Why 97% of Day Traders Lose Money (UK Guide)

A 19,646-trader São Paulo study tracked every Brazilian day trader for 300+ days and found 97% lost money, with zero evidence anyone improves with practice.

Barber and Odean US data: the most active retail traders earned 7 percentage points a year less than the least active, all from self-inflicted churn.

The disposition effect and loss aversion mean your brain is wired to cut winners and hold losers, mathematically engineering a losing P&L.

UK angle: Trading 212, eToro and prop firms profit whether you win or lose; HMRC taxes wins but does not offset losses against wages.