This bias might be at the root of all the other biases that very active traders “enjoy”. Yet, being right has very little to do with making money! The evidence is overwhelming that the more we trade, the worse we would do.  That’s because most trades are just expressions of our delusions, biases, and emotions getting the better of us. Most of us who actively trade stocks are like weekend warriors who try to compete with professional athletes: Not only would we definitely lose, we could also get seriously hurt in the process. Any human trader bold enough to compete against the algorithms of high-frequency and low-latency traders should be mindful of how far the odds are stacked against him or her. For me, the first lesson is to be aware of who I am competing with and to realistically assess my chances against them. And my assessment is that our single most competitive edge is time—it’s our ......