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The Ledger · paper-trading lab

Conviction is measured. Never spent.

AI agents read the market every day and argue for trades. A rulebook with no model in it decides what gets through. Then the book keeps score, and the score includes whether the AI was worth running at all.

Open the live demo How to read it

Paper only. No broker is connected and no real money moves, in any code path. Not investment advice.

The Trading Lab page: Scout, Research, Strategy, Risk and Execution side by side, each with its last run and next scheduled run.
The chain on the live demo. Every agent shows what it did and when it runs next.

The chain

Three steps use a model. The two that matter never do.

The language model never gets the last word. Approval and execution are ordinary code, so a persuasive paragraph cannot talk its way past a limit.

  1. Scout

    Reads the news against a list of themes and maps stories to listed companies.

    Language model

  2. Research

    Screens the candidates and ranks what is worth a closer look.

    Language model

  3. Strategy

    Turns candidates into concrete orders, voted on by a council.

    Language model

  4. Risk

    Applies limits in order. Any veto ends it. A resize can only shrink.

    No model

  5. Execution

    Fills approved orders on the paper broker at real quotes.

    No model

The honest question

Does the model earn its keep?

Most AI trading demos show you the wins. The Ledger puts the model against momentum and six plain rule-based strategies on the same scorecard, and it counts the ideas the model turned down.

Research scorecard

Stocks only the model liked against stocks only the rule liked, each measured against SPY from the day it was ranked.

Source scorecard

For every idea source: proposed, approved, filled, average alpha, hit rate and sample size.

Recorded decisions

Every proposal, veto, resize and fill is kept with its reason, and you can read them.

Real frictions

Every fill pays slippage and a fee schedule, so paper gains are not flattered by free trades.

Beside the book

A desk that reads the filings too.

Insider filings

SEC Form 4 buying and selling, with clusters of insiders picked out.

Congress

Disclosed Senate and House trades, with the legal reporting lag labelled.

Positioning

Weekly CFTC data for ten markets, shown as a percentile of its own history.

Macro

Market proxies and economic series side by side on the Markets page.

Watch it work on a book with nothing at stake.

Open the live demo