The CFTC requires the following
Disclosure Statement in reference to Hypothetical Trading Results
We are required to state and you should know: Hypothetical
performance results have many inherent 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. Furthermore,
only risk capital should be used for commodity futures trading due to the high
risk of loss involved in commodities trading. 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 (and incur account drawdowns) or to adhere to a particular
trading program in spite of trading loses are important issues 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, method or system, which cannot be completely taken into
consideration with hypothetical performance results and will effect trading
results & your P&L."
This is not a prospectus; no offer on our part with respect to the sale or
purchase of any securities is intended or implied, and nothing contained herein
is to be construed as a recommendation to take a position in any market. The
intent of the Webtrading.com information supplied to INDIVIDUAL is for
instructional purposes only. Webtrading.com information supplied to INDIVIDUAL
is designed to discuss the market environment, technical analysis, movement of
the price action, configuration of indicators, calculation of the measurement
of the trading market and to calculate the levels of risk. The idea is that
with repetitious exposure to a disciplined approach of this short term trading
methodology, INDIVIDUAL can learn to understand the methodology for independent
application. The material presented herein has been obtained or derived from
sources believed to be accurate, but we do not guarantee its accuracy. There
have been no promises, guarantees or warranties suggesting that any trading
will result in a profit or will not result in a loss. Results can and will vary
between individuals. INDIVIDUAL is responsible to use good judgment when
trading. All trading system performance claims are based on comparing
hypothetical trading results with other trading systems in the financial
market. All historical performance trading system results are not achievable in
real trading because slippage and the psychological factors of a trader cannot
be accurately accounted for. The "System Performance" records are
representative of hypothetical trading results of our trading systems.
Reasonable slippage, commission, individual’s emotion, levels of
discipline and self-control need to apply independently to estimate the actual
trading results. All trading involves high risk; past performance is not
necessarily indicative of future results.
Commission Rule 4.41(c)(1) applies to "any publication, distribution or
broadcast of any report, letter, circular, memorandum, publication, writing,
advertisement or other literature." Commission Rule 4.41(b) prohibits any
person from presenting the performance of any simulated or hypothetical futures
account or futures interest of a CTA, unless the presentation is accompanied by
a disclosure statement. The statement describes the limitations of simulated or
hypothetical futures trading as a guide to the performance that a CTA is likely
to achieve in actual trading.
Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results
have certain inherent limitations. Unlike an actual performance record,
simulated results do not represent actual trading. Also, since the trades have
not actually 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 profits or losses similar to
those shown.
The information provided in this website does not constitute a
solicitation to invest in any Pool, CTA or Managed Account, included herein.
Prior to making an investment in a futures pool or directly with a CTA, one
should carefully study the prospectus and/or disclosure document required by
the CFTC. This website and our publication is designed to provide readers with
accurate and objective information in regard to managed futures investments. It
is provided with the understanding the publisher or its editor, is not engaged
in rendering legal, financial, brokerage, or other professional advice. If
legal or other expert assistance is required, the services of a competent
professional in the applicable field should be sought.
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