Paper Trading vs Backtesting: Keep the Evidence Separate

Use historical rule tests, discretionary replay and a paper account as different checks of a trading workflow.

A backtest applies a defined rule

A historical simulation can examine a fixed algorithm over data you supply, subject to its timing, costs and modelling assumptions. Repeated parameter selection on the same sample can make the result look better without establishing an independent outcome. Inspect our backtesting catalogue and SMA lab.

A paper account tests operations

Order handling, connection behavior and account configuration are useful paper exercises. They do not prove live queue position or profitability. Do not use an easy fill to validate a strategy whose result depends on liquidity.

A journal connects decisions with review

Record your intended setup and a reconciled completed trade, then review net fees and planned-risk coverage. Our replay exports complete round trips separately from open positions. Compare journals and use the free closed-trade tool after mapping the exported columns; there is no claimed automatic schema compatibility.