Quotes from the book "Memoirs of a Stock Market Speculator"
The tape needs to be responded to today, not tomorrow. Reasons can wait. And you must act immediately or stay away. But me, Unfortunately, brains were not always enough, to stick to your own rules of the game, that is, place bets only with complete confidence, that the market is ripe for me. But there are also Wall Street fools, who believe, that you should always trade. There is no man in the world, who would have the necessary information every day, to buy or sell stocks or to play your game reasonably and intelligently. The experience of defeat taught me that, what is worth attacking, only if you are sure, that you don't have to retreat. But I knew, how and why: I played all the time, regardless of the situation; because, when i couldn't play on my system, based on experience and calculation, I started to put blindly, naudaču. Instead of being sure to win, I fed on gambling hopes. The experience of incomplete victories is no less instructive, than the experience of defeat.