A false dichotomy
I disagree. I have gained a much better understanding of the motives and tactics of the professionals and as a result it is clear (to me at least) why 95% of traders fail. I am not saying that I will be successful, but now I understand why I have been failing so miserably in the past. If you think like the public you will lose almost every time.
Yes, the professionals frequently make money at the expense of the public. Yes, the professionals generally do not make the same basic mistakes as the public. Yes, the professionals generally have far superior discipline.
However, I think you are presenting a false dichotomy here. The public can be "right" also - think of every bull run - when the public become interested in stocks again and buy them, this is during the period that the price is going up. At the exhaustion phase of every bull move, most of the public are buying from the professionals who are unwinding their positions. However, that is not to say that the public who bought on early bull tips and held for a few years (and sold well before the top) can't profit.
I suppose what I am trying to say here, and not doing it particularly elegantly, is that professionals can be wrong and the public can be right. I'm sure it is a given that the public are "wrong" on balance, and the professionals are "right" on balance. However, trading against the public isn't a system in itself - in fact, trading against the public can get quite dangerous.
I think it is important to study the mistakes of the unsuccessful traders, and to learn to use as many of the professionals advantages as you reasonably can without actually being an institutional trader. The ultimate weakness of the professionals is a large line, which can't be bought without putting up the price on themselves or sold quickly without destroying the value of their position. The "cattle" have the advantage of being nimble.
Just some ponderings ... sorry, I'm waffling now.