The only thing to do when a man is wrong is to be right by ceasing to be wrong.

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

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

It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance.

In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be. The thing to do is to watch the market, read the tape to determine the limits of the get nowhere prices, and make up your mind that you will not take an interest until the prices breaks through the limit in either direction.

Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.

He really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend.