Here is an interesting article in Bloomberg View (yeah, it an opinion piece) titled: Why Do High Frequency Traders Never Lose Money? Which is a pretty good title, as it explains why. Mind you, ‘never’ is a long time …
I enjoyed the read, and I recommend the footnotes too. I particularly like #3, where it refers to brokers not answering phones during the 1987 crash (Hi kids, we used to use phones to place orders back in those days). A criticism I hear a lot about HFT is it provides liquidity until its really needed. Umm, yeah … well they aren’t the only ones, are they? Its not a charity.