Atlas of Cognitive Biases #51 · Time, emotions and state. 6 hours at the screen isn't 6 hours of quality
What it looks like in trading
the worst decisions at the end of a long session
breaking rules after a few hours
no breaks during the day
An example from a session
The Club session runs from the 9:30 AM open to the 4:00 PM close. A trader who makes decisions all that time without breaks is not the same decision-maker at 3:00 PM as at 9:30 AM. The rhythm of the day: The Trader's Body and Mind.
What the research says
Danziger, Levav and Avnaim-Pesso (2011) described judges who granted parole less often just before a meal break. The study was criticised for ignoring the order in which cases were heard. The “ego depletion” theory failed a large replication (Hagger et al., 2016). Fatigue after many hours of mental work, however, is well documented.