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. Chris Mac

    Chris Mac

    "Read this book : Market Wizards". Best advice ever.
    If you understand how smart people and pros made money by the past, you will make money in the future.

    CM
     
    #31     Jan 27, 2016
    comagnum likes this.
  2. Best advice I can give you is never take advice from anonymous names on an ET thread.
     
    #32     Jan 27, 2016
  3. Over long periods, the small cap value universe outperforms every other stock universe ....
     
    #33     Jan 27, 2016
  4. Buy low,sell high --->OFTEN!
     
    #34     Jan 27, 2016
    dratsum likes this.
  5. wrbtrader

    wrbtrader

    Your subconscious is wired to prevent success for most of those involved in the markets as traders.
     
    #35     Jan 28, 2016
    ubo likes this.
  6. Buy1Sell2

    Buy1Sell2

    SPOT ON
     
    #36     Jan 28, 2016
  7. Handle123

    Handle123

    Buy at least one rental house each year, been doing so since I was eighteen, am 59.

    Day trading, Back test till you have all the answers.

    Long term, use weekly charts.

    You not trading price, you managing risk which is my advise.
     
    #37     Jan 29, 2016
    Alpha Trader likes this.
  8. destriero

    destriero

    Right, Bro. And you have teams of traders whom you buy homes for after one year. Buying rental homes since you were 18, yet your posts state you were broke in the 80s. A night job paying $35K when you were 23 years-old. in 1981. Sure, that's $100K in today's dollars.

    And you have Klinefelter's but have kids as well. I have a background in LS. I have never met nor heard of someone with Klinefelter's fathering children. Sure, you adopted.

    You're affable, but please don't keep up with this fantasy. It's harmless I suppose, but wtf, find another hobby.
     
    #38     Jan 29, 2016
  9. From Mark Douglas author of "The Disciplined Trader"

    "If there is such a thing as a secret to the nature of trading, this is it: At the very core of one's ability, to trade without fear or over confidence; perceive what the market is offering from its perspective; stay completely focused in the 'now moment' opportunity flow; and spontaneously enter 'the zone' -- a strong virtually unshakable belief in an uncertain outcome with an edge in your favor"

    I have this laminated and read it several times a day.
     
    #39     Feb 1, 2016
    Pekelo likes this.
  10. 777

    777

    Exactly.

    Trading wiz (now worth quite a few hundreds of millions) Blair Hull has a saying:

    "Know your edge, exploit your edge— survive the game"

    Surviving the game through prudent risk management is key in many walks of life- especially trading!
     
    #40     Sep 5, 2017
    Xela likes this.