Good insights for traders

from Gerald Loeb. I've lost the most money (or opportunities) not remembering:

• Stocks are always way overvalued in a bull market and way undervalued in a bear market
• The best stocks will always seem overpriced to the majority of investors

I've made the most money by remembering:

• What everyone else knows is not worth knowing
• Traders must always resist the urge and temptation to change their strategies for each and every different market cycle
• To succeed in trading you must 1) aim high, 2) control the risks, 3) be unafraid to keep uninvested reserves and 4) be patient
• You must always trade with the actions of the market and not simply by how you might think the market should trade
• Knowledge through experience is one trait that separates successful stock market speculators from everyone else
• The stock market is more an art than a science and far more complex than most people understand

I've got a bone to pick with (i.e. it depends):

• Three basis elements should be considered when evaluating a stock – 1) quality (fundamentals, liquidity, management), 2) price, and 3) trend (the most important)
•  Pyramid your buys – start with an initial position and then add to it only if the trade moves in your favor
• The more experienced and successful you become, the less you should diversify
• Always sell when you start patting yourself on the back for being smarter than the market