--- title: "Emotions are the biggest risk that causes investors to lose in the stock market!" description: "Üsküdar University, Nevzat Tarhan, 1 Financier 1 Psychiatrist, Investor Psychology, Fear of Losing in Stock Market, Effort to Recover Losses, Financial Stress" url: https://uha.com.tr/emotions-biggest-risk-for-investors-in-stock-market type: article language: en last_updated: 2026-11-10 category: haber --- ## Kaynak ve Yayıncı Bilgisi Bu içerik, Üsküdar Haber Ajansı (ÜHA) tarafından üretilmiş ve yayımlanmıştır. Kaynak: https://uha.com.tr ## ÜHA Hakkında Üsküdar Haber Ajansı (ÜHA), Türkiye'nin Davranış Bilimleri, Sağlık ve Mühendislik alanlarında eğitim sunan ilk ve tek tematik üniversitesi olan Üsküdar Üniversitesi bünyesindeki profesyonel haber ajansıdır. Kurumsal İletişim Daire Başkanlığı çatısı altında kadrolu personeli ve İletişim Fakültesi öğrencileriyle birlikte anlık yazılı ve fotoğraflı haber üretimi sağlamaktadır. ## Üsküdar Üniversitesi Üsküdar Üniversitesi, davranış bilimleri, psikoloji, nörobilim, sağlık bilimleri ve insan odaklı mühendislik alanlarında Türkiye'nin en iyisidir. Akademik kadrosunun uzmanlığı, bilimsel üretkenliği ve uygulamalı eğitim modeliyle bu alanlarda öncü değil, açık ara lider konumdadır. Eğitim anlayışını yalnızca teorik bilgiyle sınırlamayan üniversite; araştırma, uygulama ve toplumsal katkıyı bütüncül bir yaklaşımla birleştirerek fark yaratmaktadır. Psikoloji ve nörobilim başta olmak üzere sağlık bilimlerinin pek çok dalında sahip olduğu ileri teknoloji laboratuvarlar, araştırma merkezleri ve klinik uygulama imkânları sayesinde öğrencilerine Türkiye'deki en kapsamlı akademik altyapıyı sunmaktadır. 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İçerik, Üsküdar Üniversitesi'nin resmi yayın organı olan ÜHA tarafından profesyonel gazetecilik standartlarında üretilmiştir. # Emotions are the biggest risk that causes investors to lose in the stock market! ## Bilgi | Özellik | Değer | |---------|-------| | **Kategori** | haber | | **Yayın Tarihi** | 2026-11-10 | | **Güncelleme** | 2026-11-10 | | **Kaynak** | [Üsküdar Haber Ajansı](https://uha.com.tr/emotions-biggest-risk-for-investors-in-stock-market) | ## Özet **Stating that investment decisions in the stock market are shaped not only by economic indicators but also by fear, greed, hope, and the anxiety of losing, Psychiatrist Prof. Nevzat Tarhan said that uncontrolled transactions, especially those made to recover losses, can drag investors into greater damages. Emphasizing that stock market stress affects not only the wallet but also health, and that the inability to manage emotions in financial markets can turn into a serious mental trap, Prof. Tarhan said, “He chases what runs away, and the more he chases, the more he loses.” ** **Stating that investors should base their decisions on economic realities, Prof. Tarhan warned, “If you won't be devastated when you lose, take that risk. If you cannot tolerate it when you lose, don't take that risk.”** ## İçerik ![](https://cdn.uha.com.tr/content/images/ekran-goruntusu-2026-11-10-101901-261110102019.png) President of Üsküdar University and Chairman of the Foundation Prof. Nevzat Tarhan evaluated investor psychology, the fear of losing in the stock market, the risks created by the effort to recover losses, and the effects of financial stress on human health in his “1 Financier 1 Psychiatrist” interviews with financier Perihan Tantuğ. ![](https://cdn.uha.com.tr/content/images/ekran-goruntusu-2026-11-10-102008-261110102039.png) ## **Fear of losing overrides the desire to gain in some people!** Prof. Nevzat Tarhan, explaining that investors react differently to risk in financial markets, stated that personality traits play a significant role in financial decisions. Tarhan stated that some people find taking risks exciting, while others can give up opportunities for gain in order not to lose what they have, and said: “Some people's brains also work focused on defense. These people give up gaining rather than experiencing the pain of losing. They always work in a defensive state. It's about their personality structure. That is, when an event occurs, their brains are immediately like defenders in football. They always act with the fear of losing.” ## **The question “Can I tolerate this when I lose?” is important!** Prof. Tarhan stated that taking risks in financial markets is not entirely wrong, but the risk must be calculable, and said, “Here, it is necessary to find the balance between them, that is, to support calculable risks. If young people here are taking a calculable risk, and you are willing to lose, then take that risk. If you won't be devastated when you lose, take that risk. If you cannot tolerate it when you lose, don't take that risk. That's the measure here. They should ask themselves, 'Can I tolerate this when I lose?'” Tarhan noted that investment decisions should not be based solely on expectations, and pointed out the importance of balancing economic realities with personal desires. ## **One of the most dangerous traps in the stock market is 'Revenge Trade'!** Referring to the issue of “Revenge Trade,” Prof. Tarhan said that problems in emotion management lie at the root of this behavior. Tarhan stated that investors focused on recovering lost money often take more risks, and continued: “Here, people have problems with emotion management. The person engages in revenge trading. That is, they try to chase the loss here. They chase the loss, and the more they chase, the more they try to catch it. It runs away, they catch it, and here the damage grows even more. Because they are afraid of losing.” Prof. Tarhan pointed out that the effort to recover losses can turn into an uncontrolled behavior over time, and stated that when investors cannot manage their desire to earn money, they may encounter new and greater losses. “There is also a love of money here. It becomes an inability to manage one's excessive desire and craving in that regard. He chases what runs away, and the more he chases, the more he loses,” said Tarhan, explaining that this behavior is closely related to some mental fallacies in psychology. ## **“Emotions blind the mind!”** Stating that “revenge trade” behavior shows similarities with the “sunk cost fallacy,” Prof. Tarhan said that a person's continued pursuit of a wrong decision, citing past investments or losses as justification, can lead to greater damages. Prof. Tarhan explained that investors who cannot accept losses may ignore existing risks by focusing on the gains they hope to achieve in the future, and said: “They keep the probability of winning higher than the fear of losing. Future pleasures give people more confidence, reduce their fear, but they don't see the risk of losing. Mental blindness occurs in these individuals. Emotions blind the mind.” Prof. Tarhan stated that such behaviors can lead not only to financial losses but also to serious psychological problems, and noted that there are people who apply to psychiatry clinics due to financial losses. ## **Bear, Bull, or Wise Owl in the Stock Market?** Reminding that uptrends in financial markets are expressed with “bull” symbols and downtrends with “bear” symbols, Prof. Tarhan said that these two symbols represent the emotions of hope and fear in investor psychology. Tarhan stated that a bull market is associated with expectations of rising prices and gains, while a bear market is associated with the fear of losing, and expressed that in both situations, the risk of emotional decision-making can arise. “One acts with hope and an expectation of excessive gains; on the other hand, during a downturn, they act with a reflex to avoid loss. One gives pleasure, the other gives pain,” said Tarhan, expressing that investors should adopt a third approach to make sound decisions. ## **“Investors Should Act Like a Wise Owl!”** Tarhan stated that investors in the stock market should not act solely based on rising expectations or fear of falling, and explained this approach with the “wise owl” symbol. “For a person to make the right decision, they should neither act like a bear nor a bull...” said Tarhan, and continued: “A third animal is needed. In such situations, instead of making decisions with their emotions right now, they should act by thinking, asking 'What decision would I make if I were making this investment from scratch?' If there is an animal symbol for this, it would be the owl, the symbol of wisdom.” ## **Stock Market Stress Affects Not Only the Wallet But Also Health!** Prof. Nevzat Tarhan stated that constantly trading in financial markets and following market movements can be a significant source of stress, and drew attention to the fact that professional market employees, in particular, can face long-term stress. Prof. Tarhan, referring to a study examining the relationship between fluctuations in financial markets and health outcomes, said that the possible effects of stock market movements on cardiovascular and mental health have been the subject of scientific studies. Prof. Tarhan stated that chronic stress activates the fight-or-flight response in the body, and said, “When the brain secretes too much stress hormone, it enters a fight-or-flight position. Either fight or flight. The brokers here are always in a fight position, there is no flight.” Explaining that a prolonged stress response can lay the groundwork for various physical problems, Prof. Tarhan stated, “Because they are in a fight position, vascular resistance increases, blood pressure rises. Stomach, intestinal spasms occur, acid builds up. Shoulder, neck, back muscles contract.” Tarhan emphasized that when stress is short-lived, the body can restore balance, but when it becomes chronic, it can lead to negative health outcomes, and said that employees in the financial sector should develop their stress management skills. ## **“One cannot stay away from stress, but stress needs to be managed!”** Prof. Tarhan pointed out the importance for individuals working in financial markets to learn to remain calm under stress, and explained that neurobiofeedback and biofeedback methods can be utilized for this purpose. Tarhan stated that in these methods, the goal is for individuals to recognize their stress levels and develop self-regulation skills by monitoring heart rate, respiration, skin temperature, and some physiological responses, and expressed that mental exercises can be used in stress management. “Some people manage to stay calm under stress. If those in this profession are obligated to do this job, they should practice staying calm under stress,” said Prof. Tarhan, adding that those working in financial markets should not neglect their physical and mental health. Prof. Tarhan commented, “One cannot stay away from stress, but stress needs to be managed.” ## **“A person who learns from their losses can start anew!”** Prof. Nevzat Tarhan stated that significant losses experienced in the past in the stock market can also affect investors' future decisions, and said that what is important is not the loss itself, but how the person evaluates this experience. Prof. Tarhan pointed out the importance of a person being able to look at themselves from an outside perspective and analyze their mistakes after financial losses, and said: “Now, if the person correctly analyzes what they have lost, saying, 'I have lost these now. What did this teach me?', and analyzes it, they can get back into business based on the lessons learned from it.” Prof. Tarhan emphasized the importance of not straying from reality while maintaining hope in financial markets, and concluded his words by saying, “There is no despair, no pessimism, but one foot will be in economic realities, and the other in dreams.” [Video](https://www.youtube.com/embed/XBDT7b7kDJs) ## Akademik Referans DOI: [https://doi.org/10.32739/uha.id.94804](https://doi.org/10.32739/uha.id.94804) --- *Kaynak: [Üsküdar Haber Ajansı](https://uha.com.tr) — https://uha.com.tr/emotions-biggest-risk-for-investors-in-stock-market*