Market Psychology - The market is driven more by emotions than by math [4] - Common emotions experienced in the market include hope, optimism, belief, thrill, euphoria, fear, relief, nervousness, denial, panic, anger, and depression [5][6][7][8][9][12][13][14][15][16][17] - Emotional investing can lead to losses, turning potential gains into an "empty bank account and no more pizza nights" [1][17] Risk Management - Trying to "catch the top" is difficult and often leads to losses [18] - An exit plan should be established before emotions take over [18][19] - Consider a strategy like selling 40% on the way up and holding 60% for the long term [19] - Without an exit plan, the market may force a sale at the worst possible time [20] Investment Strategy - Taking profits on the way up is crucial [19][20] - Investors should stay calm and stick to their exit plan [20] - The biggest risk in the markets is not the price, but the investor's emotions [20]