Keep the source visible
A historical backtest estimates what rules might have done under specific assumptions. A real-time simulation records hypothetical decisions as data arrives. A broker paper account tests simulated order handling. A live brokerage record reflects actual account activity. Combining these into one performance line conceals meaningful differences.
A deposit is not a return
An account can grow because more capital was contributed. Returns require appropriate treatment of cash flows, a defined period and a stated methodology. Costs, unfilled orders and missing prices must not disappear from the explanation.
Broker account equity also differs from administrator-reported fund NAV. An investor portal should identify the accounting authority and the status of each figure: estimated, unaudited, administrator-reported or audited. Without the underlying evidence, the appropriate display is unavailable.
Operational success and investment success
A system may send, reconcile and explain an order correctly while the strategy loses money. Operational reliability is necessary; it does not establish investment merit. Evaluation should track both, using a comparison selected before the results are known.