Keep a Cash Reserve & Be Patient

There are times when playing the stock mar­ket that your money should be inactive - waiting on the sidelines in cash - waiting to come into play.

In the stockmarket - time is not money - time is time ­and money is money.
Often money that is just sitting can later be moved into the right situation at the right time and make a vast fortune – patience – patience.

Patience is the key to success not speed.
Time is a cunning speculator's best friend if he uses it right.

Remember the clever speculator is always patient and has a reserve of cash.

Jesse Livermore

Warren Buffett’s Investment Wisdom

You want to be greedy when others are fearful,
and you want to be fearful when others are greedy.

Billionaire Warren Buffett

Get Out When You’re Wrong

Successful traders know that discipline is what allows them to enter their trades when the odds are in their favor and, more importantly, to get out when they’re wrong.
Being right is not the problem. What you do when you’re wrong is the crucial issue.

There are a lot of traders who buy then pray while the market goes against them, because they think that it will eventually go their way.
Most traders average down and wait for the market to turn their way.
Trading my way, I always have defined amount of money that I am willing to lose.
I let the market decide how much money I’m going to make.

Casey (In "“The Logical Trader” by Mark B. Fisher)

Source: Options Trading Beginner

Turtle Trading Principle

Trade with an edge, manage risk, be consistent, and keep it simple.

The entire Turtle training, and indeed the basis of all successful trading, can be summed up in these four core principles.

Curtis Faith, Way Of Turtle

Warren Buffet’s Rules of Investing

Rule number one of investing is never lose money.
Rule number two is never forget rule number 1.

Warren Buffet

Knowledge And Patience

The essential to success in the stock market is knowledge and patience.
So few people succeed in the market because they have no patience and are generally ignorant of the market and finally they want to get rich quickly.

Anyone who figures that his success in dependent upon chance may as well stay out of the market.
His attitude is wrong from the very start.
The great trouble with the average person who buys securities is that they think the market is a gambling proposition.

Jesse Livermore, How To Trade In Stocks

Just Flow With The Market

My philosophy is to float like a jellyfish and let the market push me where it wants to go.

Stuart Walton

Source: Vix And More