Using transaction-level data on Chinese retail investors across a boom–bust cycle, we study how salient realized outcomes shape the disposition effect. We measure experience as counts of large realized gains or losses and find a sharp asymmetry: sequences of large gains attenuate the disposition effect, whereas sequences of large losses amplify it. To account for these facts, we develop a disciplined memory-based recall model in which similarity-weighted retrieval of past outcomes guides sell decisions. The model reproduces both the baseline disposition effect and the documented asymmetries, highlighting the critical—and asymmetric—role of experience in shaping trading behavior.