This is what Ken Goodman wrote in 1967:

“Reading is a psycholinguistic guessing game. It involves an interaction between thought and language. Efficient reading does not result from precise perception and identification of all elements, but from skill in selecting the fewest, most productive cues necessary to produce guesses which are right the first time. The ability to anticipate that which has not been seen, of course, is vital in reading, just as the ability to anticipate what has not yet been heard is vital in listening (Goodman, 1967, p. 127)

The term, psycholinguistic guessing game” has been commonly taken out of context and misunderstood by those who would propose a skills-based approach to reading instruction. Remember, context matters. In the context in which it was used, this term refers to the process used by your brain to maximize efficiency during reading.