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According to the theory underlying odd-lot indices, the trader who trades odd lots is most likely a small trader, one who can't afford to trade round lots.

Or, to use the cynical phraseology of one odd-lot index enthusiast, they represent a sampling of the least sophisticated echelon of traders.

Falling most easily prey to an adverse market movement, for this rank of traders can least afford to lose, virtually anything the odd-lot traders do, marketwise, is taken to exemplify the `` wrong '' thing to do.