Risk Disclosure Statement

The risk of loss in trading commodities can be substantial. you should therefore carefully consider whether such trading is suitable for you in light of your financial condition. You should also consider the following before trading:

If you purchase a commodity option you may sustain a total loss of the premium and of all transaction costs.

If you purchase or sell a commodity future or options contract you may sustain a total loss of the initial margin deposit and any additional funds that you provide to your broker to establish or maintain your position. You may be called upon by your broker to deposit additional margin funds on short notice in order to maintain your position. If you do not provide the required funds within the prescribed time your position may be liquidated at a loss and you will be liable for any resulting deficit in your account.

Under certain market conditions you may find it difficult or impossible to liquidate a position. This can occur for example when the market makes a "limit move".

The placement of contingent orders by you or your trading advisor such as a "stop-loss" or "stop-limit" order will not necessarily limit your losses to the intended amounts. Extreme market conditions may make it impossible to execute such orders.

"Spread" orders may not always be less risky than a simple "long" or "short" position.

The high degree of leverage that is often available in commodity trading can work for you or against you. USe of leverage can lead to large losses as well a large gains. This brief risk disclosure is intended to make you aware of some of the risks involved in trading. Consult with a trading professional and/or carefully study the markets you intend to trade before placing trades. By being well prepared of the risks before placing a trade you can help minimize potential pitfalls that can occur.


Hypothetical Performance 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 can be sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations to 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 records 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 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, all of which can adversely affect actual trading results.