炒股必看：明明长线更赚钱，散户为啥死磕短线？

Core Viewpoint - The article discusses the tendency of retail investors in the A-share market to engage in short-term trading despite evidence suggesting that long-term holding of quality stocks yields higher returns. It highlights the psychological factors driving this behavior and the resulting financial consequences. Group 1: Retail Investor Behavior - Retail investors in the A-share market have an average holding period of only 32 days, with an annual turnover rate exceeding 600% [1] - Investors who hold quality stocks for over five years have a threefold higher probability of making a profit compared to short-term traders [1] - The allure of immediate financial gratification leads many investors to prefer short-term trading over long-term strategies [2] Group 2: Psychological Factors - The human tendency for instant feedback drives retail investors to engage in short-term trading, as they can see daily price fluctuations and realize profits quickly [2] - Retail investors often perceive themselves as "prophets," relying on market rumors and trends rather than fundamental analysis, which leads to poor investment decisions [4][5] - Behavioral finance concepts such as greed and fear significantly impact retail investors, causing them to make irrational decisions during market fluctuations [6][8] Group 3: Market Dynamics - The A-share market is characterized by a high proportion of retail trading, with nearly 80% of transactions coming from retail investors, leading to a high turnover rate and a tendency for "bulls to be short-lived" [8] - The prevalence of short-term trading creates a market environment where retail investors frequently chase trends, often resulting in losses when market conditions change rapidly [4][10] - Stories of short-term trading success are often amplified, overshadowing the more common experience of long-term investors who quietly accumulate wealth [10]