For example, how much are prices of stocks affected by institutions (e.g. funds) and how much by small personal traders. If they recommend a stock in a financial magazine (e.g., Kiplinger), will it affect its price significantly – individual traders wanting to buy it? How big volumes are "day traders" – 10%, 20% or 0.2%?
Goldberg and Lupercio, two analysts of the online trading industry, estimated that about 40% of all trading volume comes from a group of 50,000 "semi-professional" traders who use the major online brokerage firms. The analysis was for the year 2003.
So a good guess would be 40%.
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