Backtest Disclaimer
A backtest shows how a defined set of rules performed on historical data under stated assumptions. It is not a live trading record or a promise of future returns.
1. Historical results and live trading
Live outcomes can differ because of spread changes, commissions, slippage, gaps, liquidity, execution delays and differences between data feeds. Historical performance does not guarantee future results.
2. Rules and assumptions
Results depend on the rules, parameters, instrument, timeframe, data and execution assumptions used for that test. Evaluate the specification alongside the headline statistics. A change to those inputs can change the outcome.
3. Percentage-based reporting
The current Breakout Strategy example uses an initial reference of 100% and fixed risk of 1% of that initial reference per trade, without compounding. Daily, monthly and cumulative P/L are percentages of the initial reference, not cash balances. Other reports must be read according to their own stated basis.
4. Drawdown definitions
A decline measured against the initial reference differs from a decline measured against a previous peak. In the current example, 39% of the initial reference and 34.56% of peak are different measurements. Daily-close drawdown does not describe every intraday movement or open-position loss.
5. Daily data and available metrics
Daily totals do not contain the entry, exit and execution history of every trade. Metrics that require individual trades or intraday equity cannot be inferred from daily totals alone. Read the definitions and data coverage in each report.
6. Scope of the service
We provide testing and reporting of agreed strategy rules. We do not execute trades, manage your funds or assess your personal financial circumstances. Reports are not personalised investment advice or trading signals.
7. Questions about a result
Ask us to explain any calculation, unit or assumption before relying on a result. Contact us through the original Upwork project conversation.