Exits and the ladder

Getting in is the easy half. Everything here is about the other one.

The ladder

Every position is managed by a set of rules that fire on price, not on judgement. There are two profit steps — bank part of the position at a first level, part again at a second — plus a stop, and a trailing exit that only arms once something has already been banked.

Exact levels are not published. What matters for reading the console is the shape: a position is not a single decision, it is a sequence, and the row shows how much of the bag each step has taken.

The moon bag

No exit ever sells to zero. Every position keeps a small fraction, whatever the rules say and whatever the price does.

This costs a measurable amount on the average position and it is kept anyway. The alternative is a full exit at a first target on the one launch in a hundred that goes on to do something extraordinary — and in this category, that launch is where the returns live.

When a sell would take the bag below the moon bag, it is trimmed to leave it intact and the row says so.

Written off, not sold

A position can be released without being sold. If a launch has gone nowhere for long enough and is far from any profit step, the slot is freed and the remaining bag is kept.

This is deliberately not recorded as a loss taken — the tokens are still held, and a bag that later moves is still a bag. It appears as its own state, never folded into realised P&L.

Time stops

A position that has gone nowhere for a long time is a slot doing nothing. There is a rule for that, and whether it is switched on is an operational decision rather than a fixed part of the strategy — it costs something on the tail and saves something on the drag, and which dominates is a measurement, not an opinion.