Hypothetical Risk Disclosure
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 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.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Risk Statement: Anyone wishing to invest in the Commodities and Futures markets should seek his or her own professional financial advice. Hypothetical performance results have inherent limitations, some of which are described below. No representation is being made that any person will or is likely to achieve profits or losses similar to those shown. There are frequently sharp differences between hypothetical results and the actual results that may be achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. 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 areas which can also adversely affect trading results. Hypothetical performance cannot account for all that may effect trading results. Past performance does not, of course, provide any guarantee of future performance and you should not rely on the performance presented herein as an indication of future performance. You should be aware that other performance methods or reviews for different periods might produce different results.

These trades were setup per the system and discussed as "hotpage trades" during 1998.  However,  the results must be deemed hypothetical since I did not place all of the trades personally myself.   Therefore,  please be advised that these were discussed and tracked live in the hotpage reports,  but to stay incompliance with law,  I must disclose that they were not all personally taken by myself,   this makes them hypothetical ("not real").

The following are Hypothetical trading results published in the hotpage reports of 1998.  

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 actually 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 profits or losses similar to those shown.

Risk Statement: Anyone wishing to invest in the Commodities and Futures markets should seek his or her own professional financial advice. Hypothetical performance results have inherent limitations, some of which are described below. No representation is being made that any person will or is likely to achieve profits or losses similar to those shown. There are frequently sharp differences between hypothetical results and the actual results that may be achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. 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 areas which can also adversely affect trading results. Hypothetical performance cannot account for all that may effect trading results. Past performance does not, of course, provide any guarantee of future performance and you should not rely on the performance presented herein as an indication of future performance. You should be aware that other performance methods or reviews for different periods might produce different results.      COMMODITY TRADING IS RISKY.   PEOPLE CAN AND DO LOSE MONEY TRADING FUTURES. 

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NO TRADING SYSTEM CAN GUARANTEE PROFITS
No guarantees can be made for success.  Past performance is not a guarantee of future profits. 
Futures trading is NOT my only means of income.  I also invest in stocks, real estate as well as 
generate income from other businesses. I have both winning trades and losing trades. 
I trade professionally, but not daily.  I wait for what I believe to be ideal trading opportunities. 
Very Respectfully,
Floyd W. Upperman Jr.

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