Photoshop Won't Start Reading Preferences
Adobe Photoshop enables users to set up custom preferences so they can save time and speed up work flow. When Photoshop is launched, the software "reads" a user's preferences before loading the program so that everything is as it should be when the user begins working. If Photoshop fails to read your preferences, you can go into the Preferences menu and manually change them every time you use the program, which becomes annoying and time consuming. When Photoshop can no longer read your preferences on startup, it's time to reset them to their default settings.
Instructions
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Hold down "Alt+Ctrl+Shift" (Windows) or "Cmd+Option+Shift" (Mac).
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Launch Photoshop while holding down the keys. This will prompt Photoshop to give you the option to delete your settings file while the program is loading.
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Click "Yes" when you see the dialog box that says, "Delete the Adobe Photoshop Settings File?" By deleting the settings file, all your preferences will be reverted to their default settings as if you just installed Photoshop. Photoshop will no longer have a problem reading your preferences.
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Tips & Warnings
If you delete the Photoshop settings file and the software still is not reading your preferences, remove Photoshop from your computer and perform a clean install.
Consider backing up your settings to another location before you delete the settings file. This way you can reload your preferences the next time you launch Photoshop without having to manually set all your preferences again.