Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.

The public, as a whole, buys at the wrong time and sells at the wrong time. The average operator, when he sees two or three points profit, takes it but, if a stock goes against him two or three points, he holds on waiting for the price to recover, with oftentimes, the result of seeing a loss of two or three points run into a loss of ten points.

The man who begins to speculate in stocks with the intention of making a fortune usually goes broke, whereas the man who trades with a view of getting good interest on his money sometimes gets rich.

In most bull markets there comes a time when the public controls fluctuations and the efforts of the largest operators are insufficient to check the rising tide.