4. Stock and ETF options exercise: If an option's intrinsic value is less than $0.01 at the time of expiration, it is considered to have no value; if the intrinsic value is $0.01 or higher, the option will be settled into stocks.

5. Index options exercise: If an option's intrinsic value is less than $0.01 at the time of expiration, it is considered to have no value; if the intrinsic value is $0.01 or higher, the option will be settled into cash.

6. Multi-leg options: Only covered calls and covered puts are supported.

7. Order types: Only limit orders can be placed for multi-leg options, while other tradable assets are open to the choice of limit or market orders.

8. Settlement rules: In the paper trading system, the settlement rules are simplified, with funds settling on a T+0 basis and fees settled in real time.

9. Margin requirements: For long stock positions, the initial margin is set at 50%, with a maintenance margin of 40%. For short stock positions, an initial margin of 60% is required, along with a 50% maintenance margin. Margin calculations in the paper trading system could vary from that of real market trading. Please refer to the paper trading system for specific margin requirements.

10. Discrepancies may exist between the paper trading system and the live trading system. In case of any inconsistencies, data from the paper trading system shall prevail.

11. Corporate action: The paper trading system accommodates stock splits, reverse splits, and dividend payouts for stock holdings. If a stock is delisted for any reason, trading of that stock will be halted, and the system will return the virtual funds to your virtual account at the last closing price. For options, the system does not accommodate any corporate actions. Affected options will no longer be available for trade until it expires, and your account will be credited with virtual funds at the last closing price.

12. Forced liquidation: The paper trading system will liquidate the positions in your account during the trading session when your net asset value falls below the required maintenance margin.

13. Stock trading fees:

Commission: $0.0049/share, minimum $0.99/order，maximum 0.5% of the transaction amount
Platform fee: $0.005/share, minimum $1/order，maximum 0.5% of the transaction amount
Settlement fee: $0.003/share
Regulatory fee: $0.000008 * transaction amount, minimum $0.01/order (sell orders only)
Trading activity fee: $0.000166/share, minimum $0.01/trade, maximum $8.30/trade (sell orders only)

14. Option trading fees:

Commission: Option Premium>$0.1: $0.65/Contract; Option Premium≤$0.1: $0.15/Contract; minimum $1.99/order
Platform fee: $0.30/contract
SEC regulatory fee: $0.0000229 * transaction amount, minimum $0.01/order (sell orders only)
Trading activity fee: $0.00279/contract, minimum $0.01/order (sell orders only)
Options regulatory fee: $0.02915/contract

15. Margin trading fees: Short selling interest is calculated at an annualized interest rate of 6%, while margin financing interest is calculated at an annualized interest rate of 4.8%, both collected daily after the market closes.

16. Order matching: The paper trading system adopts order book matching rules. It verifies whether the last price falls between the best bid and best ask prices. If the buy order price is higher than the last price or the sell order price is lower than the last price, the system matches the order and adds it to the queue for execution.

17. Trading fees are deducted in the paper trading system. They do not involve any real expenses. No actual costs are incurred.

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關稅風暴暫離高壓區！市場能否迎來反彈？

當地時間4月22日，美國總統特朗普公開承認美國目前對中國出口商品的關稅過高，預計稅率將大幅降低；美國財政部長貝森特也表示中美雙方關稅戰將很快降溫。4月25日，特朗普表示將爲不同國家設定「公平的」關稅稅率。特朗普此次對華關稅態度的轉變，能否平息市場恐慌情緒？關稅拉鋸戰最終結局如何？ Show More

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Apr 14 07:43

"Leaving the Group - Raising Taxes - Tweeting: The 'Money Making Strategy' of the Most Wild Gemini in Contemporary Times"

It's said that Trump is a walking drama machine, raising tariffs today and praising China tomorrow, making stock investors feel like they are on a roller coaster every day. But if you have seen hisThe Art of Trade, and then take another look at hisGemini horoscope—Wow! This guy's approach is simply the business version of "Empresses in the Palace", with every step marked by the four big characters "I want to make money".
The main core strategy in the book "The Art of Trade" is the combination of business thinking and the art of gaming.
Its core logic can be summarized into the following five dimensions:
1. The underlying logic of "creating momentum" and "the combination of reality and illusion".
The book emphasizes "always let the other party make the first offer" and "exaggerate demand to gain leverage."

This strategy is often seen in tariff policies and trade negotiations.
[Example]
By imposing tariffs on various countries to create pressure, opponents are forced to the negotiation table, and then an agreement is reached through phased concessions.
II. Practical Application of the "Big Negotiation" Strategy

First, he scared everyone quite a bit, and then he gave a little reward.Imagine you are bargaining in a vegetable market, and Trump's approach is to first raise a loudspeaker and shout: "This pile of cabbage must be sold to me for 100 yuan today!" When the vendor is stunned, he suddenly rubs his hands and says: "But seeing that you are not having an easy time, let's settle for 80 yuan~"

[Example]
1. In 2018, tariffs were imposed on CN commodities, turning the global stock market into a green wilderness. Just when everyone was about to collapse, he suddenly signed a first-phase agreement and triumphantly tweeted: "No one understands deals better than I do!"

2. On April 2, 2025, ...

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