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“This is my retirement money. I can’t afford to be out of the market anymore!”

John Hussman writes about investors with no plan who buy at the top, panic, sell, and get killed:

“This is my retirement money. I can’t afford to be out of the market anymore!”

“I don’t care about the price, just Get Me In!!”

“It’s a healthy correction”

“See, it’s already coming back, better buy more before the new highs”

“Alright, a retest. Add to the position – buy the dip”

“What a great move! Am I a genius or what?”

“Uh oh, another selloff. Well, we’re probably close to a bottom”

“New low? What’s going on?!!”

“Alright, it’s too late to sell here, I’ll get out on the next rally”

“Hey!! It’s coming back. Glad that’s over!”

“Another new low. But how much lower can it go?”

“No, really, how much lower can it go?”

“Good Grief! How much lower can it go?!?”

“There’s no way I’ll ever make this back!”

“This is my retirement money. I can’t afford to be in the market anymore!”

“I don’t care about the price, just Get Me Out!!”

Obviously, he is not a price based trend following trader, but his understanding of trading psychology dovetails nicely with trend following.

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Posted in Psychology, Risk Management, Trading 101
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