I agree with you , you don't day trade , you can trade options and even penny stocks , and that"s when you have an experience in the markets.My take is that , you don't expose large account to trading , too much risk,
100 % agreed. I have no issue to use a small portion (<0.1%) of your account to day trade as hobby and know the money will gone eventually. The remaining 99.9% of the account should stay in investment.
The problem is for those that have big account (> $1 million) will not day trade as they are smart enough to know day trade is a scam (or else they will not have the big account). None of the day trading strategy are able to overcome the commission and slippage in long term.
The main problem is those with small account (e.g. 10K) though they can build a million dollar account by day trading. Unfortunately most of those uninformed amateurs (this is why they only have 10K account) are always the group that been preyed by bucket shops, fake guru selling useless course or signals, trading website, unmoral brokers, fake traders that pretend to be expert that ONLY trade other people money with ridiculous % of profit sharing (Simple trick : using high risk low reward strategy such as trades without stop or martingale that win small & often but loss big in one go, the purpose is to pocket as much fee/profit sharing as possible in short term before the account blow up) and etc.