Disclaimer

The authors may or may not have positions in the securities or related financial instruments mentioned in the articles. Data is provided on a best-effort basis, and we do not guarantee the accuracy of any data provided.

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Trading futures and foreign exchange (forex) carries substantial risk and is not suitable for every investor. An investor could potentially lose all or more than the initial investment. Only risk capital should be used—that is, money that can be lost without jeopardizing one's financial security or life style. Only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Hypothetical performance results have many inherent limitations. No representation 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 hypothetical performance results and the actual results subsequently achieved by any particular trading program.

Some limitations of hypothetical results include:

• They are generally prepared with the benefit of hindsight.
• Hypothetical trading does not involve financial risk.
• No hypothetical trading record can completely account for the impact of financial risk in actual trading (e.g., the ability to withstand losses or adhere to a particular trading program in spite of trading losses).
• There are numerous other factors related to the markets 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.