Adaptive Trading and Longevity

Ryan Garvey and Fei Wu

Journal of Behavioral Finance, 2015, vol. 16, issue 1, 40-50

Abstract: We examine the relationship between trader longevity and trader behavior changes in U.S. equity markets. Traders who change how much, what, when, and where they trade often remain active for a longer period of time. Although longer (shorter) duration traders tend to perform better (worse), changes in trader behavior rather than in performance are the key determinants of longevity. Overall, our findings suggest that securities traders who are able to adapt and alter how they trade in light of continually changing market conditions are more successful.

Date: 2015
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DOI: 10.1080/15427560.2015.1000328

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