And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: _It never was my thinking that_ made the big money for me. _It was always my sitting._ Got that? My sitting tight! _It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets._ I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance. The reason is that a man may see straight and clearly and yet become impatient or doubtful _when the market takes its time about doing as he figured it must do_. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains _they cannot sit tight_. Old Turkey was dead right in doing and saving what he did. He had not only the courage of his convictions but the intelligent patience to sit tight. Disregarding the big swing and trying to jump in and out was fatal to me. _Nobody can catch all the fluctuations._ In a bull market your game is to buy and hold until you believe that the bull market is near its end. To do this you must study the general conditions and not tips or special factors affecting individual stocks. Then get out of all your stocks; get out for keeps! Wait until you see--or if you prefer, until you think you see--the turn of the market; the beginning of a reversal of general conditions. You have to use your brains and your vision to do this; otherwise my advice would be as idiotic as to tell you to buy cheap and sell dear. _One of the most helpful things that anybody can learn is to give up trying to catch the last eighth--or the first. These two are the most_ expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.