More Risk Disclosures

WARNING!     Commodity Trading is risky, you should not trade 
  with money you can not afford to lose.

“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.”

IN ACCORDANCE WITH RULES 2-29(b)(3) AND 2-29(b)(5)
OF THE NATIONAL FUTURES ASSOCIATION, PLEASE
NOTE THAT EXPECTATIONS OF FUTURE PROFITS
MUST ALWAYS BE WEIGHED AGAINST THE RISK 
OF LOSES AND THAT PAST RESULTS ARE NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS.
THIS INFORMATION IS OBTAINED FROM SOURCES
DEEMED TO BE RELIABLE, BUT IS NOT GUARANTEED
AS TO ITS ACCURACY OR ADEQUACY NOR ARE ANY
OPTIONS STATED NECESSARILY A STATEMENT OF
FACT.

Disclaimers

This information is not intended to be published or made available to any person in any 
jurisdiction where doing so would result in contravention of any applicable laws
or regulations. Accordingly, if it is prohibited to make such information available in your 
jurisdiction or to you (by reason of your nationality, residence or otherwise) it is not directed
at you. Before reviewing the pages of our site, you must be satisfied that doing so will not
result in such a contravention and is not so prohibited, and by proceeding to review them
you will be confirming that this is not the case.

You must not distribute any of the information to any other person without attaching a copy 
of this page and obtaining the agreement of such other person to comply with the terms set forth 
in this disclaimer notice. If you distribute any of the information without attaching a copy of this 
disclaimer notice or obtaining the agreement of its recipient to comply with the terms set forth you 
will be liable to indemnify Floyd Upperman & Associates (Floyd Upperman) against any costs or 
other losses arising from any complaint, claims or actions arising directly or indirectly from such 
distribution.


RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. 
YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING 
IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN
CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO 
TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING:

(1) IF YOU PURCHASE A COMMODITY OPTION, YOU MAY SUSTAIN A TOTAL 
LOSS OF THE PREMIUM AND OF ALL TRANSACTION COSTS.

(2) IF YOU PURCHASE OR SELL A COMMODITY FUTURE OR SELL A COMMODITY
OPTION, 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 WILL BE LIABLE 
FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT.

(3) 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."

(4) THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR,
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.

(5) A "SPREAD" POSITION MAY NOT BE LESS RISKY THAN A SIMPLE "LONG" OR 
"SHORT" POSITION.

(6) THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY
TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE
CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. IN SOME CASES, MANAGED
COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR
MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS
THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS 
TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER 
SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS. YOU SHOULD
THEREFORE CAREFULLY STUDY COMMODITY TRADING BEFORE YOU TRADE.

TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, 
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET
MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED
PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE 
UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY
AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE 
YOUR TRANSACTIONS MAY BE EFFECTED. BEFORE YOU TRADE YOU SHOULD 
INQUIRE ABOUT ANY RULES RELEVANT TO YOUR CONTEMPLATED TRANSACTIONS
AND ASK THE FIRM WITH WHICH YOU INTEND TO TRADE FOR DETAILS ABOUT 
THE TYPES OF REDRESS AVAILABLE IN BOTH YOUR LOCAL AND OTHER 
RELEVANT JURISDICTIONS.

THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING
FUNDS IN THE TRADING ADVISOR'S NAME FROM A CLIENT FOR TRADING 
COMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR TRADING WITH 
A FUTURES COMMISSION MERCHANT.

NOTICE REQUIRED BY THE CFTC

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 CONDITIONS SUCH 
AS THE 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 THAT SHOWN. THE RISK OF LOSS 
IN FUTURES TRADING CAN BE SUBSTANTIAL. YOU SHOULD CAREFULLY CONSIDER
WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL
CONDITION. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS.

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.