Why do people lose money in option trading?

Why do individuals often find themselves losing money in the realm of option trading? Could it be due to a lack of understanding of the intricate nuances involved in predicting market movements? Or is it perhaps a result of overestimating one's own abilities and underestimating the risks associated with such investments? Could emotional factors, such as greed or fear of missing out, play a role in these losses? Additionally, does inadequate research or analysis contribute to these financial setbacks? It seems there are numerous potential reasons, but what are the most common causes of financial losses in option trading?