finance

You sell winning investments while keeping your losing ones.

The disposition effect is the tendency of investors to sell winning positions too early and hold onto losing positions too long.

Include the premature selling of winners in the definition to accurately reflect the 1985 Shefrin and Statman findings.

You are keeping your failures in the hope they become successes.

Where this comes from

Study: Shefrin and Statman, 1985
What the check found: The definition is directionally correct but omits the 'selling winners too early' component, which is half of the documented phenomenon.
Confidence: Solid, with limits

One of these every day, and every one names the study it came from. When a finding is contested, it says so.