An interesting (if not already obvious) conclusion in a published research paper and summarised in an article by Scott Francis on the Intelligent Investor website that overtrading leads to diminished returns.
To gauge where you fit into the portfolio turnover trading hierarchy:
1. The lowest 20% turnover approximately 0.19% of their portfolio per month or 2.2% per year.
2. The top 20% turnover approximately 8.7% of their portfolio per month which equals 104% of their portfolios every year.
The portfolio returns from the various trading frequencies are summarised below: