In a great bull market, why are many people not only not making money but also losing a lot?

1. All-in on fake meme coins, ended up going to zero

2. Playing in the primary market, bought Pixiu coins and couldn't sell them

3. Only trading contracts, highly leveraged, unfortunately got liquidated

4. Lack of security awareness, getting scammed, phishing

5. Wallet got hacked, withdrawals frozen