To add: I’m not saying you can't lose in one market and then find a way to consistently win in another.
My point is the crowd always chases the current big thing, and the focus is always leverage and speed, both used irresponsibly.
Early in my career it seemed all about spot FX. I told people to look at futures, but the capital barrier put most off.
Then it was binary options, pushed by scammy influencers.
ESMA (then the FCA) banned them for retail and capped leverage.
So everyone moved to offshore brokers on MT4 at 500:1. Crypto perps at 100x ran alongside.
Then NQ became the thing. Prop firms "solved" the capital barrier to futures with simulated accounts, sold by the same influencers.
After countless blow-ups and firms not paying out, the industry is already moving on: 0DTE, perps, prediction markets.
New vehicle, same outcome.
The firms who innovate and build the vehicle win, the crowd that uses it mostly loses.