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8 Psychological Traps All Stock Investors Should Avoid
There have been many authors who have written on psychological or behavioral traps that lead people in the wrong direction with their lives in general. Quite frequently, some classic forms of dysfunctional psychology are directly evident in investing behavior.
#1. Anchoring Trap
First, there is the so-called anchoring trap, which refers to an over-reliance on what one originally thinks. Imagine betting on a boxing match and choosing the fighter purely by who has thrown the most punches in their last five fights. You may come out all right by picking the statistically more-active fighter, but the fighter with the least punches may have won five bouts by first-round knockouts. Clearly, any metric can become meaningless when it is taken out of context.
#2. Sunk Cost Trap
The sunk cost trap is just as dangerous. This is about psychologically (but not in reality) protecting your previous choices or decisions — which is often disastrous for your investments. It is truly hard to take a loss and/or accept that you made the wrong choices or allowed someone else to make them for you. But if your investment is no good, or sinking fast, the sooner you get out of it and into something more promising, the better.
If you clung to stocks that you bought in 1999 at the height of the dot.com boom, you would have had to wait a decade to break even, and that is for non-technology stocks. It's far better not to cling to the sunk cost and to get into other assets classes that are moving up fast. Emotional commitment to bad investments just makes things worse.
#3. Confirmation Trap
Similarly, in the confirmation trap, people often seek out others who have made and are still making, the same mistake. Make sure you get objective advice from fresh sources, rather than consulting the person who gave you the bad advice in the first place. If you find yourself saying something like, "Our stocks have dropped by 30 percent, but it’s surely best just to hang onto them, isn’t it?" then you are seeking confirmation from some other unfortunate investor in the same situation. You can comfort each other in the short run, but it’s just self-delusion.
#4. Blindness Trap
Situational blindness can exacerbate the situation. Even people who are not specifically seeking confirmation often just shut out the prevailing market realities in order to do nothing and postpone the evil day when the losses just have to be confronted.
If you know deep down that there is a problem with your investments, such as a major scandal at the company or market warnings, but you read everything online except for the financial headlines, then you are probably suffering from this blinder effect.
#5. Relativity Trap
The relativity trap is also there waiting to lead you astray. Everyone has a diffe
...
https://www.youtube.com/watch?v=bLEetIjCCEs
#1. Anchoring Trap
First, there is the so-called anchoring trap, which refers to an over-reliance on what one originally thinks. Imagine betting on a boxing match and choosing the fighter purely by who has thrown the most punches in their last five fights. You may come out all right by picking the statistically more-active fighter, but the fighter with the least punches may have won five bouts by first-round knockouts. Clearly, any metric can become meaningless when it is taken out of context.
#2. Sunk Cost Trap
The sunk cost trap is just as dangerous. This is about psychologically (but not in reality) protecting your previous choices or decisions — which is often disastrous for your investments. It is truly hard to take a loss and/or accept that you made the wrong choices or allowed someone else to make them for you. But if your investment is no good, or sinking fast, the sooner you get out of it and into something more promising, the better.
If you clung to stocks that you bought in 1999 at the height of the dot.com boom, you would have had to wait a decade to break even, and that is for non-technology stocks. It's far better not to cling to the sunk cost and to get into other assets classes that are moving up fast. Emotional commitment to bad investments just makes things worse.
#3. Confirmation Trap
Similarly, in the confirmation trap, people often seek out others who have made and are still making, the same mistake. Make sure you get objective advice from fresh sources, rather than consulting the person who gave you the bad advice in the first place. If you find yourself saying something like, "Our stocks have dropped by 30 percent, but it’s surely best just to hang onto them, isn’t it?" then you are seeking confirmation from some other unfortunate investor in the same situation. You can comfort each other in the short run, but it’s just self-delusion.
#4. Blindness Trap
Situational blindness can exacerbate the situation. Even people who are not specifically seeking confirmation often just shut out the prevailing market realities in order to do nothing and postpone the evil day when the losses just have to be confronted.
If you know deep down that there is a problem with your investments, such as a major scandal at the company or market warnings, but you read everything online except for the financial headlines, then you are probably suffering from this blinder effect.
#5. Relativity Trap
The relativity trap is also there waiting to lead you astray. Everyone has a diffe
...
https://www.youtube.com/watch?v=bLEetIjCCEs
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