article
Backtest vs. Paper vs. Live Trading: What Each Stage Can Actually Prove
Backtests, paper trading, and live trading answer different questions. Treating them as interchangeable is one of the easiest ways to overstate strategy evidence.
Topic
paper trading
2 published pieces on this subject.
article
Why Paper Trading Is Not Live Trading
Paper trading is valuable because it tests a running system, but it still leaves important execution, liquidity, and behavioral risks unresolved.