Professional traders have always had some system or other based upon their experience and governed either by their attitude towards speculation or by their desires.

Experience has proved to me that real money made in speculating has been in commitments in a stock or commodity showing a profit right from the start.

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 is only one side to the stock market; and it is not the bull side or the bear side, but the right side

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.

"If I buy stocks on Smith's tip I must sell those same stocks on Smith's tip. I am depending on him. Suppose Smith is away on a holiday when the selling time comes around?

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.