Risk Disclosure

1. Trading risk

Prices can move quickly and against you. You can lose some or all of the money you invest. Only trade with money you can afford to lose.

2. Margin

Trading on margin uses borrowed money. Losses can be larger than the money in your account, your broker can sell your positions without asking, and you pay interest.

3. Short selling

When you sell short, your possible loss has no upper limit, because a price can keep rising. Borrowing shares can cost fees, and shares can be recalled.

4. Options

Options can lose all their value quickly, especially near expiration. Selling options can lose more than the premium received. Read your broker’s options disclosure (Characteristics and Risks of Standardized Options) before trading options.

5. Automated trading (FST)

Auto trade sends orders to your broker following the rules you set. You chose the rules and you turned it on. Be aware that:

• Orders can fill at a different price than expected, fill partly, or not fill. Fast markets, gaps and low volume make this more likely.
• Software, data feeds, internet connections and broker systems can be delayed or fail. An order can be sent late, twice, or not at all.
• Your risk limits reduce risk but do not remove it. Stops are not guaranteed to fill at the stop price.
• You should watch your account and know how to turn auto trade off and how to reach your broker directly.

6. Paper trading and backtests

Paper trades and backtests are hypothetical. They do not include real fills, slippage, fees, borrowing limits or the emotions of real money. Good paper or backtest results do not mean live results will be good.

7. Data and AI

Market data can be delayed, missing or wrong. AI answers can be wrong or out of date. Check important information before you act.

8. Past results

Past results, real or hypothetical, including results shown in any demo, do not guarantee future results. Results shown are not typical, and yours will differ.