Sorry, this is also wrong. Why is it equally likely? A high spike will be when they buy and a low when they sell. As a low freq trader you'll get worse prices b

Sorry, this is also wrong. Why is it equally likely? A high spike will be when they buy and a low when they sell. As a low freq trader you'll get worse prices buying/selling on average as a result. Your notion of the existence of a precise right/correct price for anything is an illusion, forget about it, This is why it is best to start with big picture reasoning - in this case that they make money and ergo others lose/make less in a zero sum market with only tangential impact on real economic activity.