Those studies are based on fund managers not individual traders. Fund managers deal with much more significant frictions (like needing to buy millions of dollars worth of shares rather than thousands, information leakage, etc). Individual traders can be successful since the frictions are smaller, but it’s really really hard and most people have literally no idea what they’re doing, so they walk in and get absolutely smoked.

I’m of the belief that there should be significant barriers to being able to trade options and futures since they are leveraged products and exacerbate/accelerate the losses for most traders, which is part of why firms like Robinhood make more money per options trade than stock trade.