Disclosures

It should not be assumed that the methods, techniques, or indicators presented in these pages will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these pages are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, the publisher, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.

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 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 of 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 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 which can adversely affect actual trading results.

ANY TESTIMONIALS CONTAINED HEREIN WERE PROVIDED WITHOUT COMPENSATION. WHILE THE EXPERIENCES DESCRIBED ARE BELIEVED TO BE TRUE, THEIR CLAIMS MAY HAVE NOT BEEN INDEPENDENTLY VERIFIED, NOR HAVE PHOTOS BEEN AUTHENTICATED, NOR ANY ATTEMPT BEEN MADE TO DETERMINE THE EXPERIENCE OF THE INDIVIDUALS AFTER THE TESTIMONIALS WERE GIVEN. TESTIMONIALS ONLY PROVIDE THE PERSPECTIVE OF INDIVIDUALS WHO WERE SUCCESSFUL AND SATISFIED WITH THEIR EXPERIENCE. THE AVERAGE TRADER MAY OR MAY NOT EXPERIENCE SIMILAR RESULTS. PEOPLE CAN AND DO LOSE MONEY TRADING FUTURES.

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Neither the information, nor any opinion expressed constitutes a solicitation for the purchase of any futures contract or security referred to in The Mad Hedge Fund Trader. Any further disclosure or use, distribution, dissemination or copying of this message or any attachment is strictly prohibited; such information, whether derived from The Mad Hedge Fund Trader or from any oral or written communication by way of opinion, advice, or otherwise with a principal of the company is not warranted in any manner whatsoever, is for the use of our customers only and may be obtained from internal and external research sources considered to be reliable. Principals of The Mad Hedge Fund Trader may or may not hold or be short of securities discussed herein, or of any other securities, at any time. The foregoing also

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THE INVESTMENTS DISCUSSED HEREIN ARE SPECULATIVE, INVOLVE SUBSTANTIAL RISK, AND ARE NOT SUITABLE FOR ALL INVESTORS.† PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, THEREFORE, NO INVESTOR SHOULD ASSUME THAT FUTURE PERFORMANCE OF ANY SPECIFIC INVESTMENT AND/OR INVESTMENT STRATEGIES MADE REFERENCE TO IN THIS INFORMATION WILL BE PROFITABLE OR EQUAL THE CORRESPONDING INDICATED PERFORMANCE LEVELS.† DIFFERENT TYPES OF INVESTMENTS INVOLVE VARYING DEGREES OF RISK, AND THERE CAN BE NO ASSURANCE THAT ANY SPECIFIC INVESTMENT WILL EITHER BE SUITABLE OR PROFITABLE FOR AN INDIVIDUAL INVESTMENT PORTFOLIO. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY INVESTMENT 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 TRADE RECOMMENDATION.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 STRATEGY 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.

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