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Paper Trading and Simulated Trading Disclosure

How the simulation works and where it differs from real trading.

Paper trading lets you practise with virtual money. The simulation is deliberately simplified:

• Fills: market orders fill immediately at the displayed price plus a small estimated slippage; limit and stop orders fill when the displayed price reaches them. Real markets have queues, partial fills, rejections and wider spreads.
• Liquidity: the simulation assumes your full quantity can be traded; in reality thinly traded strikes or contracts may not.
• Charges and taxes: estimated using simplified rates labelled as simulated; actual rates change and differ by broker.
• Margin: estimated; real exchange and broker margins can be higher and change intraday.
• Prices: come from your own broker connection, a public crypto feed, or a built-in simulator with made-up prices.
• Emotions and discipline: the simulation cannot reproduce the pressure of risking real money.

Simulated results are educational and must not be presented or relied on as real trading results.