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Money Magazine collected 20 best advice from some of the smartest investors (and other great people) who have ever lived. I found the collection too hard to pass, thought to share the great words of wisdom with OP readers. Here is the list but visit the website to see details and great tools associated with some of those words of wisdom (Thanks to Carla Fried of Money Magazine for compiling this great list).
- Be humble: When you do not know a thing, to allow that you do not know it–this is knowledge –Confucius
- Take calculated risks : He that is overcautious will accomplish little –Friedrich von Schiller
- Have an emergency fund: For age and want, save while you may; no morning sun lasts a whole day –Benjamin Franklin
- Mix it up : It is the part of a wise man to keep himself today for tomorrow and not to venture all his eggs in one basket –Miguel de Cervantes
- It’s the portfolio, stupid: Asset allocation…is the overwhelmingly dominant contributor to total return –Gary Brinson, Brian Singer and Gilbert Beebower
- Average is the new best: The best way to own common stocks is through an index fund –Warren Buffett
- Practice patience: It never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight! –Edwin Lefevre
And many more, read here (Top 20 Advice).
Profitable trading, OP