Decision Making And Successful Commodity Trading: Examining Personal Preferences And Risk
Whether we are deciding to enjoy a cup of regular or decaffeinated coffee in the morning or to sign that sales contract with the BMW broker; personal preferences may play a role in the final decision you reach. The more cognitive the decisions the more we rely on our personal preferences to sort out the background noise from the important issues. Personal preferences efficiently assist us in making rapid and seamless decisions by sorting out the important from the less important.
The drawbacks to this matrix of preferences located in our sub-conscious are; previous rules will search out the criteria for present decisions and little or no present information is really needed to back up the conclusions that will be drawn. The silver lining to this process of drawing off of preferences is that it facilitates decision making speed and ease for the routine and leaves time and energy for those things needing our full attention.
Over the years our mind has correlated this book of rules whose volume is composed of mostly associated and correlated conclusions which are not necessary facts, but what we believed to be the facts at the time. For this reason alone our personal preferences should be examined closely for not only their relevance and reliability but their actual factual content.
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Overcoming preferences in commodity trading may be difficult for some especially if their inclinations tend to be framed in loss-avoidance scenarios. If I am going to make the decision to put up the funds to purchase a copper contract and my experience in the past as well as the information I have obtained have been mostly negative; I am probably going to pass on the spot because of subconscious impulses. If I am involved in loss-avoidance preferences I really must take a look at the hard facts of the market now or I may pass right over the opportunity to make a profit because my preference toward loss-avoidance may be too influential. But have heart, with disciplined thinking and proper decisions based on pertinent facts that are only anchored in the present you can avoid some of the risk and pitfalls involved with hasty decisions grounded in the past which are of no value to you today. Stay rooted and objective and you can reduce the occurrences where personal preferences have unduly influenced your decisions.
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