Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange can be substantial. You should carefully consider whether such trading is suitable for you in light of your financial condition. Only risk capital should be used. 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.