The Programme, Complete Seven components. One integrated system. A synthesis of the System Anatomy Series: what each episode argued, how the components depend on one another, and why the intelligence was never in any single rule. Previous: System Anatomy 7:...
Execution and Process The architecture only exists in the real world if we actually execute it. Previous: System Anatomy 6: Rollover Mechanics | Next: Synopsis: The Programme, Complete A circuit breaker does not make the electrical system work. Most of...
Rollover Mechanics The system can only be as honest as the price history it sees. In futures, that history has to be constructed. Previous: System Anatomy 5: The Ensemble Approach | Next: System Anatomy 7: Execution and Process A surveyor...
The Ensemble Approach No single rule sees the whole market. That is not a problem to solve. It is the reason we use more than one. Previous: System Anatomy 4: Portfolio Construction | Next: System Anatomy 6: Rollover Mechanics A...
Portfolio Construction The markets were never independent. They belong to the same system. The purpose of diversification is not to pretend otherwise. It is to make sure no single expression of that system determines our fate. Previous: System Anatomy 3:...
Position Sizing The formula is simple. What it protects us from is not. Position sizing is not an optimisation problem. It is an engineering problem built around one requirement: remain in the game. Previous: System Anatomy 2: Exit Logic |...
Exit Logic The entry gets you in. The exit determines what happens next. Two rules. Two different problems. One keeps the mistake survivable. The other gives the extraordinary trade room to become extraordinary. Previous: System Anatomy 1: Entry Logic |...
Entry Logic The entry signal fires without certainty. That is not a flaw in the design. It is the condition under which the entire system operates. Previous: Introduction: The Programme, From the Inside | Next: System Anatomy 2: Exit Logic...
The Programme, From the Inside Introducing the System Anatomy Series: seven essays on the structural logic of how a systematic trend following programme is actually built and run, written for the practitioner who wants to understand the mechanics, not just...
“Two portfolios can post the same number. Only one is standing here.” Picture two bridges across the same canyon. The first hangs from a single cable, engineered to perfection and rated to carry ten thousand tonnes. The second hangs from...
