This is tricky to quantify, and more subtle than you imply. Some questions to consider: If you hold a stock, then sell it at a profit, then buy another with tha

This is tricky to quantify, and more subtle than you imply. Some questions to consider: If you hold a stock, then sell it at a profit, then buy another with that money, have you made a profit? What if you place the money into a bank account instead? An index fund? Buy a house? A Roth IRA? Where's the 'profit' line? In a case where you buy a stock, sell after a specific duration, and don't include any other info in your model, the simple description of profit-taking at close holds. When the model broadens, this becomes trickier to categorize.