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Anchoring Bias – The Mental Trap That Causes Traders to Hold Losers Too Long
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What this lesson covers
Anchoring is the habit of attaching too much weight to the first piece of information you receive and judging everything afterwards against it. In trading that first piece is often a price: the level where you entered, a target you set early, or a number you decided the market was worth. Once anchored, dissenting evidence gets filtered out, which is why anchoring and confirmation bias so often appear together. The lesson explains why this is the mechanism behind holding losing positions far too long, since the anchor tells you the position is right and the market is temporarily wrong. It covers how to notice when you have anchored to a number, and how to make the market rather than your entry the reference point.