“My philosophy is to float like a jellyfish and let the market push me where it wants to go. I don’t draw a line in the sand and say this is my strategy and I’m going to wait for the market to come to me. I try to figure out what strategies are working in the market. One year it might be momentum, another year it might be value.”
“Sometimes the opportunities are so obvious that you almost can’t lose when they come around; the only problem is that they don’t come around that often. The key is not to lose money in the times in between.”
“I constantly evaluate market sentiment – is the market hopeful? Is it fearful? – and wait for the price action to confirm my assessment.”
“By cleaning out my portfolio and reinvesting in solid stocks I made back much more money than I would have if I had kept the other stocks and waited for a dead cat bounce.”
“Currently, the biggest misconception is the widespread belief that it is easy to make a living trading in the stock market. People feel they can give up their jobs and trade for a living; most of them are bound to be disappointed.”
Stuart Walton
http://thefinance.sg/2011/04/26/stock-market-wizards-by-jack-schwager/