The public, as a whole, buys at the wrong time and sells at the wrong time. The average operator, when he sees two or three points profit, takes it; but, if a stock goes against him two or three points, he holds on waiting for the price to recover, with oftentimes, the result of seeing a loss of two or three points run into a loss of ten points.
Charles Dow, Shread, Paul (2009). “Dow Theory Unplugged: Charles Dow's Original Editorials & Their Relevance Today”, p.298, Traders Press
