I spent my first [U]four years[/U] (very part-time!) reading, researching, being taught, testing, and playing about with demo accounts.
When I eventually first opened a real account, it was a spreadbetting one, which I started off with £2,000 and traded at £1 per pip.
With an average stop-loss (then) of 20 pips for my intraday trades, that was about 1% risk on my capital, per trade.
I strongly suspect that the proportion of losing traders who are losing primarily through a combination of overstaking and undercapitalisation is at least as high the proportion who are losing mostly because their initial methods never actually had a proven net positive expectation (“edge”) in the first place … though doubtless there’s also quite some overlap between these two huge groups?