Risk Disclosure
Last updated: May 5, 2026
The content on Harbinger Insights covers proprietary trading firms, brokers, financial markets, and trading strategies. Trading and investing involve substantial risk. This page sets out the disclaimers and limitations that apply to everything published on this site.
Not investment advice
Nothing on Harbinger Insights constitutes personalized investment advice, financial advice, trading advice, or any other type of advice. The author, Daniel Hayes, is not a registered investment advisor (RIA), broker-dealer, or financial planner. He is not licensed by FINRA, the SEC, or any equivalent regulatory body in any jurisdiction.
All content on this site is provided for informational and educational purposes only. Readers should consult a qualified financial professional licensed in their jurisdiction before making any investment, trading, or financial decision.
Trading involves risk
Trading any financial instrument — stocks, options, futures, forex, cryptocurrencies, or others — involves substantial risk of loss. You can lose more than your initial investment when trading instruments that involve leverage. Most retail traders lose money over time. Past performance is not indicative of future results.
The strategies, techniques, and approaches discussed on this site may not be suitable for your financial situation, risk tolerance, or trading experience. What worked for the author may not work for you.
Proprietary trading firm risk
Proprietary trading firms (“prop firms”) are not regulated as broker-dealers in most jurisdictions. They typically operate under the legal structure of paying traders for performance on simulated or company-funded capital, rather than holding customer funds.
This means:
– Your relationship with a prop firm is contractual, not custodial
– Prop firms can change their rules, account types, and payout policies at their discretion
– Prop firms can fail, close, or exit specific markets — historical examples include MyForexFunds (closed 2023) and others
– The challenge fees you pay are not refundable in most cases regardless of outcome
– “Funded” accounts at most prop firms are simulated environments where the firm pays you for performance, not arrangements where you trade live capital
Read the contract terms of any prop firm carefully before purchasing a challenge.
Forward-looking statements
Some content on this site contains forward-looking statements — observations about what may happen in markets, with specific firms, or with regulatory environments. These are opinions based on the author’s analysis at the time of writing. They are not predictions, guarantees, or certainties. The author may update or contradict these statements as conditions change.
No guarantees
We do not guarantee:
– Profitability of any strategy, technique, or approach discussed
– Accuracy of every fact published, despite reasonable efforts (see our Editorial Standards for our corrections policy)
– Continued availability of any product, firm, or service mentioned
– That any prop firm or broker will continue to operate, honor payouts, or maintain stated rules
Affiliate relationships
This site uses affiliate links. See our Affiliate Disclosure for details. Affiliate relationships do not influence the analysis published on this site (see our Editorial Standards).
Limitation of liability
To the maximum extent permitted by applicable law, Harbinger Insights, Daniel Hayes, and any affiliated parties are not liable for any losses, damages, or other consequences arising from:
– Reliance on any content published on this site
– Decisions made based on any review, analysis, or commentary
– Use of any product, firm, or service discussed on this site
– Errors or omissions in published content
Jurisdiction
This site is operated from the United States and content is written for a US audience. Some products and services discussed may not be available, may be regulated differently, or may be illegal in your jurisdiction. It is your responsibility to verify the legality and availability of any product or service before using it.
Contact
For questions about this disclosure, write to [email protected].