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. #1 If you want a pay rise, move on from your employer.
    #2 If you want rent decrease, move to another house.
    I wish I had learnt #1 years earlier, there is no loyalty but loyalty to yourself when it comes to work.
    #41     Sep 5, 2017
  2. The best advice I can give is listen to everyone. Even a fool has some wisdom.
    #42     Sep 5, 2017
  3. Sprout


    This is the closest example of wisdom relative to trading.

    What do you see?


    And a little more difficult one to reflect one's own bias.


    Which way is the dancer spinning?
    EDIT: google spinning dancer for animated gif

    Can you see her spin the opposite way?

    Lot's of times in the past I experienced being a trapped trader because I didn't understand the role of ambiguity and speculation in the world of duality.

    It wasn't until my unrelenting desire for truth served up some unintended consequences. Truth starts with oneself and admitting all the things we wish weren't true and are - contrasted by all the things we wished were true and aren't accomplishes something.

    The acceptance of how things just are.

    Know thy Self & to thine own Self be true.

    We all have a reason and purpose for Being, some based on what's Real and a lot based on superficial distractions. When we open ourselves up to to larger, broader, wiser aspects of our Being - meaning, purpose and synchronicity align to create serendipitous encounters, connections and experiences.

    Each step taken in faith reveals the next. Faith in agency not outside oneself but rather within.
    #43     Sep 5, 2017
    TreeFrogTrader likes this.
  4. %%
    Good trend advice -after all the years.
    #44     Sep 8, 2017
  5. Visaria


    Best advice ever is from George Soros (via Stanley Druckenmiller ...

    “Soros has taught me that when you have tremendous conviction on a trade, you have to go for the jugular.”

    “I’ve learned many things from [George Soros] but perhaps the most significant is that it’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”
    #45     Sep 9, 2017
    lovethetrade and johnnyrock like this.
  6. You must understand the real value of money.This one alone should be ok.
    #46     Sep 9, 2017
  7. Soros had conviction that if Trump was to be elected there would be a stockmarket crash. The stockmarket went to record highs since Trump got elected.
    #47     Sep 9, 2017
    murray t turtle likes this.
  8. Limit your losses. Not a quote exactly, but this theme is the most consistent I've seen emphasized by all successful traders. From looking at the Market Wizards interviews, to Reminiscences of a Stock Operator, limiting the losses and preservation of capital is the most important.

    The profits take care of themselves. I used to just focus on setups/entries with no risk management in mind when I entered the trade. I'd sometimes grow my account WAY up and then with a few bad trades, knock it right back down and in some case, completely blow it out.
    Last edited: Sep 10, 2017
    #48     Sep 10, 2017
  9. ironchef


    He and Stan were not always right, Stan said that. But when they were wrong, they got out, cut their losses quickly and moved on. So the key lesson from them is how quickly do we determine we are right or wrong and if wrong how quickly do we get out.
    #49     Sep 10, 2017
    Xela likes this.
  10. ironchef


    You are right, at any moment there are as many buyers as sellers. So 50% sees a buy and half sees a sell.
    #50     Sep 10, 2017