It took me five years to learn to play the game intelligently enough to make big money when I was right.

Don't take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don't be an impatient trader.

If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with plodding minds. It's the guessing that develops a man's brain power.

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.

A man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.

He will risk half his fortune in the stock market with less reflection that he devotes to the selection of a medium-priced automobile.

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