PnL & Attribution in Practice

Read these first

1. 01Explaining A Bad Day

   A bad P&L day needs a real explanation traced to specific positions and causes, not a story, and not silence, because the explanation is what tells you whether to change anything tomorrow.

2. 02Reading Your Daily P&L

   A P&L number by itself tells you almost nothing; reading it well means breaking it into pieces you can each check against what you expected.

3. 03Telling P&L Noise From P&L Signal

   Most day-to-day P&L wobble is noise your risk model already priced in; the discipline is knowing how much wobble is normal so you notice when a run of days is actually telling you something.

4. 04Where Did Today's P&L Come From?

   Attribution is the discipline of tracing a P&L number back to the specific position, price move or trade that produced it, before you decide what the number means.

Then the rest

1. 05Chasing Down Unexplained P&L
2. 06Choosing Your Marks And Price Sources
3. 07Currency Effects On A Multi-Currency Book
4. 08How Fees And Financing Eat Your P&L
5. 09How Long Before Your P&L Means Anything
6. 10Marking A Book: Market Versus Model
7. 11Realised Versus Unrealised P&L
8. 12Reconciling P&L With What Risk Predicted
9. 13Reviewing P&L Per Trade
10. 14Splitting P&L Into New Trades And Carry
11. 15Was It The Signal Or The Execution?
12. 16When The P&L Is Too Good