Answer · confidence: thin
Do some countries have more winners, and is it the market or the people?
Research question: How does the share of crypto traders who finish a year ahead differ across countries, and do the differences come from market conditions or from who is trading?
The provided records do not contain any data regarding crypto traders or their performance across different countries. The available facts only describe the financial outcomes of stock and futures day traders in Taiwan and Brazil between 1992 and 2015. Therefore, it is impossible to determine if differences in trader success are due to market conditions or trader demographics based on this evidence.
Checked 2026-10-15. Only documented and supported facts are used.
Dig deeper on this questionSources
[1] supported
In a study of Taiwan Stock Exchange day traders from 1995 to 1999, more than 80% lost money in a typical six-month period.
"Barber, Lee, Liu & Odean Taiwan Stock Exchange day traders, 1995–1999 More than 8 in 10 lost money in a typical six-month period"Trading Statistics 2026: Real Data on Trader Performance
[2] supported
A 15-year analysis of Taiwan day traders found that while about 20% were positive after fees in an average year, fewer than 1% showed predictably positive net performance in the following year.
"Barber et al., 2014 All Taiwan Stock Exchange day traders, 1992–2006 About 20% positive after fees in an average year; fewer than 1% predictably profitable next year"Trading Statistics 2026: Real Data on Trader Performance
[3] supported
Among Brazilian equity-futures day traders who persisted for more than 300 days, 97% lost money, while only 1.1% earned more than Brazil's minimum wage.
"Chague, De-Losso & Giovannetti New Brazilian equity-futures day traders who began in 2013–2015; persistent subgroup >300 days 97% of the persistent subgroup lost; 1.1% earned more than Brazil’s minimum wage"Trading Statistics 2026: Real Data on Trader Performance