Statement
Of Disclaimer
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 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 AND ALL OF WHICH
CAN
ADVERSELY AFFECT ACTUAL TRADING RESULTS.