Risk disclaimer

Education, not advice

Everything on this site is general education about how markets, accounts and trading tools work. None of it is investment, tax or legal advice, and none of it takes account of your circumstances, goals or finances. No page is a recommendation to buy, sell or hold any security, or to open an account with any broker or prop firm. Before you make a decision that matters, consider speaking to a licensed professional who can look at your situation.

Trading and investing carry risk

Prices can fall quickly and by large amounts. You can lose some or all of the money you put in, and with margin, short selling or selling options you can lose more than you put in. Options can expire worthless. Stop orders do not guarantee an exit price, and prices can gap past them. Past performance of a security, a strategy or a setup does not tell you what will happen next.

Prop firm accounts

Prop firm evaluations cost money, and their rules differ from firm to firm and change over time. Many funded accounts trade in a simulated environment. The rule sets described on this site are hypothetical examples; the rules that apply to you are the ones on your firm's own pages, and the firm decides how they are applied.

Taxes and costs

Trading has costs beyond commissions: the bid-ask spread, borrowing costs on margin or short positions, and taxes on gains and dividends, which depend on how long you held, the type of account and where you live. Tax points on the site are general. None of the pages or calculators account for your tax situation.

Examples are hypothetical

Worked examples and quiz questions use invented accounts, companies and rule sets with round numbers to show how a calculation works. They are not descriptions of real companies or forecasts of real results.

Calculators give estimates

The calculators do arithmetic on the numbers you enter. Their output is only as good as those inputs, and several inputs, such as growth rates and implied volatility, are estimates by nature. Check any result before relying on it.

Data and third parties

The ticker tape shows quotes from a separate service that may be delayed or unavailable. Rules and platform practices change; check current rules with the IRS, the SEC, FINRA, your broker or your firm. See also the terms of use and the editorial policy.