Why Traders Fail
Traders have no idea what their price target is or if they have a price target, they have no idea why it’s set at that. A lot of them won't use stop limits because they are afraid that they could made more.
Believe all the hype and then panic sell.
Lack of Education
No education in risk management and a lack of discipline are a recipe for disaster. I would say the large majority of day traders are no different than your average gambling addict. Trading requires discipline, education, and training.
People are lazy and don’t take the time to educate themselves. People want instant gratification just like an addict. Even after learning the basics, it can still take time to get a feel for things. Like most things in this life, if you know what you are doing, your odds of success are substantially higher.
No Trading Plan
Day traders buy a stock because it went up and sell because it went down.