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Behind the Ledger

Why forward testing is the only unfakeable proof — and what our own public track records are teaching us. ← All articles

VWAP reversion intraday: the backtest that lost — published anyway

We backtested a 15-minute VWAP reversion strategy and it lost. We published it anyway and put it on our live forward-test ledger. Here's the whole record.

2026-08-05 · 6 min read

Backtest vs forward test: why edges disappear when they go live

A backtest can be accidentally (or deliberately) flattering. A forward test on frozen rules can't. The difference explains most vanishing edges.

2026-08-05 · 8 min read