Sebi's F&O data reveals the biases, not just the losses. Staying longer makes traders worse
Sebi's latest F&O study stops counting losses and starts explaining them. Among traders active five straight years, only 0.5% were profitable every year, and options buyers posted a median return on capital of minus 114% in FY26. The culprit is behaviour: only 15.4% of trader-quarters were profitable, yet big losers kept trading as often as big winners. Chasing losses keeps 95% of returning traders losing again.