There are times one can speculate and there are times one shouldn't speculate and stay out the market. When you are doing nothing, those speculator who feel must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.

Speculation is for too exciting. Most people who speculate hound the brokerage office(account)or receive frequent phone calls, and after the business day they talk market with their friends at all gathering. The ticker or translux is always on their minds. They are so engrossed with the minor ups and downs and they miss the big movements which bound to occur time to time. ~ Jesse Livermore

There are times when playing in the stock market there you money should be inactive - waiting on cash and staying on the sidelines in cash- waiting to come into play-in the stock market- TIME IS NOT MONEY - TIME IS TIME and MONEY IS MONEY.

Often money that is just sitting can be later moved into the right situation at the right time and make a vast fortune. PATIENCE- PATIENCE-PATIENCE is the key to SUCCESS NOT SPEED. Times is a cunning speculator's best friend, if he uses in the right time. - Jesse Livermore.

Revenue growth that is superior that leads to Earnings growth that is also superior can lead to the proper Timing of breakouts off sound bases for Superstock, one that usually has some New product or innovative service concept that can lead to Outperforming price action when the Market confirms a new uptrend. ~ John Boik.

Be impatient. As always, small loses and quick losses are the best losses. It is not the loss of money that is important. Rather, it is the mental capital that is used up when you sit with a losing trade that is important.
Never, ever under any condition, add to a losing trade, or "average" into a position. If you are buying, then each new buy price must be higher than the previous buy price. If you are selling, then each new selling price must be lower. This rule is to be adhered to without question.
Do more of what is working for you, and less of what's not. Each day, look at the various positions you are holding, and try to add to the trade that has the most profit while subtracting from that trade that is either unprofitable or is showing the smallest profit. This is the basis of the old adage, "let your profits run." - Richard Rhodes' Trading Rules.

The human side of every person is the greatest enemy of the average investor or speculator. Why shouldn't a stock rally after it starts down from a big advance? of course it will rally from some level. But why hope it is going to rally at just the time when you want? The chance are it won't, an is it does, the vacillating type of speculator may not take advantage of it.What I am trying to make clear to that part of the public which desires to regard speculation as a serious business, and I wish deliberately to reiterate it, is that wishful thinking must be banished. - Jesse Livermore.

A speculator must know when he/she could or should over-trade. But once acquiring the habit(over-trading), very few speculators are smart enough to stop. They carried away, and they lose the particular sense of balance so essential to success. They never think of the day when they will be wrong.But that day arrives, the easy money takes wings, and another speculator is broke. "Never make any trades unless you know you can do so with financial safety". - Jessie Livermore.

Be patient. If a trade is missed, wait for a correction to occur before putting the trade on.

Be patient. Once a trade is put on, allow it time to develop and give the most worthless piece of advice ever given. Taking small profits is the surest way to ultimate loss I can think of, for small profits are never allowedit time to create the profits you expected.

Be patient. The old adage that "you never go broke taking a profit" is maybe to develop into enormous profits. The real money in trading is made from the one, two or three large trades that develop each year. You must develop the ability to patiently stay with winning trades to allow them to develop into that sort of trade.

Be patient. Once a trade is put on, give it time to work; give it time to insulate itself from random noise; give it time for others to see the merit of what you saw earlier than they.

Be impatient. As always, small loses and quick losses are the best losses. It is not the loss of money that is important. Rather, it is the mental capital that is used up when you sit with a losing trade that is important. - Richard Rhodes' Trading Rules.

Getting familiarity with many symbols, a quick eye, concentrated observation of important transactions, or lack of them, and a studied belief that the philosophy and psychology of the tape are the all-important factors, will bring SUCCESS - success in interpreting movements of prices, although "NOT NECESSARILY SUCCESS IN MAKING MONEY".

The later will depend upon your own actions and reactions, your emotions, your ability to act in accordance with your opinions and hundreds of other human factors. ~ Humphery B.Neill.

When you clearly see a move coming in a particular group, act upon it. But do not let yourself act in the same way in some other group until you plainly see signs that the second group is in a position to follow the suit. Have patience and wait. In time you will get the same tip-off in other groups that you received in the first group. Just don't spread out over the market. Also, do not have an "Interest in too many stocks at one time.It much easier to watch a few than many" ~ Jessie Livermore.

A speculator must believe - Behind any major stock market movement (either in a stock or in the indices), there is an irresistible force . That is all he/she needs to know. It is not good to be too curious about all the reasons behind the price movement. You risk the danger of clouding your mind with non essential. Just recognize that the movement is there and take advantage of it by steering you speculative ship along with the tide. Do not argue with the condition, and most of all, do not try to combat it. ~ Jesse Livermore.

The first and most important rule is - in bull markets, one is supposed to be long. This may sound obvious, but how many of us have sold the first rally in every bull market, saying that the market has moved too far, too fast. I have before, and I suspect I'll do it again at some point in the future. Thus, we've not enjoyed the profits that should have accrued to us for our initial bullish outlook, but have actually lost money while being short. In a bull market, one can only be long or on the sidelines. Remember, not having a position is a position. ~ From Richard Rhodes' Trading Rules.

There are no sure things or safe stocks. Any stock can go down at anytime and you never know how far it can go down. Every 50% loss began as a 10% or 20% loss. Having the raw courage to sell and take your loss cheerfully is the only way you can protect your yourself against the possibility of much greater losses. Cut your losses short. No more than 8%. In some instance less than 8%. No How? No Why? ~ Bill O’Neil.

Let the market bring the best groups to you through their leaders, instead of being biased in just a few selected sectors within the market. Being biased in the stock market can cause you to lose because of the last opportunities. Being open and objective is the key, as that allows you to have the critical skill of being flexible to whatever the market highly values during certain times. ~ John Boik.

Just as styles in women’s gowns and hats and costume jewelry are forever changing with time, the old leaders of the stock market are dropped and new ones rise up to take their places. When the leaders go up, so the market as whole. In course of time new leaders will come to the front: some of the old leaders will be dropped. It will always be that way as long as there is a stock market. So, Just follow the leaders of the day ~ Jesse Livermore.

To invest or speculate successfully, one must form an opinion as to what the next move of importance will be in a given stock. But don’ act on your opinion “UNIT THE ACTION OF THE MARKET ITSELF CONFIRMS YOUR OPINION” remember “Markets are never wrong. opinions often are.” ~ Jesse Livermore.

“Rome” is not built in a day. So the “FORTUNE” in the stock market. No real movement of importance ends in one day or in one week. It takes time for it to run its logical course. So, have the courage and conviction to sit through a stock until the action of the stock or the market gives you the cause of worry. ~ Jesse Livermore.

Anyone who is inclined to speculate should look at speculation as a “business” and treat it as such and not regard it as a pure gamble as so many people are apt to do. With honest record keeping and committed studying one can over the time, fairly predict the next movement of importance is in a stock. Successful speculation is just “NOT A MERE GUESS” ~ Jesse Livermore.

A speculator has to insure himself against considerable losses by taking the first small loss. In doing so, he keeps his account in order, so that at some future time, when he has constructive idea, he will be in a position to get into another deal, taking almost same amount of stock as he had when he was wrong. ~ Jesse Livermore.

No speculator can be right all the time. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong ~ John Boik.

No speculator can be right all the time. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong ~ John Boik.

‘It is foolhardy to make a second trade, if your first trade shows you a loss’. ‘Never average losses’ . Let that thought be written indelibly upon your mind ~ Jesse Livermore.

As for good stocks and bad stocks, there are no such things; there are only stocks increasing in price and stocks declining in price. ~ Nicolas Darvas.

Confine your studies of movements to the prominent stocks of the day. If you can't make money out of the leading active issues, you are not going to make money out of the stock market as a whole ~ Jesse Livermore.

The whole secret to winning big in the stock market is not to be right all the time, but to lose the least amount possible when you’re wrong ~ Bill O’Neil.

Profits always take care of themselves but losses never do ~ Jesse Livermore.