Sublime

accidents are usually along the line of least resistance on which I base my position in the market. Another thing to bear in mind is this: Never try to sell at the top. It isn’t wise. Sell after a reaction if there is no rally.

I had my position. I was short of stocks in a market that now was plainly a bear market. There wasn’t any need for me to push things along. The market was bound to go my way, and, knowing that, I could afford to wait. After I doubled up I didn’t make another trade for a long time.

Of all speculative blunders there are few greater than trying to average a losing game. My cotton deal proved it to the hilt a little later. Always sell what shows you a loss and keep what shows you a profit.

Most of the time when markets move, no one has any idea why. A man who can tell a good story can make a good living as a broker.

If the investor is to rely chiefly on the advice of others in handling his funds, then either he must limit himself and his advisers strictly to standard, conservative, and even unimaginative forms of investment, or he must have an unusually intimate and favorable knowledge of the person who is going to direct his funds into other channels.

As Greg De Riba, an S&P 500 pit trader of superior quality, said in the movie Floored: “99% still don’t get it – when they win, they start betting less. Bet more!”

“In crowds it is stupidity and not mother-wit that is accumulated,” Gustave Le Bon noted in his 1895 classic on crowd psychology.

A man ought not to be led into trading by tokens. He should wait until the tape tells him that the time is ripe. As a matter of fact, millions upon millions of dollars have been lost by men who bought stocks because they looked cheap or sold them because they looked dear. The speculator is not an investor. His object is not to secure a steady retur