To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.

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.

I was utterly free of speculative prejudices. The bear side doesn't appeal to me any more than the bull side, or vice versa. My one steadfast prejudice is against being wrong.

The price pattern reminds you that every movement of importance is but a repetition of similar price movements, that just as soon as you can familiarize yourself with the actions of the past, you will be able to anticipate and act correctly and profitably upon forthcoming movements.

It never was my thinking that made the big money for me. It always was my sitting.

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.

Ignorance at twenty-two isn't a structural defect.