“The market is not a machine. It is a living hierarchy of feedback.” The Micro Frame: Bouchaud and the Square-Root Law Zoom in to the smallest scale of trading and you find an elegant regularity.Jean-Philippe Bouchaud and his collaborators discovered...
“Price moves not because of what should happen, but because of what traders make happen.” Markets don’t move because of news or fundamentals—they move because traders react to them. Every price shift is the result of buying, selling, and liquidity...
