What is the single, most effective piece of financial advice you've ever received?

Discussion in 'Professional Trading' started by Vincent S. Ashmore, Jan 26, 2016.

  1. Preferrably something that has had a notable impact on your life.
     
  2. Buy and hold………


    ……NOT!!!:sneaky::D
     
    lylec305 likes this.
  3. achilles28

    achilles28

    Buy when things go on sale. IOW, buy during market crashes.
     
  4. Visaria

    Visaria

    follow the trend
     
  5. rmorse

    rmorse Sponsor

    Trading is a business, not gambling. Manage risk today so you can stay in business for the good times tomorrow.
     
  6. nursebee

    nursebee

    Understanding of the following:
    Compound interest
    Risk of ruin
     
  7. Wasn't financial advice but rather a quote from Sherlock Holmes.

    When asked, "Just what is it that you do, Mr. Holmes?" He replied, "I observe and deduce".
     
    Grantx, Kipling79 and Visaria like this.
  8. NoBias

    NoBias

    1, "Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge" - William Shakespeare

    2, "There's no such thing as a free lunch" - Milton Friedman (But heard it first from my Grandpa)

    3, "If it looks to good to be true, it most likely is"

    4, “The bitterness of poor quality remains long after the sweetness of low price is forgotten” – Benjamin Franklin (a follow up to item #2 & #3)
     
  9. The best advice ever is "Never take advice". Meaning, trying to figure it out on your own will be worth more than any advice you could ever receive. And once you reach that stage, you'll be set for life. But if you can't figure it out on your own, at least you'll know what you're worth!
     
    Last edited: Jan 26, 2016
    Grantx likes this.
  10. KDASFTG

    KDASFTG

    Greetings, these are a few of my favorites from various folks, some altered to better "speak" to me.

    "When you know, and you know that you know, your confidence changes what some might deem to be high risk, into a simple matter of the probabilities."

    "One needs to craft out their own unique financial way of life, work, and living, so as not to be ensnared and enslaved by another man's designs."

    "Though no one can go back and make a brand new start, anyone can make a start from right now, and make a brand new ending."


    Enjoy.

    KDASFTG
     
    Last edited: Jan 26, 2016
    #10     Jan 26, 2016