THE 7 MISTAKES BEGINNERS MAKE! 📈 Stock Market For Beginners #Best Education Page #Online Earning

So today we're gonna be talking

about the seven deadly sins

the average investor makes.

And this is honestly guys what separates

successful investors from unsuccessful investors out there.

Now, I'm gonna be honest with you guys.

I'm pretty sure this is gonna be one of the best videos

I have ever done.

Just based on the research that has gone into it

and all the view points I'm tying together here.

So hopefully I'm right about that

and I'm not just being overconfident

which is actually one of these seven deadly sins

that we'll get to later.

But you guys gotta make sure you let me know

in the comments below what you think of this video.

So before we get into the seven deadly sins

let's acknowledge why I'm holding a copy

of The Intelligent Investor.

That is because that is basically

where this first quotes is here.

That's where this is from.

Now this isn't the exact quote.

I'm basically paraphrasing this.

But I just wanted to bring this in here

because if you're looking to learn more about investing

the number one book I recommend is The Intelligent Investor.

The link's in the description.

The number two book I recommend

which is the source for all of this information here

is Unshakeable by Tony Robbins.

I just finished listening to that book

in the format of an audio book.

I highly recommend that book.

And that's basically where I'm getting these from.

It was from a certain chapter I listened to.

The information was so valuable

I went through, took my own notes on it

and figured I'd bring my own perspective to the table

as far as what they mentioned in that audio book.

But anyways, that's why I'm holding this book

and I highly recommend picking up Unshakeable as well

by Tony Robbins.

My quote on the board here says

"Since we cannot predict the behavior of the markets

"We must predict and control our own behavior."

Okay, so this is very simple.

This basically explains the root

of the seven deadly investing sins.

This is a lack of control

of your own behavior.

The best way I could explain this

and maybe this seems kinda silly

because I have drawings here of men and women on the board.

And I'm not necessarily saying that pink is women

and the blue is men.

Because I'm not trying to make this anything

about sexes here okay?

But basically the best way I could describe this

was looking at a relationship alright?

So we've all been in a relationship before.

I'm sure most of us have

where you're two people who argue all the time.

If you're both people who clash

that relationship doesn't last very long okay.

Because you both have uncontrolled behavior.

A successful relationship involves one person

who is very stable

and one person who may be acting erratically.

And it's not always the same person.

I'm not saying that the woman's always the emotional one.

There's time when men are emotional as well.

But what I'm saying is

what you need to do is you need to have one person

in that relationship

with controlled behavior

and controlled emotions at that point in time.

While the other person may have erratic behavior

or be emotional.

This is you need to be investing okay?

The stock market is this partner in the relationship

with the erratic behavior.

The partner who is emotional.

You need to have controlled behavior

and controlled emotions

to have a successful relationship okay?

The problem is, most people go at it like scenario B here.

Which is the bad relationship.

This is where you both have uncontrolled emotions.

You both have uncontrolled behavior.

So if you can't control your own emotions

and your own behavior

and the stock market has uncontrolled behavior

you're not gonna have a good time as an investor.

And basically guys, these seven deadly investing sins

all come from scenario B here.

That most people put themselves in.

When they have uncontrolled behavior

and they don't control their emotions

and they're working in an uncontrolled environment.

That is a very bad combination.

That is exactly like being in a relationship

where both people are out of control.

That ends in a very bad way in most cases.

You don't see people in this scenario

staying together very long.

So this is basically the psychology

involved with these seven deadly investing sins.

Just so you guys know where we're coming from.

Because the market is unpredictable

because the behavior is unpredictable of the market

you need to be the stability.

You need to be the one in the relationship

with the controlled behavior

and the controlled emotions.

Okay so the first deadly investing sin

is confirmation bias.

This is probably one of the most important ones

that we're gonna talk about today.

And it's very similar to the second one

known as the endowment effect.

So I'm kind of tying these two together.

Because the solution to these is largely the same.

But confirmation bias is basically seeking confirmation

of your own beliefs.

This is somebody who is not interested

or actually shies away from the opinions

of other people

because they just want to hear that they're correct

in their decisions okay?

This is something that you see a lot now

because it's very easy to create your own echo chamber.

This is basically where you're gonna hear

exactly what it is you want to hear.

Because you're being selective about your media consumption.

It's very easy to do this now

because there is a lot of biased news sources out there.

So if you're somebody who, let's say for example

you're investing in bitcoin.

And I'm not saying whether or not that

you know, I think that's a good investment

or a bad investment.

It doesn't matter.

If you're somebody who only reads articles

about why it's good to invest in bitcoin

and anybody who starts to question you

you become defensive and you argue with them

and you say, "No, no, no, I'm right about this."

And as a result, you get frustrated

so you only consume media that supports your decision.

This is what's called confirmation bias.

This is an echo chamber at that point.

You're only listening to what it is

that you want to hear.

Basically you're rejecting the opinions of other people.

So all this biased news out there

is creating an echo chamber.

And maybe back before there was

such diversification with media.

You know, if you opened up a paper

it was less biased.

I think that as time has gone on now

news has become more and more biased.

So you can really be very selective

about your media consumption.

And people will just listen to

or just watch or just read

exactly what it is that they want to hear.

That means they're not getting all of the facts.

Basically you over-value information

that validates your decision

and you under-value information

that contradicts your decision.

When really, you should look at both

of these two things equally.

Because at the end of the day, we like being right.

We want to be right about our decisions

and when somebody questions you

and says you might be wrong

you're gonna get defensive.

And you're gonna take offense to them.

But as an investor, that's a very dangerous strategy.

Number two is the endowment effect.

Very similar to confirmation bias.

Basically this is believing that what you already hold

has greater value.

Basically you're out of touch with the objective value

of what it is that you're holding.

Now just so you guys, just to refresh our minds here.

This helped me too.

Let's remember what objective means

while we're talking about having a bias towards something.

If you're objective, it means that you're not influenced

by personal feelings or opinions

in considering and representing the facts.

So if you're looking for the objective value of something

this is basically the value of it

without anybody's personal feelings involved

or the opinions you know, anybody's personal opinion.

You're just strictly looking at the facts.

So you want to make sure that

when you are investing in something

or holding an investment

you're looking at the objective value

and you're not thinking about

oh, I already own this.

I like the fact that I have it.

And because I already have this

it's more valuable to me.

You have an emotional attachment to that.

You don't want to have that happen

because basically at that point

you've fallen in love with that investment

and you don't want to part ways.

You should be, you should always be willing

to part ways with your investment

if it's time to part ways.

You shouldn't fall in love with it.

So basically, here's the solution to these two things.

If you're somebody who has confirmation bias

or you're somebody who really just loves

what you already have

this is the solution.

Number one, you need to find qualified people

who disagree with you.

Okay, so you want to find objective opinions.

So you don't want to find opinions

that are skewed by people's personal feelings or opinions.

Find qualified opinions okay?

Number two, remember that all opinions

are not created equal.

So don't just listen to anyone.

So I'm not saying that you should go talk

to your mailman about whether or not

you should buy bitcoin.

Maybe your mailman, that's all he does off hours

is invest in bitcoin, I have no idea.

If he is qualified, sure.

Ask his opinion.

But if someone has no qualifications

why would their opinion have any value?

Make sure you're seeking out qualified opinions

that either confirm or contradict what it is

that you think, no matter what.

And that you're weighing each opinion

of equal value.

And you basically are not skewing your information

or having stronger beliefs in one thing over the other.

And then basically the third thing I'd recommend.

Constantly asking yourself these questions.

What don't I know?

So what are you missing there?

And also ask what am I not seeing?

Be open to the fact that you don't know everything.

And understand that most people don't know everything.

And continue to seek qualified opinions

from other people.

The third deadly investing sin

is the belief that the current trend will continue.

Basically this is mistaking recent events

for ongoing trends.

And as a result, we typically buy the wrong thing

at exactly the wrong time.

So this is the belief that oh, we're having a good time.

The good times are gonna keep on rolling.

Or if you're having a bad time

the bad times are never going to end.

This basically causes you to do the exact opposite

of what you should be doing.

If you go out there and ask anyone

for investing advice

most people are going to look at you

and tell you to buy low and sell high.

Usually, you think they're just being an asshole

giving you very, very simple advice.

But the truth is, that is the best advice

anyone could ever give you.

Because if you fall into this belief

that the current trend will continue

you're going to buy high

and then you're going to sell low.

You're gonna buy high

because the good times are gonna keep on rolling

in your mind

because you think things can only go up from here.

So you're gonna buy up

because things should hopefully continue to go up.

Now, if you also believe that

the bad times are going to stay bad

then you're going to sell before you lose

any more money to protect from losing more money.

That's the exact opposite of what you want to do.

So this actually causes you to go basically

with the trend and with the herd

when you want to be going against the prevailing trend.

So you shouldn't believe

that the current trend will continue.

This is not the case at all.

You should actually be going against the current trend.

Because as a result, this literally causes people

to buy things at the exact wrong time.

You buy things at the top of the market.

You're celebrating.

Your friends are making money

investing in this certain sector

or this certain stock.

Then everyone gets in and you're like

oh, of course it's gonna go up.

It's already going up in the past.

Because it went up in the past

it has to go up in the future.

That is just not true.

Basically this comes from the fact

that we project out into the future

what we have most recently been seeing.

It's something our brains are wired to do.

Basically recent experiences carry more weight

in our minds.

And there's actually a name for this

called the recency bias.

So if you guys don't believe me

look that up okay?

So once you understand that we're prone

to this recency bias

you need to realize that you need to kind of

go against the prevailing trend

and do what feels wrong.

So when everyone is celebrating

and having a good time

that's probably a good time to sell.

When everybody thinks that the bad times

are never gonna end

that's probably the point when you want to buy okay?

Basically you want to go against

what everyone else out there is doing.

And understand that you're going to be biased

based on recent experiences.

Basically when we're in a bull market

people are having a good time

and they're under the belief that

the good times will continue.

And when we're in a bear market

people are having a very bad time

and there's overall pessimism

and people think the bad times

are never going to end.

This results in the tendency for us to buy high

and sell low.

Which is the exact opposite of what you want to do.

This is basically the truth guys.

Most investors arrive when the party is winding down.

You know, you find out about a party.

You find out a little bit late

so let's say you're looking to have fun.

It's 11 o'clock and all of a sudden you hear about a party.

So you get all hyped up alright.

You get all your friends in the car.

You show up at the party

and it's winding down and everyone's going home.

And you're like, but the good times were never gonna end.

But they do end because the party always ends.

So basically investors who believe

the current trend will continue

arrive just as that party's winding down

and as a result, they are going to be in for a rough time

because the party is largely over.

So basically, the way to combat this

or the solution to this belief

that the current trend will continue

is understanding that in most cases

today's winners are tomorrow's losers.

And today's losers may be tomorrow's winners.

So you want to go against the prevailing trend.

The number one thing I want you guys to remember

is that past results do not guarantee

a similar outcome.

So just because we're having a good time now

doesn't mean we're gonna be having a good time tomorrow.

This is one of the best things you can remember.

Is that you want to buy low and sell high.

And if you go with the current trend

you're going to be doing the exact opposite of that.

You're going to be following the herd okay?

You're going to be involved in that herd mentality.

Okay, if you do that

you're gonna be for a rough time as an investor.

Alright number four is overestimating our abilities.

Basically as humans, we are wired to be overconfident.

This is why every parent out there

has an above average child.

This is why everyone thinks they're an above average driver.

We're not.

We are all probably average drivers

and we all probably have average children.

But we have this belief because we're overconfident

that we're exceptional drivers.

Or that our children are just exceptional children.

Better than the rest.

Another problem is overestimating the abilities

of someone else.

So if you believe someone too much.

If you are buying too much into what they are saying

and you think that they have abilities beyond that

of the average person

you may also be in for a bad time as an investor.

Basically, and this is a direct quote

right out of Unshakeable by Tony Robbins.

You guys need to pick up this book.

It's seriously going to change everything

you know about investing.

And also give you just a calmness towards the idea

of a market correction.

This is a direct quote from the book okay?

"One person's salesmanship

"Becomes another person's misguided certainty."

Okay, so when someone is really good at selling you

on their idea.

They're really good at selling you on this idea

that they have abilities that are superior

to the average person.

You're going to believe them

and that is misguided certainty.

You believe that they're right

because you have overconfidence

in their abilities.

Or overconfidence in your own abilities.

And as a result, you have misguided certainty.

And like I said guys, I know in the beginning

I talked about relationships

and how men and women you know.

Maybe I was picking on the women

by having the pink stick figure representing a woman.

It could be a man or a woman.

I'm not color biased here.

But basically, now I'm gonna pick on the men

because men are prone to overconfidence.

So it's funny because most people

who watch my channel, most people who invest are men.

It's mostly males who are investing in the stock market.

So if you're one of the female investors.

The minority out there.

You have a distinct advantage

because we as men, are prone to overconfidence.

Which is going to give us basically the problem

of overestimating our own abilities.

We think we can predict the future

or even worse, we don't admit that we can't

predict the future.

You need to understand these two things.

Understand that nobody out there

regardless of their abilities

can accurately predict the future every single time.

And you need to understand

that no matter what, you can't accurately

predict the future alright?

Once you understand these two things

you are at an advantage as an investor.

What happens when we overestimate our abilities?

We have poor diversification.

This is investing too much money in one thing okay.

So maybe you are taking too much stake

in what somebody is saying.

You're overestimating the abilities of someone else.

And they tell you that this is the hot stock

you need to buy.

As a result, you dump $10,000

which is one third of all of your money

in one stock.

That's poor diversification.

If they're not right about that

you're screwed.

So as a result, this overconfidence

this overestimating our abilities

results in poor diversification.

Too much money in one stock.

Too much money in one sector.

The truth is, the average investor

should hold index funds

because most investors do not beat market returns.

If you believe that your abilities are above average.

If you have above average trading abilities

then maybe give it a shot.

Try trading individual stocks.

But most people have average investing skills

and as a result, they should just hold index funds.

Another quote that I liked.

Again, this is out of that Tony Robbins book.

"If you can't add value, minimize costs."

The best way to do that, index funds.

So if you can't add value

with your own intellectual ability

as far as picking stocks.

Go for the cheapest stock portfolio out there

which largely is index funds in most cases.

So that is why overestimating your abilities

or overestimating the abilities of some stock market guru

is a terrible strategy as far as investing goes.

And it is definitely a stock market sin.

The fifth deadly investing sin

is this quest for home runs.

Basically this is the desire to gamble

or the desire to make speculative investments.

Now, before I go any further

let's define what speculative investments are.

So to do this, I am literally taking my notes

from The Intelligent Investor, Chapter One

titled, Investment vs Speculation.

Just because I want to show you guys

how much value is within this book

that has been around for so many years

yet all this information is still relevant today.

So an investment is thorough analysis

promising safety of principal

and adequate return.

This is what we call an investment.

Now a speculation?

That's operation not meeting these requirements.

So these are operations that do not have thorough analysis.

That do not promise safety of principal

and they certainly do not promise an adequate return.

The problem is, investment and speculation.

The two words are used hand-in-hand.

You don't hear people on Wall Street

calling themselves speculators.

They call themselves investors.

You need to understand when you're making an investment

and when you're making a speculation.

This is what's called unintelligent speculation okay?

Number one is speculating when you think you are investing.

Many people do this.

They have no idea they're making speculative bets

instead of making investments.

They're not analyzing things.

They're not promising the safety of their principal

as their core investing rule.

And they're not promising themselves an adequate return.

Number two is speculating full time

when you lack the knowledge and skill.

Also known as overconfidence.

One of our previous deadly investing sins.

You can see how this all ties together here.

Number three is risking more

than you can afford to lose.

This is the unintelligent speculator.

This is the majority of people out there

who are trading.

Now, here's the problem.

And maybe it's not a problem.

This is the truth.

Speculation is fun.

When you're right.

When you're wrong, it fucking sucks.

That's the truth, it hurts when you're wrong.

Because you lose a lot of money.

Speculative investments have very large downsides.

Just a couple examples would be penny stocks.

Trading on margin.

Trading options contracts.

These are speculative investments.

They're speculations, they're not investments.

It hurts when you lose because you lose big alright?

So now that we have an understanding

of what a speculation is versus an investment.

Let's go back to talking about

the desire to hit home runs

and just slam it out of the park.

Alright, here's the biggest thing.

This is my biggest issue

and I know I'm starting to get a little angry here

because this is what I see.

Especially with the penny stocks.

Someone's right once okay? They get lucky.

Are you gonna be right again?

How long's it gonna take until you're right again?

What kind of strategy is that?

You know, let's say you're playing baseball

and somebody says, "What's your strategy?"

And you go, "I swing that bat as hard as I can.

"Nine times out of 10, I don't hit anything."

But the one time that you did hit that ball

it went flying, it went very far.

Further than most people hit a ball.

But nine times out of 10, you're wrong.

Are you gonna be making money

if you're wrong nine times out of 10?

But one time out of 10 you're right.

Don't forget guys, that if you incur a 50% loss

okay, on an investment

you need a 100% return to offset that loss.

A 50% return does not get you back to where you were

when you started.

You would need to double your money

if you lost half of your money.

This is something a lot of us forget.

So if you're set back 50% on your investment

you're gonna have to be right big next time

to get back to even where you started.

So this quest for home runs.

The idea of smashing it out of the park

by making speculative bets

is hardwired in us

largely because Wall Street encourages it

and secondly, our minds crave the sensation we get

when we're right, when taking a gamble.

That is why we like casinos.

That is why you see people sitting in convenience stores

doing scratch offs

when they can't afford to pay their child support.

It's because we like the idea of winning.

Of gambling.

Of returns that we really don't deserve

because we did not have thorough analysis

of what we're doing.

We do not have a safety of principal

or an adequate return.

We want an inadequate return

that's not proportional to our efforts alright?

I know I'm going off on a tangent

and getting a little frustrated here

but this is a really big deal alright?

Now that you understand that, now that you understand it

you are well ahead of most investors okay?

Okay that the speculator is not an investor.

If you want to be a speculator, go be a speculator.

But if you're here to learn how to invest

don't be a speculator.

You're looking to invest.

Understand that investing is a marathon

and most people are treating it like a sprint.

Largely, this comes from watching

what everyone else is doing.

If you and your friend are both trading stocks.

It's your hobby or whatever.

And your friend is having fantastic returns

you're gonna feel like he's getting way ahead of you

because he's sprinting.

Maybe he's not considering the safety of his principal

with those investments.

Maybe he's not thinking things through

with thorough analysis

and as a result, he's right a little bit of the time.

He's been right you know?

He's made good speculative bets.

But will he be right every time

when he's not adequately preparing for that investment

and he's largely speculating.

The problem guys, there is a lot of short term noise

on Wall Street.

That is because Wall Street wins

when we are active okay?

How do brokers make money?

When we trade.

When we trade in and out of stocks

all we do is fatten the pockets of Wall Street brokers.

They thrive on activity.

They want us to be active traders.

So as a result, they create a lot of short term noise

to encourage activity.

When largely, the best thing to do

is just hold onto what you have.

Gambling is encouraged

and they want you to hit the jackpot.

That's why, I know a lot of you guys

maybe even before you watched this video.

Maybe you got an ad for a guy driving a Corvette

encouraging you to go you know, invest in penny stocks

or something like that.

They want you to hit the jackpot

and have this idea that oh, you're gonna hit it

out of the park.

They want you to gamble.

When really you should look at investing as a marathon

where you're making safe bets over time

that will grow your money.

And at number one, your number one rule

is to protect the safety of your principal.

The solution to this is very simple.

The solution is patience.

And not worrying about what anyone else is doing

with their money.

Oh man, this one got heated.

I hope you guys understand

why this is so frustrating to me

because I see so many people out there

that are speculating

when they think that they're investing.

And they're calling themselves investors.

And it's even worse because there's no difference

on Wall Street.

They call it the same thing.

They call it investing

when most people are actually speculating.

I'm thinking I'm gonna have to go

get my blood pressure checked

after that last stock market sin.

Holy crap did I get heated over that.

But anyways guys, luckily the last two

are more delicate.

So I'm not going to be as angry with these two.

Number six deadly investing sin

is the hometown bias.

And this one is very simple

and it makes sense.

Humans have the natural tendency to stay

where they are comfortable.

To stay where they're safe.

To stay in familiar territory.

This is very similar to the endowment effect

where you have greater value in what you already hold.

So you see greater value in where you live.

And if you work for a certain company

you see greater value in that exact company.

Let me give you guys an example.

When I was 18 years old, I worked for JC Penny

and I loved that company

and I was like, you know what?

I've got some money.

Why don't I invest in JC Penny stock?

If anyone has seen what has happened to JC Penny stock

you'll understand why the hometown bias

could have really screwed me in that situation.

Luckily, I went and I talked to my dad

and some other people

and said, "Hey, what do you think about this?"

He said, "Oh I would not recommend investing

"In JC Penny stock."

So I didn't do it.

And as a result, I did not fall under the home town bias

of seeing greater value

in basically what is familiar.

So because I worked there

I thought they were the best retailer out there

and I'm like, they can't fail.

But the stock has just been obliterated since then.

So I'm very glad I did not fall under the home town bias

and do that.

But a lot of people make this mistake

because they have the natural tendency

to stay where it is comfortable.

And they also believe that what they hold

or what's around them.

So basically when you work for a certain company

you believe that because you work there

this company is so much better than other companies.

It's this endowment effect.

They tie in together okay?

Here's three examples of hometown bias.

Number one, very common.

Investing only in the market of your own country.

So most investors in the United States

are largely invested solely in US stocks.

Another example of this is investing

only in the stock of your employer

which is something that I almost did

because I fell under the impression

that because I worked there

and because it was comfortable and familiar

it was a good investment.

Number three is investing only in one sector.

Basically this leads to not being diversified enough.

So let's take a look at this right here.

This is the global equity market.

49% is made up by US stocks

and 51% is non-US stocks.

So someone who invests 100% of their money in US stocks

is investing in 49% of the market.

Giving them 51% of the total global market

that they are not exposed to.

The solution to this is simply just to diversify.

So if you're investing in US stocks

consider stocks of non-US countries as well.

If you're somebody who is solely invested

in the stock of your employer, consider diversifying.

Or if you're only investing in tech stocks

because you work for a tech company

or that's the sector you're familiar with

you should be more diversified.

So that is stock market sin number six.

And number seven is loss aversion.

This is basically what happened

after the stock market crash of 2008.

I saw a real life example of this over the weekend.

I was at the lake for 4th of July.

Oh, just so you guys know

it's like, 9:45 p.m. on 4th of July

and I'm in my room making this video for you guys.

So I think that deserves a like

especially if you've watched the video this far.

So it's 4th of July, drop me a like

for being crazy and talking to you guys in my room

at 10 o'clock on 4th of July.

Anyways, for the weekend I was there hanging out.

And I like being alone a lot of the time.

There was a lot of people around

so I kinda snuck off

and I was reading The Intelligent Investor.

While I was reading, some family member came and found me.

This is my girlfriend's family.

And he was like, "Oh, what are you reading?"

And I was like, "Oh, I'm reading The Intelligent Investor."

And he immediately looks at me and he goes

"Oh, don't do that man.

"Investing is a losing game."

He said those exact words.

"Investing is a losing game."

And I didn't say anything

because I don't start arguments like that with people.

Especially because it's the family of my girlfriend.

So just a piece of advice there.

Learn when to hold your tongue.

But anyways, I guarantee you

it's a very high probability in my opinion

that he got burned in the 2008-2009 stock market crash

and as a result, has a sour taste in his mouth

for stocks and investing.

Which as a result, many stayed out of the market

and missed the entire eight year market.

The eight year bull market

that followed that bear market.

That undid all the damage that was done

if you look at the overall S&P 500 Index.

They missed eight years of prosperity

because they had a bad taste in their mouth

and they were looking to be avoiding loss.

They were doing loss aversion okay?

The truth is, we remember negative experiences

more vividly than positive ones.

It's how our minds our wired.

And market corrections are regular occurrences okay?

Once you are understanding of market corrections

and you're not afraid of them

you're not gonna need, you're not gonna have

that loss aversion that's triggered okay?

Let's go back to the teachings

of good old WB here, Warren Buffett.

He recommends that we need to be greedy

when others are fearful.

So in fact, bear markets are one of the best

buying opportunities that you will ever see

as an investor.

So, as a result of that post 2008-2009 crash

many people stayed out of the market

and they missed the whole bull market

that followed that bear market.

They were trying to avoid loss

and as a result, they put their money in savings

and checking accounts

earning a fraction of a percent of interest

that was not keeping up with inflation.

And as a result, they lost money.

Even thought they thought that they were saving it.

They lost money.

Basically guys, small corrections that happen

trigger this loss aversion in our mind alright?

As a result, we see an overreaction.

So, the solution to this is be self aware.

The solution to all of this is be self aware.

Be self aware that you are likely to have

the seven things hardwired in your brain

because this is how humans are.

Once you're aware that you're doing these things

you can better prepare for them

and better understand

when you're making emotional decisions.

So you need to be self aware.

You need to educate yourself

about corrections in bear markets.

This is why I recommend picking up Unshakeable

by Tony Robbins.

As much as I would love to say

I pulled all this information together, I did not.

This is right out of Unshakeable by Tony Robbins.

I highly recommend you guys check that book out.

Whenever anyone asks me about investing books.

Number one is The Intelligent Investor

and number two on my list is now Unshakeable

as I just finished that audio book.

So if you guys want to buy those books

the links are in the description.

I would really appreciate it

if you guys would use those links.

They are Amazon affiliate links

and I get a small commission

which helps me stay alive in my room and have food

and be able to bring these videos to you guys.

So I would really appreciate it.

Especially if you guys watched the video this far.

If you do plan on buying those books

please make sure to use the links in the description.

But anyways guys, these are the seven deadly investing sins.

I want to ask you a question.

I want you to be honest with me.

Drop me a comment below.

What investing sin have you done in the past

that you will not do going forward?

As I said, I did a lot of these.

I've had problems with doing many of these things

because we're hardwired to do these things.

But my hope is that by identifying them

you guys can now figure out how to not do these things

and understand the solution

to these things that we're hardwired to do.

Anyways guys, I really appreciate those of you

who stuck around for the whole video.

If you enjoyed it, please drop a like.

If you are new to my channel

please consider subscribing

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and as always, I thank you guys for watching this video.

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