Let me break down the math on trading fees since this trips people up constantly.

One basis point equals 0.01%. Sounds tiny, right? Here's what it actually costs you on a $100k position:

• At 0.5 bps → you're paying roughly $5
• At 5 bps → that jumps to around $50

Now picture this: your trading costs spike from 0.3 bps to somewhere between 4-5 bps. You just went from dropping $3 per move to bleeding $40-50 every time you enter or exit a position.

That's not a rounding error. Over multiple trades, we're talking real money that eats straight into your returns. Always factor in how fee structures shift your actual profitability.