Those who used to do what hft did became obsolete. Human market makers no longer required and replaced by algos
Nonsense. Either algos cancel each other out or they exaggerate the moves. The human is left to figure it out.
You are talking about longer holding time trading. Last time humans could get in and out of trades in seconds to minutes. These best trades are now done by algos
Years back the market was dominated by individual investors. Over time the "lead" faction has changed to institutional of one stripe or another... and now by algos, HFT, and Fed Intervention. What has NOT changed... are the principles of Price TA. (Principles still the same though velocity and volatility have increased, of course.)
You want absolute proof? Look at the successful hedge funds, what trading strategy do you think they are doing? Read Michael Covel's book, Trend Following where he has the breakdown of yearly returns of the various, top hedge funds. Add to that, the Market Wizards book and read what the top hedge fund traders are doing. Nicolas Darvas was a trend follower, as was Jessie Livermore, as was, Richard Dennis of the Turtles? Richard Dennis at the time, made like $400 million or so, from the turtles, trading his monies. You are one of those buy and hold believers which is well and good. However, trend following is 1,000% better than buy and hold because you actually, have a methodology on when to take your profits. The problem, too many traders do not understand trend following and do not know how to use it. Yeah, stick to buy and hold because you do not have to use your brains at all. No thinking. I am not going to waste my time, arguing with you. You have a right to believe what you want, I have the same right to believe what I want as well. Traders and aspiring traders can make up their own minds.
Technology changed obviously. People have access to knowledge easier now (Which has its advantages and disadvantages). I think markets have changed. When I look at the market, it is not just the graphs of Equities but overall everything from a farmer, cheesemaker, garment producer, furniture maker to a teacher and gardener. I think people are greedy more than ever, I also think people are more anxious,depressed and fearful now. These factors are all combined in global economy and peoples spending habits. The guy who runs the algos & robots is a human being. He also has his own joys and downfalls, he has debt, kids to look after like every other folk. The Market is there but its our thinking parameters which changed, makes it look like markets have changed