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RULES FOR SUCCESSFUL TRADING If you can not follow a rule, do not begin speculating or investing, as you are sure to lose. Learn to adhere strictly to a rule or do not follow it at all. The following rules should be carefully studied and ap plied in your trading: 1 ST : CAPITAL REQUIRED You would not try to run an automobile and start out to travel several hundred miles unless you knew how much gasoline it required to run a given number of miles. Yet, you go into speculation without knowing one of the most important things, — the amount of capital required to succeed and make speculation a business. Do not try to get rich in a few months or a year. A man certainly should be satisfied if he can acquire a competent fortune over a period often to twenty years. Often we have one year when a man with nerve and knowledge and a small amount of capital can make a fortune. I have been able to pile up enormous profits in a short time by pyramiding, but this can not be done continuously and I do not claim to be able to do it. What I am trying to teach you is a safe, sure way, which will yield more profits than any other business on earth if you will only be conservative and not make specu lation a wild gamble. A man may go into business and lose all of his money and then years pass before he has another opportunity to make a large amount of money in that or any other business. Yet, in the speculative markets opportunities return every year, provided a man has studied enough to see them when they appear. The chances for gain are so unusual and so many great opportunities do come in Wall Street that the average man gets greedy, gambles and does not wait between times for the real opportunity. People expect more profits in speculation than in any other business. A man who would be satisfied with a return of 25 per cent per year in a business is not satisfied if he doubles his capital every month in Wall Street. Many people are satisfied with 4 per cent in a savings bank, but when they come to Wall Street and put up $1,000.00 they expect to make $1,000.00 in two or three weeks. They are the people who buy on a 10-point margin and always lose. Do not expect the impossible in speculative markets. Great and unusual opportunities, when you can start at the bottom or top of a move, pyramid and make a fortune, occur every few years. Two or three times each year, when stocks are at the extreme high or low, there are opportunities for making 10 to 40 points' profit. You may think an average of 1/2 point a day, or 3 points a week, is too small a profit to bother with. Yet, in 52 weeks it would amount to 156 points, or $1,560.00 a year, on a 10-share trade. Make speculation a business, not a gamble. Go into it to stay, not to gamble all on a few trades, lose and quit. Be patient. If you can double $1,000.00 the first year and keep doubling it for ten years, you would have over a million dollars. Active leading stocks make major moves of 10 to 40 points three to four times a year. If you are able to catch half of these major moves on conservative trades, your profits will be enormous. Do not try to catch all the minor fluctuations. The inside manipulators themselves do not get one-tenth of the minor fluctuations. Why should you ex pect to? stock quote ~ money maker |