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.

At long as a stock is acting right, and the market is right, do not be in a hurry to take profits. One should never permit speculative ventures to run into investments.

I have always played a lone hand. It is the way my mind works. I have to do my own seeing and my own thinking. But I can tell you that after the market began to go my way I felt for the first time in my life that I had allies - the strongest and truest in the world: underlying conditions. They were helping me with all their might.

For instance, let us say that a new stock has been listed in the last two or three years and its high was 20, or any other figure, and that such a price was made two or three years ago. If something favorable happens in connection with the company, and the stock starts upward, usually it is safe play to buy the minute it touches a brand new high.

There is time to go long, time to go short and time to go fishing.

Never buy at the bottom, and always sell too soon.

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