Futures · Futures process and review · lesson 2 of 9 · 6 min read · David Alexander
The roll ledger: rolls out of the setup statistics
the roll ledger
Roll transactions recorded as their own species, never as trades: the close-and-reopen pair that maintains exposure is one maintenance event with one cost, and letting its legs leak into the setup statistics corrupts every number they touch - trade counts inflated, win rates scrambled, expectancy fictionalised. The seed's explicit demand, and the futures twin of the bill-decision split.
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