Overconfidence is the engine. After a couple of good calls you feel like you can read the tape. The study found the feeling and the returns move in opposite directions.

Every trade is a toll. Brokerage, STT, the spread, the higher tax on a short hold. You pay all of it for the privilege of guessing the timing.

A rule does the trading so you do not. A scheduled rebalance touches the book when the weights drift, not when your hands itch. It removes the one variable the study kept punishing. You.