I have been an independent trader for 23 years, starting at the CBOT in grains and CME in the S&P 500 futures markets long ago while they were auction outcry markets, and have stayed in the alternative investment space ever since, and now run a small fund.
I understand better than most I would think, the "mechanics" of the markets and how they have evolved over time from the auction market to 'upstairs". I am a self-taught, top down global macro economist, and historian of "money" and the Fed and all economic and governmental structures in the world. One thing so many managers don't understand is that the markets take away the most amounts of money from the most amounts of people, and do so non-linearly. Most sophisticated investors know to be successful, one must be a contrarian, and this philosophy is in parallel. Markets will, on all time scales, through exponential decay (fat tails, or black swans, on longer term scales), or exponential growth of price itself. Why was I so bearish on gold at its peak a few years back for instance? Because of the ascent of non-linearity of price, and the massive consensus buildup of bulls. Didier Sornette, author of "Why Stock Markets Crash", I believe correctly summarizes how Power Law Behavior, or exponential consensus, and how it lead to crashes. The buildup of buyers' zeal, and the squeezing of shorts, leads to that "complex system" popping. I have traded as a contrarian with these philosophies for some time.