Reminiscences of a Stock Operator published in 1923 offers timeless wisdom for all investors and traders: * Never act on tips. * Use a system and don't deviate from it. * Never buy a stock because it has had a big decline from its previous high. * If a stock doesn't act right don't touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit. * Don't blame the market for your losses. * Never add to a losing position. A losing position means you were wrong. * Stocks are never too high for you to begin buying or too low to begin selling. But after the initial transaction, don't make a second unless the first shows you a profit. * Always sell what shows you a loss and keep what shows you a profit. * Don't argue with the tape. Do not seek to lure the profit back. Quit while the quitting is good--and cheap. * There is only one side to the stock market; and it is not the bull side or the bear side but the right side. * The speculator's chief enemies are always boredom from within. * A man must believe in himself and his judgment if he expects to make a living at this game. * Bulls and bears make money, but pigs get slaughtered. * Use money management at all times. * Establish your trading plan before the markets open. * Detailed your plan for each trade. * Establish entry and exit points and understand risk reward rations. * Accept small losses as part of the game if you want to win. * Trade markets from the short side. * Stand aside from a position, knowing you have taken a position. * Develop a trading plan for each potential situation you may face. * Do not look at quotes during the day. * Do not concentrate on break-even levels when you are losing. * Don't liquidate a winner to keep a loser. * Develop and maintain an exit plan. Follow this plan with rigid discipline. * Sustain your patience. Big movements take time to develop. * Don't be overly curious about the rationale behind a move. The key to wealth in trading is simplicity.