Too Long; Didn't Read
In 2011, a <a href="https://www.umass.edu/preferen/You%20Must%20Read%20This/Barber-Odean%202011.pdf" target="_blank">study</a> of academics by the University of California indicated that most individual investors achieve results that are worse than standard investment benchmarks. One of the main reasons was that people were trading emotionally, rather than following a clear strategy. Simply put, if in the past they entered a trade that “coincided with pleasure” they would try to repeat those actions and avoid those that “generated pain.”