Archive - Trading Reality — Markets in Production

Mid-prices never cut it

The assumption your AI will happily optimize straight into a wall

Aug 11 • Tibor S

July 2026

Not All Informed Trading Is Research

The HFT moralizing bias that ignores the reality of Insider Trading

Jul 23 • Tibor S

Why you need two systems for running automating trading strategies

Issue 1 · The Model Is Not the Market — Gate 3: how to run in production?

Jul 15

"Use Anything But Past Returns"

Issue 1 · The Model Is Not the Market — Gate 2: is the edge real?

Jul 14 • Tibor S

What happens if you measure hedge fund returns properly?

Issue 1 · The Model Is Not the Market — Gate 1: do the numbers mean anything?

Jul 7

June 2026

ISSUE 1 - The Model Is Not the Market

Three gates a strategy has to pass

Jun 30

A realistic order simulation framework

Why I wrote ordersim

Jun 23 • Tibor S

Trading Reality is becoming a curated publication

One desk can’t see it all

Jun 18 • Tibor S

Short Essays: Good trade, bad trade

Follow the everyday intuition

Jun 2 • Tibor S

May 2026

Under the hood: Adverse Selection

What spreads are made of

May 19 • Tibor S

The Hand of the Maker

What “informed” and “uninformed” actually mean in practice

May 8 • Tibor S

Front-loaded Value in Trading

The surprisingly consistent shape of a good signal

May 1 • Tibor S

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