Data original: 12/02/2021
a gente fala muito dos danos financeiros do trade e até dos danos a saude mas o trade acaba com seu espírito, você vira um zumbi...
Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors by Brad M. Barber, Terrance Odean :: SSRN"Those who trade the most are hurt the most financially, mentally, emotionally, phisically and spiritually!"
NÃO EXPERIMENTEM, É UM VICIO IGUAL CRACK E SÓ DE EXPERIMENTAR VOCÊ PODE SE VICIAR E DESTRUIR SUA VIDA E DA SUA FAMÍLIA. JÁ VÍ ALGUNS CASOS.
Bastter Blue > Manual > Trade - Porque não fazerThe investment experience of individual investors is remarkably similar
to the investment experience of mutual funds. As do individual investors,
the average mutual fund underperforms a simple market index ~Jensen ~1969!
and Malkiel ~1995!!.
Mutual funds trade often and their trading hurts performance ~Carhart ~1997!!. But trading by individual investors is even more deleterious to performance because individuals execute small trades and face
higher proportional commission costs than mutual funds.
Our main point is simple: Trading is hazardous to your wealth. Why then do investors trade so often? The aggregate turnover of the individual investor portfolios we analyze is about 70 percent; the average turnover is about 75 percent. The New York Stock Exchange reports that the annual turnover
of stocks listed on the exchange hovered around 50 percent during our sample period. Mutual funds average an annual turnover of 77 percent ~Carhart ~1997!!.
We believe that these high levels of trading can be at least partly explained by a simple behavioral bias: People are overconfident, and overconfidence leads to too much trading.
Behavioral finance models that incorporate investor overconfidence ~e.g.,Odean ~1998b!! provide an even stronger prediction: Active investment strategies will underperform passive investment strategies.
Overconfident investors will overestimate the value of their private information, causing them to trade too actively and, consequently, to earn below-average returns. Consistent with these behavioral models of investor overconfidence, we provide empirical evidence that households, which hold about half of U.S. equities,trade too much, on average. Those who trade the most are hurt the most.