Motley Fool has an article (link) on eight famous quotes that can be applied to investing. This is my favorite of the bunch:
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"If you hold a cat by the tail, you learn things you cannot learn any other way."
-- Mark Twain
And if you own a stock that tanks beyond recovery, you'll learn something that no collection of financial horror stories will teach you...>>
I tell people that the emotional part of trading is the hardest part. For this reason, I rarely make sweeping predictions, and don't spend time on paper trading contests. Few people have ice in their veins and remain calm and logical when they are losing money. Few remain logical and thorough after a series of big winners. Again, a baseball analogy of not getting too high or too low is appropriate.
I also tell people that there are a thousand different ways to make money in the stock market. The trick is finding one that works for your personality. My trading style with its small gains, and potentially big losses would drive some mad. However, over my many years, I have found that these are the kind of trades that have historically worked out best for me. When I swing for the home runs, and when I want to hold for the long term instead of cutting losses, those are the times I usually lose, often losing big.
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