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  3. Anchoring Bias

Anchoring Bias

Anchoring bias is the tendency to let an initial price, forecast, or other reference exert excessive influence over later estimates and decisions.

Defined termReviewed 16 July 2026

Related terms

Confirmation BiasLoss AversionTrading JournalTrading PlanCapacity for LossDay Trading

Educational risk notice

This material is general education, not personal investment advice or a promise of results. Markets can move beyond planned levels, and losses can exceed expectations when leverage, liquidity, gaps, or operational failures are involved.

Read the full risk disclosure
Trading glossaryReviewed 16 July 2026

Definition

Anchoring bias is the tendency to let an initial price, forecast, or other reference exert excessive influence over later estimates and decisions.

In market context

A trader may treat an entry price, prior high, analyst target, or round number as meaningful even after the information supporting it has changed. Independent scenarios, ranges, and explicit invalidation criteria help reveal when a reference is driving the conclusion. Removing one anchor does not guarantee an unbiased estimate, so position limits remain necessary when judgment is uncertain in practice.

Source

Use the primary source for fuller regulatory or market context.

Science — Judgment under Uncertainty: Heuristics and Biases

Educational risk notice

This material is general education, not personal investment advice or a promise of results. Markets can move beyond planned levels, and losses can exceed expectations when leverage, liquidity, gaps, or operational failures are involved.

Read the full risk disclosure

Related glossary terms

Selected from explicit term relationships and shared tags.

beginner3 min

Confirmation Bias

Confirmation bias is the tendency to favor information that supports an existing belief while discounting evidence that challenges the original view.

psychology · strategyRead guide
beginner3 min

Loss Aversion

Loss aversion is the tendency to experience losses more strongly than comparable gains, which can distort otherwise consistent financial decisions.

psychology · riskRead guide
beginner3 min

Trading Journal

A trading journal is a structured record of decisions, market context, intended rules, execution details, outcomes, and later process review.

trading journal · psychologyRead guide
beginner3 min

Trading Plan

A trading plan is a written decision framework defining eligible setups, risk limits, execution rules, review methods, and conditions for not trading.

strategy · psychologyRead guide