The main enemy of a speculator comes from that person himself.

Hope and fear are inseparable human natures.

In speculation, if the market reacts against you, you usually hope, more or less - and you will lose more than you should if you don't hang on to those hopes.

And when the market moves in your favor, you fear that tomorrow your profits will be gone and you exit too early.

Fear has kept you from making as much money as you could have.

A successful trader must master those two deep instincts.

He must retain what you might call his natural impulses.

Instead of hoping, he must fear; and instead of fearing, he must hope.

He must fear that his losses will become larger and larger, and hope that his profits will also be larger.

Trying to gamble the market the way normal people do is a complete mistake.