为什么大多数人在股市亏钱

Study after study confirms the same finding: the average individual 投资者 significantly underperforms the market. Not because they pick bad investments, but because they buy and sell at the wrong times. They buy after prices have risen and sell after prices have fallen, which is mathematically guaranteed to produce poor results.

This pattern persists across all demographic groups, education levels, and income brackets. Wealthy 投资者 make the same behavioral mistakes as modest ones. Educated 投资者 make the same timing errors as those without financial training. The problem is not knowledge. It is human psychology.

了解大多数人投资亏损的原因是构建避免亏损体系的第一步。解决之道并非依靠意志力或教育，而是构建结构。

First, 投资者 trade too frequently. Every trade incurs costs, both explicit fees and the implicit cost of buying and selling at market prices. Research shows that the most active traders earn the lowest returns. The more you trade, the more you pay in friction costs and the more opportunities you create for timing errors.

Second, 投资者 chase performance. When an asset class or sector has recently performed well, 投资者 pile in. When it has performed poorly, they flee. This behavior is the opposite of what produces good returns. Buying high and selling low is the defining pattern of 投资者 underperformance.

Third, 投资者 abandon their strategy during difficult periods. The 投资者 who build wealth are those who maintain their 配置 through downturns. The 投资者 who lose are those who sell during declines and miss the recovery. The behavior gap between staying invested and panic selling accounts for the majority of 投资者 underperformance.

The pattern is clear: 投资者 lose money not because investing is inherently unprofitable but because human behavior systematically undermines investment returns. The solution is equally clear: remove human behavior from the execution of investment decisions.

Automated 投资组合管理 systems maintain 配置 targets, 再平衡 on schedule, and execute without emotional interference. They do not solve every investment challenge, but they eliminate the single largest source of 投资者 underperformance: the 投资者 themselves.