A study of trading behavior of individual investors at a discount brokerage found that individual investors:

A study of trading behavior of individual investors at a discount brokerage found that individual investors:

▸ trade very conservatively, despite the fact that their performance is actually worse because of trading costs.

▸ trade very conservatively, partly because their performance is better than the professionals' because of low trading costs.

▸ trade very actively, despite the fact that their performance is actually worse because of trading costs.

▸ trade very actively, partly because their performance is better than the professionals' because of low trading costs.