Ep. 542: Trading Psych Mega Episode with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Mental Accounting
Mental accounting is reflected in keeping our money in different pockets. It's a God-clanted mental accounting in ours, or evolution-clantedmental accounting in ours. But it becomes harmful when we get to misuse it. And so when I buy that stock for 100, then it goes to 60. This is right in the sweet spot of where people often go wrong," he says.
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Transcript
