as the article said, they are the 'client' , would be different if they write about the 'traders'. many brokers doesnt like them, trade with small balance and comes with nice % profit at the next week, and made some withdrawal. as the client.. open new account, and struggle to keep account open even at loss condition.
In addition to the great majority of losing clients and the losses suffered, the study shed light on a behavioural phenomenon: individual investors learn little over time. INDEED, it appears that the most active and regular investors see their losses mount over time.