This paper studies what affects Chinese investors＇ selecting between selling and holding decisions by using three years＇ trading data from a large broker. The results show that whether investors are profiting or losing influences their inclination to sell or hold significantly. Excluding the interaction between the capital loss dummy and other variables, investors with relatively less capital and losing within medium-range are reluctant to realize losses. While those with more capital and losing heavily would tend to sell out. Stocks＇ re.cent price and volatility, market＇ s historical change and volatility do affect investors＇ deciding of selling or holding. Compared to the findings of Grinblatt and Keloharju （2001）, this research studies the influences of stock＇ s historical change of trading volume, important policies and events, the vo factors have different impacts on investor＇s latility of market on investors for the first time. Findings show that these trading decision for investors with varying cap