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									  Editor in Chief:
  Lan H. Turner                                               In this issue...
  Editor:                                                                               Flight Center: Trading as a Business



                                                              03
  Scott Barrie                                                                          By: Lan H. Turner
  sbarrie@pitnews.com                                                                   Aside from what many people believe,
                                                                                        trading does not need to be so complicated
  Managing Editor:                                                                      and expensive to set up.
  Aaron Peck
  apeck@pitnews.com                                                                     Burgers Without Borders



                                                              07
                                                                                        By: Dr. Scott Brown
  National Sales Manager:                                                               Did the movie “Super Size Me” leave you
  Erik Akins                                                                            with a bad feeling about your urge to eat a
                                                                                        Big Mac?
  Art Director:
  Matthew Langenheim                                                                    Systems Trading



                                                              11
                                                                                        By: Lan H. Turner
  Production Manager:                                                                   While much of the public’s investments have
  Keegan Garrity                                                                        been mired in the ongoing economic drama,
                                                                                        there is a small group of people who are
  Controller:                                                                           reaping rewards through systems trading.
  Joseph Chambers




                                                              15
                                                                                        Off The Wall
  Webmaster:                                                                            By: Guy
  Jacob Anawalt                                                                         I notice there appears to be a lot of futures
                                                                                        traders here and the trades look exciting!!!
  Website:                                                                              Hopefully one day soon I’ll reach that point.
  http://www.pitnews.com

  Email:
  magazine@pitnews.com




PitNews.com Magazine July 009                                                                                                               

         Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
  Trading As A
                                                                                            A
                                                                                                          side from what many people
                                                                                                          believe, trading does not need
                                                                                                          to be so complicated and ex-

   Business                                                                                               pensive to set up.
                                                                                                             Depending on what your
                                                                                             trading goals are, it is these that will de-
         Part 10 of 10                                                                       termine how complex your set up needs to
                                                                                             be. Regardless if you are trading full or part
   “Forex Flight Center”                                                                     time, you really need to treat your trading
                                                                                             like you would any other business.
      By: Lan h. Turner
                                                                                                • You need to be serious and not
                                                                                                  treat it like a casino,
                                                                                                • You need to document all
                                                                                                  functions,
                                                                                                • You need to have systems and
                                                                                                  procedures that you always
                                                                                                  follow,
                                                                                                • You also need to regularly review
                                                                                                  these for efficiency,
                                                                                                • You need to back up all data,
                                                                                                • You need a contingency plan,
                                                                                                • All monies need to be accounted
                                                                                                  for.
                                                                                                 •

                                                                                             Systems
                                                                                                When deciding upon a trading set up, the
                                                                                             most important factor is that it fits with your
                                                                                             overall financial and lifestyle goals.
                                                                                                It is funny to hear a novice trader say they
                                                                                             are leaving their full time employment to
                                                                                             start ‘Day
                                                                                                Trading’, and that they are going to set up
                                                                                             a huge ‘Trading Room’ with ‘Dual Screens’
                                                                                            – when in fact they could be a more effective
                                                                                             trader trading the longer term trends of the
                                                                                             market – checking in on their positions once
                                                                                             a day or even as little, as once a week.
                                                                                                Plus they don’t need to outlay thousands
                                                                                             of dollars on high-tech equipment when
                                                                                             they can be very effective with a single
                                                                                             laptop.
          When deciding upon a                                                                  Every novice trader should start with a
          trading set up, the most                                                           laptop/desktop and at minimum ‘End of
                                                                                            Day’ checking of their positions, simply
          important factor is that it fits                                                   because they may find after a few months
          with your overall financial                                                        that the financial markets are just not for
                                                                                             them.
          and lifestyle goals.
                                                                                                Also if a trader cannot be consistently
                                                                                             successful over the longer time frames then
                                                                                             they certainly will not be successful either
                                                                                            Day Trading or Intra-Day Trading.
PitNews.com Magazine July 009                                                                                                               

         Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
                                                                              Once you have some experience under your belt, you may
                                                                           decide to step into the Day Trading or Intra-Day Trading
                                                                           arenas. Only then, after some intra-day or day trading testing
                                                                           with a
                                                                              Demo account, and some experience with real money, you
                                                                           may decide to go down the line of a professional trading
                                                                           set up which includes dual and/or larger screens.
                                                                              The reason that you need dual screens for Intra-Day or
                        Graph 1                                            Day Trading is because the view of a 5 minute chart or
                                                                           even a 60 minute chart is so zoomed in and magnified that
                                                                           you can lose sight of the overall picture.
                                                                              Looking at this 15 minute chart below (Graph 1) in
                                                                           isolation, looks as though the market is in a bull run
                                                                           (upward).
                                                                              But standing back and looking from a bird’s eye view at
                                                                           the weekly chart (Graph 2), you can see that this up trend
                                                                           all of a sudden is actually in a longer term down trend.
                                                                              And exactly why a trader needs two or more screens so
                                                                           that they can simultaneously watch the “bigger picture” as
                                                                           they trade.
                                                                              Otherwise it would be very easy for them to miss signifi-
                                                                           cant information, such as longer term resistance or support
                                                                           levels that the market may be approaching. Watching a
                                                                           shorter time frame only, you would be oblivious to these.

                                                                          Tidy Records
                                                                              Keeping on top of your records is just as important as
                                                                           if you were in any other type of business. Don’t think “it
                                                                           will be alright, I’ll get to it later”, as most often important
                                                                           details can be lost from memory if not logged straight
                                                                           away.
                                                                              Most Brokers will provide you with regular account
                                                                           statements detailing all results of your Buys and Sells, and
                        Graph                                             any fees/brokerage/interest paid or received. At the end
                                                                           of the financial year ask your Broker for a statement that


PitNews.com Magazine July 009                                                                                                               

         Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
 summarizes all this information that you can pass it on to   • Books
 your taxation accountant.                                    • Electricity
    You may choose to transfer your trading results into a    • Stationary
 standalone Portfolio Manager software, but it is a good      • Charting software
 idea to ensure there is a good reason why you are doing it   • Brokerage interest and fees
 and you aren’t just doing this for the sake of doing it.
    Double handling or duplicating information will just      So it is important to keep all your receipts as proof of
 create a laborious situation, which may not be necessary.  purchase and filed away safely.

 Taxation                                                                    Trading Diary
    Depending on the country and state that you reside, will                    As boring and monotonous as it may sound, it is im-
 determine the treatment of the taxation on trading and                      portant that you keep a diary on all of your trades. This
 investing in the financial markets.                                         diary is more of a record around your thoughts, feelings
    So you will need to find out from your accountant what                   and emotions at the time of each trade.
 you will be eligible to claim.                                                 Within this diary you don’t need to worry about docu-
   Taxable items will generally be things like your;                         menting your entry and exit prices and final results as those
                                                                             will be in your Account statements and/or your Portfolio
    •   Laptop                                                               Manager Software.
    •   Desktop                                                                 Creating the opportunity to ‘reflect’ upon your emotional
    •   Data feeds                                                           state; pre, during and post every trade, is invaluable.
    •   Internet connection                                                     Obviously you need to ensure you can marry up these
    •   Educational courses                                                  document emotions up with the individual trade details
    •   Educational magazine subscriptions                                   should you ever need to delve further. This can be done
                                                                             simply with the date and final results of the trade.



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PitNews.com Magazine July 009                                                                                                                 

           Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
Example of a Trading Journal:




  The majority of our mistakes made in trading are when                        Reflecting on these emotions will allow you to be able
our decisions are based upon emotions. So documenting                       to identify your weaknesses, and either turn them into
what emotions you are feeling as time progresses will                       strengths or find a process to ensure you are not adversely
enable you to look back and analyze ‘hindsight’ correctly.                  affected by them. You may need to source external assis-
  It is quite easy to forget the array of emotions that you                 tance in these weaker areas.
will feel throughout all phases of a trade.



PitNews.com Magazine July 009                                                                                                                

          Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
D
                                                             each trading partner country…
               id the movie “Super Size Me” leave you          The nice thing about PPP is that it can help you get an
               with a bad feeling about your urge to eat a   idea of what the equilibrium Forex rate should be in the
               Big Mac? Well let me show you a way to
               turn the battle of your bulge into windfall
               profits.
   McDonald’s operates highly standardized restaurant
operations in 119 countries worldwide. This means a
mouth watering Big Mac in the euro-zone is exactly the
same hamburger in the United States!                         pair you’re trading.
   So if the Forex rate is $1.4568 USD/EUR and a Big
Mac costs $2.45 USD than it should cost €1.68 EUR              The Economist each year compiles local prices of Big
in Europe. That’s because 1.4568 USD/EUR = 0.6864            Macs around the world and calculates purchasing price
EUR/USD. And $2.45 USD X 0.6864 EUR/USD =                    parity based on the “Big Mac.”
€1.68 EUR                                                       It gives you the exchange rate that makes the hamburger
  These numbers make it easy for you to set up the           prices between America and elsewhere equal. Then it
mathematical relationship called purchasing power parity     compares the implied PPP rate to the actual rate to see if
investment, which savvy David Ricardo saw a couple           there is a violation of PPP.
hundred years ago. Purchasing Power Parity (PPP) simply         Look the last column in the table below. If a hamburger
says that the exchange rate of a major Forex trading pair    has a negative number in the euro-zone that means the
— such as that between the U.S. Dollar (Forex Symbol:        currency is undervalued (-) and the EUR should appreci-
USD) and the euro currency (Forex Symbol: EUR) should        ate. If the Big Mac is overvalued (+) in the euro-zone the
simply be the ratio of prices of two identical products in   EUR should depreciate.
   Econo nerds bag on The Economist every time the maga-                         Notice how well it gives you an idea that something
zine updates the index claiming that burgers can’t be traded                  is up!
across borders. They say prices may be distorted by taxes,
different profit margins, or cost differences of non-tradable                    The index went from positive to negative when the
goods.                                                                        EUR started to tank in 1999. Then it went from negative
   What nit-pickers! I don’t care what they say the Big Mac                   to positive in 2002 when the EUR began to strengthen.
Index does a darn good job forecasting the major trend of                     Finally it reached its highest point in 2008 when the
the EUR: USD pair!                                                            market once again changed.




PitNews.com Magazine July 009                                                                                                                

          Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
  The reality is that the index is darn good!

  In 1999 every economist was predicting the appreciation of the EUR. But the Big Mac index said the euro-burger was
over valued. Sure enough the value of the EUR tumbled.




PitNews.com Magazine July 009                                                                                                                9

          Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
     In fact academic studies have shown that the Big
 Mac PPP Index is a good indicator of exchange rate
 movements. But currencies can deviate from PPP for
 a long time. So the Big Mac PPP index gives you an
 idea of underlying fundamental pressure to appreciate
 or devalue — it’s not absolute — it’s a long-term Forex
 indicator.
     In fact in the early 1990s the Big Mac PPP Index
 kept saying that the dollar was undervalued, but it kept
 tumbling for a few years till it turned around.
     Learn how to read this index and make sure you watch
 it every time it comes out. Adjustment back to the PPP
 equilibrium doesn’t always happen from a change in the
 EUR:USD Forex rate. It can also happen through price
 changes. Let me explain.
     In 1995 the JPY was 100% overvalued (+100). By
 2002 the JPY fell only 35% and the price of a Japanese
 Big Mac fell one-third as well. So make sure you combine
 this quirky-yet-powerful index with other fundamental
 Forex indicators and your Forex trading will be back on
 target. Then you can zero in with technical analysis on
 the daily chart!
     You never thought the Big Mac could fatten your
 bank account! Did you?
     It’s all about education: visit www.TradeMentors.com
 for a quality Forex trading education.




PitNews.com Magazine July 009                                                                                                               10

         Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
Systems
  Trading
Computer Automated Trading
By Lan H. Turner, CTA
J
     ames Simons an East Setauket, New York billion-                          group of people who are reaping rewards through systems
     aire built his fortune through automated system                          trading. System trading is done completely through
     trading based purely on mathematical formulas.                           mathematically system developed computer automation;
     Simons is the head of Renaissance Technologies                           simply put, the computer is programmed to automati-
     (Rentec), one of the nation’s top hedge funds;                           cally follow a specific set of rules for the execution of
    Simon’s most profit table fund has been averaging                         trades.
34% annual returns since 1988.                                                   The primary appeal of systems trading is that it
                                                                              removes the emotion, which is the primary downfall
  An amazing return on investment:                                            of what would otherwise be a successful trader, not to
                                                                              mention the benefit of trading around the clock, and
  • A compounding annual return of 34%,                                       even while sleeping. System trading also allows for
    before taxes, would have turned $1,000 into                               traders to execute trades that they may otherwise miss,
    $348,414.00                                                               not only from time spent sitting in front of the computer
  • An investment of only $10,000 would have                                  screen, but simply through the use of automated triggers,
    turned into 3.48 million dollars.                                         on smaller timeframe trades, that otherwise might be
                                                                              overlooked.
   James Simons and his hedge fund have earned billions
of dollars year after year through the use of automated
systems trading. Due to their success, belief, and trust                          The primary appeal of systems trad-
in their system, Rentec now only allows their former and                          ing is that it removes the emotion,
current employees to buy into their fund.
   What is automated system trading? How is it                                    which is the primary downfall of
done? Why would you want to trust your money to a                                 what would otherwise be a success-
machine?
                                                                                  ful trader...
   While much of the public’s investments have been
mired in the ongoing economic drama, there is a small




PitNews.com Magazine July 009                                                                                                                1

          Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
                                                                             moving average systems, or oscillating indicators, and
                                                                             executing trades based on those formulas. The probabili-
                                                                             ties of executing successful trades more often than not is
                                                                             done through automated system back testing procedures,
                                                                             executed by the computer, looking at historical data sets.
                                                                                The NFA (National Futures Association) a government
                                                                             regulatory body that helps protect the investing public
                                                                             requires the disclaimer on all systems and their historical
                                                                             back testing results as follows: “Past performance is not
                                                                             indicative of future results.” This disclaimer is in place to
                                                                             let people know that just because a mathematical system
                                                                             performed well in the past does not necessarily mean it
                                                                             will continue that performance standard, which is true, but
                                                                             yet, it’s the best information we have to test our theories.
                                                                             Therefore much of the process of establishing a profitable
                                                                             trading system is done using historical testing and looking
                                                                             at the probabilities of adjusting each different component
                                                                             part of the overall trading strategy.
                                                                                This is also one of the many disadvantages of system
                                                                             trading as well. Often times the complexity of creating a
                                                                             profitable trading system overshadows the trader’s ability
                                                                             to profit from any given system. Time spent in the research
                                                                             and development of a profitable system can be overwhelm-
 It’s often been said, “Where Systems                                        ing to many individuals, and beyond their knowledge
 Fail, Methods Prevail,” until now...                                        level of the market. Not to mention that most system
                                                                             engineering software applications require a high degree
                                                                             of knowledge, not only of the markets themselves, but of
   Many “would-be” traders love the thought of being able                    computer programming. Unfortunately, this programming
to “Trade for a living,” or maybe even just as a part time                   inability coupled with the lack of trading experience and
income, but the time constraints of sitting in front of a                    market knowledge is a huge stumbling block which keeps
computer system for hours on end, waiting for the right                      many traders from becoming successful systems designers
moment to enter and take profits from the market is more                     and traders.
time than many traders can afford. For these individuals,                       Due to the new found popularity of the high speed
system trading may be just the solution.                                     internet and computerized mechanisms for trading, this
   As James Simons has proven, systems trading does have                     phenomena has opened up an entirely new market segment
the possibility of producing real results, but system trading                among CTA’s, trading advisors, software companies, and
isn’t just reserved for large hedge fund managers, CTA’s,                    market experts, where in they have begun to create custom-
or Finance PhDs. This style of trading very much lends                       ized trading systems and applications for their clientele;
itself almost more to the small investor than it does to the                 unfortunately, it has also opened up a market for thieves,
large hedge funds. Large hedge funds must move very                          liars and thugs.
large amounts of money in and out of the market, which is                       Many “Black Box Systems” (A system where the
done over a longer period of time at a much slower pace,                     mathematical formulas are hidden from user’s review.)
causing large hedge funds to look for smaller returns over                   are nothing more than simple moving averages or public
a longer time period. Small investors are generally more                     domain indicators shielded behind slick marketing tactics
nimble, and able to take much smaller positions, getting in                  and glossy websites. These sites usually make promises
and out of the market with a quick entry and exit strategy,                  of riches beyond your wildest dreams, and unimaginable
taking small pieces of the market over a shorter period                      wealth. Many would-be traders fall prey to these thieves,
of time. Computer automation can enhance this tedious                        liars and thugs, and end up losing all their money through
process, and remove the human element of error, boredom                      scams and shams. Buyer beware!
and the tedious nature of executing the same strategy over                      That said, there are, and have been many successful
and over again.                                                              systems developed and traded with great success. Using
   System trading is really a very simple concept, its taking                well known brand name and trusted organizations is
a mathematical formula, generally based on a series of                       obviously the best way to assure your success, and having the


PitNews.com Magazine July 009                                                                                                                 1

           Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
                                                                           knowledge that the developers of the tools you are invest-
                                                                           ing in have a proven track record of longevity and personal
                                                                           accomplishments, and will be around tomorrow to assist
                                                                           you in your long-term overall goals.
                                                                              Developing an effective and successful trading system
                                                                           is not typically a simple task, it does require a solid under-
                                                                           standing of the many different market parameters, such
                                                                           as: stop orders, limit orders, and, market orders. It also
                                                                           requires the knowledge to understand how these orders are
                                                                           used and executed by the different trading authorities.
                                                                              Using indicators to enter and exit the market is also a
                                                                           very large part of system trading, and understanding the
                                                                           reasons behind the development of any particular indica-
                                                                           tor is also key to your success. We often advise people
                                                                           to never rely solely on one single indicator in isolation,
                                                                           successful trading systems often use multiple indicators to
                                                                           confirm one against the other, adding an additional level
                                                                           of complexity.
                                                                              It’s often been said, “Where Systems Fail, Methods
                                                                           Prevail,” until now, having the ability to make realistic as-
                                                                           sumptions and to take the time and dedication to program
                                                                           and develop a successful trading system may have been
                                                                           more than any one person might have had the skills to ac-
                                                                           complish. However, given the right tools, and if developed
                                                                           and deployed properly, a trading system can yield many
                                                                           advantages. It can increase efficiency, free up time, and
                                                                           most importantly, increase profits.
                                                                              Gecko Software has recently announced the creation of
                                                                           a new Plug-in to Track ‘n Trade LIVE (Futures and Forex)
                                                                           that solves the dilemma of system development. This new
                                                                           Autopilot Plug-in basically “Rips The Cover Off The Black
                                                                           Box,” and allows the trader to peer inside. The ability to
                                                                           see, adjust, and back test any setting the user chooses is
                                                                           all done on the fly, and without the need for computer
                                                                           programming skills; a simple click and select user interface
                                                                           provides all the functionality a user needs. The highly
                                                                           detailed educational videos that accompany the Autopilot
                                                                           Plug-in outline the rules of each trading strategy, helping
                                                                           new users to easily understand what is happening, behind
                                                                           the scenes, with each change they make.
                                                                              If you are interested in seeing a video explaining the
                                                                           features and functionality of this new package, please visit
                                                                           my website at: www.LanTurner.com.

                                                                           Lan H. Turner is the President and CEO of
                                                                           Gecko Software, Inc., he has over 20 years of
                                                                           experience in the financial industry, and is Editor
                                                                           In Chief of PitNews Magazine.




PitNews.com Magazine July 2009                                                                                                               14

         Disclaimer: The risk of loss in trading futures, options, stocks, and forex can be substantial. See Page 19 for more information.
   Pulled off the wall From:
   The Pitnews.com Forums
   Visit The Wall at:Forums at: http://thewall.pitnews.com

 The Wall is PitNews.com’s trading forum, found on the web at http://thewall.pitnews.com or from the tab
 link on the front page of PitNews.com. Each month, we highlight a chart submitted by one of our users.
This Month’s Off the Wall Chart comes from Guy:




   This month’s chart from The Wall on Pitnews.com is from
Guy..                                                                Get into the action! Start posting on
   I notice there appears to be a lot of futures traders here and
the trades look exciting!!! Hopefully one day soon I’ll reach that   The Wall, and maybe you’ll see your
point. But for now I thought I would share my 1st successful
credit spread against a short-term reaction in what appears to       article or chart highlighted here in our
be a longer term A-B-C correction in DIA. I’m trying to learn
and apply the concepts of price action, technical analysis and       next issue of PitNews.com Magazine!
reaction(swing) trading.
   Happy trades,                                                     http://thewall.pitnews.com
   Guy
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GENERAL DISCLAIMER:
THE DATA CONTAINED HEREIN IS BELIEVED TO BE RELIABLE BUT CANNOT BE GUARANTEED AS TO RELIABIL-
ITY, ACCURACY, OR COMPLETENESS; AND, AS SUCH IS SUBJECT TO CHANGE WITHOUT NOTICE. PITNEWS.
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FROM RELIANCE ON THIS DATA OR THE OPINIONS EXPRESSED HEREIN. THE OPINIONS EXPRESSED HEREIN
ARE NOT NECESSARILY THOSE OF PITNEWS.COM, ITS EMPLOYEES OR AFFILIATES.


DISCLOSURE OF RISK:
THE RISK OF LOSS IN TRADING CAN BE SUBSTANTIAL; THEREFORE, ONLY GENUINE RISK FUNDS SHOULD BE
USED. SPECULATIVE VEHICLES SUCH AS FUTURES, OPTIONS, AND FOREX MAY NOT BE SUITABLE INVEST-
MENTS FOR ALL INDIVIDUALS, AND INDIVIDUALS SHOULD CAREFULLY CONSIDER THEIR FINANCIAL CONDI-
TION IN DECIDING WHETHER TO TRADE. OPTION TRADERS SHOULD BE AWARE THAT THE EXERCISE OF A
LONG OPTION WOULD RESULT IN A FUTURES POSITION.


SEASONAL DISCLAIMER:
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MOST CONSISTENT COMMODITY FUTURES SEA-
SONALS THAT HAVE OCCURRED IN THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING, FUNDAMENTAL
CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN SIMI-
LAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR YEAR. EVEN IF A SEASONAL TENDENCY OCCURS
IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES AND THE TIMING OF THE ENTRY
AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT
HAS IN THE PAST, OR WILL IN THE FUTURE, ACHIEVE PROFITS USING THESE RECOMMENDATIONS. NO REP-
RESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE.


HYPOTHETICAL PERFORMANCE:
RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTA-
TION 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 PER-
FORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRAD-
ING 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 FAC-
TORS 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 PERFOR-
MANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

								
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