Richard Wyckoff logic has rules, some folks like the short cuts, hence they wonder why their trade ends in a mess.
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"Without specific, clear, and tested rules, speculators do not have any real chance of success." ~ Jesse Livermore
"If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks." ~ John (Jack) Bogle
"The stock market is filled with individuals who know the price of everything, but the value of nothing." ~ Philip Fisher
"I buy on the assumption they could close the market the next day and not reopen it for five years" and "Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell." ~ Warren Buffet
"My experience has been that in successful businesses and fund management companies, which performed well over the long-term, some courageous decisions were taken. Courageous fund managers reduce their positions when markets become frothy and accumulate equities when economic and social conditions are dire. They avoid the most popular sectors, which are therefore over-valued, and invest in neglected sectors because being neglected by investors they are by definition inexpensive. The point is that it is very hard and that it takes a lot of courage for a fund manager to avoid the most popular sectors and stocks and to invest in unloved assets. Finally, every investor understands the principle 'buy low and sell high', but when prices are low nobody wants to buy." ~ Marc Faber