Sin #2 - Pride
Is confidence good? Yes. But over-confidence is another sin - pride. If your confidence in making an investment decision is well supported by your research, you can stick to your choice even the market does not favor on it at a moment. Otherwise, you may suffer from pride which makes you hard to admit, and correct, your mistakes.
There are so many people picking up the wrong stocks. Having witnessed strong negative news and price plunge, they refuse to cut loss but buy even more to dilute the average cost. As a result, they lose more.
The problem is: How can you differentiate confidence from pride? I suggest the "sunshine test". Ask yourself a question - Are you willing to convince your friends and peers what you are doing? If yes, just do it. If you find they can't defeat your grounds, it is more likely you are confident rather than prideful.
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