Why can't retail investors control themselves from frequent trading?

Actually, brothers, both Munger and Duan Yongping have said similar things —
Munger said: "Chinese people are very shrewd in other matters, but they are foolish in stock trading; they love to gamble too much."
Duan Yongping said: "Stocks are not gambling."
Retail investors rebut: "A-Duan, you don't gamble because you have money; we have to gamble because we don't have money."
He replied: "No wonder you guys are broke."
(Not a direct translation, capturing the main idea)

Core logic: Retail investors have limited funds, leading to amplified return expectations —
If an account has tens, hundreds, or even hundreds of billions in cash: it naturally becomes globalist, allocating assets around the world, only looking at a very few companies domestically like Moutai, Tencent, and Shenhua; it would directly buy Apple and NVIDIA, rather than the Apple supply chain or NVIDIA concept stocks.

If the account has tens of millions to over a hundred million in funds: there is a high probability of using part of the position to match high-dividend stocks, tracking industry opportunities, and having a planned hold on growth stocks.

If the account has several million in funds: one might pick up penny stocks in the market, bet on restructuring opportunities, or gamble on trends in high valuation and high growth industries.

If the account has 50,000 to 120,000 funds: the idea easily turns into "give it a shot, a bicycle becomes a motorcycle," chasing the leaders, daring to bet on the limit-up boards, today炒芯片, tomorrow炒 AI, the day after tomorrow炒人形机器人.

If there is not a single cent or even debt: the thought might be "After my flowers bloom, I will kill all the flowers, dare to laugh at Huang Chao as not a man", treating investment as a "gamble".

Cruel Cycle:
The less money you have, the stronger the gambling nature — large funds can dominate the world with a 10%-20% profit, while earning 20% on a principal of 100,000 only yields 20,000, whereas retail investors often expect to double or even multiply their investment several times.

Result: The poorer you are, the more you love to gamble; the more you gamble, the poorer you become.

BTC Bull Market Top Signal Indicator List (Simplified) 6-17
Indicators are normal, hold coins patiently and refuse noise.