Week 32: zero trades — and why that's the system working

The fee math we can't ignore

Every trade pays exchange fees, so frequency is not free. We report P&L net of fees — never gross — because the gross number flatters and the net number is what reaches your account. Fewer, better trades beat many marginal ones: each round trip has to clear its own cost before it earns a cent. That constraint shapes when the system chooses to act.