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Behavioral finance biases can influence our judgment about how we spend our money and invest. The most common pitfalls include mental accounting errors, loss aversion, overconfidence, anchoring. Traditional finance suggests that investments made by rational behaviors investors examine risk and return before decision making to gain maximum profit later behavioral finance challenge traditional finance and introduce psychological factors affect decision making. The aim of this research paper is to explore how behavioral biases affect investment decision making. Behavioral finance biases can affect your portfolio in many ways, from advisors avoiding or underestimating risk to making decisions based on a "hunch.". Below are six types of biases that may affect your advisor's choices— and your portfolio. 1. Overconfidence Bias.
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