Investors don't lose to the market—they lose to their own brains.

During a sharp rise, System 1 urges you to "wait a little longer"; during a sharp decline, it pushes you to "sell quickly"—by the time your rational System 2 has put on its shoes, emotions have already pressed the button.

Kahneman's prospect theory has long proven that the pain of losing 1 dollar requires earning 2.5 dollars to recover. This loss aversion causes you to hold tightly to losing positions while rushing to sell profitable ones.

The most ironic thing is "selling to break even": the break-even point isn't based on logic—it's a psychological trap. When the price recovers to your cost basis, the feeling of relief will instantly overwhelm all rational plans.

Emotions are like autopilot; reason is manual transmission. The market's true harvest isn't intelligence—it's human nature.