The effect of bio rhythmic states of traders on their perceptual decisions in Tehran Stock Exchange

The aim of this study is to find the effect of trader’s biorhythmic cycles on their perceptual decisions in Tehran Stock Exchange. According to author’s point of view, decision making is one of the major factors of management skills, and in some cases, it is equivalent of management (Simon’s point of view). Also considering this fact that the knowledge of psychological factors and it’s effects on trader’s performance is necessary to recognition of behavioural models of traders on their decision making, the necessity of researcher’s attempt in this field is obviously clear, because knowledge, planning and effective guidance of inside perceptions (mental black box), and behavioural biases of traders in their decision makings will lead us to develop stock market. Data in this research are collected by questionnaires and interviews. The nature of research method in this study is descriptivesurveystudyand it’s purpose is practical. The results show that biorhythmic factors influence perceptual decisions of traders, and the greatest impacts are intellectual, emotional and physical cycles respectively. The other results show, as the age and experience of investors increase the use of intuitive decision making will rise. Also the investors who have higher educational degree use the most intellectual analysis in their decision makings.