Hypothetical performance results have many inherent limitations, some of which are described below. There is no representation being made that any account will or is likely to achieve similar results as shown; in fact, there are frequently differences between hypothetical performance and actual results achieved by any trading program.One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. Moreover, 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 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.