The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.
A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.
Every once in a while you must go to cash, take a break, take a vacation. Don’t try to play the market all the time. It can’t be done, too tough on the emotions.
The stock market is never obvious. It is designed to fool most of the people, most of the time.
It is what people actually did in the stock market that counted – not what they said they were going to do.
If a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of ten thousand brothers or cousins of the original.
I began to realize that the big money must necessarily be in the big swing.
It takes a man a long time to learn all the lessons of all his mistakes.
Don’t take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don’t be an impatient trader.