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RISK DISCLOSURE

*Past results are hypothetical. The strategies have been back tested using Trade Station. 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 or the impact, if any, for 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. Futures, Options, Forex, and stock trading involve 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, futures contracts, and cash foreign exchange currencies. This is intended for informational and educational purposes only. Trading involves risk and should be pursued with risk capital only.