CFTC Rule 4.41
Hypothetical or simulated performance results have certain limitations.
Unlike an actual performance record, simulated results do not represent
actual trading. Also, since the trades have not 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 profit or losses similar to those
shown. No representation is being made that any account will, or is
likely to achieve profits or losses similar to those discussed within
this site, support and texts. Our course(s), products and services
should be used as learning aids only and should not be used to invest
real money. If you decide to invest real money, all trading decisions
should be your own.
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 are frequently sharp differences between
hypothetical performance results and the actual results subsequently
achieved by any particular trading 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 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 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
and all of which can adversely affect actual trading results.