Martin here …
You’re in for an exciting read today:
In the letter below, you’ll discover how shockingly easy it is to make money in the Forex market.
I am a former Forex dealing desk insider. There are hundreds if not thousands of these trading desks around the world …
And here’s the real secret: Many, if not all are profitable.
I saw it first-hand during my two decade career in London, Tokyo, Moscow and Warsaw behind-the-scenes as a paid-to-trade Forex professional.
And what I learned over those years now allows me to trade for a living (and write for NASDAQ) out of my new home here in the states … near the North Carolina shore.
But that’s not all I do. I created Forex Insider for you …
I also travel … and play golf (badly) at my country club … and on great links courses back in England during the summer. I collect wine as well (my wine cellar is perhaps a wee bit too close to my office here).
Now, my lifestyle wasn’t always like this.
At one time I never imagined a life of ‘mini retirement periods’ where I can do what I want … when I want … and on my own schedule.
Born in the country with the worst social mobility in the world (England), the deck was certainly stacked against me as a lower middle-class lad.
I stumbled into the Forex market accidentally … through a well-connected friend … and I realize today how fortunate I am.
As a former insider, I’m going to prove to you that you must only learn to think like one to have your dream lifestyle.
It’s easier than you think when you know this secret …
Succeeding on a Forex dealing desk offered me a unique perspective on the world’s currency markets.
When I started out I was admitted as an apprentice with 23 others … and six months later there was only myself and another young chap left.
In a short time I was running tens of millions of dollars in Forex trades daily … and if I wasn’t completely plugged in I wasn’t going to last long in the business.
What did I learn? Well, I wish I could say I was brilliant … but the truth is that a mentor took a liking to me and showed me the ropes.
I followed his teachings and, over six months, I watched these other traders crash and burn.
What did they do wrong? A few things …
Taking on too much risk. Overtrading. And overcomplicating their analysis …
Here’s the secret I learned from my mentor: The most profitable investing ideas are the simplest.
As in life and science … the simplest explanations are the ones that stand the test of time.
Still, I was shocked when I saw how simple the strategies they used were.
He also taught me the only way to survive in this market is to ensure your portfolio and risk management strategy is bullet proof.
So as an insider I’ve evaluated dozens of simple, risk-averse strategies … and I’ll teach you the best of them in my Forex Insider course.
Even better, you don’t need to be trading millions for these strategies to work. They work quite well with more modest amounts …
The main strategy I use … one of the first that you’ll learn in Forex Insider … will show you how it’s possible to make a few hundred dollars a day.
Anyone with $3,750 to get started can potentially bring in an extra $187.50 - $262.50 a day with the one technique I use day in and day out.
Of course, I’ll teach you a few more strategies for short and long-term profitability that you can easily use too …
In short: In Forex Insider you’ll get all of the practical information you’ll ever need to know about Forex trading … distilled into 10 easy weekly lessons.
You’ll discover that the Forex market requires only a little knowledge to change your life …
So, what would the opportunity to bring in a couple extra hundred bucks a day with a few easy-to-learn and use strategies do for your current lifestyle?
How would it feel to come home … or wake up … or check your phone during your lunch break and have a few extra hundred more dollars in your account?
Over the next 30 days I’d like you to be one of my 300 Forex Insider followers who get the opportunity to find out.
If you play it right, that means you could position yourself for an extra $5,625 - $7,875 per month (assuming just $187.50 per day) …
And, that’s using just $750 per trade.
Of course, I can’t guarantee this since no strategy is perfect 100% of the time. That wouldn’t be responsible of me … but I’ll give you the knowledge and strategy you’ll need to position right for whatever your personal financial goals might be.
If you start with more … you can make more. Let me show you how it works with a short video …
In it you’ll see me start with a $2,000 paper trading account … put just $138 at risk … and pull in $304.05 in a day.
Don’t worry if you don’t understand everything as you view it … you’re just a tad more than 10 hours from understanding everything you need to put on trades like this whenever you want.
While I won’t make any recommendations during the course, the main point is to show you how easy it is: The entire trade took just a few minutes of my time. And, as you’ll see, it didn’t involve any complicated analysis …
Click to see it for yourself…
Shockingly easy, right? The Forex dealing desks trade millions, exactly like this, day in and day out.
And if a shot at few hundred extra dollars a day doesn’t move the needle for you, then you should know that Forex income is eminently scalable.
For example, with $10,000 you could position yourself for a nice round $500.00 - $700.00 a day using the strategy you just witnessed.
That said: Paper trade everything I teach you FIRST.
Then, after you see for yourself how lucrative the strategies I share can be, you can make your own decision about what to do next.
Now, before you jump at this opportunity, you have to promise me that you’re serious about it …
This is an opportunity only for people who are serious about changing their lives.
I don’t want people who join today to expect to be millionaires by this time next week.
I don’t want you to expect an endless stream of winners from now until the day you die.
Unfortunately, most people who believe there is a turnkey investing solution find they are no better off decades later.
They jump from one sounds too-good-to-be-true strategy to another.
Then they put in ten times more effort … more stress … and eventually heartache with hope-shattering results.
The good news is that you’ll be well on your way to making a few hundred dollars a day if you take 10 hours of your time to learn my strategies and digest the Forex Insider course … plus the fun time you’ll have paper trading the strategy.
I truly believe … no, I know … there are near effortless income opportunities … and the potential for outsized profits … to be made in the Forex market.
But I only want people who are ready for an opportunity like this …
Those who are should be rewarded with their own periods of ‘mini-retirements’ (I’ll explain below) … or enjoying their current one more.
So read on to discover a realistic path … the ones the Forex insiders use … to a better life.
Once you see how the Forex market stacks up against the other markets … you’ll have even more reason to be enthusiastic right now.
And even if you already know how to trade currencies, I have a few surprises for you in here as well …
The Forex market is the largest market in the world … exchanging $4 trillion per day.
That’s a stack of $100 bills 1092 kilometers (678.7 miles) high! For many new to Forex, that might seem intimidating.
The truth is that’s a lot of money for the taking …
The liquidity in this market makes it the most level playing field I know.
It’s less susceptible to market manipulation because of its size.
That’s much different than most (if not all) other markets, where thinly traded securities can be manipulated … especially by those with access to privileged information.
Even better, you can learn how to take a hundred dollar bill or two (or more if you like) a day out of this “money stack” on your own schedule …
Perhaps the biggest initial attraction most investors have to the Forex market is the fact it’s open for 120 consecutive hours.
That’s 24 hours a day from Monday to Friday. This allows you to make money on your own schedule.
If you are an early bird, trade in the morning. Work during the day? A night owl? Do it at night. Get a piece of the action anytime you have a few free minutes. It’s up to you.
The main strategy I use … the one that can potentially bring in a couple hundred dollars a day … is about a 24-hour trade.
That means you can open and close it around the same time each day. Even better, you only need 20 minutes or so of your time each day (10-15 minutes to open a play and 5 to close it).
Between the open and close, everything is designed (your profit target is locked in and your stop loss is set) so you don’t even have to think about it.
That means if you follow the main strategy in my Forex Insider course you won’t be glued to your screen all day.
What’s also great about the Forex market is that you can get more (or less) involved than that if you like …
I’ll teach you strategies for playing it long term (over months) … and short term (day trading or a couple of days).
If you decide to take advantage of these strategies, the timing is up to you and your schedule …
And don’t think that the time invested in a play is always proportional to the money you can make in it.
That’s because the Forex market also offers you tremendous leverage …
It almost sounds ridiculous:
Once you have the strategies nailed down, it’s possible to get started on your first trade in the Forex market with as little as $250 … trading $50 at a time.
Now this does come with some risks, but it’s 100% true, because the Forex market (on average) gives you about 50:1 leverage.
If you think that means you’ll lose big too, you’re wrong.
That’s because you are going to learn how the Forex dealing desks manage their risk when they trade millions.
This type of leverage often makes it a favorite market for younger generations because they have the time to absorb some risk … and go for riskier plays that can sometimes result in piles of cash.
So, I like to think of it like this: In addition to making a few hundred dollars a day, it is possible to make a lot more in a very short period of time with a more aggressive … but reasonable … approach.
I’ll show you the strategies to do that too so you’ll learn how to do it correctly.
They are time-tested because the Forex market also follows trends …
The Forex market follows predictable trends.
It always has. It always will. And it doesn’t take a lot of work to spot them. You’ll be surprised to know how the Forex market tips its hand.
I want to shout this out: There is NO complicated charting or analysis needed to make consistent money in the Forex market.
It’s one of the biggest misconceptions there is about it.
Sure, you can use an overcomplicated chart analysis … 15 different indicators … and a super-computer to help you with your analysis.
But I was paid in this market for 20 years. The people who are good at it work the way I’m going to share with you.
They don’t have the time to analyze every single possibility from 30 different angles.
They keep it simple. We will too by covering the handful of practical chart patterns you need to know.
If you’ve ever traded, you probably know some of them already.
I’ll just show you which ones to trust and focus on … and a few new tricks to boot.
I’ll even admit that, older now, I’m not as sharp as I once was (nor do I drive the golf ball as far as I used to).
And that’s fine in the Forex market. This is not … contrary to common misconceptions … a rocket scientist’s market.
In short, if you know the mechanics of trading … this will be easy.
And if you've never traded, I'm confident that you’ll soon agree that this is a very simple market.
Let me explain why that is by comparing the Forex market to the usual suspects …
When I tell people I trade Forex, they say things like, “I haven’t figured out the stock market, so I could never understand the Forex market.”
Nothing could be further from the truth.
You’re already piling up the advantages in your head …
(Think back: Open 24/7 so you can make money on your own schedule, 50:1 leverage that allows you to scale quickly, a more level playing field, no commissions, simple chart patterns.)
But it piles even higher when you compare it to other types of investing opportunities.
Here’s why …
There are only 4 - 8 major ‘ticker symbols’ (we call them currency pairs) you need to follow in the Forex market.
(There is always one currency pair going up … and another going down … so you can have the chance to make money in any market.)
In comparison, there are over 15,000 publicly traded companies in the U.S. stock market.
(And if you try to get international exposure there are about 48,000 publicly traded companies outside the states … many of which have very little 'transparency'.)
Stock Investing requires a lot of work too.
For technical folks, that’s determining the market’s direction … finding the sector to be in … finding the right stock of hundreds to invest in … lining up your charts and indicators … and deciding your entry and exit points.
For value investors there’s a lot of screening … reading P&L’s, balance sheets, cash flow statements, 10-K’s … and listening in on conference calls to ‘read between the lines’.
If you make just one mistake in this long chain of decisions you are so emotionally invested it’s easy to make bad decisions.
It’s not just easier than trading stocks.
It’s easier than ETF Investing too.
There are over 1,400 ETFs now (and growing).
ETF trend traders have to do their homework to decide which trends they believe in … which asset classes take advantage of them … and finding the right ETF.
Now, some people do try to get exposure to currency using ETFs …
But let me make it clear that trading currency ETFs is NOT the same thing as trading currency pairs in the Forex market.
It comes back to leverage and flexibility.
Remember, with Forex trading you only have to commit 2% of what you would wager using an ETF. That allows you to keep the other 98% of your money freed up for something else.
So, unless you have large sums of money to invest in an ETF, it’s not a very effective hedge either.
ETFs are also severely limited in which currencies they track.
While we’re going to focus on the big 4 - 8 currencies … for you Forex experts (and those soon to be) … I’ll teach you how to play a well signaled dramatic move in one of the other 140+ currencies available in the Forex market for nice gain potential.
It’s not the same as Mutual Fund Investing either …
There are about 7,500 of them in the United States.
Ever confidently screen for a mutual fund … or get through a mutual fund prospectus? Me neither.
Here’s the depressing fact about them: Over the past 10 years, 96% of US stock mutual fund managers couldn’t beat the S&P.
That's like a .040 batting average … about 24 strike outs every 25 times at bat …
These are just a few of the biggest reasons why I believe Forex trading is superior to stock, ETF and mutual fund investing …
Let me give you just one more …
The Forex market does NOT have commissions.
The Forex dealers (there are NO brokers in this market as a stock investor knows them) simply make their money through the bid-ask spread.
Being in the world’s biggest and most liquid market means only paying fractions of a penny for the 4 - 8 currencies we’ll focus on.
Once the price clears, there are NO ADDITIONAL fees or commissions. Every dollar after that is pure gain.
As you know, this is not so with stocks, ETFs, and mutual funds …
For all of them you start out with your per-trade fee.
If you are starting off with a small portfolio these stock, ETF and mutual fund fees can put you in the hole quickly.
Mutual funds dig your hole even deeper. Don't hold your breath when you read all of the additional fees that can be tacked on to them …
MUTUAL FUND FEES
Sales Load Fee
Investment Advisory Fee
Operating Expense Fee
Account Maintenance Fee
That's a dizzying list … and I wouldn't be surprised if there were a few I missed.
There is a little bit of good news …
Investors are getting back at Wall Street fees.
Last year investors poured $58.4 billion into stock ETFs …and pulled $131.5 billion from actively managed stock (mutual) funds.
But Wall Street really misses those commissions.
So what are they doing to get them back?
They are packaging their own branded ETFs … and bundling in fees with them.
Now there are ETFs with a handful of fees. Here are a few …
Soon, no doubt, Wall Street will find a way to expand this list.
In short, in the Forex market, you won’t find any of this Wall Street nonsense designed by middle-men to gouge you out of your profits.
You don’t have to play in these UNCIVILIZED markets … by their rules … anymore.
The Forex market not only provides you with a more level playing field with its liquidity, but this elimination of the middle-man also means you get to keep more of your profits.
So you can see why it’s the best market to be in.
It’s also a market every American MUST be in for very good reasons …
Most of us who’ve lived in Europe are used to exchanging our money from country to country.
Foreign exchange is part of our everyday lives. Think of it this way: If the US were like Europe when I was growing up, each state would have its own currency and you'd be used to it.
But because it doesn’t, Forex is often misunderstood here in the states …
And Wall Street isn’t educating you about it because they don’t get a cut of the action.
In our increasingly connected world, you MUST have international exposure. Currencies are leading indicators of the world’s markets.
If you are at all worried about the future value of the U.S. Dollar … the Fed’s money printing … and what the consequences of both can do to your retirement you need to be prepared.
The Forex market allows you to do that.
Here’s a dirty fact: Wall Street puts a huge chunk of their money in the Forex market.
That’s right … Wall Street is hiding their favored market … and the largest market in the world from you!
That means that they broker your stock, ETF, and mutual fund trades … take their fees from you … and then invest in the Forex market.
What does it tell you that the markets in which they TAKE YOUR money aren’t good enough for them to INVEST THEIR money?
Once you learn how to run your money like a professional trader, I believe things will get easier for you. You’ll have great results …
You’ll be able to take care of your family long-term … or have a ladder to get out of a hole you got dropped in … or extra cash to enjoy life a little more.
You may also find you enjoy the Forex market so much that you really hit it hard and come up with some of your own lucrative stragies… or slide right into retirement sooner than you ever thought possible.
And if you are retired … just as well … you can have extra income to do whatever you want with.
Forex trading is also a great opportunity for a second income. Imagine that: A five-hour workweek … as your own Forex Insider.
Here’s another idea: Once you get it down, many Forex experts prefer trading in short bursts that give them the chance to enjoy frequent ‘mini-retirements’ like I do.
What I mean is that many Forex traders I know spend a few weeks trading … make a killing … and then take a few weeks off to live the retired life.
I like to travel … so that’s how I use my own ‘mini-retirements’.
The point here is: The money is sitting there waiting for you to learn how to pick up in the Forex market … and it will give you more freedom than you ever thought possible to live your life the way you want.
I’ve done everything I can to make this a no-brainer for you …
As a Brit … it’s easy to understand why many Americans are jaded to investing opportunities like this with all of the outrageous claims I’ve seen here in the states.
So to prove to you this isn’t like anything you’ve ever seen before, I’m removing all of the risk for you today …
That’s because I’m giving you 30 days (as they say ‘risk-free’) to take you under my wing and learn the Forex market and strategies.
You must be enthusiastic about this. I don’t want people wasting my time and theirs daydreaming their way through the course.
With that out the way, consider the rest of what you read below carefully …
And then act decisively and snap up your seat before it’s gone.
Right now you have an opportunity to join 299 others who decide to snag a seat. Fewer than 1 in 22 of you reading this invitation right now will get in, and continue this journey into the international currency markets.
If you’ve read this far, you’re ready to change your life…
But I’m sure you have a few final questions about what you’ll get when you order the Forex Insider course and log in for the first time.
Let’s cover those …
Forex Insider is 10 lessons … about 10 hours total … broken roughly into three parts …
FOREX INSIDER PART I:
HOW WE’LL BEGIN
I’m going to start off by teaching you what my mentor taught me … and what I learned during my 20 year career … about thinking like someone paid to trade.
I want you to get into the mind of a paid Forex trader …
Because too many people ignore the psychology of the markets.
What that means is many people get off track easy … fearful when they should be greedy … greedy when they should be fearful.
They get emotionally invested. They follow the crowd.
Once I get you mentally tough, you’ll learn how successful long-term investors think … and glide through the markets effortlessly.
After that, you learn how simple Forex trading is. Remember again, I’m only teaching you practical information you need to know.
You’ll learn the 4 - 8 currency pairs that are most important ...
You’ll learn which to trade based on the time of day ...
You’ll learn the simple chart patterns that you can trust day in and day out ...
You’ll learn what really moves the currency markets ...
After that, we’ll get into money making strategies.
On paper first …
FOREX INSIDER PART II:
PAPER TRADING SHORT & LONG TERM STRATEGIES
The Forex market offers a range of money-making opportunities and can always be traded in a way to suit your goals and personality.
Investors with a longer time horizon … afraid of outliving their retirement nest egg ... needing to protect their portfolios against the rust of inflation … will want to focus on learning how to paper trade the long term strategies.
Investors with a short time horizon … looking for quick cash with a lot of leverage … will want to focus on paper trading the short term strategies.
And, if you are joining the course to focus on my strategy for making a few hundred dollars a day, you’ll be looking to get in an intermediate trade … in and out in about a day.
FOREX INSIDER PART III:
MANAGING YOUR WEALTH AS THE PEOPLE
IN THE MARKET DO IT
When you are paid to trade, risk control becomes part of your daily life. Your career will be short (and not so sweet) if you don’t know how to do it.
In the last part of Forex Insider you’ll learn how to run your portfolio … and manage your positions … like a Forex trading desk professional.
It’s not going too far to say that you’ll be running it like your own profitable Forex trading desk from the seat you are sitting in right now …
If you’ve already taken an Institute for Individual Investors course, you already know why they are the leading investing education company on the Internet.
If not, you are in for a treat.
That’s because Forex Insider is built on their million-dollar learning platform 6 years in the making.
Lessons are broken down into bite-sized videos so you can go at your own pace …
Live Q&A sessions are available to ensure your success …
You get immediate access to an active 24/7 community of members, as many as 299 others like you to post and ask questions …
And you can access it anytime from anywhere.
That’s because the Forex Insider course can be viewed on phones (iPhone and Android) … tablets (Windows and iPads) … and computers (Windows and Macs).
This means you can progress at your own pace any time you have about 20 free minutes.
Now, let’s answer a burning question … the last one … you might have.
The answer will pleasantly surprise you …
There was some talk when I got started about charging $5,000 for Forex Insider.
You see, the Forex market has mostly been a ‘specialist’s’ market … for professionals who are paid to trade. To them, $5,000 is a pittance.
But I designed this course to be practical and usable by anyone … and accessible to anyone.
So we’re not going to do that … we’re not going to charge $5,000.
And there’s no need for any upgrades … additional courses … companion software … anything like that you see with other companies who try to get you on their educational investing hamster wheel.
(And don’t get me started on those weekend seminars and silly ‘Forex robots’ designed to get over on you.)
“Sounds great, Martin, but how much is it?”
We settled on a retail price of $1,795. But today you’ll get Forex Insider for just a little under $100 a lesson ... or just $995.
This is a one-time discount being offered only to my very first Forex Insider members.
So, when you scroll down to order there won't be a few different choices offering you different 'levels' of membership.
It's simple: Pay once and only once for ALL of my secrets.
(And, if you decide to stay past the 30 day period I’ll show you how you can share this knowledge with a trusted family member or friend.)
But first, I’m ALSO going to give you a (and I must say so) FREE bonus of equal value to the course …
I hate to toot my own horn … and refer to myself in third person … but it’s important you understand the value of a mentor with the type of experience I have.
I’m what’s called here in the states a “bonus” to the Forex Insider course, because I’m going to stick with you to make sure you are successful doing this.
I’ve agreed to hold at least 3 Q&A sessions during the course at no additional charge to you …
One of the reasons I’m limiting this opportunity to 300 people today is to make sure I can get to everyone’s questions.
I’d like to get you on the right path so you can form the core of the Forex Insider web site community.
It’s the only time I’ll do this. Here’s how it will work:
As you are completing the course you’ll be able to submit questions to me about any of the material. No individual investment advice of course.
Then I’ll answer your most common questions in my webinars … live … so you can see what I’m doing on my screen.
I don’t have a planned schedule yet so you won’t see that when you log in.
I want to send anyone who gets in a questionnaire so I can hold them at different dates and times to make sure everyone gets the opportunity to attend a live session.
And if you miss one … no need to worry … you can watch the archived version anytime you have a moment.
Now here’s how you can get half off 30 days from now if you decide to stay.
If you decide to stay with us beyond the 30 day period ... you can get an additional log-in for someone in your immediate family for free.
Once you prove to yourself it works … take them along for the ride of their lives!
(And, if you decide to split the costs with them it’s like getting half off!)
No one else outside of your family. Ok? Share with a friend? We don’t check … instead we’re going on the honor system here.
To do that, just call us at 877-489-2666 … or send an email to firstname.lastname@example.org and they’ll get your family member up and running with an account within a day or so.
And remember the important points …
If I haven't proven to you in 30 days that making an extra $187.50 - $262.50 a day is something you can easily learn how to do, I'll be shocked …
But I'll gladly refund every penny.
Just call us at 1-877-489-2666 or send an email to email@example.com and we’ll immediately honor your request.
In short: I'm taking all of the risk off of you. Instead it’s all on me.
Your decision is a breeze …
In just a moment you can log in and access your first lesson ...
Soon after, you’ll be breezing through the others and then setting up your Forex practice account ...
After that, you’ll be trading your way to a freedom you can only imagine right now ...
And then (the best part) the sky is the limit!
In a short time you’ll be learning the strategy that makes it possible to target an extra $187.50 - $262.50 per day in the Forex market (that could give you a shot at an extra $5,625 - $7875 per month if you decide to trade every day).
Imagine having the power to turn the seat you are sitting in right now … or kitchen table … into your own Forex trading desk …
And potentially even waking up each day with some extra money in your account.
Here we go …
You’ve signed up to hear from me. You’ve asked me your questions. You’ve listened to my interview. You’ve watched my videos.
You know why thinking like a Forex insider is the key that can unlock an easy source of wealth anytime you need it … with the right mentor.
You made a promise to read your invitation letter.
You've just done that.
I've taken all of the risk out of it for you (it’s on me to prove) today too because you can get every penny back.
You’ve scrolled this far.
As a mentor, let me give you that last little push …
Scroll down and grab one of the 300 seats if they are still available ...
Creator, Forex Insider
YES! I’m ready to learn the strategy that I can use to potentially make $187.50 - $262.50 in the Forex market (that could be an extra $5,625 - $7875 per month) by learning the secrets in Forex Insider. Additionally, as a member of this incoming class I get free live Q&A sessions with Martin (a $995 value for free).
YES! I understand I must act decisively now because only 300 memberships are available to the Forex Insider course.
YES! I understand that that there is no guarantee of future results, and so I’ll decide if, and when to use this strategy to best align with my my personal financial goals.
YES! I also understand I’m taking not a penny of risk today because I can cancel any time in the first 30 days for any reason.
YES! I’ll click to order and get cracking on Forex Insider.
MY PERSONAL GUARANTEE TO YOU
If I haven't proven to you in 30 days that making an extra $187.50 - $262.50 a day is something you can easily learn to do, I'll be shocked …
But I'll gladly refund every penny.
Just call us at 1-877-489-2666 or send an email to firstname.lastname@example.org and we’ll immediately honor your request.
In short: I'm taking all of the risk off of you. Instead it’s all on me.
Futures and options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC Rule 4.41 - These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical 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 profits or losses similar to these being shown.