Most traders lose money, and the numbers point at psychology, not strategy
Ask most traders why they’re not profitable yet and you’ll hear about strategy: the wrong indicator, a system that needs more backtesting, a market that’s stopped behaving the way it used to. Look at the actual research on who wins and who loses, though, and strategy barely gets a mention. The regulators and academics who’ve measured this properly, across different decades, different countries, and completely different market structures, keep landing on the same answer, and it isn’t a strategy problem. ...