Where your profits are coming from?
Mostly, you or I are buying or selling from Market Makers. They provide liquidity. By adjusting spreads and premiums they make sure that on average profits are on their side.
Who is the looser? Their clients; you, I and others. Some of the losers actually make money, by taking well calculated risks, count yourself lucky.
Regarding proportions of hedgers versus gamblers situation is hard to analyze because of low liquidity on ASX.
DCE traders are mostly gamblers, blind freddy could see it. SGX, mostly hedgers, not so obvious to see.
That's how I see it.
FMG Price at posting:
$4.96 Sentiment: None Disclosure: Held
(20min delay)