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. "You shouldn't believe everything you read on the Internet" - Abraham Lincoln.
    #21     Jan 26, 2016
  2. NoBias


    LOL "Lincoln" <---- and all this time I thought it was Al Gore
    #22     Jan 26, 2016
  3. lindq


    Advice from my first broker many years ago:

    Shit happens. Be prepared for it.
    #23     Jan 26, 2016
  4. TraDaToR


    "You' d better learn about matching algorithms"...
    #24     Jan 26, 2016
  5. K-Pia


    "Never hate your enemies, it affects your judgement"
    & "Keep your friends close, but your enemies closer"
    - The GodFather
    #25     Jan 26, 2016
  6. Daal


    In wealth building "spend less than you earn and invest the difference", in trading "never risk more than 1% of your equity"
    #26     Jan 26, 2016
  7. Jones75


    Buy a new house (or resale) every 10 years. Between the forced savings (mortgage), appreciation and inflation, you'll end up way ahead of the game.
    #27     Jan 26, 2016
  8. [​IMG]
    ...I know my reply may seem like an amateur/noob trader thing to say, but oh well -- this is what moved me. :sneaky:
    Greed is good in of itself, and also on the flip side of the coin...its subsequent consequences.
    Last edited: Jan 26, 2016
    #28     Jan 26, 2016
  9. Autodidact


    "It can't be done"
    #29     Jan 27, 2016
    lucysparabola likes this.
  10. Xela


    "Trading is about managing risk, not about maximizing profit: your primary responsibility when you sit down at 9.00 this morning to start trading is to be able to sit down again at 9.00 tomorrow morning to start trading."

    (And one more: "Buy the dips in an uptrend and sell the peaks in a downtrend" has also been pretty good to me, and is what several of my methods boil down to.)
    #30     Jan 27, 2016
    birdman, trader99, Grantx and 3 others like this.