Don't be a “passive long-term investor”
Investors hate admitting mistakes, so they look for all sorts of reasons. Newbies claim to be “traders” when they do the right thing, and “investors” when they make mistakes, and constantly switch between the two. When a “deal” didn't perform as well as expected and they started losing money, he suddenly became a long-term investor. As a result, they became what Jesse Livermore called “passive investors,” reaping small profits and suffering huge losses, which was the complete opposite of what they initially wanted.![]()
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