In our back testing we used the following system:

	1.	A list of stocks was obtained for a particular month. For example in February 2004, 10 stocks were listed.
	2.	All previously owned stocks would be sold at the closing price on the last trading day of the month. In other words, stocks on the January list would be sold on the last trading day of January at the closing price.
	3.	At the same time, all stocks for the following month would be purchased, i.e. February stocks would be purchased on the last trading day of January at the closing price.
	4.	The system would require that 1/10th of the total capital available would be invested in each stock. In the example, there were 10 stocks listed for February 2004.
	5.	The Stocks would be held until the last trading day of Februaryand then all stocks in the February list would be sold at the closing price.
	6.	The system is repeated each month.

Using the ‘BackTest Details’ option you can select whichever month of whichever year you want to see the transactions for that month:

Press the button for the required year/month and the transactions are then displayed, together with the calculation used in determining the return for that particular month: