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Education January 27, 2026 | 6 min read

By Kareem Farid, founder of Kunkafa

Understanding uncertainty: why both outcomes remain possible

A chance is not a promise. What the number is attached to, why the two sides rarely add up to a hundred, and how to check whether it holds.

Every forecast in Kunkafa Predictions carries the same reminder: both outcomes remain possible. It reads like a legal footnote at the bottom of the screen. It is closer to the whole point of the screen.

What the number is attached to

A chance here is never attached to a mood, a rating or a star. It is attached to a movement level: a distance from today's price, in one direction, with a duration to cover it. Four things, always together - how far, which way, how long it has, and the chance it gets there.

Here is an example. It is an example, not a live forecast, and the figures were chosen to make the shape readable.

terminal
AN EXAMPLE - not a live forecast

  CHANGE     DURATION        CHANCE
  +0.9%      within a day    61%
  -1.6%      within a day    55%

Read the first row as: price could rise 0.9%
from today's close at some point before the
day is out, and the chance of it getting
there is 61%.

The second row is the same market, the same
day, looking the other way.

Notice what the two rows do not do: they do not add up to a hundred. They were never two halves of one thing. A day is long enough for price to touch a level above and a level below, and on plenty of days it does exactly that. Each row answers its own question and carries its own number.

The 61% trap

Your brain reads 61% as yes. That conversion is automatic, and it is where most of the damage happens. Nobody plans around the other 39%; they simply feel ambushed by it later.

In the example above, the same sentence that says price reaches 0.9% about 61% of the time also says it fails to reach it about 39% of the time. Those are not two claims. They are one claim, read from either end.

In the example above, a 61% chance of reaching a level is also a 39% chance of not reaching it. Both numbers came out of the same sentence. Only one of them is comfortable to look at.

Most markets, most of the time, have nothing to offer

The app says this out loud rather than hiding it: "Markets are efficient - whatever is known is already in the price, so most forecasts sit near 50/50. Our models watch every update and bring you the few that do not."

A screen full of near-coin-flip forecasts is not a broken screen. It is an accurate one. Any tool that always has something exciting to show you has stopped measuring and started performing. If you want the mechanics behind that claim, they are set out on the methodology page, with the plain-words definitions at the glossary.

Both directions, never hidden

The other side is always a glance away, and the two sides are rarely mirror images. In the example, the market could travel further down than up over the same day - 1.6% against 0.9% - even though the upward level is the likelier one to be reached. Show only the upward row and you have described half a market.

The same principle governs the filters. Narrowing to strong forecasts, or to one direction, or to a minimum distance, shortens the list you are reading. It never redraws the price band, because hiding a level would quietly claim price cannot go there.

Read as a promise

You see 61% and hear "it is going up 0.9%".

Price drifts sideways and closes lower.

You are surprised, and surprise is expensive.

Read as a chance

You see 61% up, and 55% down sits one glance below.

Price drifts sideways and closes lower.

One of the two things you were shown happened.

Is 61% really 61%?

This is the question that separates a number you can use from a number that is decoration. A well-calibrated forecast means the figure matches what follows: when it says 61%, roughly 61% of those cases should reach the level. Not 85%, not 40%.

Checking it looks like this. Again, an example - invented figures, shown for the shape of the check rather than as published results.

text
AN EXAMPLE of a calibration check
(illustrative figures, not published results)

Forecasts that said 60%:
  reached the level 58% of the time   close

Forecasts that said 70%:
  reached the level 69% of the time   close

Forecasts that said 90%:
  reached the level 84% of the time   too bold

The real version of that check is not something you have to take on trust. The results page is updated daily, and every forecast in the app carries its own record beside it under "How similar forecasts performed": how many were evaluated, how many were strong enough for the filter you set, how many finished in the forecast direction, and how many reached the movement level - over the last day, 7 days, 30 days, or all time. If you want that number pulled apart properly, what a 70% chance actually means does it slowly.

When there is not enough to say

Sometimes the honest answer is that the record is too thin to speak. Under 100 finished examples, the panel does not grey out a shaky figure or print it in small type - it replaces it with a sentence: "Not enough past examples to estimate performance reliably."

The same instinct governs the small numbers at the other end. A rate below one percent reads as "under 1%" rather than a decimal that implies a precision nobody has. Missing information is stated. It is not filled in.

A tool that admits it cannot tell you something is more useful than one that always has an answer. The second kind is not more knowledgeable. It is just less willing to say so.

What a chance does not do

What you see What it says What it does not say
A level with a chance How likely price is to reach that distance inside that duration Where price will finish, or when it gets there
Both directions, one below the other How far the market could travel each way over the same duration Which of the two you should act on
The record beside it How forecasts like this one have actually turned out That the next one will follow the same pattern
A near-50/50 forecast That the market has already priced in what is known That something is wrong, or that you should wait for better

That last column is the reason for the guardrail printed on the product: forecast, not advice. For the rational investor: emotion out, scenarios in.

Why the reminder is the point

Thinking in chances is uncomfortable because it never resolves. You do not get told what happens. You get told what could happen, how far, and how often it has gone that way before - and then you live with the part that stayed open.

That discomfort is the accurate response to a market. Both outcomes remain possible is not a hedge attached to the end of a forecast. It is the forecast, said in plain words - which is also what an honest forecast looks like when you design a whole screen around it. You can see the real thing, both directions and the record included, in the demo, without an account.