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I'm no 8 for a search showing 600k+ searches (according to overture) and see no traffic. On the other hand I'm number 1 for a search showing 1k searches that receives 20k per month.
Overture keyword research isn't the most accurate tool at the best of times - the format of keywords displayed is edited quite a high percentage of times, meaning a lot of people target the wrong keywords.
Also I think some SEO's out there run mass automated queries to skew top results and even create fake terms to confuse the competition.
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