Large language models (LLMs) and agentic systems are increasingly proposed for financial trading, yet their reported performance remains difficult to compare because studies vary in data provenance, temporal split discipline, execution timing, turnover treatment, and transaction-cost modeling. This article presents a targeted topical review and reproducibility audit of execution realism in LLM-based trading research. A coded evidence matrix covering 30 trade-relevant primary studies is used to assess point-in-time controls, split transparency, held-out evaluation, cost and turnover treatment, execution semantics, universe definition, and artifact release. Across the audited sample, architecture reporting is generally clearer than the evaluation assumptions needed to judge whether a trading result is economically interpretable or reproducible. A 10-equity worked example is included only as a methodological scaffold to illustrate how explicit friction and timing choices can materially compress active-strategy results. The main conclusion is that the next useful step for LLM trading research is not only better agent design, but also clearer reporting standards for execution realism, reproducibility, and evaluation comparability.

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