Last updated: 2026-06-11. By accessing this website you agree to these terms in full. If you do not agree, do not use this site.
This website is a public research log: it documents, for educational and scientific-curiosity purposes, the behavior of an automated, AI-assisted trading system operating a simulated paper-money account. The sole point of the site is observation and transparency. It exists so that anyone can openly inspect the trades an artificial intelligence makes under a fixed, pre-registered rule set — including its losses, errors, and failures.
Nothing on this site constitutes — or should be construed as — financial, investment, legal, accounting, or tax advice, or a recommendation, endorsement, offer, or solicitation to buy, sell, or hold any security or other financial instrument, or to pursue any strategy. The strategy rules are published for transparency, not as a suggestion that anyone use them. The securities that appear here are typically low-priced, low-float, highly volatile stocks in which rapid, total loss is possible.
The operators of this site are not registered as an investment adviser, broker-dealer, or commodity trading advisor with the SEC, FINRA, CFTC, NFA, or any other regulatory authority, in any jurisdiction. Always do your own research and consult a licensed financial professional before making any investment decision.
Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, because the trades have not actually 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 profits or losses similar to those shown.
Specific known gaps between this simulation and reality are disclosed on the methodology section of the main page, including ~15-minute delayed market data, synthesized bid/ask spreads, and the absence of real market impact. Real-world results would differ, possibly materially and adversely.
Trading decisions on this site are generated by an automated system that combines rule-based logic with a large language model (AI). Individual trades are not reviewed or approved by a human before "execution." AI systems can and do make errors, behave unexpectedly, and fail; the public incident log exists precisely to record such events. The output of this system must never be treated as authoritative or relied upon for any purpose.
You agree that any use you make of the information on this site is entirely at your own risk. Trading securities — especially the volatile small-cap stocks and the options featured here — involves substantial risk of loss, including loss of your entire investment, and is not suitable for every investor. Past performance, real or simulated, does not guarantee or predict future results.
Options carry heightened risk. The Heron experiment trades call options, which are leveraged, time-decaying instruments that can and frequently do expire worthless — a total (100%) loss of the premium. Options are not suitable for many investors. Before trading options anyone should read the OCC disclosure document, "Characteristics and Risks of Standardized Options." Nothing here is a recommendation to trade options or any security.
Content is provided "as is" and "as available," without warranty of any kind, express or implied, including accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose. Data may be delayed, estimated, or wrong; the site may be modified, interrupted, or discontinued at any time without notice.
To the maximum extent permitted by law, the operators of this site shall not be liable for any direct, indirect, incidental, consequential, special, or exemplary damages — including lost profits or trading losses — arising from or related to your use of, or inability to use, this site or its content, even if advised of the possibility of such damages.
This site may display third-party advertisements to fund its operation. Advertisers and ad networks have no influence over the experiment, its data, or its published results. The appearance of an advertisement is not an endorsement of the advertiser, and an advertiser's products (including any brokerage or trading service) are not endorsed by this site. See the Privacy Policy for ad-related data practices.
Site content (text, design, data presentation) is © its operators. You may quote or reference it with attribution and a link. Automated bulk scraping that degrades the site is prohibited.
These terms may be updated at any time; the "last updated" date above governs. If any provision is held unenforceable, the remainder stays in effect. This site is operated from the United States and these terms are governed by U.S. law.