Hypothetical performance results have many inherent limitations, some of which are described below. WE MAKE NO REPRESENTATION THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN; In fact, there are often stark differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical results is that they are generally prepared with the benefit of hindsight. FURTHER, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN FULLY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK OF ACTUAL TRADING. For example, the ability to withstand losses or stick to a particular trading program despite trading losses are important points that can also negatively affect actual trading results. There are numerous other factors related to the markets in general or the implementation of any specific trading program which cannot be fully taken into account in the preparation of hypothetical performance results, all of which may adversely affect trading results.