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

There is time to go long, time to go short and time to go fishing.

I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.

"If I buy stocks on Smith's tip I must sell those same stocks on Smith's tip. I am depending on him. Suppose Smith is away on a holiday when the selling time comes around?

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

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

I don't know whether I make myself plain, but I never lose my temper over the stock market. I never argue with the tape. Getting sore at the market doesn't get you anywhere.