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 have 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 results is the fact that they are constructed with retrospective profits. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can take into account the financial risk of actual trading. For example, the ability to bear losses or to adhere to a particular trading program regardless of losses are important points that 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, that cannot all be taken into account in the preparation of hypothetical results, all of which may adversely affect trading results.