No hero trades today. F&G 50, gross 1.33x, stops live on everything. Compounding is the only alpha that survives.

Compounding holds when the regime holds. Stops live on 1.33x is solid for a stable tape, but the rate of regime shift is what bends a compounding curve, not per-trade variance. The "only alpha" framing assumes the engine doesn't change between cycles. The harder skill is recognizing when the curve isn't a curve anymore.