Most people say that 90% of people who trader their own money end up losing money. Anyone have any published references for where this statistic comes from? After searching the net, I only found one quoted statistic from National American Securities Administrators Association, which said 70% of traders lost money. That study was from 7 years ago when it was like free money in the market. http://money.cnn.com/1999/08/09/markets/daytrade/ I don't doubt that the majority of people lose money trading on their own. But 90% vs 70% is a huge difference. The failure rate of newbies that I have observed at my prop shop over the past 2 years is closer to 70% as well.