A question posted recently here on my blog:
“What value do individual traders provide society with? I can understand that fund managers earn fees by helping clients earn profits. But what about individual traders who trade their own account? I think Anthony Robbins said that what you earn is directly related to the value you provide, so to earn more you should provide more value. What value do traders provide? A couple of things I can only think of: capital and liquidity. But how do returns relate to the value a trader provide?”
If you take traders and speculators out of the market what are you left with? Of course that ignores the point that everyone (including this poster) is a trader to begin with — whether they understand that point or not.