If a hedge fund manager tells you he’s “up 8% this month,” he’s invariably including the profit/loss of his open trades. That’s because the financial industry speaks in terms of equity, which includes the marked-to-market value of open trades. And it’s that way for a reason — the profit/loss on an open trade is every bit as real as on a closed trade, and performance metrics can be completely misleading when open trade activity is excluded. As Product Manager for the Trade Explorer, I hear from members who are concerned that their Trade Explorer’s statistics are not as favorable as shown on other sites offering trade ... (full story)