Risk disclaimer

Trading futures is risky

Trading futures and other leveraged instruments involves substantial risk of loss and is not suitable for every investor. Because of leverage, a small move in price can produce a large loss, and you can lose more than you deposited. Only trade with money you can afford to lose. Consider your experience, objectives and finances, and seek independent advice if you are unsure.

Not investment advice

Tessera is software. It is not a broker, an adviser or a commodity trading advisor, and it does not know your circumstances. Nothing in the app or on this site, including levels, statistics, alerts and anything the analyst writes, is a recommendation to buy or sell. Every decision to trade is yours.

The analyst can be wrong

The analyst is a language model running on your own AI subscription. It can misread a chart, a level or a number, rely on stale data, state something false with confidence, or draft an order that does not match what you meant. Its drafts are proposals: read the instrument, side, size, price and bracket before you approve one.

If you give a session Full access, the analyst can place, change and close orders on your accounts without asking, including live accounts, and it can act faster than you can follow. Use that mode only if you accept that risk, and set the risk limits you want before you turn it on.

Research, backtests and statistics

Research results describe how a rule behaved on past data. They depend on the data you have, how you split it, the costs you assumed and how many variants you tried, and they can be distorted by overfitting, look-ahead, survivorship and small samples. A result that held in the past may not hold in the future. Tessera shows sample sizes and keeps hypotheses, measurements and interpretation apart so you can judge them; it cannot make them predictive.

Hypothetical performance

Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

The same applies to paper trading: fills on a paper account are simulated and can be better than you would get in the market.

Software and connections fail

Tessera is in beta. Like any trading software it can have bugs, and it depends on your Mac, your internet connection, your broker, the trading system, data vendors and your AI provider, any of which can be slow, wrong or unavailable. Orders can be delayed, rejected, partly filled or filled at a worse price than you saw, and what the screen shows can lag the market. Keep another way to see and manage your positions, such as your broker's own platform or trade desk.

Copier, brackets and limits

Copying trades to several accounts multiplies your exposure, and a follower's fill can differ from the leader's. Brackets, breakeven, hotkeys, alerts and risk limits only act when Tessera and your connections are working, and only as you configured them. They are aids, not guarantees.

Prop-firm accounts

Evaluation and funded accounts carry the rules of the firm that provides them, such as daily loss limits, trailing drawdowns and restrictions on news or copying. Those rules are the firm's to enforce, and Tessera does not enforce them unless you set matching limits yourself. Check that your use of Tessera and of trade copying is allowed by your firm.

Demo data and this website

Charts, prices, orders, fills, journal figures and research results shown on this website are demo data or illustrations. They are not real trading results and do not suggest any result you might achieve.