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Futures, Commodities and Forex trading contains substantial risk and is not for all investors. An investor could potentially lose all of or more than their initial investment depending on the vehicle traded. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk capital is money that can be lost without jeopardizing ones' financial security or lifestyle. The decision whether to invest is made by the individual on a case-by-case basis. Past performance is not necessarily indicative of future results. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program or systematic rules-based algorithm. One of the limitations of hypothetical performance results is that this type of report is prepared with the benefit of hindsight. In addition, hypothetical trading does not involve any financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. A person’s ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. Also, the hypothetical nature of trades does not realize that the trades themselves might have shifted the market. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results - all of which can adversely affect trading results.

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