Just finished listening to a presentation by a Brad Barber, professor at UC Davis. He is studying day trading performance in Taiwan (where I live.) Trading data on the local market is clearly identified as individual or institutional, and individual trades make up 25% of liquidity, so it is a good market to study. Anyway, he said they have looked at the records of ~2-million "daytraders" over a 15-year period, and have identified about 500 who are/were consistently profitable. So, in a nutshell he is telling us 1 in 4,000 daytraders are profitable. Look to your left, look to your right, gentlemen. If you don't see 3,999 losers well, you get the point.