Sunk Cost Bias
Sunk cost bias is the tendency to continue with a position because money, time or effort has already been committed, even when the current evidence no longer supports the decision.
Why it matters to you
The market does not care what price you paid. The relevant question is: Would I still want this position at today's price given what I know now? If the answer is no, the original entry price should not be the reason you continue holding.
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