Hypothetical performance results should have many inherent limitations, some of which are described below. No representation should be made that any of the accounts will or are likely to have results similar to those shown; in fact, there are frequent differences between hypothetical results and the actual results obtained by any trading program. One of the limitations of hypothetical performance results is the fact that they are prepared with hindsight profits. In addition, hypothetical trading does not involve financial risk, and no record of hypothetical trading can take into account the financial risk of actual trading. For example, the ability to withstand losses or to adhere to a particular trading program regardless of losses are material points which can substantially affect actual trading results. There are many factors related to the markets in general, or to the implementation of any specific trading program, which cannot all be considered in the preparation of hypothetical results, all of which can adversely affect trading results.