The following summary may be useful to the active trader:
(1) Your main purpose must be to keep the mind clear and well balanced. Hence, do not act hastily on apparently sensational information; do not trade so heavily as to become anxious; and do not permit yourself to be influenced by your position in the market.
(2) Act on your own judgment, or else act absolutely and entirely on the judgment of another, regardless of your own opinion. "Too many cooks spoil the broth."
(3) When is doubt, keep out of the market. Delays cost less than losses.
(4) Endeavor to catch the trend of sentiment. Even if this should be temporarily against fundamental conditions, it is nevertheless unprofitable to oppose it.
(5) The greatest fault of 99/100 active traders is being bullish at high prices and bearish at low prices. Therefore, refuse to follow the market beyond what you consider a reasonable climax, no matter how large the possible profits that you may appear to be losing by inaction.