You put €200 on a low- position “because it's safe.” Meanwhile, a better opportunity goes by — but your capital is already committed. What you just paid shows up on no statement: it's the .
The usual reasoning stops at “is this position a winner?” The right reasoning adds: “is this the best use of that money, right now?” Capital locked in a mediocre edge can't grab a superior edge that shows up two hours later.
It's true everywhere: a stock you hold out of habit, a token you can't bring yourself to sell, a sports position “for fun.” As long as the money is there, it isn't elsewhere — and “elsewhere” might have been far better.
The angle. Before committing, compare not to “nothing,” but to the best available alternative. Your capital is finite: every yes is a no to everything else.
Yoseri News is an educational outlet. Nothing in this article is investment advice.