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docs: fix cost number consistency, drop em-dashes, trim scam section

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Co-Authored-By: Claude Sonnet 4.6 <noreply@anthropic.com>
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Dominik Moritz Roth 2026-05-27 16:01:03 +02:00
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@ -148,17 +148,17 @@ Simulated on 2020-2025 data, 7d hold, 1d entry delay, 10% of cash per signal:
| Small ($300M-2B) | 3,871 | ~1.5% | see plot | see plot | | Small ($300M-2B) | 3,871 | ~1.5% | see plot | see plot |
| Micro (<$300M) | 5,048 | ~5% (if listed) | see plot | see plot | | Micro (<$300M) | 5,048 | ~5% (if listed) | see plot | see plot |
**Note on micro-cap:** Alpaca does not allow opening new positions in OTC/Pink Sheet stocks (close-only). Most micro-cap signals involve OTC-listed names that are simply not tradeable. For exchange-listed micro-caps, realistic round-trip costs are ~5% or more based on SEC spread data — the simulated alpha disappears entirely at that cost level. **Note on micro-cap:** Alpaca does not allow opening new positions in OTC/Pink Sheet stocks (close-only). Most micro-cap signals involve OTC-listed names that are simply not tradeable. For exchange-listed micro-caps, realistic round-trip costs are ~5% or more based on SEC spread data. The simulated alpha disappears entirely at that cost level.
### About insidercopytrading.com ### About insidercopytrading.com
Their website advertises backtested returns that significantly outperform the market. Those numbers cannot be replicated in practice because the backtesting methodology omits the costs that matter most: Their website advertises backtested returns that significantly outperform the market. Those numbers cannot be replicated in practice because the backtesting methodology omits the costs that matter most:
- **Same-day entry** at the closing price of the filing date — a price you cannot buy at as a retail trader. - **Same-day entry** at the closing price of the filing date, a price you cannot buy at as a retail trader.
- **No spread or slippage** — SEC data shows small/micro-cap bid-ask spreads of 0.5-2%+ each way. - **No spread or slippage.** SEC data shows small-cap round-trip costs of ~1.5% and micro-cap of ~5%, matching the table above.
- **Survivorship bias** — signals for stocks that later delisted or became untradeable are excluded from their results but would have been part of your portfolio. - **Survivorship bias** -- signals for stocks that later delisted or became untradeable are excluded from their results but would have been part of your portfolio.
Under realistic assumptions, the strategy underperforms SPY across all tested parameters. [insidercopytrading.com](https://insidercopytrading.com) advertises performance numbers that their own subscribers cannot reproduce. Their website is rather pretty though, and their subscription revenue is presumably real. Under realistic assumptions, the strategy underperforms SPY across all tested parameters. [insidercopytrading.com](https://insidercopytrading.com) advertises performance numbers that their own subscribers cannot reproduce. Their website is rather pretty though.
Alpaca integration exists in the codebase (`broker/alpaca_client.py`) but is not fully implemented or tested. Alpaca integration exists in the codebase (`broker/alpaca_client.py`) but is not fully implemented or tested.