THERE IS THE RISK OF LOSS IN COMMODITY FUTURES TRADING.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE MANY LIMITATIONS, = SOME OF WHICH ARE DESCRIBED BELOW. 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. ONE OF THE LIMITATIONS OF = HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED = WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL 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 ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. 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, = ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.