“Whales control all market movement.” It’s a popular belief, especially in retail communities — the idea that a few big players or institutions (the “whales”) are behind every price swing. While large players do impact the market, they do not control it entirely. Markets are ecosystems — shaped by liquidity, sentiment, macroeconomic forces, algorithmic activity, and retail flow. Let’s explore why whales are influential, but not omnipotent, and how to trade with insight rather than intimidation.

Whales provide size — not certainty

Whales — including hedge funds, investment banks, and sovereign wealth funds — often:

• Execute large positions over time
• Move price temporarily due to volume
• Influence liquidity zones
• Accumulate or distribute around key levels

But they don’t dictate direction alone. Their trades still depend on:

• Fundamental alignment
• Macro events
• Technical structure
• Counterparty interest

Even whales get it wrong — and have losing quarters.

Markets are bigger than any one entity

Global markets, particularly forex and equities, are:

• Deep and liquid
• Driven by diverse participants
• Constantly adjusting to new data, sentiment, and flows

Price isn’t moved by one whale — it’s moved by cumulative demand and supply across timeframes and regions.

Whale activity is often visible — not invisible

You can sometimes spot whale behaviour by:

• Watching for large volume spikes at key levels
• Observing false breakouts followed by strong reversals
• Tracking open interest in futures
• Reading Commitment of Traders reports

These are signals — not scripts. Whales leave footprints, but not instructions.

Chasing or fearing whales leads to paralysis

Believing whales control everything causes:

• Overcaution or hesitation
• Disbelief in valid setups (“they’ll reverse it”)
• A need to outsmart instead of follow
• Endless narrative-building instead of clear execution

This mindset replaces strategy with speculation and stress.

Structure and timing still win

Regardless of what whales do, retail traders can thrive by:

• Trading clean setups
• Managing risk precisely
• Following trend and momentum
• Avoiding low-liquidity conditions where slippage is common

You don’t need to beat whales. You need to trade your plan.

Conclusion: Do whales control all market movement?

No — whales influence, but they don’t control. Price is shaped by a dynamic interplay of institutional, retail, and algorithmic forces. You can succeed without knowing what every big player is doing — as long as you trade with structure, discipline, and clarity.

Learn how to read market behaviour without fear or fantasy in our professional Trading Courses, designed to help you make confident decisions — no matter who’s in the market.