- The testing environment has not considered transaction or any other costs.
- Future price movements may not be exactly the same as the historical price movements and this could lead to variation in performance.
- The strategy might suffer from look-ahead bias which occurs due to use of information or data in a study or simulation that would not have been known or available during the period being analyzed. This can lead to inaccurate results in the study or simulation. Testing can sometimes lead to over-optimization. This is a condition where performance results are tuned so high to the past they are no longer as accurate in the future.
- The model assumes no slippages in trading. Slippage refers to the difference between the expected price of a trade and the price at which the trade is actually executed.
- Drawdowns in actual trading can be higher than the tested system and loses could significant in the event of leverage. Unforseen events can lead to variation in performance from the tested trading strategy.
- The tested result has been computed with price feeds available from Bloomberg. The strategy might suffer from data mining fallacy, selection bias and backfill bias.
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