02The filter
Most of what the screen shows never becomes a position.
Everything the market offers enters on the left. Three tests stand in the way, and almost nothing survives all three. What fails does not disappear — it settles into short-dated debt, which is where the book sits by default.
Follow a destination to see what has to be true to end up there.
Illustrative schematic of the process. Not live data, not a record of trades, and not a statement of results.