Such a large number of those who do not achieve results in Forex, these are deceitful results not a desire to learn and develop.
Well the numbers maybe have gone a bit higher that 90% now a large sum of people have gotten into trading ever since lockdowns and covid that brings new traders and also a lot more failure as most of them come to look for quick money and not really here to make a career or a future out of it.
It is true that 90% of the forex traders fail within 3 months of their trading journey and this mostly happens because of poor risk management. Risk management is the key to survival in forex trading. You can be a good trader and still be wiped out by poor risk management.
Also forex is less predictable. Resistance can be crossed easily and false brekouts happen alot. Holding positions over night with stoplosses is also a receipt for failure since brokers tend to increase spread massively overnight to farm stoplosses. Also most fx brokers tend to trade against clients not even placing orders outside. The rest is spreads and comission. I go so far to say daytrading FX is a losers game unless you trade with serious brokers like IB and even then seing trading long term might be far more profitable
Holding trades overnight can be a great way to make quick returns on your investment, but it can also be a fast road to ruin as well. Depends on your level of experience.
Most likely that they gave up when they weren't making any profits overnight. One of the easily way to weeds out the bad/failed traders.
The success of your trading career is in your own hands. If you don’t work hard to achieve your trading goals, you won’t be able to get what you want. Many new traders think forex trading to be an easy way of making money and when the market doesn’t prove worthy of their expectations, they start blaming the market for their losses.
I think the most important reason for a large number of failures is greed. Majority of the traders start trading only because they want to make quick money without putting any effort. Then their greed forces them to trade excessively and over-leverage their positions in the hopes of increasing their potential profits.