The trade4trade logo symbolizing global trade

Behavioural finance

De psychologie van het handelen is een erg interessant vakgebied en kijkt naar de impact van mentale en emotionele factoren op handelsresultaten.

There are so many facets of a person’s behaviour that play a role in influencing financial decision making.

 

Combine this with the stress that the market volatilities and aggressive price fluctuations evoke, it’s no surprise that the study of feelings and how they drive traders to act certain ways has become so popular.

 

Interwoven within this mesh of psychological concepts is behavioural finance. Referred to as a subset of behavioural economics, behavioural finance suggests that investor behaviours are influenced by psychological elements and biases.

It further proposes that variances within financial markets may be attributed to these factors, for e.g., aggressive price movements of particular asset like stocks. 

 

In fact, growing recognition of this research has prompted renowned institutions like the Securities and Exchange Commission to assign staff to further explore the field of behavioural finance, and its impact on financial transactions.

De invloed van vooroordelen

One of the core components of behavioural finance has to do with the influence of biases. More specifically, the notion is that biases can be categorised into one of 5 core concepts influencing the market and/or trading outcomes. Dit zijn:

Kuddegedrag

Herd behaviour refers to those instances when investors or other financial practitioners copy the financial behaviours of a larger majority (i.e., the herd). This behaviour is frequently witnessed in the stock market and often the reason for selloffs or rallies.

Emotional gap

Emotional gap pertains to decision making driven by intense emotions or emotional stress. This behaviour is often the reason why people make illogical decisions.

Zelfattributie

Self-attribution involves making decisions with an overconfident reliance on one’s own knowledge or skill. This tends to arise from one’s existing proficiency in a specific domain. In this instance, an investor may deem their knowledge more favourably than others, even if this isn’t objectively true.

Mentale boekhouding

Dit concept is ontwikkeld door Nobelprijswinnaar en econoom Richard Thaler en verwijst naar de verschillende waarden die mensen toekennen aan hetzelfde geldbedrag. De waarde is doorgaans gebaseerd op subjectieve criteria en kan leiden tot irrationele beslissingen bij het beleggen of handelen.

Verankeringseffect

Binnen behavioral finance is er sprake van het verankeringseffect als mensen, zonder zich daarvan bewust te zijn, irrelevante informatie, zoals de aanvankelijke prijs van een waardepapier, nemen als een vast referentiepunt voor latere beslissingen over dat waardepapier.

Onderzoek en analyses op het gebied van behavioral finance hebben ook andere individuele vooroordelen en bijzonderheden van beleggers aan het licht gebracht. Daarvan noemen we:

Bevestigingsvooroordeel:

occurs when investors favour information that aligns with their existing beliefs, even if flawed.

Experiential of recency bias (vertekening door ervaring of recent verleden):

dit is de neiging van beleggers om het recente verleden te extrapoleren naar de toekomst.

Verliesaversie:

de neiging om meer de nadruk te leggen op het vermijden van verliezen dan op het behalen van winst, wat leidt tot risicomijdend gedrag.

Familiarity bias:

manifests when investors favour familiar investments, potentially limiting diversification. This often leads to a preference for domestic or locally known investments, neglecting broader market exposure.

Elke bias weerspiegelt cognitieve neigingen die van invloed zijn op het nemen van beslissingen in de financiële wereld. Ze hebben allemaal invloed op de manier waarop beleggers informatie, gebeurtenissen en potentiële risico's beoordelen en daarop reageren.

Youtube Icon on T4Trade Site: Connect, Share, and Explore Financial Insights with our Social Media Presence.
T4Trade Live TV

Thank you for visiting T4Trade

This website is not directed at EU residents and falls outside the European and MiFID II regulatory framework.

Please click below if you wish to continue to T4Trade anyway.

Thank you for visiting T4Trade

This website is not directed at UK residents and falls outside the European and MiFID II regulatory framework, as well as the rules, guidance and protections set out in the UK Financial Conduct Authority Handbook.

Please click below if you wish to continue to T4Trade anyway.