Die Anwendbarkeit der Behavioral Finance im Devisenmarkt

Behavioral finance theory is used for the foreign exchange market toshow, that the profit of a typical trader is mainly due to the higher number of correctpositions. Using behavioral finance the amount of loss trades is larger than60%, however the individual gains are larger than the losses leading to an overallprofit. Using this approach we show, that behavioral finance rules can be quantifiedand a trading outperformance is possible just using 24h spot rates and 3 dayvolatilities.