I am analysing a data set of trader transactions and would like to implement the methodology found in the paper by Fishe and Smith 2012. The main problem I am having is understanding the difference between trading profits and position profits. I have read the article several times but I can't quite wrap my head around the two definitions.
I would really appreciate a simple numerical example showing how to define both profit terms, and subsequently how to define the measures of success for both overnight and intraday informed traders.
Thank you for your help.