The top stocks bought by Robinhood users underperform by 9% on average over the following month https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3715077 …
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eToro lets you see the results from their individual trader population. Lots of articles and blog posts written using this data. More than 80% lose money. https://www.curiousgnu.com/day-trading
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97% of Brazilian day traders in the equity futures market lose money https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101 …
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70% of individual FX traders lose money in a given quarter and the average annual loss is 100% of initial account balance https://www.sec.gov/comments/s7-30-11/s73011-10.pdf …
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Taiwanese day trader annual losses amount to 2.2% of GDP https://faculty.haas.berkeley.edu/odean/papers%20current%20versions/justhowmuchdoindividualinvestorslose_rfs_2009.pdf …
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The vast majority of Taiwanese day traders lose money. People who lose the most are more likely to quit (evidence for learning) https://faculty.haas.berkeley.edu/odean/papers/Day%20Traders/Day%20Trading%20and%20Learning%20110217.pdf …
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In the typical 6-month period, 80% of Taiwanese day traders lost money http://www.econ.yale.edu/~shiller/behfin/2004-04-10/barber-lee-liu-odean.pdf …
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Single men trade 67% more than single women and perform significantly worse, an effect explained primarily by overconfidence (SHOCKING) http://faculty.haas.berkeley.edu/odean/papers%20current%20versions/boyswillbeboys.pdf …
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Spreads (and fraud income) are extremely high in crypto, and spreads+PFOF very high in equity options, so the people who are part of the various ecosystems that make money every time you transact will try to tell you to keep up the gambling, you're about to strike it big.
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This is the oldest bezzle on Wall Street. As long as the customers *trade*, *a lot*, then the intermediaries get rich.
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Where are the customers’ vicuña overcoats?
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