A well-documented pattern in behavioral finance, and a specific one worth recognizing in your own trading.
Anchoring bias is the tendency to rely too heavily on an initial reference point, like a purchase price or a recent high, when making decisions, even after new information should have made that reference point irrelevant.
Once a trader fixates on a specific price, their original entry, a recent all-time high, a round number, that price becomes a mental reference point that keeps influencing decisions long after it stops being relevant. A stock down 40% from its old high can look "cheap" purely because of that anchor, even if nothing about the current price reflects an actual bargain relative to the business today.
PnL App logs the decisions behind every trade, so a bias like this one shows up as a real, measurable pattern instead of a feeling you can rationalize away.