Ask most investors to explain their trades and they’ll give you a list of reasonable-sounding justifications, but the strong disagreements between experienced, successful investors tell you that it doesn’t all come down to logic. The disposition effect is a cognitive bias that has been found to affect all kinds of investors, but recent research from Empiritrage found that it drops off significantly for traders with more than five years of experience. Investors exhibiting disposition effect “Both experienced investors and inexperienced students exhibit the disposition effect,” writes researcher Wesley Gray, adding that “investors with more than five years of experience had…