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In this episode of Market Mamas, futures day trader and host Becky Gaskell dives into the highly valuable, yet often postponed, practice of backtesting. After being encouraged by her mentor, Becky shares the powerful lessons she was reminded of from dedicated backtesting sessions, emphasizing how this "back-end work" is crucial for fine-tuning a trading system, strengthening pattern recognition, and reducing emotional, discretionary energy in live trading.
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Key Takeaways:
System Refinement: Use backtesting data to fine-tune entry criteria and systematize your trade plan for greater consistency.
Two Approaches: Backtest by either purely observing/note-taking or by simulating trades to build muscle memory.
Develop Patience: Backtesting teaches you to wait for high-probability setups that follow accumulation/distribution periods.
Optimize Risk Management: It is essential for analyzing and correctly placing stop-loss orders based on your specific trading parameters.
Episode Highlights and Timestamps:
[00:00:00] - Introduction to the topic: Backtesting and its role in strengthening a trading system.
[00:06:20] - The first major benefit: Backtesting eliminates the psychological pressure of live trading.
[00:09:57] - Two different ways to approach backtesting: purely observing vs. simulating trades.
[00:13:37] - The main goal of backtesting: Improving pattern recognition and becoming quicker at critical thinking.
[00:16:20] - How backtesting data helps systematize your rules and reduce emotional trading.
[00:19:10] - The importance of backtesting your specific trading time to maximize the refinement of your system.
[00:21:45] - Closing remarks and an offer to share a live backtesting session in a future episode.
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