Sharpness, decisiveness, ability to withstand sharp drawdowns
State Before Sleep
Peaceful, no need to watch the market
Anxious, afraid of missing out or getting margin called
Why is it easy to confuse them? Many people call themselves "investors" when buying stocks, but in practice:
Chasing hot concepts
Buying based on technical lines, stopping loss at a 5% drop
Listening to rumors, following influencers, trading short-term
This is essentially speculation, and often bad speculation without risk control. Speculation itself isn't wrong; the mistake is thinking you're investing while taking on the risks of speculation.
In the long run, most retail investors' frequent trading underperforms the index. Distinguishing between investing and speculating is about recognizing whether you're making money from a company's growth or from others' mistakes.
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