Forex, futures, stock, and options trading is not appropriate for everyone. There is a
substantial risk of loss associated with trading these markets. Losses can and
will occur. No system or methodology has ever been developed that can guarantee
profits or ensure freedom from losses. No representation or implication is
being made that using this methodology or system or the information in this
letter will generate profits or ensure freedom from losses.
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.