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#散戶行為偏誤

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Wealth Awakening

Don't Celebrate TWSE 40,000! 90% of Retail Investors Fall into the "Don't Sell" Trap

Taiwan stocks have broken 40,000 points, but your account has not gained a single extra dollar. That is the brutal fact. Taiwanese retail investors are actually the losers in a bull market—the reason is not poor stock-picking, but behavioral bias on entry and exit timing: buying when they shouldn't, selling when they shouldn't, and stubbornly holding when they most need to sell. According to the Taiwan Academy of Banking and Finance, Taiwan retail investors' actual returns in bull markets have significantly lagged the broader market index over the long term. This article breaks down 4 exit discipline iron rules (loss tolerance, time-bound money exclusion, target-return trigger, and the age-plus-stock-ratio 120 rule), 4 practical action steps including age-based target allocations, and 2 Taiwan-specific traps (the high-dividend ETF ex-dividend fill trap, and the TSMC concentration risk making up 30% of the weighted index). It closes with a 30%+ crash emergency plan and the 3-question buy framework. Core line: paper numbers are an illusion handed to you; money in the pocket is your real wealth.

13 min
Wealth Awakening

Buying the Dip at TWSE 40,000? This Is the Real Reason Taiwanese Retail Investors Lose Money

Taiwan stocks have broken 40,000 points. You open your phone, look at your account, and wonder whether to add to the bottom—then a year later you are down NT$300,000. Taiwanese retail investors lose money not because they pick the wrong stocks or lack inside information, but because their understanding of bottom-fishing is fundamentally wrong from the start. This article breaks down 3 underlying rules (using the wrong timing cancels time compounding, Taiwan stock volatility exceeds psychological capacity, and the structural interest alignment of Taiwan's financial institutions), 3 sweat-inducing account scenarios (including a 20-year gap of NT$2.86M), a 4-question decision framework, 4 veto rules, 4 practical action steps, 2 overlooked Taiwan-specific traps (after-tax dividend income yield, and leveraged ETF daily reset decay), and an emergency plan for extreme markets. Core line: in Taiwan stocks, what makes you lose money is never the market, it is your misjudgment of yourself. Action hint: before your next impulse buy, run the 4 questions and check the veto rules.

18 min