The ultimate reason why ordinary people lose money is frequent trading:

Frequent trading leads to both losses and gains, but overall it results in a loss. Moreover, using leverage inevitably leads to repeated liquidation. Only through diligent trading can one make money; each trade should be carefully analyzed, patiently waiting for the buying point, then patiently holding until reaching the psychological selling point before exiting, and then looking for the next opportunity. Frequent trading and impulsive trading are the sources of losses. Luck and skill are both nonsense. Only by being diligent in trading and making fewer trades can one remain undefeated. Once the capital increases, one can start trading with multiple accounts, but each trade in those accounts must also be done diligently.