Why do people make losses in equity trading?

Do you know how many years we spent in schools and colleges? Generally, it's 14 years in the school and thereafter depends on which stream you want to pursue your career; for normal graduation 3 years, for charted accountant 3.5 years, for engineering 4 years, for lawyer 5 years, for medical 5.5 years, etc. Thereafter 2 years for post-graduation and 2 years of Ph.D. or 2-3 years in some super specialization courses in the case of medicine. Apart from that most of the professional courses require to qualify entrance exams at various levels.

Therefore, one spends around +20 years of hard studies from formal education to get a specialization or doctorate degree. In monetary terms, it would be somewhere between 15 lacs to 3 crores depending on the stream chosen. Now, even after acquiring a professional degree, one has to undergo practical training of 2-4 years to get hands-on experience, learn skill sets, and then get a license to start practice.

Now, what do you think, how much skill any traders acquire before started his investments in the equity market? Is there any entrance exam to check whether the person is appropriate to become a trader? Statistics show more than 90% of traders lose their hard-earned money, wiped out totally, and exit from the market within a period of 5 years. Most traders don’t even possess basic technical or fundamental knowledge and try to speculate / leverage on the market. Some of them might undergo 3 months, 6 months, or 1-year certification courses but is that sufficient when we compare with any professional specialization course with practical training as discussed above?

When our knowledge increases, our tendency to speculate in the share market decreases, and therefore we can manage the risk in a better way with the available tools. How many years & amount one spent on learning that self-development & technical skills. If we compare their loss which they incurred without having adequate knowledge & skillset with the amount they should actually be invested in acquiring those skills, the fee for course training comes out to be negligible. 

But the million-dollar question is that who wants to learn?