Some academics misguide traders and hedge funds in focusing on combating data-mining bias when in most cases this is an exercise in futility, increases Type-II error out of bounds (missed discoveries) and diverts attention from the real problem, which is that most strategies fail due to changes in market conditions . . .
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CFTC RULE 4.41
Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated performance results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Hypothetical trading results 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 those shown.
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