Rule #1 of investing is NOT make money, it’s don’t lose money
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Mental accounting contributes to positive feedback. Thinking of money as if it belonged in separate accounts – which should be treated differently. Ex: Speculative account/money is for more speculation. Investment account is for long term. Treat speculative gains differently. Self attribution: attributing successful results to our own ability (we take credit for positive outcomes), unsuccessful results attributed to “bad luck”. Prospect theory: How investors value gains and losses differently. The decisions they make under uncertainty explains how investors hold on to losers but sell profitable positions to avoid the pain of realizing a loss. #TechnicalAnalysis
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