Successful trading is always an emotional battle for the speculator, not an intelligent battle.
I believe that anyone who is intelligent, conscientious, and willing to put in the necessary time can be successful on Wall Street. As long as they realize the market is a business like any other business, they have a good chance to prosper.
The only way you get a real education in the market is to invest cash, track your trade, and study your mistakes… The examination of a losing trade is tortuous but necessary to ensure that it will not happen again.
Throughout all my years of investing I’ve found that the big money was never made in the buying or the selling. The big money was made in the waiting.
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.
In a bull market the game is to buy and hold until you believe the bull market is near its end.
They say you never go broke taking profits. No, you don’t. But neither do you grow rich taking a four-point profit in a bull market.
I never try to predict or anticipate. I only try to react to what the market is telling me by its behavior. [i.e. what IS the market doing]
Remember that stocks are never too high for you to begin buying or too low to begin selling.
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