Did value of ratio between informed and uninformed traders at market, making difference to profitability of short-term directional trading on that market?
My guess is yes and better play short-term directional on market when is more uninformed traders in relation to informed, because at this market spread will be maintained by market makers on lowest value to possible profits/short-term volatility.
That may be correct or not, maybe someone have other point of view on this question.
EDIT: To simplify, It's possible to make a guess that specific markets can be better environment for play short-term directional strategy based on estimated ratio between uninformed and informed traders at them? And why?