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

[bozhkov]

Trust your strategy and exclude human factor

 

[panzerman]

Correct. Risk management is all we have in this business. There is nothing else.

So random entries plus risk management yield positive expectancy and thus profit? That's hard for me to believe. Making money in the markets is predicated on being right about something. Risk management helps mitigate the times when we are not right.

being right + risk management = profitability

 

[Buy1Sell2]

So random entries plus risk management yield positive expectancy and thus profit? That's hard for me to believe. Making money in the markets is predicated on being right about something. Risk management helps mitigate the times when we are not right.

being right + risk management = profitability

Prudent Risk Management is all that is available to the retail trader. It IS the edge.

 

[ironchef]

I think some very wealthy people have violated this principle.

Survivor bias.

 

[volente_00]

If it flies
Floats
Or
F$cks

It's cheaper to rent it

 

[OddTrader]

Trust your strategy and exclude human factor

"Trust" by itself is a human factor, isn't it?

 

[Overnight]

If it flies
Floats
Or
F$cks

It's cheaper to rent it

OMFG LOL! Logically, that is correct! Can't fault it! hahahahaha

Mr. Spock, Mr. Tuvok and Mr. Data would be proud!

 

[bozhkov]

"Trust" by itself is a human factor, isn't it?

the only human factor applicable

 

[viruscore1]

stay away from flashy financial professionals

 

[maxinger]

DON'T listen to financial experts & financial news .