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Disclaimer: Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. 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. Past performance is not necessarily indicative of future results. In fact, due to ever-changing market conditions we would expect the performance of these strategies to eventually decline and to be replaced by new strategies. Also, there are frequently sharp differences in results across brokers and we don’t expect backtesting results to match live market results exactly.