors call themselves contrarians but is it really successful and are they able to generate wealth with this concept.?
Yes it does. Like it is said the leaders of last bull market do not stand a chance to be the leader of the current bull market.
Also, in short term the contrarian works pretty well. Because the stock market in voting machine in the short term and weighing machine in the short term. Every correction most of the time is a contrarian pick.