Why do 90%+ of retail traders lose money despite so much available information?

I've been thinking about this statistic with studies showing +90% of retail traders lose money over time.

What's interesting is that we have more free information, tools, and resources than ever. YouTube tutorials, free charting software, educational content everywhere.

I'm curious what this community thinks on the underlying issues:
- Is it lack of discipline/emotional control?
- Unrealistic expectations (trying to get rich quick)?
- Poor risk management?
- Not treating it like a business?
- Being impatient?
- Information overload (too many strategies, not mastering one)?
- Something else?
What's been your experience or observation on that?