a
somewhat similar service, but we know of none that gives such a service
at as low a price as ours.

You should not confuse the service given by the above organizations with
that given by many organizations and individuals who attempt to tell you
what the market is going to do from day to day. In other words, they
give 'tips' on the market. There are a number who issue daily market
letters of this kind and charge from $10 to $25 a month for their
service, but it is a line of service that we do not recommend at all,
because we consider that you would be taking a very great risk if you
followed advice of that kind. You might make enormously large profits
occasionally, but you would also have frequent losses, and when the
losses did come they might be greater than all the previous profits. We
want you to understand that that kind of advice is entirely different
from what we are recommending.

CHAPTER XXVI.

SUCCESSFUL SPECULATION

Success in stock speculation depends upon a few things that are very
simple.

If you know what to buy, when to buy, and when to sell, and will act in
accordance with that knowledge, your success is assured. You may think
it is impossible to know these things, but it is not so difficult as it
is supposed to be.

Many people buy stocks at the wrong time, and most of those who do buy
them at the right time, buy the wrong stocks. Right now (early in April,
1922) is buying time in the stock market, and it is possible that this
buying time may continue--with some interruptions--for another year or
two, or even longer.

It is more difficult, however, to tell you WHAT stocks to buy. First of
all, we advise you against buying stocks that are put up to high prices
by manipulation. Of course, if you get in one of those stocks right and
get out right, your profits are very large, but you take a great risk,
and those who win once or twice by this method are almost sure to lose
everything sooner or later in an effort to do the same thing again. Your
chances are not much better than if you gambled at Monte Carlo. The
chances in buying manipulated stocks are invariably against the
outsider.

There always is so much publicity about these very active speculative
stocks that the public is attracted towards them. Newspapers and
brokers' market letters give altogether too much space to them. Such
stocks sell far too high, and when the break comes, it brings ruinous
losses to many people.

On th