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

[jem]

you get what you want out of the markets. by ed seykota

I would add "if you have the time".

 

[viruscore1]

Learn the markets, no one will look after your money better than yourself. Everyone else will have their hands in your pockets.

 

[murray t turtle]

In theory that's my method, but in practice I can't execute like so... I think I need to build systems to do..

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Well Stock Traders Almanac[book by Hirsch]lumps all the years together some times. Great book; but bull markets + bear markets differ so much i dont treat them the same @all.Another difference in the single stock markets, usually a single stock merger will not hurt to bad, unless over leveraged in a bear move..... As far as a single piece of advice , i wish it were that simple

 

[Clubber Lang]

you get what you want out of the markets. by ed seykota

Always thought of that quote as completely asinine.

So everyone who tried and failed wanted to fail? Complete nonsense.
I know guys who would have literally cut off their sack to succeed but it just never worked out despite all their hard work and effort.

 

[trader99]

No, don't need to build anything, JBTFD!

Yeah, I should have done that since 2009. Stupid me. Shorting...

 

[ironchef]

Don't day trade.

 

[matthewyoung]

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)

That Benjamin Franklin quote is pure gold!

 

[matthewyoung]

When I was very young my uncle told me "Save every penny you can while your earning power is the greatest". And now I'm the miser that he was!

Misers get a bad rap. That's producer's propaganda. Spendthrift is the way to be.

 

[matthewyoung]

Never risk more than 2% of TLNW (Total Liquid Net Worth) on any one trade/idea.

I think some very wealthy people have violated this principle.

 

[matthewyoung]

...I know my reply may seem like an amateur/noob trader thing to say, but oh well -- this is what moved me.
Greed is good in of itself, and also on the flip side of the coin...its subsequent consequences.

Greed makes the markets! You could say tolerance of greed is the transition point between a central-planned and a free market economy.