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Futures and forex trading contains substan1al risk and is not for every investor. An investor could poten1ally lose all or more than the ini1al investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indica1ve of future results.

Hypothe1cal performance results have many inherent limita1ons, some of which are described below. No representa1on 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 hypothe1cal performance results and the actual results subsequently achieved by any par1cular trading program. One of the limita1ons of hypothe1cal performance results is that they are generally prepared with the benefit of hindsight. In addi1on, hypothe1cal trading does not involve financial risk, and no hypothe1cal trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a par1cular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementa1on of any specific trading program which cannot be fully accounted for in the prepara1on of hypothe1cal performance results and all which can adversely affect trading results.