What have I Discovered!?

So, if we say all retail customers, hedge funds and other investment bodies are only into speculation then that 10-20% of non-speculative orders are totally in the hands of the big banks. So therefore 60-80% of speculative market orders are in the hands of those big players?

The psychology is what I'm interested in. It seems that trading the charts is like flying in cloud on instruments and radar. It's perfectly possible to it, and to it very well. It's just whilst I'm on the ground I'm looking for a break to see if I can see what a 747 looks like before I go up in my Piper Club.

Take a look on this research document for a break-down of market participants. It suggests here that as much as 95% of trading is speculative.

I just settled with this statement. The question is how "speculative" is defined. When you buy Euro for your US dollar which you need for your trip to Italy, some might consider it as speculative.