Trading-signal costs: the follower fill register comes first

A dated correction preserves general SEC cost guidance while withdrawing unsupported channel, execution, return and sizing results.

What changed in this article

Editorial correction · 9 September 2026. The original article was published on 13 February 2026 and claimed 620 follower execution paths across 18 channels, −9.2% annualized underperformance and a 54%-win-rate subset with −1.8% net CAGR after friction. It did not preserve the channel universe, signal timestamps, follower fills, delay model, benchmark, cost rows or calculation output. Those cohort, return, friction and sizing claims are withdrawn. The original URL and publication date remain unchanged.

The fact that fees can matter is a general measurement premise. It is not evidence for an article-specific execution result.

What the dated records establish

Source date and record	Dated fact	Boundary
23 July 2025 · SEC Investor Bulletin on fees and expenses	The SEC explains that fees and expenses reduce the amount of an investment portfolio earning a return and encourages investors to review disclosures.	This establishes a general cost mechanism. It does not establish a follower fill, delay or net-CAGR sample.
9 January 2017 · SEC Investor Alert on excessive trading	The SEC identifies frequent trading, excessive fees and churning as risks to investigate in account records.	The alert is general investor guidance, not a validation of the preserved 620-path study or any sizing rule.
Barber and Odean, Trading Is Hazardous to Your Wealth	A published academic study is method context for measuring trading behavior.	It is not the article's channel/fill register and does not reproduce its claimed result.

What is withdrawn

The 620-path/18-channel universe, 2024–2025 result, −9.2% annualized gap, 54% win-rate subset, −1.8% net CAGR, illustrative cost ranges, capital-path chart, process scores, 0.25%–1.0% sizing guidance, −15% trigger and watch/fail allocation rule are not verified findings. No replacement cost estimate, channel ranking or position-size advice is published.

The neutral method prompt remains: measure the same signal under a documented publish-time and follower-execution convention, then show the complete fill and friction register. A directional hit rate cannot by itself establish a follower's net outcome.

Minimum register for a future execution-cost study

Record channel and signal URLs; original timestamps and wording; instrument and venue; follower delay and fill; bid/ask, spread, fees, borrow and taxes; benchmark and exit rule; capital path; inclusion/deduplication; missing fills; and the complete calculation output.

Original publication: 13 February 2026. Correction: 9 September 2026. AI-assisted source checking and writing; no independent human expert review. This page is educational market research, not personalized investment advice.