Trading Simulations and Real Money Outcomes*

IF 1.7 3区经济学 Q3 BUSINESS, FINANCE

Journal of Behavioral Finance Pub Date : 2023-06-15 DOI:10.1080/15427560.2023.2203496

Deniz Anginer, Caio Piza, Sugata Ray, Luqi Xu

引用次数: 0

Abstract

We examine the link between simulation experience and the performance in real money accounts. We find that more active simulator users, simulator users who take on more risk, and simulator users with the best stock-level performance (but not portfolio-level performance) are more likely to open real money accounts. These users are also likely to be more active real money traders and significantly underperform in their real money trades. These results suggest that without proper education regarding the hazards of active trading and accurate performance evaluation, stock simulator users may draw incorrect inferences regarding their trading skill and experience real-money underperformance.

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交易模拟和真实货币结果*

我们研究了模拟经验和真实货币账户中的表现之间的联系。我们发现，更活跃的模拟器用户，承担更多风险的模拟器用户，以及具有最佳股票水平表现(但不是投资组合水平表现)的模拟器用户更有可能开设真钱账户。这些用户也可能是更活跃的真钱交易者，在他们的真钱交易中表现明显不佳。这些结果表明，如果没有对积极交易的危害和准确的业绩评估进行适当的教育，股票模拟器用户可能会对他们的交易技能做出错误的推断，并经历真实资金的表现不佳。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral Finance Multiple-

CiteScore

4.60

自引率

10.50%

发文量

期刊介绍： In Journal of Behavioral Finance , leaders in many fields are brought together to address the implications of current work on individual and group emotion, cognition, and action for the behavior of investment markets. They include specialists in personality, social, and clinical psychology; psychiatry; organizational behavior; accounting; marketing; sociology; anthropology; behavioral economics; finance; and the multidisciplinary study of judgment and decision making. The journal will foster debate among groups who have keen insights into the behavioral patterns of markets but have not historically published in the more traditional financial and economic journals. Further, it will stimulate new interdisciplinary research and theory that will build a body of knowledge about the psychological influences on investment market fluctuations. The most obvious benefit will be a new understanding of investment markets that can greatly improve investment decision making. Another benefit will be the opportunity for behavioral scientists to expand the scope of their studies via the use of the enormous databases that document behavior in investment markets.