Stock trading, by definition, is the matching of independent offers (buy and sell) on the stock exchange.
Legal Pathology: Financial supervision systems license a model in which the broker becomes the counterparty to your transaction. This creates a direct conflict of interest: your profit is the broker's loss.
Systemic Manipulations: Even licensed brokers can legally (under the guise of "liquidity") employ mechanisms that harm clients:
Stop-Loss Hunting: "Spikes" on the chart that cut out defensive orders.
Slippage: Executing orders at worse prices.
Spread Widening: Artificially inflating transaction costs.
Supervision Fiction: A financial license does not guarantee integrity, only that the firm meets formal requirements. Supervision allows a "casino" model under the banner of a "brokerage house," which destroys trust in the market. Lack of certainty: While the system allows it, an investor can never be 100% sure what's happening "under the hood" at the broker's office unless they're trading a real instrument (e.g., stocks) with direct access to the exchange's order book (as in a DMA model). The problem is that with a system, you can never be 100% certain.
Conclusion: What's commonly called "trading" today is often just a civil-law bet with a broker over a price, not a real presence on the exchange.

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