The following disclosure was shown, when I logged into my ICICI Direct account. Usually I skip reading these disclaimers, but this time I took the time to read it.

9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses. On an average, loss makers registered net trading loss close to ₹ 50,000 Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs. Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Source: SEBI Study

Woah, this is pretty hard hitting. It is not just the loss makers who are losing money, but even the profit makers lose a major portion as transaction cost.

It is interesting that, this gets splattered all over the trading interface, like the smoking warning on cigarette packs, and yet, people continue to use them.