Risk disclosure

Trading risk

Trading stocks and other securities involves substantial risk of loss. Prices move quickly and can gap past any limit. Past performance does not predict future results. You may lose more than you invest in a margin account. Only trade with money you can afford to lose.

What Roaraq does

Roaraq checks the orders you place through it against rules you set, before sending them to your broker, and re-checks your account after each synchronisation. It refuses orders that break a rule and records why. It is a tool for discipline. It is not a guarantee, a hedge, a stop-loss or an insurance policy.

What Roaraq cannot do

• Stop orders you place elsewhere. An order entered directly at your broker or through other software is executed by your broker without any check by Roaraq. Roaraq detects such fills later and records them as unguarded. It cannot undo them.
• Enforce limits in real time. Post-trade checks depend on data from your broker and run on a schedule, normally every 60 seconds during market hours. Between synchronisations your account can move past a limit. A daily loss limit is enforced when the loss is observed, not when it happens.
• Guarantee prices or fills. The prices Roaraq uses to estimate an order's effect may be delayed or wrong. Whether, when and at what price an order fills is decided by the market and your broker.
• Prevent losses from open positions. Roaraq can refuse new orders. It does not close positions for you. When the kill switch is armed it also refuses closing orders through Roaraq, and you must manage positions at your broker.
• Replace your judgement. Rules are only as good as the numbers you put in them. Roaraq does not recommend settings and cannot know your financial situation.

Failure modes

When market data is stale, your broker is unreachable, the circuit breaker is open or the engine fails, Roaraq refuses orders that add exposure and allows orders that reduce it. This can stop you from placing an order you wanted. When an order's outcome is unknown, Roaraq never resubmits it; check your broker before retrying. Roaraq may be unavailable for maintenance. Your broker's platform is always available to you independently of Roaraq.

Paper and live accounts

Paper accounts simulate trading with no money at risk and may fill differently from a live market. Results in a paper account do not predict results in a live one. Live trading must be switched on explicitly, per account, after you acknowledge this disclosure.

No advice

Nothing in the terminal, the documentation or this website is investment, legal or tax advice. Roaraq is not a registered broker-dealer or investment adviser.