Trading biases are cognitive errors or psychological tendencies that can influence traders' decision-making processes and lead to suboptimal outcomes. Here are five common trading biases:

1. Overconfidence Bias: This bias occurs when traders believe they have more information or skill than they actually possess, leading them to take excessively risky trades or neglect proper risk management. Overconfident traders may overtrade or hold losing positions for too long, hoping for a turnaround.

2. Confirmation Bias: Traders suffering from confirmation bias tend to seek out information that confirms their existing beliefs or biases while ignoring contradictory evidence. This can lead to cherry-picking data that supports their trades and disregarding signals that suggest they may be wrong.

3. Loss Aversion Bias: Loss aversion bias refers to the tendency of traders to strongly prefer avoiding losses over acquiring gains of equal magnitude. As a result, traders may hold onto losing positions for too long, hoping to avoid realizing a loss, even when it's clear that cutting losses would be the rational decision.

4. Anchoring Bias: This bias occurs when traders fixate on a specific reference point or "anchor" when making trading decisions, often leading them to give disproportionate weight to that information. For example, a trader might anchor their expectations for a stock's price based on its recent high or low, without considering other relevant factors.

5. Herd Mentality Bias: Herd mentality bias, also known as groupthink, occurs when traders follow the actions of the majority without conducting independent analysis. This can lead to exaggerated market movements as traders react to perceived trends or the actions of others rather than fundamental or technical analysis.

These biases can lead traders to make irrational decisions, deviate from their trading plans, and ultimately result in losses. Overcoming these biases requires self-awareness, discipline, and adherence to a well-defined trading strategy.