TBT — TEST BEFORE TRADE
Backtesting and Risk Disclaimer
Effective and last updated: 3 August 2026
Important warning
Backtest results are hypothetical. They do not represent actual trading and do not predict or guarantee future performance. Trading and investing can result in partial or complete loss of capital.
1. Not investment advice
TBT provides calculation tools, not investment advice, research recommendations, stock tips, personalized suitability analysis, portfolio management or trade execution. No result should be interpreted as an instruction to buy, sell or hold any security.
2. Hypothetical performance
A backtest applies defined rules to historical candles. It benefits from knowing the historical data set exists and cannot fully reproduce the uncertainty, emotions, execution constraints and changing market structure of live trading. Historical success may not continue.
3. Costs and execution may be excluded
Unless a strategy screen expressly states otherwise, results may exclude brokerage, exchange charges, taxes, stamp duty, securities transaction tax, slippage, bid-ask spread, market impact, liquidity limits, partial fills, rejected orders, circuit limits and delayed execution. Including these factors can materially reduce performance.
4. Data and modelling risks
Results can be affected by missing or corrected candles, timestamp conventions, corporate actions, symbol changes, delistings, survivorship bias, data availability, rounding, indicator warm-up, parameter selection and coding assumptions. A small change in a rule can produce a very different result.
5. Overfitting
Repeatedly changing parameters to maximize historical profit can produce a strategy fitted to noise rather than a durable market effect. Consider out-of-sample testing, walk-forward analysis, multiple market conditions and realistic costs before drawing conclusions.
6. No guarantee of availability or accuracy
TBT and third-party data services may be delayed, incomplete, unavailable or changed. Calculations may contain software defects or interpretation differences. Verify important results independently before relying on them.
7. Your responsibility
You are solely responsible for deciding whether to trade, selecting position size and managing risk. Consider your financial position, experience and ability to bear loss. Seek advice from appropriately qualified professionals where necessary.
8. Acceptance of risk
By using TBT, you acknowledge that you understand these limitations and accept responsibility for decisions made after reviewing any backtest result.