If you’d ever played the stock market, these comments by PAUL B. FARRELL of MarketWatch may ring true to some extent … I don’t fully agree with his views but it makes interesting 5-minute read.

1. You know you’re (almost) never wrong

“Big Mistakes” calls it “confirmation bias,” another name for cognitive dissonance, the unconscious need your brain has to stick with what you already know as “The Truth” (even when it’s secretly “planted” there by Wall Street’s clever ad campaigns).

2. Your ‘mental accountant’ is an embezzler

Your brain loves “mental accounting.” A dollar looks different “depending on where it comes from, where it’s kept, or how it’s spent.” You spend tax refunds fast. But hang onto stock inherited from grandma. Wall Street’s ad gurus know the way into your pocket is through that unconscious 98% that’s manipulating your brain’s “accounting” system.

3. You hate to lose more than love to win

Psychologists call it “prospect theory:” Investors hate to lose so much we often sell winners to “lock in profits.” And we hang onto losers, praying for a miracle.

4. You throw good money after bad

The “sunk cost fallacy” is a favorite brain glitch. Here’s a familiar example: First blunder, pay too much for a house. Second, fail to get out at the top. Third, turn down a bid because it’s less than you paid. You’re stuck paying down a big bad mortgage.

5. Decision paralysis, so you do nothing

How your brain labels options changes the outcome: Whether it’s “one of rejection or one of selection, or whether you view it as protecting a gain or avoiding a loss.” Labeling confusion leads to “decision paralysis,” your brain locks up, does nothing, loses again.

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Thought this is rather interesting … and ring so true - at least for me personally.

Hmmm …. what step am I at right now? Anyhow see below!

They are as follows:

1. We accumulate information - buying books, going to seminars and researching.
2. We begin to trade with our ‘new’ knowledge.
3. We consistently ‘donate’ and then realise we may need more knowledge or information.
4. We accumulate more information.
5. We switch the commodities we are currently following.
6. We go back into the market and trade with our ‘updated’ knowledge.
7. We get ‘beat up’ again and begin to lose some of our confidence. Fear starts setting in.
8. We start to listen to ‘outside news’ and to other traders.
9. We go back into the market and continue to ‘donate’.
10. We switch commodities again.
11. We search for more information.
12. We go back into the market and start to see a little progress.
13. We get ‘over-confident’ and the market humbles us.

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