What's actually happening in Indian retail F&O — the bigger picture.

SEBI released its latest F&O retail study. The headline statistics are brutal: • 90% of retail F&O traders lose money • Median annual loss: ₹1.1 lakh • Total retail F&O loss in FY26: ₹40,000 Cr • Number of retail traders: 4.2 million Despite this, retail F&O participation is GROWING 30% year-over-year. Why? The answer is psychology + economics: • YouTube creators showing wins (never losses) • Telegram channels promising returns • Smaller upfront capital ($500 can start) • Dopamine hit of fast feedback • "I'll be in the 10%" thinking The brutal math is this: of the 4.2 million traders, ~3.8 million will lose money. Most will quit within 18 months — but new entrants will replace them faster than the losers leave. If you're in F&O, run the math honestly. The average outcome is loss. The unusual outcome is winning. Most retail thinks they'll be the unusual outcome. Statistically, most won't. This isn't to discourage. It's to inform. Read SEBI's study. Then decide.