There is only one side to the stock market; and it is not the bull side or the bear side, but the right side

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.

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

Without faith in his own judgment no man can go very far in this game. That is about all I have learned - to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary.

I have always played a lone hand. It is the way my mind works. I have to do my own seeing and my own thinking. But I can tell you that after the market began to go my way I felt for the first time in my life that I had allies - the strongest and truest in the world: underlying conditions. They were helping me with all their might.

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.

A man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.