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.

The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.

Disregarding the big swing and trying to jump in and out was fatal to me. Nobody can catch all the fluctuations. In a bull market your game is to buy and hold until you believe that the bull market is near its end. To do this you must study general conditions and not tips or special factors affecting individual stocks.

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.

Professional traders have always had some system or other based upon their experience and governed either by their attitude towards speculation or by their desires.

My main life lesson from investing: self-interest is the most powerful force on earth, and can get people to embrace and defend almost anything.

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.