After three years of trading, I discovered the biggest problem

Everyone worships Buffett's value investing but has misunderstood the temple
Or rather, ignored the other half
Value investing has two directions
Undervaluation is value investing, overvaluation is value reversion
Many so-called Buffett followers have gone down the wrong path
You can't just buy and never sell
You think during rallies you just need to do nothing
Even a classic fallacy is that indices outperform most people
But can you really handle it when it drops
Moreover, don't fall into confirmation bias
Position size determines your mindset
Using so-called value investing to numb yourself and avoid stop losses
Or even if you see risks at high prices, you ignore them
Sometimes reducing positions or going flat at highs is also wisdom
That way you'll have cash to pick up corpses when others want to bottom fish but are broke