{"content_id":"q1mzla9nem","slug":"behavioral-investing-risk-control-guide","locale":"en","schema_type":"Article","category":"knowledge_base","category_name":"Knowledge Base","title":"Investment Psychology That Wrecks Stock Accounts and Principles for Control","summary":"The common cause of recurring losses in stock investing is not a particular personality type, but rather a decision-making structure that fails to control impulses and biases. Reducing overtrading while managing diversification, costs, investment horizons, and preset rules together can improve the chances of long-term survival.","sponsorship_disclosure":null,"author":{"name":"Injoys Editorial Team","url":"https://injoys.com/ko/about"},"key_points":["Investment performance is affected not only by stock selection but also by trading frequency, diversification, costs, risk exposure, and behavioral biases.","Comparison and overconfidence can encourage unplanned momentum buying, concentrated investing, and excessive trading.","Long-term holding can reduce frequent decision-making and trading costs, but it does not prevent losses in individual stocks or guarantee returns.","Pre-purchase waiting periods, regular reviews, allocation limits, and rebalancing rules can provide more consistent behavioral controls than willpower.","Investors should assess the likelihood of meeting their goals, tolerable losses, total costs, and overall portfolio risk alongside returns."],"content_markdown":"The core problem found among people whose stock accounts repeatedly falter is not one fixed personality trait. More precisely, the problem is **having no pre-established rules to control overconfidence, comparison, loss aversion, and impulse**. Even if you find a good stock, analytical ability is unlikely to translate into actual performance if you buy an excessive position, chase after the price has risen, or panic-sell when it falls.\n\nThis article does not promise investment success or recommend any specific product. It separately explains biases repeatedly addressed in behavioral finance research and practical principles for managing them.\n\n## What Ruins an Account Is the Lack of a Control Structure, Not Personality\n\nPeople differ in their tolerance for risk, investment experience, income stability, goals, and investment horizons. Therefore, it cannot be concluded that someone will be a good or bad investor simply because they are introverted or extroverted.\n\nWhat can easily undermine performance are the following **behaviors and structures**.\n\n- Reacting to rumors or surging prices without documenting the rationale.\n- Allocating an unmanageable proportion to one stock or theme.\n- Failing to define an acceptable loss range and holding conditions before buying.\n- Changing a long-term plan after seeing someone else’s short-term returns.\n- Ignoring transaction costs such as taxes, fees, and bid-ask spreads.\n- Trying to recover from a loss with a larger bet instead of reviewing its cause.\n\nWillpower alone makes it difficult to prevent these behaviors. Investment apps make trading fast and easy, but easier trading does not mean better judgment. Keeping records of both trading frequency and investment performance and establishing rules in advance is more likely to produce repeatable results.\n\n## Common Investment Biases Through the Lens of Behavioral Finance\n\nBehavioral finance moves beyond the assumption that investors always make decisions based on complete information and consistent logic, and studies errors in actual judgment.\n\n| Bias or behavior | How it appears in investing | Possible control method |\n|---|---|---|\n| Overconfidence | Overestimating predictive ability and increasing trading | Record both the rationale for buying and the counterarguments |\n| Confirmation bias | Seeking only information favorable to holdings | Write down opposing scenarios and selling conditions in advance |\n| Loss aversion | Holding losing stocks for too long and selling profitable stocks too quickly | Decide based on whether the investment thesis remains intact, not the price |\n| Herd behavior | Buying based on people nearby and online sentiment | Separately review sources, valuation, and portfolio allocation |\n| Recency bias | Expecting recent surges or plunges to continue | Review multiple market environments and long-term data together |\n| Anchoring effect | Treating the purchase price as a benchmark for corporate value | Reassess whether you would buy anew at the current price |\n\nIt is impossible to eliminate incorrect forecasts entirely. What matters is limiting their size and frequency so that one error does not critically damage total assets.\n\n## Why Excessive Trading Undermines Performance\n\nStudies analyzing U.S. individual investor accounts found that groups that traded more actively tended to have lower performance after costs. Another study found that, within the sample analyzed, men traded more frequently than women and experienced a larger decline in performance from excessive trading.\n\nHowever, these findings should not be generalized across every country and period to claim that “young men always perform poorly and older women always perform well.” Research findings may vary depending on the specific period, market, account sample, and measurement method. Indicators that can be managed more directly than age and gender include:\n\n- Annual portfolio turnover\n- Total fees and taxes\n- Performance and volatility relative to the market\n- Number of unplanned trades\n- Maximum allocation to a single stock and industry\n- Number of times the same asset was repurchased at a higher price after being sold\n\nFrequent trading does not necessarily result in losses. However, every new trade creates a new opportunity for errors in judgment and additional costs, so investors should confirm whether the expected benefit adequately compensates for the cost and risk.\n\n## How Comparison Psychology Creates Risky Decisions\n\nAnother person’s returns are rarely a meaningful benchmark if you do not know their investment horizon, principal, leverage, whether the gains were realized, or the risk they took. Selection bias also occurs when only successful returns are disclosed while losses remain unseen.\n\nThe typical process through which comparison damages investment behavior is as follows.\n\n1. You encounter only other people’s large gains.\n2. You feel that your own normal returns are inadequate.\n3. You take greater risks unrelated to your goals.\n4. You chase surging assets or use loans and leverage.\n5. Unable to tolerate the volatility, you sell at an unfavorable time.\n\nIt is useful to shift the basis of comparison from other people to your own plan. Target savings rates, asset allocation ranges, total costs, emergency funds, and progress toward goals are more manageable indicators than other people’s short-term returns.\n\n## Understanding Risk and Return Accurately\n\n“High risk, high return” is not a promise that taking greater risks will necessarily produce higher returns. It is closer to the idea that assets for which investors demand higher expected returns generally involve greater uncertainty or the possibility of loss. Actual returns may differ from expectations, and high risk may simply end in a large loss.\n\nInvestment risk takes several forms.\n\n| Type of risk | Meaning | Example |\n|---|---|---|\n| Market risk | Possibility that overall market prices will decline | Recession and interest-rate shocks |\n| Company-specific risk | Possibility that a particular company will encounter problems | Weakened competitiveness, accounting problems, bankruptcy |\n| Liquidity risk | Possibility that it will be difficult to sell at the desired time and price | Stocks with low trading volume |\n| Concentration risk | A situation in which the results of a small number of assets determine the outcome for total assets | Investing most assets in a single stock |\n| Leverage risk | Risk that gains and losses will be amplified through borrowed money or derivatives | Forced liquidation and the possibility of losses exceeding principal |\n| Inflation risk | Possibility that an asset’s real purchasing power will decline | When returns are lower than the inflation rate |\n| Behavioral risk | Risk of deviating from a plan due to fear and greed | Selling during a plunge and chasing a surge |\n\nDefining risk simply as “the possibility that something unknown will happen” overlooks the magnitude of losses, volatility, liquidity, and the possibility of failing to meet goals. Investors must consider together **what could happen, how likely it is, how much they would lose if it happened, and whether they could wait for a recovery**.\n\n## What Long-Term Investing Does and Does Not Solve\n\nLong-term investing can reduce the frequency of reacting to short-term news and transaction costs while allowing more time for compounding to work. Investing regularly and diversifying while earning income can also mitigate the risk of relying entirely on a single entry point.\n\nHowever, there is no guarantee that “if held for long enough, an individual company’s stock price will inevitably converge with its intrinsic value.” A company may fall behind its competitors or go bankrupt, and an asset purchased at an excessively high price may underperform for a long time. Long-term holding does not automatically fix a poor-quality asset or an excessive purchase price.\n\nFor long-term investing to function as risk management, it generally needs to be accompanied by the following conditions.\n\n- Diversification across multiple companies, industries, and assets\n- Asset allocation matched to tolerable volatility\n- Low and transparent costs\n- Separation of emergency funds from investment funds\n- Regular rebalancing aligned with goals and time horizon\n- Limits on the possibility of permanent losses from individual stocks\n\nTime can provide room to endure short-term fluctuations, but it does not eliminate the possibility of loss. Even with a long investment horizon, money needed in the near future or for living expenses should not be placed in highly volatile assets.\n\n## How to Build an Investment System Instead of Relying on Willpower\n\nAn investment system is not a formula for predicting future prices but a procedure for reducing impulsive decisions.\n\n### 1. Write Down Your Goals and Time Horizon First\n\nWrite down what the money will be used for, such as housing, education expenses, or retirement, and when it will be needed. Funds with different purposes should not be managed at the same level of risk.\n\n### 2. Convert Tolerable Losses Into Monetary Amounts\n\nDo not rely solely on expressions such as “aggressive investor.” Consider how your life and emotions would be affected if the portfolio declined by a specific amount. If the level of risk would prevent you from maintaining your plan during a market downturn, your exposure may be excessive.\n\n### 3. Set Allocation Limits\n\nBefore buying, decide the maximum allocation for individual stocks, industries, themes, and high-risk assets. Do not change the limit impulsively merely because your confidence has grown.\n\n### 4. Establish a Waiting Procedure Before Buying\n\nWhen encountering a surging stock or another person’s recommendation, do not place an order immediately; wait for a predetermined period. Record the investment thesis, the conditions under which your expectations would be wrong, total costs, and the impact on the portfolio.\n\n### 5. Limit How Often You Check\n\nWhen investors with long-term goals constantly check prices, they become more likely to act even on meaningless fluctuations. However, simply not looking at an app does not make risk disappear, so financial condition, diversification, and goals should be reviewed regularly.\n\n### 6. Evaluate Performance Using the Same Standards and Time Periods\n\nAccount for deposits and withdrawals, and consider an appropriate benchmark, total costs, and the risk taken. Do not judge a strategy’s superiority based on a few days of returns or a single success.\n\n### 7. Review Your Investment Journal Afterward\n\nDo not look only at the outcome; evaluate whether the decision was reasonable based on the information available at the time. Good decisions can produce losses, and bad decisions can produce gains by chance.\n\n## How to Learn Properly From Failures\n\nFailure cases make risks concrete, but it is safer not to use precise figures such as “negative cases are always three times more effective than positive cases” unless reliable evidence can be verified.\n\nRather than turning one case into a general rule, it should be analyzed through the following questions.\n\n- Did the loss begin with an analytical error, excessive allocation, leverage, or fraud?\n- What were the outcomes that could not have been known at the time, and what warning signs could have been identified in advance?\n- Was the position small enough to survive if the same judgment were repeated?\n- How would the outcome have differed if there had been diversification and an emergency fund?\n- Were the same standards applied to successful cases?\n\nThis process is not about criticizing the personality of the person who failed but about identifying repeatable causes.\n\n## Practical Principles for Addressing the Impatience of Young Investors\n\nAnxiety about housing costs and wealth disparities is understandable, but leverage and concentrated investments intended to close the gap in a short period can increase financial vulnerability. There is also insufficient evidence to conclude that AI will continue to reduce the profitability of all labor income while unilaterally increasing returns on capital. The impact of technological change varies by occupation, industry, policy, and asset prices.\n\nIt is more realistic to view investing not as a means of reversing social disparities all at once, but as a tool for supporting long-term goals.\n\n1. Check high-interest debt and the status of your emergency fund first.\n2. Separate money needed in the near future from risky assets.\n3. Set a regular savings and investment amount suited to your income and goals.\n4. Reduce costs and concentration risk before trying to increase returns.\n5. Avoid leveraged products if you do not understand their structure and maximum potential loss.\n\nIt cannot be assumed that everyone will live to age 100 or 120, but retirement preparation should account for the possibility of longevity. A plan should include not only investment returns but also the savings rate, working period, medical expenses, pensions, and withdrawal rate.\n\n## Children’s Financial Education Should Develop Judgment Before Opening Accounts\n\nThere is insufficient general evidence that a child’s stock account is emotionally harmful or must be closed. Conversely, simply opening an account early does not create financial literacy. The key is age-appropriate education, parental explanation, and risk control.\n\n| Developmental stage | Concepts to prioritize | Example activity |\n|---|---|---|\n| Children | Needs and wants, choices, waiting | Making purchasing choices within a limited allowance |\n| Early adolescence | Opportunity cost, budgeting, savings goals | Comparing the forgone costs of two spending options |\n| Late adolescence | Compound interest, inflation, diversification, fraud prevention | Comparing virtual portfolios and fees |\n| Around adulthood | Credit, debt, taxes, long-term investing | Reading the costs and risks of an actual contract |\n\nWhen investing in a child’s name, it is better to explain company ownership, diversification, costs, and long-term goals rather than turning price colors and short-term gains and losses into a source of excitement. Even when parents manage the account on the child’s behalf, issues concerning ownership, gifts, and taxes should be checked separately under local laws and with professional advice.\n\n## Investment Health Indicators to Check Before Returns\n\nWhat much investment content overlooks is that the quality of decision-making should not be evaluated solely by resulting returns. In a rising market, even a strategy that takes excessive risk can look good. The following indicators provide a more multidimensional view of a portfolio’s ability to survive.\n\n- Is an emergency fund sufficient to cover living expenses kept separate from the investment account?\n- Would the failure of one company or industry undermine the entire plan?\n- Do loan maturities conflict with the investment horizon?\n- Do you understand all fees and after-tax returns?\n- Do you have enough cash flow to hold on without selling during a plunge?\n- Are the investment thesis and exit conditions documented?\n- Are you reducing the risk of funds you will need as you approach your goal?\n\nA good investment process is not the same as beating the market every year. It is closer to repeatedly making sustainable choices between the returns needed to achieve your goals and the risks you can tolerate.\n\n## Conclusion\n\nThe most dangerous common trait that ruins an account is not a particular age or gender, but **continuing to increase the scale of risk based on comparison and conviction without rules that limit impulsive behavior**. Reducing excessive trading alone will not solve every problem, but managing it together with diversification, costs, the investment horizon, and cash flow can reduce avoidable losses.\n\nThe purpose of investing is not to make the right prediction every time. It is to design your portfolio and behavior so that your financial plan survives even when predictions are wrong.","content_html":"\u003cp\u003eThe core problem found among people whose stock accounts repeatedly falter is not one fixed personality trait. More precisely, the problem is \u003cstrong\u003ehaving no pre-established rules to control overconfidence, comparison, loss aversion, and impulse\u003c/strong\u003e. Even if you find a good stock, analytical ability is unlikely to translate into actual performance if you buy an excessive position, chase after the price has risen, or panic-sell when it falls.\u003c/p\u003e\n\u003cp\u003eThis article does not promise investment success or recommend any specific product. It separately explains biases repeatedly addressed in behavioral finance research and practical principles for managing them.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#what-ruins-an-account-is-the-lack-of-a-control-structure-not-personality\" class=\"anchor\" id=\"what-ruins-an-account-is-the-lack-of-a-control-structure-not-personality\"\u003e\u003c/a\u003eWhat Ruins an Account Is the Lack of a Control Structure, Not Personality\u003c/h2\u003e\n\u003cp\u003ePeople differ in their tolerance for risk, investment experience, income stability, goals, and investment horizons. Therefore, it cannot be concluded that someone will be a good or bad investor simply because they are introverted or extroverted.\u003c/p\u003e\n\u003cp\u003eWhat can easily undermine performance are the following \u003cstrong\u003ebehaviors and structures\u003c/strong\u003e.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eReacting to rumors or surging prices without documenting the rationale.\u003c/li\u003e\n\u003cli\u003eAllocating an unmanageable proportion to one stock or theme.\u003c/li\u003e\n\u003cli\u003eFailing to define an acceptable loss range and holding conditions before buying.\u003c/li\u003e\n\u003cli\u003eChanging a long-term plan after seeing someone else’s short-term returns.\u003c/li\u003e\n\u003cli\u003eIgnoring transaction costs such as taxes, fees, and bid-ask spreads.\u003c/li\u003e\n\u003cli\u003eTrying to recover from a loss with a larger bet instead of reviewing its cause.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eWillpower alone makes it difficult to prevent these behaviors. Investment apps make trading fast and easy, but easier trading does not mean better judgment. Keeping records of both trading frequency and investment performance and establishing rules in advance is more likely to produce repeatable results.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#common-investment-biases-through-the-lens-of-behavioral-finance\" class=\"anchor\" id=\"common-investment-biases-through-the-lens-of-behavioral-finance\"\u003e\u003c/a\u003eCommon Investment Biases Through the Lens of Behavioral Finance\u003c/h2\u003e\n\u003cp\u003eBehavioral finance moves beyond the assumption that investors always make decisions based on complete information and consistent logic, and studies errors in actual judgment.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eBias or behavior\u003c/th\u003e\n\u003cth\u003eHow it appears in investing\u003c/th\u003e\n\u003cth\u003ePossible control method\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Bias or behavior\"\u003eOverconfidence\u003c/td\u003e\n\u003ctd data-label=\"How it appears in investing\"\u003eOverestimating predictive ability and increasing trading\u003c/td\u003e\n\u003ctd data-label=\"Possible control method\"\u003eRecord both the rationale for buying and the counterarguments\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Bias or behavior\"\u003eConfirmation bias\u003c/td\u003e\n\u003ctd data-label=\"How it appears in investing\"\u003eSeeking only information favorable to holdings\u003c/td\u003e\n\u003ctd data-label=\"Possible control method\"\u003eWrite down opposing scenarios and selling conditions in advance\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Bias or behavior\"\u003eLoss aversion\u003c/td\u003e\n\u003ctd data-label=\"How it appears in investing\"\u003eHolding losing stocks for too long and selling profitable stocks too quickly\u003c/td\u003e\n\u003ctd data-label=\"Possible control method\"\u003eDecide based on whether the investment thesis remains intact, not the price\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Bias or behavior\"\u003eHerd behavior\u003c/td\u003e\n\u003ctd data-label=\"How it appears in investing\"\u003eBuying based on people nearby and online sentiment\u003c/td\u003e\n\u003ctd data-label=\"Possible control method\"\u003eSeparately review sources, valuation, and portfolio allocation\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Bias or behavior\"\u003eRecency bias\u003c/td\u003e\n\u003ctd data-label=\"How it appears in investing\"\u003eExpecting recent surges or plunges to continue\u003c/td\u003e\n\u003ctd data-label=\"Possible control method\"\u003eReview multiple market environments and long-term data together\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Bias or behavior\"\u003eAnchoring effect\u003c/td\u003e\n\u003ctd data-label=\"How it appears in investing\"\u003eTreating the purchase price as a benchmark for corporate value\u003c/td\u003e\n\u003ctd data-label=\"Possible control method\"\u003eReassess whether you would buy anew at the current price\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eIt is impossible to eliminate incorrect forecasts entirely. What matters is limiting their size and frequency so that one error does not critically damage total assets.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#why-excessive-trading-undermines-performance\" class=\"anchor\" id=\"why-excessive-trading-undermines-performance\"\u003e\u003c/a\u003eWhy Excessive Trading Undermines Performance\u003c/h2\u003e\n\u003cp\u003eStudies analyzing U.S. individual investor accounts found that groups that traded more actively tended to have lower performance after costs. Another study found that, within the sample analyzed, men traded more frequently than women and experienced a larger decline in performance from excessive trading.\u003c/p\u003e\n\u003cp\u003eHowever, these findings should not be generalized across every country and period to claim that “young men always perform poorly and older women always perform well.” Research findings may vary depending on the specific period, market, account sample, and measurement method. Indicators that can be managed more directly than age and gender include:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eAnnual portfolio turnover\u003c/li\u003e\n\u003cli\u003eTotal fees and taxes\u003c/li\u003e\n\u003cli\u003ePerformance and volatility relative to the market\u003c/li\u003e\n\u003cli\u003eNumber of unplanned trades\u003c/li\u003e\n\u003cli\u003eMaximum allocation to a single stock and industry\u003c/li\u003e\n\u003cli\u003eNumber of times the same asset was repurchased at a higher price after being sold\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eFrequent trading does not necessarily result in losses. However, every new trade creates a new opportunity for errors in judgment and additional costs, so investors should confirm whether the expected benefit adequately compensates for the cost and risk.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-comparison-psychology-creates-risky-decisions\" class=\"anchor\" id=\"how-comparison-psychology-creates-risky-decisions\"\u003e\u003c/a\u003eHow Comparison Psychology Creates Risky Decisions\u003c/h2\u003e\n\u003cp\u003eAnother person’s returns are rarely a meaningful benchmark if you do not know their investment horizon, principal, leverage, whether the gains were realized, or the risk they took. Selection bias also occurs when only successful returns are disclosed while losses remain unseen.\u003c/p\u003e\n\u003cp\u003eThe typical process through which comparison damages investment behavior is as follows.\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eYou encounter only other people’s large gains.\u003c/li\u003e\n\u003cli\u003eYou feel that your own normal returns are inadequate.\u003c/li\u003e\n\u003cli\u003eYou take greater risks unrelated to your goals.\u003c/li\u003e\n\u003cli\u003eYou chase surging assets or use loans and leverage.\u003c/li\u003e\n\u003cli\u003eUnable to tolerate the volatility, you sell at an unfavorable time.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eIt is useful to shift the basis of comparison from other people to your own plan. Target savings rates, asset allocation ranges, total costs, emergency funds, and progress toward goals are more manageable indicators than other people’s short-term returns.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#understanding-risk-and-return-accurately\" class=\"anchor\" id=\"understanding-risk-and-return-accurately\"\u003e\u003c/a\u003eUnderstanding Risk and Return Accurately\u003c/h2\u003e\n\u003cp\u003e“High risk, high return” is not a promise that taking greater risks will necessarily produce higher returns. It is closer to the idea that assets for which investors demand higher expected returns generally involve greater uncertainty or the possibility of loss. Actual returns may differ from expectations, and high risk may simply end in a large loss.\u003c/p\u003e\n\u003cp\u003eInvestment risk takes several forms.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eType of risk\u003c/th\u003e\n\u003cth\u003eMeaning\u003c/th\u003e\n\u003cth\u003eExample\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of risk\"\u003eMarket risk\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003ePossibility that overall market prices will decline\u003c/td\u003e\n\u003ctd data-label=\"Example\"\u003eRecession and interest-rate shocks\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of risk\"\u003eCompany-specific risk\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003ePossibility that a particular company will encounter problems\u003c/td\u003e\n\u003ctd data-label=\"Example\"\u003eWeakened competitiveness, accounting problems, bankruptcy\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of risk\"\u003eLiquidity risk\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003ePossibility that it will be difficult to sell at the desired time and price\u003c/td\u003e\n\u003ctd data-label=\"Example\"\u003eStocks with low trading volume\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of risk\"\u003eConcentration risk\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eA situation in which the results of a small number of assets determine the outcome for total assets\u003c/td\u003e\n\u003ctd data-label=\"Example\"\u003eInvesting most assets in a single stock\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of risk\"\u003eLeverage risk\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eRisk that gains and losses will be amplified through borrowed money or derivatives\u003c/td\u003e\n\u003ctd data-label=\"Example\"\u003eForced liquidation and the possibility of losses exceeding principal\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of risk\"\u003eInflation risk\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003ePossibility that an asset’s real purchasing power will decline\u003c/td\u003e\n\u003ctd data-label=\"Example\"\u003eWhen returns are lower than the inflation rate\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Type of risk\"\u003eBehavioral risk\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eRisk of deviating from a plan due to fear and greed\u003c/td\u003e\n\u003ctd data-label=\"Example\"\u003eSelling during a plunge and chasing a surge\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eDefining risk simply as “the possibility that something unknown will happen” overlooks the magnitude of losses, volatility, liquidity, and the possibility of failing to meet goals. Investors must consider together \u003cstrong\u003ewhat could happen, how likely it is, how much they would lose if it happened, and whether they could wait for a recovery\u003c/strong\u003e.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#what-long-term-investing-does-and-does-not-solve\" class=\"anchor\" id=\"what-long-term-investing-does-and-does-not-solve\"\u003e\u003c/a\u003eWhat Long-Term Investing Does and Does Not Solve\u003c/h2\u003e\n\u003cp\u003eLong-term investing can reduce the frequency of reacting to short-term news and transaction costs while allowing more time for compounding to work. Investing regularly and diversifying while earning income can also mitigate the risk of relying entirely on a single entry point.\u003c/p\u003e\n\u003cp\u003eHowever, there is no guarantee that “if held for long enough, an individual company’s stock price will inevitably converge with its intrinsic value.” A company may fall behind its competitors or go bankrupt, and an asset purchased at an excessively high price may underperform for a long time. Long-term holding does not automatically fix a poor-quality asset or an excessive purchase price.\u003c/p\u003e\n\u003cp\u003eFor long-term investing to function as risk management, it generally needs to be accompanied by the following conditions.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eDiversification across multiple companies, industries, and assets\u003c/li\u003e\n\u003cli\u003eAsset allocation matched to tolerable volatility\u003c/li\u003e\n\u003cli\u003eLow and transparent costs\u003c/li\u003e\n\u003cli\u003eSeparation of emergency funds from investment funds\u003c/li\u003e\n\u003cli\u003eRegular rebalancing aligned with goals and time horizon\u003c/li\u003e\n\u003cli\u003eLimits on the possibility of permanent losses from individual stocks\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eTime can provide room to endure short-term fluctuations, but it does not eliminate the possibility of loss. Even with a long investment horizon, money needed in the near future or for living expenses should not be placed in highly volatile assets.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-to-build-an-investment-system-instead-of-relying-on-willpower\" class=\"anchor\" id=\"how-to-build-an-investment-system-instead-of-relying-on-willpower\"\u003e\u003c/a\u003eHow to Build an Investment System Instead of Relying on Willpower\u003c/h2\u003e\n\u003cp\u003eAn investment system is not a formula for predicting future prices but a procedure for reducing impulsive decisions.\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#1-write-down-your-goals-and-time-horizon-first\" class=\"anchor\" id=\"1-write-down-your-goals-and-time-horizon-first\"\u003e\u003c/a\u003e1. Write Down Your Goals and Time Horizon First\u003c/h3\u003e\n\u003cp\u003eWrite down what the money will be used for, such as housing, education expenses, or retirement, and when it will be needed. Funds with different purposes should not be managed at the same level of risk.\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#2-convert-tolerable-losses-into-monetary-amounts\" class=\"anchor\" id=\"2-convert-tolerable-losses-into-monetary-amounts\"\u003e\u003c/a\u003e2. Convert Tolerable Losses Into Monetary Amounts\u003c/h3\u003e\n\u003cp\u003eDo not rely solely on expressions such as “aggressive investor.” Consider how your life and emotions would be affected if the portfolio declined by a specific amount. If the level of risk would prevent you from maintaining your plan during a market downturn, your exposure may be excessive.\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#3-set-allocation-limits\" class=\"anchor\" id=\"3-set-allocation-limits\"\u003e\u003c/a\u003e3. Set Allocation Limits\u003c/h3\u003e\n\u003cp\u003eBefore buying, decide the maximum allocation for individual stocks, industries, themes, and high-risk assets. Do not change the limit impulsively merely because your confidence has grown.\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#4-establish-a-waiting-procedure-before-buying\" class=\"anchor\" id=\"4-establish-a-waiting-procedure-before-buying\"\u003e\u003c/a\u003e4. Establish a Waiting Procedure Before Buying\u003c/h3\u003e\n\u003cp\u003eWhen encountering a surging stock or another person’s recommendation, do not place an order immediately; wait for a predetermined period. Record the investment thesis, the conditions under which your expectations would be wrong, total costs, and the impact on the portfolio.\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#5-limit-how-often-you-check\" class=\"anchor\" id=\"5-limit-how-often-you-check\"\u003e\u003c/a\u003e5. Limit How Often You Check\u003c/h3\u003e\n\u003cp\u003eWhen investors with long-term goals constantly check prices, they become more likely to act even on meaningless fluctuations. However, simply not looking at an app does not make risk disappear, so financial condition, diversification, and goals should be reviewed regularly.\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#6-evaluate-performance-using-the-same-standards-and-time-periods\" class=\"anchor\" id=\"6-evaluate-performance-using-the-same-standards-and-time-periods\"\u003e\u003c/a\u003e6. Evaluate Performance Using the Same Standards and Time Periods\u003c/h3\u003e\n\u003cp\u003eAccount for deposits and withdrawals, and consider an appropriate benchmark, total costs, and the risk taken. Do not judge a strategy’s superiority based on a few days of returns or a single success.\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#7-review-your-investment-journal-afterward\" class=\"anchor\" id=\"7-review-your-investment-journal-afterward\"\u003e\u003c/a\u003e7. Review Your Investment Journal Afterward\u003c/h3\u003e\n\u003cp\u003eDo not look only at the outcome; evaluate whether the decision was reasonable based on the information available at the time. Good decisions can produce losses, and bad decisions can produce gains by chance.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-to-learn-properly-from-failures\" class=\"anchor\" id=\"how-to-learn-properly-from-failures\"\u003e\u003c/a\u003eHow to Learn Properly From Failures\u003c/h2\u003e\n\u003cp\u003eFailure cases make risks concrete, but it is safer not to use precise figures such as “negative cases are always three times more effective than positive cases” unless reliable evidence can be verified.\u003c/p\u003e\n\u003cp\u003eRather than turning one case into a general rule, it should be analyzed through the following questions.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eDid the loss begin with an analytical error, excessive allocation, leverage, or fraud?\u003c/li\u003e\n\u003cli\u003eWhat were the outcomes that could not have been known at the time, and what warning signs could have been identified in advance?\u003c/li\u003e\n\u003cli\u003eWas the position small enough to survive if the same judgment were repeated?\u003c/li\u003e\n\u003cli\u003eHow would the outcome have differed if there had been diversification and an emergency fund?\u003c/li\u003e\n\u003cli\u003eWere the same standards applied to successful cases?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThis process is not about criticizing the personality of the person who failed but about identifying repeatable causes.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#practical-principles-for-addressing-the-impatience-of-young-investors\" class=\"anchor\" id=\"practical-principles-for-addressing-the-impatience-of-young-investors\"\u003e\u003c/a\u003ePractical Principles for Addressing the Impatience of Young Investors\u003c/h2\u003e\n\u003cp\u003eAnxiety about housing costs and wealth disparities is understandable, but leverage and concentrated investments intended to close the gap in a short period can increase financial vulnerability. There is also insufficient evidence to conclude that AI will continue to reduce the profitability of all labor income while unilaterally increasing returns on capital. The impact of technological change varies by occupation, industry, policy, and asset prices.\u003c/p\u003e\n\u003cp\u003eIt is more realistic to view investing not as a means of reversing social disparities all at once, but as a tool for supporting long-term goals.\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eCheck high-interest debt and the status of your emergency fund first.\u003c/li\u003e\n\u003cli\u003eSeparate money needed in the near future from risky assets.\u003c/li\u003e\n\u003cli\u003eSet a regular savings and investment amount suited to your income and goals.\u003c/li\u003e\n\u003cli\u003eReduce costs and concentration risk before trying to increase returns.\u003c/li\u003e\n\u003cli\u003eAvoid leveraged products if you do not understand their structure and maximum potential loss.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eIt cannot be assumed that everyone will live to age 100 or 120, but retirement preparation should account for the possibility of longevity. A plan should include not only investment returns but also the savings rate, working period, medical expenses, pensions, and withdrawal rate.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#childrens-financial-education-should-develop-judgment-before-opening-accounts\" class=\"anchor\" id=\"childrens-financial-education-should-develop-judgment-before-opening-accounts\"\u003e\u003c/a\u003eChildren’s Financial Education Should Develop Judgment Before Opening Accounts\u003c/h2\u003e\n\u003cp\u003eThere is insufficient general evidence that a child’s stock account is emotionally harmful or must be closed. Conversely, simply opening an account early does not create financial literacy. The key is age-appropriate education, parental explanation, and risk control.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eDevelopmental stage\u003c/th\u003e\n\u003cth\u003eConcepts to prioritize\u003c/th\u003e\n\u003cth\u003eExample activity\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Developmental stage\"\u003eChildren\u003c/td\u003e\n\u003ctd data-label=\"Concepts to prioritize\"\u003eNeeds and wants, choices, waiting\u003c/td\u003e\n\u003ctd data-label=\"Example activity\"\u003eMaking purchasing choices within a limited allowance\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Developmental stage\"\u003eEarly adolescence\u003c/td\u003e\n\u003ctd data-label=\"Concepts to prioritize\"\u003eOpportunity cost, budgeting, savings goals\u003c/td\u003e\n\u003ctd data-label=\"Example activity\"\u003eComparing the forgone costs of two spending options\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Developmental stage\"\u003eLate adolescence\u003c/td\u003e\n\u003ctd data-label=\"Concepts to prioritize\"\u003eCompound interest, inflation, diversification, fraud prevention\u003c/td\u003e\n\u003ctd data-label=\"Example activity\"\u003eComparing virtual portfolios and fees\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Developmental stage\"\u003eAround adulthood\u003c/td\u003e\n\u003ctd data-label=\"Concepts to prioritize\"\u003eCredit, debt, taxes, long-term investing\u003c/td\u003e\n\u003ctd data-label=\"Example activity\"\u003eReading the costs and risks of an actual contract\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eWhen investing in a child’s name, it is better to explain company ownership, diversification, costs, and long-term goals rather than turning price colors and short-term gains and losses into a source of excitement. Even when parents manage the account on the child’s behalf, issues concerning ownership, gifts, and taxes should be checked separately under local laws and with professional advice.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#investment-health-indicators-to-check-before-returns\" class=\"anchor\" id=\"investment-health-indicators-to-check-before-returns\"\u003e\u003c/a\u003eInvestment Health Indicators to Check Before Returns\u003c/h2\u003e\n\u003cp\u003eWhat much investment content overlooks is that the quality of decision-making should not be evaluated solely by resulting returns. In a rising market, even a strategy that takes excessive risk can look good. The following indicators provide a more multidimensional view of a portfolio’s ability to survive.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eIs an emergency fund sufficient to cover living expenses kept separate from the investment account?\u003c/li\u003e\n\u003cli\u003eWould the failure of one company or industry undermine the entire plan?\u003c/li\u003e\n\u003cli\u003eDo loan maturities conflict with the investment horizon?\u003c/li\u003e\n\u003cli\u003eDo you understand all fees and after-tax returns?\u003c/li\u003e\n\u003cli\u003eDo you have enough cash flow to hold on without selling during a plunge?\u003c/li\u003e\n\u003cli\u003eAre the investment thesis and exit conditions documented?\u003c/li\u003e\n\u003cli\u003eAre you reducing the risk of funds you will need as you approach your goal?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eA good investment process is not the same as beating the market every year. It is closer to repeatedly making sustainable choices between the returns needed to achieve your goals and the risks you can tolerate.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#conclusion\" class=\"anchor\" id=\"conclusion\"\u003e\u003c/a\u003eConclusion\u003c/h2\u003e\n\u003cp\u003eThe most dangerous common trait that ruins an account is not a particular age or gender, but \u003cstrong\u003econtinuing to increase the scale of risk based on comparison and conviction without rules that limit impulsive behavior\u003c/strong\u003e. Reducing excessive trading alone will not solve every problem, but managing it together with diversification, costs, the investment horizon, and cash flow can reduce avoidable losses.\u003c/p\u003e\n\u003cp\u003eThe purpose of investing is not to make the right prediction every time. It is to design your portfolio and behavior so that your financial plan survives even when predictions are wrong.\u003c/p\u003e\n","tags":["Diversification","Behavioral Finance","Long-term investment","Investor psychology","Overtrading"],"faqs":[{"question":"What are the most common psychological factors that can devastate a stock portfolio?","answer":"It cannot be attributed to any single personality trait, but problems grow when overconfidence, comparison, loss aversion, and herd behavior combine without safeguards established in advance. In particular, repeatedly making unplanned trades and concentrated investments can allow a single error in judgment to have a major impact on your entire portfolio."},{"question":"Does checking a stock app frequently lower returns?","answer":"Returns are not determined by the number of times you check. However, if long-term investors constantly monitor short-term fluctuations, impulsive trading may increase, so it helps to establish in advance a review schedule and trading rules suited to your goals."},{"question":"Does long-term investing eliminate the risk of loss?","answer":"No. Long-term investing can reduce short-term decision-making and trading costs, but it does not eliminate the risks of corporate bankruptcy, overpaying, market downturns, or inflation. Diversification, appropriate asset allocation, low costs, and an emergency fund are also necessary."},{"question":"Does high risk, high return mean that taking much greater risks will earn you more?","answer":"It does not mean that high risk guarantees high actual returns. Investors demand higher expected returns in exchange for bearing greater uncertainty or the possibility of loss, but the outcome could instead be a large loss or permanent impairment of principal."},{"question":"Does trading less always improve investment performance?","answer":"Not necessarily. Trading may be needed to correct an unsuitable asset allocation or when the investment thesis for a company has been undermined. However, frequent trading without a sound basis increases costs and opportunities for errors in judgment, so you should examine the purpose and total cost of each trade."},{"question":"Is it effective to learn from other people's investment failures?","answer":"Examples of failure are useful for understanding specific risks such as concentrated investing, leverage, fraud, and insufficient liquidity. However, do not treat a single case as a universal rule; analyze the information that was available at the time, position size, costs, and alternatives as well."},{"question":"Is it better to close a young child's stock account?","answer":"There is insufficient basis for concluding that an account should be closed based solely on age. More important than whether the child has an account is teaching them about needs and wants, opportunity costs, budgeting, compounding, diversification, and fraud prevention in a developmentally appropriate way, while preventing excessive fixation on short-term fluctuations."},{"question":"What should be used to evaluate investment performance besides returns?","answer":"You should also consider total costs, after-tax performance, volatility, maximum loss, degree of diversification, goal attainment, and the number of unplanned trades. If high returns result from excessive leverage or concentration risk, they may not be sustainable over the long term."}],"sources":[{"url":"https://doi.org/10.1111/0022-1082.00226","title":"Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors","type":"source"},{"url":"https://doi.org/10.1162/003355301556400","title":"Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment","type":"source"},{"url":"https://doi.org/10.2307/1914185","title":"Prospect Theory: An Analysis of Decision under Risk","type":"source"},{"url":"https://www.investor.gov/introduction-investing/investing-basics/glossary/diversification","title":"Investor.gov: Diversification","type":"source"},{"url":"https://www.investor.gov/introduction-investing/getting-started/understanding-fees","title":"Investor.gov: Understanding Fees","type":"source"},{"url":"https://www.spglobal.com/spdji/en/research-insights/spiva/","title":"S\u0026P Dow Jones Indices: SPIVA Research","type":"data_point"}],"images":[{"id":632,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6NzY3MywicHVyIjoiYmxvYl9pZCJ9fQ==--aa66192c3e7aa1fe9b7ce8003065a7c7cde15ffe/ai-e1ff4d2f.webp","is_representative":true,"generation_method":"ai_image","license":"ai_generated","mime_type":"image/webp","translations":{"ko":{"alt":"로켓과 파도 옆에서 무너지는 블록 탑과 난간 안의 안정된 도형들","caption":"무너지는 블록 탑과 안정된 도형의 대비가 투자심리와 통제의 중요성을 상징한다.","description":null},"en":{"alt":"Collapsing block tower by a wave and rocket beside stable shapes inside a railing","caption":"The contrast between the falling tower and stable shapes symbolizes investment psychology and control.","description":null},"ja":{"alt":"ロケットと大波のそばで崩れる積み木の塔と柵内の安定した図形","caption":"崩れる塔と安定した図形の対比が、投資心理と自己管理の重要性を象徴している。","description":null},"es":{"alt":"Torre de bloques que cae junto a una ola y un cohete, frente a figuras protegidas","caption":"El contraste entre la torre inestable y las figuras protegidas simboliza la psicología y el control al invertir.","description":null},"id":{"alt":"Menara balok runtuh dekat ombak dan roket, di samping bentuk-bentuk stabil berpagar","caption":"Kontras antara menara yang runtuh dan bentuk stabil melambangkan psikologi serta kendali dalam berinvestasi.","description":null},"pt":{"alt":"Torre de blocos desabando junto a uma onda e um foguete, diante de formas protegidas","caption":"O contraste entre a torre instável e as formas protegidas simboliza a psicologia e o controle nos investimentos.","description":null},"zh-hant":{"alt":"火箭與巨浪旁倒塌的積木塔，以及欄杆內穩定排列的幾何圖形","caption":"倒塌的積木塔與穩定圖形形成對比，象徵投資心理與自我控制的重要性。","description":null},"de":{"alt":"Einstürzender Blockturm neben Welle und Rakete, gegenüber stabilen Formen hinter einem Geländer","caption":"Der Kontrast zwischen dem fallenden Turm und den geschützten Formen steht für Anlagepsychologie und Kontrolle.","description":null}}},{"id":633,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6NzY3OSwicHVyIjoiYmxvYl9pZCJ9fQ==--7cbd662aa0cc1e314afb0efb269c43e7dd0fa8f5/ai-59b8705d.webp","is_representative":false,"generation_method":"ai_image","license":"ai_generated","mime_type":"image/webp","translations":{"ko":{"alt":"모래시계와 저울, 보호막을 지나 폭락장과 군중 심리에서 멀어지는 투자 원칙의 길","caption":"시간과 균형, 통제 원칙이 시장의 공포와 군중 심리로부터 계좌를 지키는 과정을 나타낸다.","description":null},"en":{"alt":"Winding path with an hourglass, scales, shield gate, and a stormy falling market beside crowds","caption":"Time, balance, and disciplined safeguards protect investors from market fear and herd behavior.","description":null},"ja":{"alt":"砂時計や天秤、盾の門が並び、暴落チャートと群衆心理から離れる曲がり道","caption":"時間、均衡、規律ある管理が市場の恐怖と群衆心理から資産を守る様子を表している。","description":null},"es":{"alt":"Camino sinuoso con reloj de arena, balanzas y escudo junto a un mercado en caída y multitudes","caption":"El tiempo, el equilibrio y el control disciplinado protegen la cuenta del miedo y el efecto rebaño.","description":null},"id":{"alt":"Jalur berliku dengan jam pasir, timbangan, gerbang perisai, grafik anjlok, dan kerumunan","caption":"Waktu, keseimbangan, dan kendali disiplin melindungi akun dari ketakutan pasar dan mentalitas kawanan.","description":null},"pt":{"alt":"Caminho sinuoso com ampulheta, balanças e escudo ao lado de mercado em queda e multidões","caption":"Tempo, equilíbrio e controle disciplinado protegem a conta do medo do mercado e do efeito manada.","description":null},"zh-hant":{"alt":"蜿蜒道路上有沙漏、天平與盾牌閘門，旁側是暴跌走勢、烏雲和人群","caption":"時間、平衡與紀律性控制能保護投資帳戶免受市場恐慌和從眾心理影響。","description":null},"de":{"alt":"Gewundener Weg mit Sanduhr, Waagen und Schutztor neben fallendem Markt und Menschenmengen","caption":"Zeit, Ausgleich und disziplinierte Kontrolle schützen das Depot vor Marktangst und Herdentrieb.","description":null}}}],"published_at":"2026-08-14T10:03:10+09:00","updated_at":"2026-08-14T10:03:10+09:00","license":"cc_by","translation_status":"reviewed","available_locales":["ko","en","ja","es"],"data_locales":["ko","en","ja","es","id","pt","zh-hant","de"],"url":"https://injoys.com/en/articles/behavioral-investing-risk-control-guide"}