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DISCLAIMER

*FUTURES, FOREIGN CURRENCY, AND COMMODITY TRADING INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN FOREIGN CURRENCY, COMMODITY, AND FUTURES TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE IN FOREIGN CURRENCY, COMMODITY, AND FUTURES TRADING CAN LEAD TO LARGE LOSSES AS WELL AS PROFITS. YOU MUST BE AWARE OF THE RISKS OF FOREIGN CURRENCY, COMMODITY, AND FUTURES TRADING AND BE WILLING TO ACCEPT THEM. DON’T TRADE WITH MONEY YOU CANNOT AFFORD TO LOSE.

CFTC RULES 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS, UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS 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 PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

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