Then explain to me why long term buy and holders profit whereas more than 95 percent of active day traders do not. --It's because they are not using Prudent Risk Management. -- PRM includes letting your profits run to maturity and having less activity. ---To understand how trading works, one must realize that there is a greater chance that decisions will be wrong rather than right. Thus when you are correct you need to maximize that. Volatility looks enticing, but it's a death trap.
I can't explain since I am not part of the 95+%!! What do virgins eat for breakfast? I dont know. As for "greater chance that decisions will be wrong rather than right"... why? Why not greater to be right rather than wrong? But really, why would there be such a bias of being right or wrong on a DECISION to take a trade... if you act on the decision, then you expect to be right!! Risk management is certainly important. Take your winning trade from yesterday... you had no overnight stop. And that proved to be the correct way to manage that trade. You recognized and acted accordingly.
I was fairly certain that it was overdone but didn't want to get taken out on a quick spike. Stop was only mental as the circuit breaker was way above that. I was fortunate