# Risk disclosure > Futures trading carries a substantial risk of loss and is not suitable for everyone. Every StarTrading evaluation and funded account before the Live stage is simulated: results obtained there are hypothetical and do not represent real trading. A payout is a right under the rules, not a guarantee. Nothing on this site is investment advice. Version 1.0 · Updated 2026-09-10 · Source: https://startrading.io/legal/risk-disclosure ## Futures trading risk Futures are leveraged instruments. A small movement of the underlying market produces a large movement of the account, in both directions. Losses can exceed the initial margin on a real account. Market conditions, liquidity, news releases and platform issues can make it impossible to close a position at the price you expect. You should trade futures only with money you can afford to lose and only if you understand these risks. ## Simulated accounts Every evaluation and every funded account before the [Live program](https://startrading.io/rules/live-program) is a simulation. Orders are matched against market data in a simulated environment; they are not sent to an exchange, no real money is at risk, and the balance is a score. Simulated fills can differ from real fills: no partial fills on illiquid prices, no slippage beyond the model, no rejection by a real risk desk. Success on a simulated account does not mean that the same trading would succeed with real money. ## Hypothetical performance Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. ## What a payout is A payout is the share of simulated profit that StarTrading pays under the [payout policy](https://startrading.io/rules/payout-policy) when the rules of the account are met. It is a contractual payment by StarTrading, not a withdrawal of trading gains, and it depends on StarTrading’s ability to pay. Payout figures published on the [payouts page](https://startrading.io/payouts) are historical totals across traders and say nothing about what any trader will earn. Most traders do not pass an evaluation, and most funded accounts do not reach a payout. ## The Live program A Live account trades real money provided by StarTrading. The rules of the Live program, the starting drawdown and the loss allocation are described on the [Live program page](https://startrading.io/rules/live-program) and in the separate agreement signed before activation. A Live account can lose the allocated capital; it is closed when the drawdown is hit. ## The evaluation fee The fee you pay is the price of a service. It is not an investment, it is not a deposit and it is not a margin. It is lost if the evaluation fails. The [refund policy](https://startrading.io/legal/refund-policy) describes the only cases where it is refunded. ## No advice Nothing on this site, in the dashboard, in our emails or in our community channels is investment advice, a recommendation or a solicitation. Examples on the rule pages and in the blog illustrate the rules with round numbers; they are not trading strategies. StarTrading is not a broker and is not regulated as an investment firm: StarTrading Ltd holds no licence from the Cyprus Securities and Exchange Commission and provides no regulated investment service. ## Your responsibility You decide alone what to trade, when and in what size. You are responsible for the tax treatment of payouts in your country. If you are unsure whether futures trading is suitable for you, seek independent advice. ## Sources - Commodity Futures Trading Commission, [17 CFR § 4.41](https://www.ecfr.gov/current/title-17/chapter-I/part-4/subpart-B/section-4.41): the hypothetical performance disclosure reproduced above. - National Futures Association, [investor resources on futures risk](https://www.nfa.futures.org/investors/index.html).