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Steve,
To illustrate my point …
The first chart is trading fixed amounts of $10000 with initial equity of $10000 or initially 100% and then obviously in declining percentages as equity increases. What the chart shows is better returns to the left and a maximum DD of 1.56%. These results to me are at best misleading.
The second chart shows trading being fully invested. One can see the in this chart what the consistency of the returns actually are and also the true maximum DD. Notice how both of these are hidden in the above chart.
Fred
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