It is foolhardy to make a second trade, if your first trade shows you a loss. Never average losses. Let this thought be written indelibly upon your mind.

Never try to sell at the top. It isn't wise. Sell after a reaction if there is no rally.

A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.

I cannot fear to be wrong because I never think I'm wrong until I am proven wrong. In fact, I am uncomfortable unless I am capitalizing my experience.

People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth.

If I learned all this so slowly it was because I learned by my mistakes, and some time always elapses between making a mistake and realizing it, and more time between realizing it and exactly determining it.

Men who can both be right and sit tight are uncommon.