We try to provide reasonable explanations for the equity premium puzzle by the mental account, prospect theory, disposition effect and hedonic editing. This study examine how do investor trade in relation to their holding portfolio gains and losses? The empirical evidence suggests that investor are more likely to segregated gains and integrated losses, in accordance with disposition effect and hedonic edition. In other words, investor are more likely to longer holding losing trade than winning trade, because selling at losing trades would cause great suffering. We find that investor tend to longer holding mixed gains than mixed big losses. In face of mixed big losses, they are relatively rational, inconsistent disposition effect. Our empirical find that highest wealth level‘s traders and experienced traders suffer loss, they are relatively rational.