Here is another one of my favorite passages from the book The Art of the Trade
by Jason Alan Jankovsky.
Page 117 is a really rich one
Always remember that 90 percent of people who trade lose. Only 10 percent win, but they have all the money. ... Therefore, 90 percent of the size is controlled by 10 percent of the people. Who are these people? What are they thinking?
Neglecting for the moment the fact that the oft-repeated cannard that 90% of traders lose
for a fact-check (we've all heard it, and internalized it, but who can say they've seen the proof?), there is a real kernel to think about here.
In terms of net wealth transfer (NWT), on average, the winners would be trading with 9x the size of the losers, since there must be winners on one side and losers on the other of every zero-sum trade that has a net wealth transfer effect. (By speaking in terms of NWT, we neglect the no-net-effect "noise" of wealth that just sloshes back and forth.)
What can be done with 9x the financial resources (or market power) of your opponent?
Hint: Accumulation, distribution, running-the-stops, etc.
The winners either move
the market, hold
the market steady, or allow
the losers to move the market (temporarily). In every case, this is for the winners planned benefit
One of Jason's thought-provoking catchphrases is: "Where is the loser?
I'd add to that: "and what are the winners doing to him now?