Sun and Moon

Spread

The gap between the buy and sell price - your cost at the moment of entry.

You open every position already down by the spread, and reach break-even only once the market moves that much in your favour. It widens around news, at the open, and on thin instruments. The more often you trade the more it compounds, which is why frequent trading costs more than any single trade's result suggests.

Work out what a move is worth