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 learned all this so slowly it was because I learned by my mistakes, and some time always elapses between making a mistake and realizing it, and more time between realizing it and exactly determining it.

The stock market is never obvious. It is designed to fool most of the people, most of the time.

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.

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

It isn't as important to buy as cheap as possible as it is to buy at the right time.

One of the most helpful things that anybody can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.