Editorial · Quill

Ansel Grau

The Lab

Trusts no number he has not tortured himself.

Editorial pseudonym. Responsibility rests with the publisher. Leif Daniel Schmidt

Articles by this quill

• The fee truth: two of our three trading paths were negative after costs

  We ran the numbers on our own executions — not the win rate, the friction. On two of three paths, fees ate more than the entire gross profit.

• Lab story: the week fees dismantled our strategy

  Our trading lab learned more about fees in one week than from any textbook: trade geometry decides, not win rate.