We live in a world filled with color and light. All the marvelous colors in the world can be mixed by using a limited palette.
It is important to make the distinction that when I refer to a limited palette I am using colored paint that, used together, can be mixed to create the whole spectrum of color.
Naphathol Red Light, Quinacridone Magenta, Alizarin Crimson, Yellow Light Hansa, Cadmium Yellow Light, Phthalocyanine Blue and Titanium White acrylic paints form my limited palette. These are Liquitex brand colors, however artists have their own favorites. These are mine. This is the palette my teacher, Jim Faber, used and taught us. However, instead of the Magenta and Crimson there was a color called Acra Violet that he used. As a convienence we would also add Raw Sienna or Yellow Oxide.
The advantage of using a limited color palette, besides the savings in the cost of paint, is that it forces the artist to learn and understand color thoroughly.