Guess

If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with plodding minds. It's the guessing that develops a man's brain power. Just consider what you have to do to guess right. --REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Attitude

It was the change in my own attitude toward the game that was of supreme importance to me. It taught me, little by little, the essential difference between betting on fluctuations and anticipating inevitable advances and declines, between gambling and speculating.----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Patient

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.----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Speculation

Speculation is dealing with the uncertain conditions of the unknown future. Every human action is a speculation in that it is embedded in the flux of time. --Ludwig von Mises

30 Percent Rule

Sell stocks whenever the market is 30% higher over a year ago.— Eugene D. Brody (Oppenheimer Capital)