No one ever went broke by taking a profit.

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

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.

A market does not culminate in one grand blaze of glory. Neither does it end with a sudden reversal of form. A market can and does often cease to be a bull market long before prices generally begin to break.

I never hesitate to tell a man that I am bullish or bearish. But I do not tell people to buy or sell any particular stock. In a bear market all stocks go down and in a bull market they go up.

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

A man must study general conditions, to seize them so as to be able to anticipate probabilities.