Investment psychology, investors are reluctant to sell when stocks fall:

1. Affected by loss aversion, investors are more sensitive to losses. In order to avoid actual losses, even if they rationally judge that they should sell, they still hope that the stock price will rise.

2. There is an anchoring effect. Investors use the purchase price as the "anchor point" and believe that the stock price is undervalued after the decline. They firmly believe that it can rise to the purchase price or higher.

3. Investors are overconfident and firmly believe in their own judgment. They believe that the decline in stock prices is only a short-term fluctuation and are unwilling to sell due to short-term adjustments.

4. Falling into the sunk cost misunderstanding, investors continue to hold stocks even if the stock performance is poor in order to avoid wasting the time, energy and funds invested previously.

As a senior cryptocurrency investor, I share my experience and insights for free. Are you interested in the cryptocurrency circle but don't know where to start? Follow me and watch me cook leaves to help you achieve freedom in this bull market.