They trade rather than investing and holding.

They can hold tight when the trend becomes downwards and bearish but they can not hold tight when a market starts to break the downward trend, begins to rally and expands to a big bull run.

Like they can hold tight, refuse to cut loss and end with 80% or 90% loss but they can not hold tight to take profit at 80% or 90%. They usually exit with 10% or 20% profit or even exit after price rallies 20% from bottom which is where they already get 80% or 90% loss.