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.

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.

A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don't believe in tips."

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.

Just remember, without discipline, a clear strategy, and a concise plan, the speculator will fall into all the emotional pitfalls of the market - jump from one stock to another, hold a losing position too long, and cut out of a winner too soon, for no reason other than fear of losing profit. Greed, Fear, Impatience, Ignorance, and Hope will all fight for mental dominance over the speculator. Then, after a few failures and catastrophes the speculator may become demoralised, depressed, despondent, and abandon the market and the chance to make a fortune from what the market has to offer.

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.

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