First Of All, Never Play

Fundamentals Might Be Good For The First Third Or First 50 Or 60 Percent Of A Move, But The Last Third Of A Great Bull Market Is Typically A Blow-off, Whereas The Mania Runs Wild And Prices Go Parabolic... There Is No Training, Classroom Or Otherwise, That Can Prepare For Trading The Last Third Of A Move, Whether It's The End Of A Bull Market Or The End Of A Bear Market.

Don’t Ever Average Losers. Decrease Your Trading Volume When You Are Trading Poorly; Increase Your Volume When You Are Trading Well. Never Trade In Situations Where You Don’t Have Control. For Example, I Don’t Risk Significant Amounts Of Money In Front Of Key Reports, Since That Is Gambling, Not Trading.

You Can Achieve Great Economic Gains By Solving Social Problems.

Where You Want To Be Is Always In Control, Never Wishing, Always Trading, And Always First And Foremost Protecting Your Ass. That's Why Most People Lose Money As Individual Investors Or Traders Because They're Not Focusing On Losing Money. They Need To Focus On The Money That They Have At Risk And How Much Capital Is At Risk In Any Single Investment They Have. If Everyone Spent 90 Percent Of Their Time On That, Not 90 Percent Of The Time On Pie-in-the-sky Ideas On How Much Money They're Going To Make, Then They Will Be Incredibly Successful Investors.

If Life Ever Ceased To Be An Educational Experience. I Probably Wouldn't Get Out Of Bed In The Morning.