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

Almost no exit sells to zero. Every ordinary exit — a profit step, the trail, a stop that still leaves the token worth something — keeps a small fraction of the position, 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 an ordinary sell would take the bag below the moon bag, it is trimmed to leave it intact and the row says so.

There are a few deliberate exceptions, where keeping a fraction would be holding a lottery ticket on a corpse: a token that has collapsed to dust (a bag there is pennies on nothing), a position whose paid-listing thesis failed twice, and a launch taken only as a quick flip because it had no crew behind it — a launch with no thesis to ride has nothing to keep a bag for. Those close the whole position. Everything else keeps its bag.

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.