Trading in stocks, futures, securities, options or other derivatives, entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. Investing involves substantial risk and may not be suitable for the risk tolerance of all investors. All trading decisions are the responsibility of the trader. Past performance is not a guarantee of future results. Results are based on simulated or hypothetical performance and have certain limitations. The results shown in a performance report do not represent actual trading, because these trades have not actually been executed. The results may be over- or under compensated for the impact, if any, of certain market factors. 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 these being shown. Due to the uncertainty of market conditions there is a substantial risk of loss in trading.
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