michaellobry replies to: What does EUR/USD sentiment mean?

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I have a question. What does EUR/USD sentiment mean? For example, if bullish sentiment is 60% and bearish is 40%, what does that mean?

Source:

54% OF EURO TRADERS ARE NET-LONG
EURUSD: Retail trader data shows 54.2% of traders are net-long with the ratio of traders long to short at 1.18 to 1. In fact, traders have remained net-long since Apr 30 when EURUSD traded near 1.21208; price has moved 2.1% lower since then. The number of traders net-long is 6.2% lower than yesterday and 5.4% lower from last week, while the number of traders net-short is 1.7% lower than yesterday and 1.0% lower from last week.”
source: https://www.dailyfx.com/sentiment?ref=SubNav

Question:
1. Does this mean that small retail traders (like you and me) are buying with more Lotsize? Or more people are trading in a bullish direction?
2. Who are these traders? Are they all from dailyFX and they filled in a Poll? Or does dailyFX know that percentage from the actual trades itself on MetaTrader4 from the people that linked their forex account to dailyFX? In short: are these percentages from actual trades or just an opinion for the direction of EUR/USD?
3. How can we use this percentage in our own trades? Is it profitable to use this direction for our own trades? Or does the same rule apply: 90% of traders fail so following the biggest group is not profitable? So should we counter-trade?

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