I often hear that big banks, like GS JP CS MS and such making money trading or hedge funds or such. They are all making money consistently trading right? By trading I mean speculation, not market making or things like that. If they are all winning, who is losing? It takes years and years to become a profitable trader but how come every recruitment period, new people from the Ivies of OxCam are able to make money? I know a few young guys that just graduated working on trading desks, yet when I talked to them they were absolutely rubbish at trading, and I am confident that they would take a few years at least to reach profitability. Could someone explain to me what trading is like in the professional level? How many really makes money? How many just sell articles and advice compiled from their bloomberg terminals? I'm not sure but I make money using my charts and an economic calendar on a laptop, what's the need for all those fancy equipment, access to order flow, having daily morning market update meetings?