Retail traders often assume a single hidden algorithm is steering price action because support levels get swept like clockwork. Nang explains that the observed regularities are emergent from many large participants acting under similar incentives, not a monolithic controller.
View full episode →“Retail orders are internalised and rarely hit the exchange, giving brokers and market‑makers the profit”
“Meme‑stock rallies gave retail traders a louder voice, but institutional participants still dominate price formation”
“Institutions value retail participation because it generates fee revenue (PFOF) and keeps markets liquid”