This hypothetical section is a detailed look at backtesting of the Turtle breakout. By looking at the method without money management you can get a better idea of why we talk so much about money management at TurtleTrader. Trading only breakouts is pure folly.
Money management is the key to trading.
Unlike an actual performance record, simulated 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. Simulated trading programs in general 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 the profits or losses similar to those shown.