Research can reduce uncertainty. It cannot remove market risk.

Market risk

Prices can move rapidly and losses can exceed expectations, especially with leverage, illiquid markets or gaps. No research score, backtest or historical win rate guarantees a future outcome.

Execution risk

Broker acknowledgements, fills, slippage, latency, partial fills and rejected orders can differ from local expectations. A network timeout does not prove an order was not accepted; broker reconciliation remains authoritative.

Data risk

Feeds can be delayed, stale, venue-specific or unavailable. Live, delayed and historical states should be read as different data conditions.