Apologies for the naive question. I'm a programmer and have some historic data and a strategy I'd like to vet. I realize there are many nuances to backtesting, mainly centered around the various biases. However I'm wondering if backtesting, at its essence, is simply running historic data through the algo, recording the trading decisions, and then gathering results. Again, I realize this is a vast simplification, I'm really trying to get a basic intuition for backtesting in general. Any help is appreciated.