Your #1 Bias in Trading Psychology: The Blind Spot Bias

Trading psychology is at the heart of day trading, swing trader, and even scalping in any trading market such as Crypto, Forex, Commodities, or Futures Trading. Trading psychology is heavily influenced by our behavioral biases, which influence our actions. The Blind Spot Bias is your number one bias to look at, it is your entry point and therefore should be your first lesson in any trading school or trading academy. If you do not acknowledge the Blind Spot Bias, you will not be able to effectively work on all the other Trading Biases out there. Why? See yourself

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00:00 Introduction & structure
00:42 The role of Behavioral Biases in Trading
02:49 The Blind Spot Bias
03:35 Impact on Traders
05:58 Closing remarks

#tradingpsychology #daytrading #tradingeducation #trading

The Blind Spot Bias in essence says, that we tend to believe that we are less prone to cognitive biases than the people around us. So, while we believe that other people have cognitive biases, we less frequently see that we have them ourselves. As the name already suggests, we have a blind spot on ourselves when judging behavioral biases. Biases are by definition unconscious, and the blind spot bias is formed by an introspective illusion, thereby leading people to believe that they are more rational and bias-free compared to others. Let’s not get too deep to the psychological roots of this, there are many available resources online which you can check, but let’s rather focus on how the bias will affect you as a Trader.
If a trader does not acknowledge that he or she indeed has biases that lead to certain decisions in trading, that trader will never be truly working on these biases and flip them to their upside, but rather keep all those destructive trading patterns caused by them. There are many known behavioral biases and fallacies which provably have a strong impact on the traders’ behavior, the gambler’s fallacy, anchoring, conservatism bias, house money effect, overconfidence bias, recency bias, conjunction fallacy just to name a few, but the Blind Spot Bias is really your entry point to even start working on all of those.
As a result, the Blind Spot Bias should be the Number One bias you want to look at as a trader before looking at any of the other biases out there. Chances are high, that if you actually think that none of those biases apply to you, you are victim of the blind spot bias in this moment. Of course, our own thoughts and decisions based on those thoughts seem rational to us, we are the creator, we “know” all the connections, while we have little to no clue about those thought processes of other people. Neither makes the knowledge of those connections and thoughts ourselves less prone to biases, nor does our lack of knowledge of those thought processes from others them more prone to those biases.


As always when dealing with cryptocurrencies and trading, please make sure to do your own research and take the required time to process and execute. The information in this video may be outdated.

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