Have you ever lost a lot of money by stubbornly holding on?

The truth is in this image!

The most dangerous reference point in investing is not the market price,

but that place in your heart where you "refuse to admit you have already lost."

This is a bit revolutionary:

Prospect theory rephrased "humans are profit-seeking animals" to "humans are animals guarding reference points." Many times we think we are seeking profit, but in reality, we are maintaining our self-narrative.

Small gains we take off, big losses we stubbornly hold on, risk-averse when profitable, risk-seeking when in loss.

Why is this the case, have you thought about this question?

Therefore, the most dangerous reference point in investing is not the market price, but that place in your heart where you "refuse to admit you have already lost."

For example, we often increase our positions to break even, often treating the historical high point as the money we should have had.

Sunk costs do not participate in major decisions; if we set aside the narrative, it should be: do not guard costs, guard the system. Do not seek to break even, seek compound interest. Do not prove yourself, protect the qualification for the next bet.

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