He will risk half his fortune in the stock market with less reflection that he devotes to the selection of a medium-priced automobile.

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.

Men who can both be right and sit tight are uncommon.

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.

In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be. The thing to do is to watch the market, read the tape to determine the limits of the get nowhere prices, and make up your mind that you will not take an interest until the prices breaks through the limit in either direction.

Instead of hoping he must fear and instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.

It is what people actually did in the stock market that counted - not what they said they were going to do.