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Pages
accessed beyond
this point report
hypothetical testing
results of several
trading systems.
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
of $0.0.
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
prices
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
BELOW:
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