When everyone thinks alike, there isn't much thinking taking place. Get out when you can, not when you have to.

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 a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of ten thousand brothers or cousins of the original.

When a man is right he wants to get all that is coming to him for being right.

There are times when you should be completely out of the market, for emotional as well as economic reasons.

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

A loss never bothers me after I take it. I forget it overnight. But being wrong - not taking the loss - that is what does damage to the pocketbook and to the soul.