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.

There are times when you should be completely out of the market, for emotional as well as economic reasons.

If you can't sleep at night because of your stock market position, then you have gone too far. If this is the case, then sell your position down to the sleeping level.

Without faith in his own judgment no man can go very far in this game. That is about all I have learned - to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary.

Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.

The stock market is never obvious. It is designed to fool most of the people, most of the time.

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