Yes the reason of failure is lack of knowledge and skills. Most people here open trade out of hope. They hope price will go this or that way. But to be profitable we need skills and control over our emotions.
Most people fail in trading because of their weak psychology. If psychiatry is weak, it is not possible to profit consistently. You have to trade according to the plan. Joining trading without a plan can lead to many problems.
The reason why people fail could be because of their limited knowledge and experience. Other factors like getting scammed, choosing the wrong broker, investing a lot at first and overconfidence can also lead to their failure.
@rosellemunsays A person got scammed it because of his lack of knowledge and greed. They become greedy by seeing unrealistic promise and give their money and got scammed. And also to choose a right broker we need knowledge.
if any newcomers dont use stop loss, of course he will fall a great loss , because without stop loss it looks a condition , a ship in an ocean without a rudder. so its your choice , take it or leave it.