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The essence of self-discipline is emotion management, which is different from emotional control. Management focuses on awareness and redirection rather than confrontation and repression of emotion. The internal tension resulting from the confrontation with and repression of undesired feelings strains cognitive resources.
Self-discipline does not refer to a rigid adherence to an investment strategy, but rather to a focused and organized mind-set about examining investments. Many investors have inadequate experience and education with the markets to understand proper boundaries and the role of flexibility.
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