As our motivation is not connected to how that thing works, but just to profit from it, we will always rely on external opinions for holding on to it. As the price goes up, we will be tempted to feel smart about our investment decision and as the price goes down, we will be equally tempted to feel worse about our luck. These mood swings often make it impossible for HODL. “To make money in stocks, you must have the vision to see them, the courage to buy them, and the patience to hold them. Patience is the rarest.”