Two ledger entries that look identical on a screen often hide different execution prices, as the notes at orb trading routine richiebranson describe. Discrepancies in the intraday log frequently stem from slippage during the market open. This monthly reconciliation ensures the recorded orb performance matches the actual brokerage statement.
The Mechanical Process of Comparison
The work begins by laying the broker statement next to the personal trade log. Each line must be checked for entry and exit prices. A discrepancy often appears when a trade is logged at the mid price but executes at the bid or ask. This happens most often during the first fifteen minutes of the session when volatility is highest. The log might record a perfect opening range breakout, but the broker statement shows a fill several cents away from the intended level. The math must reflect the actual cash flow, not the theoretical model.
Common Gaps in Execution Data
Slippage is the primary cause of a mismatch between a log and a statement. During the first hour of regular trading hours, liquidity can shift rapidly. A trader might record a fill at the high of the five minute range, but the actual fill occurred lower due to a sudden sweep of the order book. Another gap arises from commissions and regulatory fees. These small costs are often omitted from the manual log but appear clearly on the monthly statement. A failure to account for these reduces the calculated edge of the strategy.
Handling Partial Fills and Order Types
A limit order may not fill in its entirety during the opening range. The log might show a single entry for a specific quantity, while the broker statement shows two separate fills at different prices. This creates a mathematical error in the recorded average price. Checking the time frame of each fill is necessary to ensure the trade fits the intended logic. If a fill occurs after the sixty minute range has been established, the trade no longer meets the criteria of the original setup. The log must be updated to reflect the reality of the partial execution.
Reconciling the Session High and Low
Discrepancies also appear when comparing the session high or low recorded in a log against the official data. A log might claim a trade was taken at the exact peak of a move, but the statement shows a slightly different price. This error often occurs when using a 15 minute candle to determine levels instead of tick data. The reconciliation process requires looking at the raw execution data to see exactly where the money moved. Only when the statement and the log align is the data useful for calculating long term expectancy.