It sort of does imply some of that, else they would be buying...

It sort of does imply some of that, else they would be buying high and selling low....
From my limited experience, at least as as many soph's buy to hold as do trade.
There are benefits to holding if you believe in a stock (have a look at what tax does when you realise multi small profits as compared to 1 larger hold on jobby...

Traders tend to write a lot of books, but those that hold tend to quietly get on with it IMHO..

it it should also be noted that there are those that can reach the mark of being soph (as noted, easy enough)... And those that are favoured enough to be let play the good game.. (Much harder).