PLEASE READ AND ACKNOWLEDGE THE
FOLLOWING BY CLICKING I Understand and Agree with the Above Statements AT THE BOTTOM
OF THE PAGE
HYPOTHETICAL OR SIMULATED
PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE ACTUAL
PERFORMANCE RECORDS, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.
ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY
HAVE OVER OR UNDER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET
FACTORS SUCH AS A 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.
THERE ARE FREQUENTLY SHARP
DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL
RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF
THE LIMITATIONS OF HYPOTHETICAL TRADING IS THAT SUCH TRADING DOES NOT
INVOLVE FINANCIAL RISK AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY
ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE,
THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING
PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN
ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER
FACTORS RELATED TO THE MARKET IN GENERAL OR TO THE IMPLEMENTATION OF ANY
SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE
PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN
ADVERSELY AFFECT ACTUAL TRADING RESULTS.
BECAUSE THERE ARE NO ACTUAL
TRADING RESULTS TO COMPARE TO THE HYPOTHETICAL PERFORMANCE RESULTS,
CUSTOMERS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE
ON THESE HYPOTHETICAL PERFORMANCE RESULTS
No independent party has
audited the hypothetical performance record shown below, nor has any
independent party undertaken to confirm that they reflect the trading
method under the assumptions or conditions specified hereafter. While
the results presented below are based upon certain assumptions believed
to reflect actual trading conditions, these assumptions may not include
all variables that will affect, or have in the past affected, the
execution of trades indicated by the program.
The following hypothetical
results are based on the following assumptions:
1. The performance
results assume that no additions are made except for the starting equity
2. The hypothetical
record does not include any deductions for brokerage commissions,
exchange fees or slippage. To the extent that the fees charged to
a client are higher than the fees assumed to be charged to the
hypothetical account, the rates of return included in the performance
record of the hypothetical account are higher than that which the client
would have obtained.
3. The simulation
assumes that prices are not influenced by the programs trades regardless
of the number of contracts executed.
4. The simulation
assumes purchase and sale prices based the first print. In actual
trading, prices received may or may not be the same as the assumed order
We caution prospective
subscribers to take seriously the warning required by the Commodity
Futures Trading Commission.
PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS. AN INVESTMENT IN COMMODITIES
IS SPECULATIVE AND INVOLVES A SUBSTANTIAL RISK OF LOSS. We believe
that the performance record presented herein may be of interest to
prospective subscribers, but encourage subscribers to look at such
information more as a statement of our objectives than as any reliable
indication that such objectives will, in fact, be achieved.
PLEASE ACKNOWLEDGE YOUR UNDERSTANDING
OF THE ABOVE INFORMATION BY CLICKING I Understand and Agree with the Above Statements