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RISK DISCLOSURE STATEMENT -
THE RISK OF LOSS IN TRADING COMMODITIES CAN BE
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SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY
CONSIDER WHETHER SUCH TRADING |
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IS SUITABLE FOR YOU IN LIGHT
OF YOUR FINANCIAL CONDITION.
IN CONSIDERING WHETHER |
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TO TRADE OR TO AUTHORIZE
SOMEONE ELSE TO TRADE FOR YOU. YOU SHOULD BE AWARE
OF |
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THE
FOLLOWING: |
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* Some performance summaries are
based on trading multiple contracts, your results may differ
depending |
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on the quantities you
trade. |
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* Since brokerage commissions will
vary from client to client, your results may differ depending on
what |
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you pay for
commissions and fees. |
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* The above performance numbers are
gross performance results and do not take either
commissions, |
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slippage or other fees
into consideration since these will vary from account to
account. |
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* Most performance summaries are
reported on a calendar basis.
Since not all investors start at
exactly |
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the same time, actual
performance may be different than reported results
above. |
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HYPOTHETICAL OR SIMULATED
PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. |
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UNLIKE AN ACTUAL PERFORMANCE
RECORD, SIMULATED RESULTS DO NOT REPRESENT
ACTUAL |
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TRADING. ALSO SINCE THE TRADES MAY NOT HAVE
ACTUALLY BEEN EXECUTED, THE RESULTS |
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MAY HAVE OVER-OR-UNDER
COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN
MARKET |
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FACTORS SUCH AS LACK OF
LIQUIDITY. SIMULATED TRADING
PROGRAMS IN GENERAL ARE |
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ALSO SUBJECT TO THE FACT THAT
THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO |
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REPRESENTATION IS BEING MADE
THAT THE ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS |
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OR LOSSES SIMILAR TO THOSE
SHOWN |