1. Have a profit? Forget it. Have a loss? Forget it even quicker.
2. It was never my thinking that made the big money for me. It was my sitting, my sitting tight.
3. There is only one side to the stock market and it is not the bull side or the bear side, but the right side.
4. If you don’t know what’s going on, don’t do anything.
5. Markets are never wrong, opinions often are.
6. Don’t be too curious about the reasons behind moves.
7. The smarter you are, the longer it takes.
8. When time is up, markets will reverse.
9. Don’t expect the tape to be a lecturer. It’s enough to see that something is wrong.
10. Don’t imagine that a market that once sold at 150 is cheap at 130.
11. A man does not swear eternal allegiance to either the bear or bull side.
12. People believe what it pleases them to believe.
13. Trend followers plan when they will get out before they ever get in.
14. Know every day what your portfolio is worth. Calculate what your risks are on any given day for all positions.