Extracts from Tape Reading and Market Tactics by Humphrey B Neill, published in 1931: It is utterly useless for us on the outside that buy and sell comparatively small blocks of stocks, to conjecture upon what "they" are doing. We cannot know what the insiders intend to do, but we can see their orders on the tape when they execute them. That is why my plea is for every one of us to have no mere opinions of his own, but to allow the action of the market to tell him what is passing. …if you cannot lose cheerfully, do not trade in the market! It is no business for the person who is easily discouraged. Countless losses must be accepted: the problem is to limit the losses. No one may ever hope to become so expert that he never takes a loss. …do not plunge or become over-extended. This is worn-out advice, I know, but margin and capital worries warp your judgement. There is no disgrace in being a small trader, and the market will remain open for business for a good many years to come. …we ...
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