What does a having a Bias do for trading anywayHaving a bias is the tendency to give greater weighting to information that supports our own theories and beliefs, while minimizing disconfirming information. People have a natural tendency to filter information in a way that favors their preferred views, we see what we want to see, we hear what we want to hear, in short form we will only look for the opinions from those that our like our own, we then make it a self fulfilling opinion, and if we are wrong we can blame the other party for there miss-calculation or we can release ourselves from taking responsibility, a destructive pattern that traders do almost 100% of the time
How do we break this pattern?
Stop listening to so called experts, who for the most part don’t even trade and we ourselves spend more time analyzing the markets then they do, we have our money at risk, why would we follow the opinions of others, do we know they have there money at risk, NEVER have we seen there accounts, NOR do we know them personally, NOR do they care if we loose money, NOW Makes you wonder why?
Losing traders have these biases.
How do we break this pattern?
Stop listening to so called experts, who for the most part don’t even trade and we ourselves spend more time analyzing the markets then they do, we have our money at risk, why would we follow the opinions of others, do we know they have there money at risk, NEVER have we seen there accounts, NOR do we know them personally, NOR do they care if we loose money, NOW Makes you wonder why?
Losing traders have these biases.