The process of strategy development is that of turning ideas into money. There are numerous steps in between, many of which are unknown to people entering into the space. We talk about the common workflows for turning ideas into models, evaluating models, constructing risk constrained portfolios, and executing profitable trades. We also talk about some of the common failure modes in each, and what to be aware of to help avoid them. Among the free and open source tools we’ll discuss are alphalens, the Quantopian risk model, and pyfolio.