What went wrong in July?
Arguably nothing, in that we stayed within our parameters. We had a number of positions in a single market and the market continued against us. We looked at our trading strategy and made some changes. Nothing changed in the model, except the monthly parameter update. Our trading strategy was to give funds to the first trades that showed up, but this meant that we could be disproportionately exposed to a single market and also unable to trade later trades on other markets that would be profitable. So now we reserve funds for all pairs.
