The same can be said for your trades. As I have been reading about various markets in meme stocks, cryptocurrencies, and even real-estate. I have to think that a classic mistake in investing is getting married to your investments. It’s this idea of the psychological pain of being wrong.
Many people associate the their trading choices with being right or wrong and correlate it to some level of ego. To admit that they have a bad trade is more painful than the financial losses that are incurred, so they create a mental facade that ‘they were in it for the long haul’ and become married to the trade.
This of course is a really bad idea. No one but you truly cares whether you are right or wrong on a trade. The better way to look at your investments and trades is as if they are your employees in a business. Either they are being productive and doing their job making more money or they are stealing from your coffers in terms of time or actual money. Get rid of your loser employees and you will be better off.
Don’t get married to a loser employee.