Three kinds of result
- Backtest: each strategy’s fixed rules applied to historical market data. Hypothetical.
- Paper record (simulated): the same engine running in real time since [date] on a paper account, with no real money. Simulated.
- Actual: results of real-money copying, shown only once they exist and labelled as actual.
Required statement on simulated results
These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.
Past and simulated performance is not a reliable indicator of future results.
What the figures include
- Trading costs: [spread, slippage and commission model].
- The subscription fee: not included; every figure is before it.
- A $100,000 starting account unless stated; the figures shown are a simulation with the trading size following the account as it grew (profits reinvested).
- End-of-day values: moves within a day are not shown.
- The strategies were chosen and sized with hindsight, after the period they are tested on; the years each strategy’s rules were not fitted to are marked [on the chart, when T1 is final].
Every figure has a basis line under it saying what it is, the period and the setting.
The trading-size calculator
The calculator shows the same simulation at the size you choose: every day scaled in the same proportion, losses included. It leaves out margin limits, moves within a day, extra costs and the rounding of positions to whole contracts and shares.
Our records
We keep a source record for every number shown: where it comes from, the date and the settings.