Deep Quant Flow Series 02 Retail Flow: The Cheapest Signal in Modern Markets Why free trading was never free, and why your order is worth more than your opinion Most retail traders...
Deep Quant Flow Series 02 Retail Flow: The Cheapest Signal in Modern Markets Why free trading was never free, and why your order is worth more than your opinion Most retail traders believe they are trading the market. They are not. They are entering a routing system. Before a retail order becomes a print, it becomes something else: a routing object, a spread opportunity, a toxicity estimate, an inventory input, a hedge problem, a broker revenue unit, and sometimes a weak but useful behavioral signal. That is the first serious lesson of modern market structure. Retail flow matters not because retail traders are brilliant. Retail flow matters because it is classifiable. And in markets, anything classifiable can be monetized. A single retail trader may be random. A million retail orders are not random in the same way. They can be bucketed by broker source, symbol, time of day, order size, o
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