There are old traders and there are bold traders, but there are very few old, bold traders.

It can be very expensive to try to convince the markets you are right.

Pyramiding instructions appear on dollar bills. Add smaller and smaller amounts on the way up. Keep your eye open at the top.

A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That's the kind of thing winning traders do.

The markets are the same now as they were five or ten years ago because they keep changing-just like they did then

Dramatic and emotional trading experiences tend to be negative. Pride is a great banana peel, as are hope, fear, and greed. My biggest slip-ups occurred shortly after I got emotionally involved with positions.

Everybody gets what they want out of the market.