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March 08, 2023 Live Tape Reading \ Fed Chair Testimony 10am
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March 08, 2023 Live Tape Reading \ Fed Chair Testimony 10am

Good Morning and Day Two of Pal Testimony

The speaker greets the audience and discusses the second day of Pal testimony.

Initial Market Analysis

  • The speaker mentions that Pal will testify in about 15 minutes and shares insights on the five-minute chart for ES, favoring the downside initially.
  • Despite favoring the downside, there is no encouragement for immediate trading. The speaker shifts focus to analyzing the Dollar Index.

Impact of Dollar Index on Markets

  • Emphasizes a bullish stance on the Dollar Index despite recent events, highlighting volume imbalances and predicting lower prices for ES, Nasdaq, stocks, and certain Forex pairs based on Dollar Index movements.
  • Discusses market structure shifts, bullish trends, volume imbalances, and price movements influenced by algorithmic processes over decades of observation.

Technical Instructions for Viewers

  • Provides technical guidance for viewers to adjust video quality settings for better clarity on different devices like desktop or cell phones during live streams.
  • Advises viewers not to get carried away by post-event analysis but rather focus on current market conditions and potential impacts of upcoming events like Pal testimony.

Trading Strategies Around Non-Farm Payroll

The speaker delves into trading strategies around non-farm payroll days and emphasizes discipline in trading practices.

Weekly Objectives and Trading Discipline

  • After achieving weekly objectives, the speaker stops trading as a disciplined approach. Mentions avoiding trading during non-farm payroll days due to increased risk.
  • Encourages traders to record their activities during non-farm payroll weeks for learning purposes. Highlights the importance of adhering to rules to build discipline in trading practices.

Protocol Around Non-Farm Payroll Days

  • Outlines a protocol where traders should complete all business by Wednesday's New York session before non-farm payroll Friday. Emphasizes avoiding trades on Thursday and Friday due to decreased precision probabilities.

Understanding the Importance of Trading Rules

In this section, the speaker emphasizes the significance of adhering to trading rules and avoiding live fund trading on specific days to mitigate risks.

The Significance of Trading Rules

  • The speaker highlights that precision and consistency in trading are not as reliable on Thursdays and Fridays based on historical data.
  • Traders are advised to establish rules and protocols to align their actions with analytical expectations, distinguishing between the roles of an analyst and a trader within themselves.
  • Traders must exercise discipline to prevent impulsive behavior driven by a gambling mindset, ensuring that analytical insights guide decision-making rather than risky impulses.
  • Avoiding live fund trading on certain weeks, particularly around non-payroll Thursdays and Fridays, is crucial to prevent impulsive actions influenced by gambling tendencies that can lead to significant losses.

Learning from Past Mistakes

  • The speaker candidly shares personal experiences of blowing accounts due to disregarding cautionary periods in trading, emphasizing the importance of learning from past mistakes.
  • Acknowledging market conditions where algorithms may not be optimized for precise trading execution, traders are encouraged to recognize when odds are against them rather than impulsively seeking opportunities.

Maintaining a Sideline Position for Risk Management

This segment delves into the rationale behind maintaining a sideline position during specific trading days for risk management purposes.

Rationale for Sideline Position

  • By refraining from active trading on non-farm payroll Thursdays and Fridays, traders aim to avoid high-risk scenarios and prioritize risk management strategies over aggressive market participation.
  • The speaker discusses personal practices of limiting trades post-morning sessions on Wednesdays unless exceptional circumstances arise, highlighting the importance of strategic engagement based on market conditions.

Analyzing Market Conditions

This part focuses on analyzing current market conditions through chart analysis and identifying potential trade setups.

Market Analysis Insights

  • Chart analysis reveals buy-sell equity pools and gaps in price movements, guiding traders in understanding market dynamics for informed decision-making.
  • Detailed examination of candlestick patterns aids in identifying key levels such as highs and lows essential for plotting trade strategies effectively.

Detailed Analysis of Price Action Discussion

In this section, the speaker delves into a detailed analysis of price action, focusing on the impact of the Fed chair's statements and market movements.

Analyzing Market Movements

  • Observing different viewer categories:
  • Lazy viewers versus dedicated students interested in learning about price action.
  • Encourages active learning for those serious about understanding market dynamics.
  • Noteworthy market activity at market open:
  • Highlighting significant price movements post-market opening.
  • Emphasizing the importance of journaling key market events for future reference and analysis.
  • Understanding price retracement:
  • Exploring how prices return to fair value after deviations.
  • Analyzing candlestick patterns and body positions for insights into market behavior.

Algorithmic Influence on Price Action

  • Unveiling algorithmic trading impact:
  • Discussing how algorithms influence price movements.
  • Addressing skepticism around algorithmic control despite evidence supporting its presence in markets.
  • Interpreting market retracement patterns:
  • Noting precise price levels and retracement accuracy.
  • Highlighting algorithmic behaviors in shaping market trends.

Strategic Trading Decisions

  • Evaluating potential short entry points:
  • Considering short opportunities based on technical analysis.
  • Justifying trading decisions with reference to past successful calls and strategic insights.
  • Importance of chart clarity for beginners:
  • Emphasizing the need for detailed chart annotations during the learning phase.
  • Drawing parallels between chart clarity and training wheels in skill development.

Market Dynamics and Technical Analysis

This segment focuses on interpreting market dynamics through technical analysis tools and strategies employed by experienced traders.

Utilizing Technical Tools

  • Transition from beginner to advanced analysis:
  • Comparing initial reliance on technical indicators to eventual proficiency without visual aids.

Trading Insights and Market Analysis

In this section, the speaker discusses gaps in trading, emphasizing their significance and how they are often overlooked in traditional education.

Understanding the Significance of Gaps

  • Gaps exist widely in trading but are underutilized in analysis.
  • The speaker highlights the importance of framing a narrative around gaps and using them strategically.
  • Market movements often follow specific patterns that defy random explanation.
  • The speaker questions how market movements align with key levels without an underlying algorithmic influence.

Unveiling Trading Strategies

  • Traditional trading education lacks insights into utilizing historical gaps effectively.
  • The speaker emphasizes the absence of this knowledge in mainstream trading resources.
  • Analyzing market behavior through gap studies can offer valuable predictive insights.
  • Demonstrating the application of gap studies on NASDAQ for enhanced understanding.

Leveraging Weekly Gap Analysis

  • Weekly opening gaps provide crucial information for structuring trades.
  • Exploring the upper portion of a 60-minute fair value gap to anticipate market movements.
  • Establishing a labeling system for weekly opening gaps aids in tracking market trends effectively.
  • Discussing how to label new week opening gaps based on previous week's closing prices.

Insights into Market Dynamics

This segment delves into the speaker's unique approach to teaching market dynamics and providing unparalleled insights into market behaviors.

Unraveling Market Mysteries

  • Offering mentorship-level guidance openly and freely to educate traders on essential market principles.
  • Contrasting conventional teachings with the speaker's emphasis on revealing what truly drives market fluctuations.

Embracing Truth in Trading

  • Highlighting the essence of truth in understanding markets beyond superficial indicators or patterns.
  • Asserting that authentic comprehension of market dynamics surpasses common misconceptions about price movements.

Decoding Market Control Mechanisms

  • Observing repetitive patterns within specific time frames as indicative of underlying control mechanisms.
  • Noticing consistent repetitions within defined time windows across various periods, suggesting a structured influence on markets.

Anticipating Market Movements

  • Anticipating price actions by recognizing expected patterns based on observed data and seasonalities.

Understanding Market Algorithms

In this section, the speaker discusses the influence of money and nations on market pressure, emphasizing the controlled nature of the market rather than its perceived randomness.

Money Influence and Market Control

  • The presence of significant funds or nations can exert pressure on markets through actions like short selling.

Controlled Market Dynamics

  • The speaker highlights that the market is not entirely free but rather controlled, suggesting that this control is necessary for efficiency.

Finding Comfort in Rigged Markets

  • Contrary to popular belief, a rigged market provides traders with an edge as it introduces predictability and opportunities for success.

Unveiling Market Dynamics

This segment delves into dispelling misconceptions about market algorithms and emphasizes the importance of understanding hidden patterns for successful trading.

Misconceptions About Algorithms

  • The speaker addresses skepticism towards algorithms in trading, highlighting the need to look beyond traditional trading methods for success.

Uncovering Hidden Patterns

  • By peeling back layers of market data, traders can identify consistent and precise patterns that offer insights into fair value and price movements.

Market Algorithm Insights

Here, the focus is on recognizing recurring patterns in market behavior and leveraging them to make informed trading decisions.

Identifying Fair Value Trends

  • Observing specific price points between weekly closings and openings reveals opportunities based on differing opinions among traders.

Algorithmic Price Movements

  • Market algorithms facilitate buyer-seller interactions by guiding prices to predetermined levels regardless of individual trader actions.

Smart Money Strategies

This part sheds light on how large funds engage in trading activities based on algorithmic principles to ensure liquidity and favorable trade outcomes.

Role of Smart Money

  • Large fund entities rely on algorithmic principles to attract counterparties for substantial trades, influencing overall market dynamics.

Exclusive Trading Practices

  • The speaker distinguishes between smart money operations and conventional bank traders' activities, underscoring a secretive yet impactful sector within financial markets.

Understanding Market Dynamics

In this section, the speaker discusses the importance of understanding market dynamics and the role of market makers in influencing algorithmic trading.

Market Maker's Influence

  • Market makers control algorithms, intervening to reprice as needed, causing uncertainty for traders.
  • Observing market movements helps prevent impulsive decisions and aids in learning how algorithms operate.

Trading Strategies

  • Analyzing price movements within fair value gaps guides decision-making on buy-side opportunities.
  • Evaluating if prices will surpass certain levels and observing order blocks are key considerations for traders.

Analyzing Price Movements

This segment delves into analyzing gaps in price movements and understanding their implications for trading decisions.

Gap Analysis

  • Understanding gap types (new week opening, new day opening, opening range) aids in interpreting market behavior.
  • Identifying key levels based on price movement patterns enhances decision-making processes.

Strategic Trading Approaches

The speaker elaborates on strategic approaches to trading by examining liquidity levels and stop placements.

Liquidity Analysis

  • Teaching how to identify buying opportunities near stop levels enhances trading strategies.
  • Emphasizing mentorship through free guidance and practical learning experiences for aspiring traders.

Stop Placement Strategy

  • Utilizing information like new company gaps assists in determining potential price drop levels.
  • Highlighting the presence of layered sell stops below certain lows influences trading decisions based on market depth.

Understanding Market Behavior

Exploring the impact of spoofing orders on market behavior and emphasizing a rational approach to interpreting price movements.

Spoofing Orders

  • Discussing the concept of spoofing orders and their influence on perceived market trends.

New Section

In this section, the speaker discusses the reasons behind market movements, emphasizing simplicity in understanding market dynamics.

Understanding Market Movements

  • The market either goes up for buy stops or to reprice to an inefficiency like a fair value gap. This movement can signal longs selling their positions or initiating a new sell-off.
  • Market movement downwards occurs for cell stops below the low or at old lows, indicating a repricing to an inefficiency. If not moving in these ways, it consolidates.
  • Teaching about what drives market movements involves recognizing three simple conditions: going up for specific reasons, going down for distinct reasons, or consolidating before significant news events.

New Section

This segment delves into the concept of market consolidation and its implications on trading decisions.

Market Consolidation Insights

  • Market consolidation occurs when uncertainty prevails due to impending significant news or events like Federal Reserve announcements. Trading during consolidation is risky due to unpredictable price movements.
  • When adopting a bullish stance, traders look for specific signals such as price moving towards buy stops above highs or fair value gaps from previous price declines.

New Section

Here, the speaker simplifies the process of identifying bullish trends by focusing on two primary reasons for price increases.

Identifying Bullish Trends

  • Being bullish entails looking for either buy stops above highs or fair value gaps from past price declines as key indicators of potential upward movement in prices.

Detailed Discussion on Trading and Teaching

In this segment, the speaker delves into the intricacies of trading, emphasizing the predictive nature of futures trading and the challenges faced by many individuals in this domain. Additionally, there is a focus on teaching transferable skills to aspiring traders.

Live Streams and Futures Trading

  • The speaker highlights that live streams offer a unique insight into trading, allowing individuals to predict future market movements.
  • Emphasizes that futures trading involves predicting the future market trends, which not everyone can successfully accomplish.

Transferable Skills and Passion for Teaching

  • Discusses offering transferable skills to individuals interested in trading without the need for financial transactions or discounts.
  • Expresses passion for transforming individuals into financial experts through teaching and mentoring.

Student Success Stories and Preparation

  • Mentions showcasing successful students who have excelled in trading with tangible evidence such as broker statements and cash withdrawals.
  • Plans to present student success stories through pre-recorded interviews where questions are shared beforehand for adequate preparation.

Interview Preparation and Transparency

This section focuses on interview preparation strategies to ensure transparency, honesty, and organic conversations during student testimonials.

Question Preparation and Authenticity

  • Emphasizes providing questions in advance to allow students time for reflection and preparation.
  • Aims for interviews to be authentic without surprises or 'gotcha' questions to maintain honesty from interviewees.

Interview Dynamics and Fairness

  • Prioritizes creating an environment where interviewees feel comfortable discussing their worst trading experiences without feeling embarrassed or caught off guard.
  • Ensures fairness by allowing interviewees time to contemplate responses before the interview session.

Public Testimonials and Genuine Representation

This part underscores the importance of public testimonials being genuine representations of traders' experiences without artificial settings or scripted interactions.

Public Testimonials vs. Private Interactions

  • Stresses the significance of public testimonials reflecting genuine trader experiences rather than scripted interactions or artificial settings.
  • Highlights the intention behind sharing traders' journeys, struggles, routines, goals, and successes authentically with viewers.

Transparency in Presentation Platforms

  • Plans on utilizing YouTube as a platform for sharing authentic trader testimonials openly with viewers.

Detailed Discussion on Trading Strategies

In this section, the speaker discusses the importance of understanding traders' emotions and experiences, as well as inviting profitable traders to share their stories for interviews.

Understanding Traders' Experiences

  • The speaker emphasizes the significance of observing traders' expressions when discussing challenging experiences, highlighting that facial expressions reveal hidden emotions.

Inviting Profitable Traders for Interviews

  • Profitable traders are encouraged to reach out for interviews by providing evidence of profitability through broker statements and funded account withdrawals.

Inspiring Others Through Success Stories

  • The speaker acknowledges successful traders who have made significant profits in the market independently, serving as an inspiration for others.

Analyzing Market Movements and Trading Opportunities

This section delves into real-time market observations and trading strategies based on market movements.

Real-Time Market Observations

  • The speaker discusses observing market movements in real-time, focusing on specific price levels and patterns to identify potential trading opportunities.

Identifying Trading Setups

  • Emphasis is placed on recognizing key setups and patterns in the market that indicate potential trading opportunities with specific entry and exit points.

Strategic Analysis of Price Movements

  • Detailed analysis is provided on how to interpret price movements, including identifying support and resistance levels for effective decision-making in trading.

Algorithmic Trading Strategies

This section explores algorithmic trading strategies and the role of algorithms in making trading decisions.

Algorithmic Decision-Making Process

  • The speaker explains how algorithms operate based on historical data, referencing previous price levels to predict future market movements.

Importance of Technical Analysis

  • Technical analysis plays a crucial role in algorithmic trading by analyzing price charts and patterns to make informed decisions about buying or selling assets.

Understanding Market Dynamics

In this section, the speaker discusses how market dynamics work and how smart money operates within these dynamics.

Market Repositioning and Smart Money Strategies

  • The market repositions itself based on certain points known as PD arrays, leading to repricing below previous lows.
  • Smart money uses market efficiency paradigms to accumulate long positions by buying at strategic points.
  • Smart money strategically buys sell-side liquidity below lows and distributes long positions to willing buyers at higher prices.
  • Understanding price action involves recognizing inefficiencies in the market rather than relying on complex trading strategies like harmonic patterns or Elliott waves.
  • Smart money aims to buy at a discount and sell at a premium, targeting specific inefficiencies above the marketplace.

Strategic Trading Approaches

This section delves into the strategic approaches of smart money in trading activities.

Strategic Buying and Selling

  • Smart money strategically buys when sell stops are triggered at opportune times for maximum effectiveness.
  • The precision in timing trades is crucial for exploiting market inefficiencies effectively.
  • Targeting the lack of trading knowledge in other participants allows smart money to profit by buying low and selling high strategically.

Efficiency Models in Trading

Here, the speaker explains efficiency models in trading and how they impact decision-making processes.

Exploiting Market Inefficiencies

  • By targeting others' trading weaknesses, one can capitalize on price discrepancies efficiently.
  • There is no moral conflict in profiting from others' trading errors as long as all parties understand the risks involved.
  • Recognizing untraded portions of fair value gaps helps traders anticipate future price movements accurately.

Market Analysis Strategies

This part focuses on analyzing markets effectively using specific strategies for optimal results.

Analyzing Price Movements

  • Traders should focus on areas where price has not been retested yet for potential profitable opportunities.

New Section

In this section, the speaker emphasizes the importance of embracing the market's realities and committing to learning effective trading strategies.

Embracing Market Realities

  • The speaker asserts that their approach is perfect for the market, urging viewers to accept this reality and grow up. They highlight discussing technical science and practical strategies daily.
  • Precision in trading is highlighted as unrivaled and infectious, encouraging traders to witness consistent success over time. The speaker describes it as intoxicating and addictive.
  • Even in volatile market conditions, such as a sloppy range, the speaker emphasizes that trading is not chaotic but rather scripted. They mention utilizing trending days for strategic positioning.
  • Traders are encouraged to find their unique trading model before November, resonating with a strategy that aligns with their understanding and preferences.
  • The speaker stresses the importance of sticking to a proven strategy without distractions or unnecessary additions. They emphasize focusing on making money rather than seeking validation from others.

Trading Education Insights

In this section, the speaker discusses common mistakes made by traders due to lack of understanding and impulsive decision-making in trading.

Common Mistakes in Trading

  • Traders often make mistakes by trading with flawed logic, lacking knowledge about market dynamics like new week opening gaps and liquidity.
  • Big money entities do not hastily risk customer assets based on non-payroll Fridays; traders need a deep understanding of market behavior and psychology.
  • Successful trading requires more than basic knowledge; it demands a profound understanding of human behavior under pressure and during reward scenarios.
  • Traders employ tactics like spoofing to prevent others from realizing their errors and collapsing trades prematurely, emphasizing the importance of strategy over impulsivity.
  • Instant gratification mindset leads to failure in trading; success requires patience, education, and a willingness to learn rather than seeking quick profits.

Trading Discipline and Learning

This segment emphasizes the significance of discipline, learning, and avoiding impulsive actions in trading for long-term success.

Importance of Learning Before Trading

  • Impulsive trading without proper education leads to failure; traders should focus on learning before engaging in live trading to avoid losses.
  • Real-money risks hinder learning as fear of being wrong affects decision-making; copying others' trades without understanding is discouraged for effective learning.
  • Acknowledging personal limitations in discipline can lead to seeking skilled signal providers instead of attempting active trading without adequate knowledge.

Passion for Trading Success

The speaker highlights the necessity of passion for analyzing price action, studying charts diligently, and embracing uncertainties for sustained profitability in trading.

Passion as a Key Element

  • Successful traders exhibit passion for analyzing charts, studying price movements meticulously, and embracing uncertainties inherent in trading.
  • Responsibility lies with individual traders who must own their decisions rather than blaming external factors or educators for unsuccessful trades.

Understanding Trading Realities

In this section, the speaker discusses the unrealistic expectations and pressures traders often face in the market, emphasizing the importance of patience and realistic goal-setting.

Unrealistic Expectations and Pressures

  • Traders are urged to avoid pressuring themselves with unrealistic expectations, as it is impossible to be involved in every market move.
  • Emphasizes that traders should not magnify small issues into significant obstacles but rather focus on manageable challenges.
  • Stresses the importance of allowing time for learning and growth in trading, highlighting that understanding takes time and patience.

Importance of Consistency and Focus

  • Once a trader finds a successful model, they should stick with it even if it doesn't yield daily profits. Consistency helps broaden understanding for future strategies.
  • Advocates for simplicity in trading by focusing on mastering one strategy effectively rather than overwhelming oneself with multiple tools or concepts.

Navigating Market Events

The speaker delves into the significance of understanding economic calendars and market events to make informed trading decisions.

Economic Calendar Awareness

  • Highlights the importance of being aware of economic calendars to anticipate market movements around specific events.
  • Acknowledges certain days, like Non-Farm Payroll (NFP), as unpredictable due to potential manipulation during such events.

Managing Uncertainty

  • Discusses how precision can be challenging during certain calendar events despite experience, emphasizing that some days may defy typical trading strategies.
  • Mentions instances where market movements may be erratic or inconclusive, underscoring the need for adaptability in response to varying conditions.

Professional Trading Mindset

The speaker emphasizes maintaining a professional mindset in trading by focusing on consistent performance rather than short-term wins or losses.

Professional Conduct

  • Encourages traders to adopt an indifferent attitude towards individual trade outcomes, prioritizing consistent performance over emotional reactions.
  • Advises against seeking validation through social media by sharing wins or losses, highlighting the personal nature of trading development and avoiding external judgment.

Learning Process Caution

Understanding Family and Self-Validation

In this segment, the speaker delves into the dynamics of family support and self-validation in the context of pursuing trading success.

Family Perception and Support

  • Family may struggle to comprehend or believe in your profitable trading journey due to potential feelings of inadequacy.
  • Loved ones often appreciate you only when you conform to their standards; success beyond mediocrity can challenge their own choices.

Self-Cheerleading and Trading Journal

  • Emphasizes the importance of self-motivation over seeking external validation; advocates for maintaining a personal trading journal for reflection and growth.
  • Encourages active engagement with trades through personal experiences rather than mimicking others' strategies for true skill development.

Personal Growth and Trading Realities

This part focuses on the transformative journey of becoming a consistently profitable trader, highlighting self-discovery and discipline.

Market Learning Journey

  • Criticizes mimicry in trading, stressing the value of personal struggle and self-reflection for genuine learning.
  • Acknowledges that market challenges reveal personal flaws like impatience and lack of discipline, offering opportunities for improvement.

Empowerment Through Skill Development

  • Foresees two outcomes from mastering trading skills: potential arrogance from newfound power or gratitude for positively impacting lives with newfound abilities.
  • Discusses how confidence stemming from skill mastery can lead to either negative behavior or humble appreciation for one's capabilities.

Maintaining Integrity in Success

The speaker emphasizes ethical conduct amidst success, cautioning against egotism and emphasizing positive influence over arrogance.

Ethical Trading Behavior

  • Advocates for conducting oneself with humility despite success, focusing on positively impacting others without seeking undue attention.

Purpose Driven Mentality

In this segment, the speaker emphasizes the importance of having a purpose-driven mentality focused on positively impacting others rather than belittling them.

Purpose-Driven Impact

  • The speaker advocates for making a positive impact on people's lives instead of looking down on them.

Trading Expertise and Humility

  • Despite being confident in his trading abilities, the speaker acknowledges that it doesn't give him the right to demean others.

Significance in Helping Others

  • Significance is found in helping others improve, contrasting with seeking personal accolades like being called "the goat."

Contentment and Learning

  • Encourages contentment with learning experiences even when market movements are minimal.

Market Analysis and Decision-Making

This part delves into market analysis, decision-making strategies, and maintaining composure during trading activities.

Analyzing Price Action

  • Observing live price action as a learning opportunity to understand market behavior.

Maintaining Composure

  • Emphasizes staying calm by accepting uncertainty in market outcomes rather than feeling entitled to specific results.

Avoiding Impulsive Actions

  • Advises against impulsive trading behaviors driven by a sense of entitlement or urgency for immediate results.

Future Plans and Mentorship

The speaker discusses upcoming plans related to mentorship, educational content creation, and channel development.

Educational Content Creation

Playlists: 2023 ICT Mentorship
Video description

Government Required Risk Disclaimer and Disclosure Statement CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED 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 PROFIT OR LOSSES SIMILAR TO THOSE SHOWN Trading performance displayed herein is hypothetical. 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 particular trading program. One of the limitations of hypothetical performance trading 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 program 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. U.S. Government Required Disclaimer – Commodity Futures Trading Commission 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/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. Trade at your own risk. The information provided here is of the nature of a general comment only and neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person’s investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. You should seek appropriate advice from your broker, or licensed investment advisor, before taking any action. Past performance does not guarantee future results. Simulated performance results contain inherent limitations. Unlike actual performance records the results may under or over compensate for such factors such as lack of liquidity. No representation is being made that any account will or is likely to achieve profits or losses to those shown. The risk of loss in trading can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. If you purchase or sell Equities, Futures, Currencies or Options you may sustain a total loss of the initial margin funds and any additional funds that you deposit with your broker to establish or maintain your position. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice in order to maintain your position. If you do not provide the required funds within the prescribed time, your position may be liquidated at a loss, and you may be liable for any resulting deficit in your account. Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market makes a “limit move.” The placement of contingent orders by you, such as a “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.