What is your bad trait that holds you back as an investor?
For example, a good investor shouldn't act on their emotions and moods - they should be emotionally stable.
For example, I often try to pick the absolute price bottom. That's why I have missed many good opportunities. Lately, I've started addressing this with buying guidelines that I set in advance and don't move them.
Feel free to elaborate, maybe we can inspire each other and realize our shortcomings. 😉
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At the beginning I struggled a lot with my psyche as a trader, but I improved (hopefully) over time...
My biggest mistake was that I was a non-employee instead of a DCA from 2000-2010, since child labor is banned in our area :D
I also have the "problem" of waiting for the bottom and then often not jumping in because it's already "too late" again... and so I'm always in a hurry :-D
There are many bad features, but the biggest problem is that I think I have an advantage against the "market" and I can achieve better performance;)
When I first started, I definitely made the mistake of buying "just out of popularity" that I didn't look that deeply and just because I liked what they were doing I bought. Stupid, I don't do that anymore. And now, so in long term investing I'm pretty happy, I don't try to charm the market or stress when I might take more yet, I tell myself every time I sell and the price goes even higher that any profit is great. Rather what I struggle with is the psyche with the trade. I'm slowly trying to learn this too when it's time and there's still a tendency on a failed trade to jump right in again. Which is not good. Instead of just sitting on my hands as they say and then looking for another opportunity the next day with a clear head. 😊
Indecision to sell. I.e. Absence of exit strategy. I now have a plan of partial sales and reinvestment in pre-determined terms and I want to stick to that. I have it theoretically that if it takes off 🚀and gives more than 200% there is nothing to wait for and selling 1/3 to reinvest (somewhere relatively safe) there is nothing to go wrong 🤞as I have done in the past with Quantumscape and Beyond Meat. I would have been richer. No lesson learned - avoiding fomo and greed is not easy. The clear exit strategy is in high risk 🚀/⚰️nutná.
I've sort of got rid of them, it was hastiness, indiscretion and emotion, because losing money hurts! 😂