7. Predatory and Insider Trading
“The same things happen in all speculative markets.”
—Jesse Livermore
Most financial market prices simply reflect the interaction of supply and demand. It is worth repeating: Most financial market prices simply reflect the interaction of supply and demand. You might not like the message the market is sending—but the price is what it is. There is no conspiracy.
That said, the potential rewards from trading in financial markets can be enormous if one can successfully anticipate price changes. This creates a powerful incentive for every market participant to try to find a trading edge. Most market participants seek only legitimate trading edges and many find none. However, some market participants seek and attempt ...
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