When I buy a share of a particular stock/ETF, I don’t buy any more shares until it goes down below the price I bought it. This is tripping up my investments. How do I stop, Moneyist?
I have certain personal psychologies and behaviors that trip one me up when investing. How do I overcome those? Can you help me with mine? I’m not talking about general mistakes people make like the sunk-cost fallacy, but about personality traits and quirks.
Yet I’m sitting on a large amount of cash not invested because of this behavioral quirk. It’s very intense, maybe halfway to an OCD/addictive trait. To get the “same” fund in case the price takes off, I switch funds and buy another S&P 500 SPX, +0.72% fund so my starting price point is higher. A related problem for me is that I am afraid of making the wrong decision: I constantly worry about my choices. So I’m like a deer frozen in headlights when it comes to investing.You are prime contender for a robo-adviser plan. They give you decent financial advice on the cheap, and can help automate some of your anxieties and, as a result, your investing decisions. Buy stocks if you believe they will rise, and keep the big picture, long-term view foremost in your mind.
“‘Weird habits and obsessive behavior give us the illusion of control. They help us feel safe, but we’re not God, and so we try and try again.’” “‘If it is taking up an unhealthy amount of time or space in your head, ask yourself if it’s worth it, and what you can do about it.’”
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