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THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY COMMODITY TRADING ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN, IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL COMMODITY TRADING PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR COMMODITY TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL COMMODITY TRADING PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL COMMODITY TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL COMMODITY TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL COMMODITY TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR COMMODITY TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL COMMODITY TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE COMMODITY MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC COMMODITY TRADING PROGRAM WHICH CAN NOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL COMMODITY TRADING PERFORMANCE RESULTS, AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL COMMODITY TRADING RESULTS. Disclaimer: Futures and Forex trading involves risk and is not for all investors. Past performance is NOT indicative of future results. Nothing contained herein shall be construed as an offer to buy, sell, or hold and securities of futures. This is intended for informational purposes only. Trading involves risk and should be pursued with risk capital only!