NETTING VS HEDGING — POSITION-BOOK CHECKLIST
Educational record, not a trading recommendation.

1. Specify the example
Question: __________________
Account mode checked separately: ______  Intended real-account operation: ______
This model uses fictional EUR/USD and 1–8 NEW EXECUTED deals. Every row is BUY or SELL, with a positive quantity up to 1,000,000 EUR (maximum 2 decimal places) and a positive execution price up to 1,000 USD per EUR (maximum 5 decimal places). Decimal commas are accepted.
Common hypothetical mark: ______ USD per EUR; positive, at most 1,000, maximum 5 decimal places.
The same mark values every displayed step. This is not a historical mark path. Costs are zero. Every hedging row opens another teaching ticket; no ticket is silently closed.

2. Record and reconcile
Selected step (0 to last): ______
Netting direction/quantity/weighted entry: __________________
Netting realized / floating / total P/L, USD: __________________
Hedging tickets, direction, quantity and entry: __________________
Hedging realized / floating / total P/L, USD: __________________
Each book’s long / short / net / gross quantity, EUR: __________________
Check reduction, equal opposite volume, reversal and addition. Do not round the weighted entry before calculating P/L.

3. Reference arithmetic
BUY 10,000 at 1.10; SELL 6,000 at 1.12; BUY 2,000 at 1.11; mark 1.115.
Netting: long 6,000 EUR, exact entry 331/300 USD per EUR; realized 120 USD + floating 70 USD = total 190 USD.
Hedging: three tickets; long 12,000 / short 6,000 / gross 18,000 / net +6,000 EUR; realized 0 + floating 190 = total 190 USD.
Equal opposite 10,000 EUR deals at 1.10 and 1.12: netting is flat with 200 USD realized; hedging retains two tickets, gross 20,000 EUR and net zero, with 200 USD floating at any common mark.

4. Limits and files
No margin, SL/TP, FIFO, Close By, costs or broker settlement is simulated. On a real hedging account, closing a selected position identifies its ticket and quantity; a new opposite entry is different.
Save valid results and assumptions; edits hide the previous result and current CSV.
Files: example-deals.csv; reference-ledger.csv. Import fractional reference fields as text, not dates.
Observation / unresolved question: __________________