> [...] I know that shorting is a fools game for (most?) non-institutional investors, [...]
Any kind of active trading in public markets is a fool's game for non-professional investors.
Active trading in something obscure enough that the professionals don't bother might be exempt. Eg think trading Magic The Gathering cards in the 1990s.
You might still lose money doing that, but at least you have at least a theoretical chance to make money trading on a risk-adjusted basis.
Of course, the more obscure the market, typically the smaller the scale. So in the end your gains might just look like an hourly wage for your effort, instead of return on capital.
Any kind of active trading in public markets is a fool's game for non-professional investors.
Active trading in something obscure enough that the professionals don't bother might be exempt. Eg think trading Magic The Gathering cards in the 1990s.
You might still lose money doing that, but at least you have at least a theoretical chance to make money trading on a risk-adjusted basis.
Of course, the more obscure the market, typically the smaller the scale. So in the end your gains might just look like an hourly wage for your effort, instead of return on capital.