Risk Disclosure

Market Risks

• Markets can be volatile, illiquid, fast-moving, and unpredictable. Prices can gap significantly, particularly around economic data releases, geopolitical events, and market opens or closes.
• Leverage and margin amplify both potential gains and potential losses. Leveraged positions can result in losses that exceed your initial deposit or account balance.
• Margin calls can occur with little or no warning, resulting in the forced liquidation of positions at unfavorable prices.
• Illiquidity can prevent you from exiting positions at intended prices, leading to significant slippage.
• Futures markets have expiration dates. Failure to manage contract rollovers can result in unintended position changes, delivery obligations, or forced liquidation.

Operational and Technology Risks

• Technology failures — including internet outages, server downtime, software bugs, API errors, and hardware failures — can prevent order entry, modification, or cancellation.
• Automated strategies can malfunction, execute unintended orders, fail to exit positions, or create cascading losses under certain market or system conditions.
• Connectivity issues between Trade Manager, your broker, and exchange systems can result in missed, delayed, duplicated, or rejected orders.
• Third-party brokers and exchanges may impose trading halts, circuit breakers, position limits, or account restrictions without notice.

Strategy and Configuration Risks

• No trading strategy, algorithm, or automated system can guarantee profitability or prevent losses.
• Backtested, simulated, or forward-tested results do not represent actual trading performance and may not accurately reflect future results.
• Misconfigured risk parameters, incorrect lot sizes, inverted signals, or logic errors can result in significant unintended losses.
• Strategies that perform well in certain market regimes may perform poorly or catastrophically in others.

Prop Firm and Account-Specific Risks

• Prop trading evaluation accounts have strict drawdown limits, position size limits, and behavioral rules. Violations can result in immediate account termination with no recourse.
• Prop firm rules change frequently. It is your sole responsibility to verify current rules before deploying any strategy.
• Trade Manager does not guarantee compliance with any prop firm's rules and is not responsible for account failures, rule violations, or loss of funded account status.

Regulatory and Legal Risks

• Trading regulations vary by jurisdiction. You are responsible for understanding and complying with all laws and regulations applicable to your trading activity.
• Tax treatment of trading gains, losses, and income varies by jurisdiction and instrument. Consult a qualified tax professional.
• Certain trading activities or strategies may be restricted or prohibited in your jurisdiction. You are solely responsible for compliance.

CFTC Required Hypothetical Performance Disclaimer

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

• Paper trading, backtesting, Monte Carlo analysis, simulated equity curves, and "what if" scenario tools in this platform produce hypothetical results that do not reflect actual executed trades.
• Simulated results assume ideal fill conditions that may not exist in live markets, particularly during high-volatility periods.
• Commission, slippage, and spread costs used in simulations may differ materially from actual live trading costs.
• Backtested results are computed with full knowledge of the historical price series and cannot be replicated in real-time.
• Forward-tested results on paper accounts may not reflect the psychological pressures of trading with real capital.