Why novice investors in Stock exchange fail to make healthy return?

The reasons are here under:

1. Financial valuation is not their expertise. Therefore, they rely on inapt speculators who make their money by churning maximum amount of money in the array of investments. 
2. Understanding of stock market is negligible. Therefore, they take it as an ordinary investment, such as in property. Thus, these investor are oblivious to fact that the equity investment requires in-depth understanding of complex variables and their inter-play.
3. Taking margin without quantifying the magnitude of risk taken.
4. Uneducated equity traders who rely on speculation of small-cap stocks to make money.
5. Dearth of information about other financial instruments such as mutual funds.
6. Making investments with reading equity research reports.
7. Discounting the significance of liquidity in buying stocks.
8. Irrational exuberance: buying because the prices are going up.
9. Does not know the difference between value and price of stock.
10. Discounting the inherent volatility of stock exchange. Investors must know the investments they make ought to be long term. In the case of Pakistan, it is safe to have a time horizon of about ten years.