In looking around many trading sites, including many threads on ET, one can find the often-quoted statistic that 90 percent of traders lose in the markets. What is actual basis for this statistic? I recall reading about a study sponsored by the SEC which showed that a large proportion of traders (perhaps it was 90 percent) lose their initial capital when actively trading ("day trading" was the term used in the study). Saying that "90 percent of traders lose" versus saying "90 percent of traders lose their initial capital" are two very different things. The former would suggest that if you're a winner in the market over some period that's longer than the short-run, then you are part of the 10 percent who don't lose. The latter allows for the possibility that you lost it all at some point, but you're now winning (i.e., significantly more than 10 percent of traders currently in the market are winning). What do you think?