1. Men trade more than women. And unmarried men trade more than married men. ⁵
2. Poor, young men, who live in urban areas and belong to specific minority groups invest more in stocks with lottery-type features. ⁵
3. Within each income group, gamblers under perform non-gamblers. ⁴
4. Investors tend to sell winning investments while holding on to their losing investments. ⁶
5. Trading in Taiwan dropped by about 25% when a lottery was introduced in April 2002. ⁷
6. During periods with unusually large lottery jackpot, individual investor trading declines. ⁸
7. Investors are more likely to repurchase a stock that they previously sold for a profit than one previously sold for a loss. ⁹
8. An increase in search frequency [in a specific instrument] predicts higher returns in the following two weeks. ¹⁰
9. Individual investors trade more actively when their most recent trades were successful.¹¹
10. Traders don’t learn about trading. “Trading to learn” is no more rational or profitable than playing roulette to learn for the individual investor.

1. Men trade more than women. And unmarried men trade more than married men. 5
2. Poor, young men, who live in urban areas and belong to specific minority groups invest more in stocks with lottery-type features. 5
3. Within each income group, gamblers under perform non-gamblers. 4
4. Investors tend to sell winning investments while holding on to their losing investments. 6
5. Trading in Taiwan dropped by about 25% when a lottery was introduced in April 2002. 7
6. During periods with unusually large lottery jackpot, individual investor trading declines. 8
7. Investors are more likely to repurchase a stock that they previously sold for a profit than one previously sold for a loss. 9
8. An increase in search frequency [in a specific instrument] predicts higher returns in the following two weeks. 10
9. Individual investors trade more actively when their most recent trades were successful.11
10. Traders don’t learn about trading. “Trading to learn” is no more rational or profitable than playing roulette to learn for the individual investor.1

– 1Barber, Lee, Odean (2010): Do Day Traders Rationally Learn About Their Ability?
– 2Odean (1998): Volume, volatility, price, and profit when all traders are above average
– 3Barber, & Odean (2000): Trading is hazardous to your wealth: The common stock investment performance of individual investors
– 4 Kumar: Who Gambles In The Stock Market?
– 5 Barber, Odean (2001): Boys will be boys: Gender, overconfidence, and common stock investment
– 6Calvet, L. E., Campbell, J., & Sodini P. (2009). Fight or flight? Portfolio rebalancing by individual investors.
-7Barber, B. M., Lee, Y., Liu, Y., & Odean, T. (2009). Just how much do individual investors lose by trading?
– 8Gao, X., & Lin, T. (2011). Do individual investors trade stocks as gambling? Evidence from repeated natural experiments
– 9Strahilevitz, M., Odean, T., & Barber, B. (2011). Once burned, twice shy: How naïve learning, counterfactuals, and regret affect the repurchase of stocks previously sol.
– 10Da, Z., Engelberg, J., & Gao, P. (2011). In search of attention
– 11De, S., Gondhi, N. R. & Pochiraju, B. (2010). Does sign matter more than size? An investigation into the source of investor overconfidence