Psychological Bias – 2. Anchoring Bias
Anchoring is a tendency to rely on what they already know for a decision making in the future, instead of considering new situations and the changes that can come. The market always keeps offering new information and changes quickly with it. Most common mistake traders do are choosing initial price that they want to set orders. Anchoring cause traders to rely on useless unrelated news that are useless in trade.
There is no end in learning. You must not be afraid to try and learn new things when trading Forex. You must be willing to try new strategies and go against what you know. By anchoring to outdated strategies will only lead you to bigger loss, which of course, all traders do not expect.