Kosta Ouzas argues that frequent small trades provide dopamine hits but may underperform compared with slower, larger-position strategies that generate more volume and profit over time. He recommends evaluating performance over longer windows (quarterly or annually) rather than month-to-month to fairly capture returns.
People love to see 10 of them happening in a month. But in reality, it's this big, slow movement that's able to create all this volume and then take profit. Here is going to make more. It's going to generate more returns than having five to six of these tiny little base orders that take profit. So one of them, one of them gives you the dopamine hit of making lots of trades and closing deals. The other is a bit of a slower grind. But at the end of the day, it's all about the absolute returns at the end of the month or at the end of the year, to be honest, judging it month by month is not even fair. Judging it quarter per quarter is much better because things do take time.
