Author Bio

This is the second post on our trader interview series. Currensee Trade Leader TCM Spencer Beezley (Ticker: SPBJP.A) uses a simple, common sense approach that adheres to strict money management and uses proven trading techniques. He mainly trades the major pairs and always uses stop losses. Trades are usually closed long before the stop loss is triggered due to a dynamic time based exit that reduces overall exposure to the markets. TCM Spencer Beezley uses a breakout and scalping strategy as the two main strategies traded on this account. He opens up to five positions at a time and always maintains a low amount of leverage per position.

Do you believe 2012 will be as volatile as the end of 2011 has been?

I believe volatility will continue to be high due to the many unresolved issues that much of the world is still facing or has yet to face.  When we see news and rumor affecting currency pairs to the degree we’ve seen in much of 2011, you have to consider how much is still yet to come in the attempt for resolve in these issues. With weak fiscal policy or short term fixes that ‘kicks the can further down the road’, the market thrives off any relevant news resulting in higher volatility.

What types of Forex strategies will continue to prevail in 2012?

The types of Forex strategies I believe will always have a chance of prevailing are ones that can be stable in a multitude of market conditions, use a tight stop loss, and do not rely on high degrees of leverage to be successful.  It is also important to have a diverse mix of strategies to help smooth out the equity curve when one or more of the strategies is experience periods of slight drawdown.  I prefer also to hold trades short-term to reduce overall market exposure and being liquid by the end of the week.

What would a breakup of the euro mean for your strategy?

In my strategy, the EURUSD is the currency pair that I trade the most.  I am always working in the background to identify new trading strategies that trade different currency pairs.  As a Forex trader, it is always important to be prepared for shifts in the market and to be able to accommodate for those shifts as seamlessly as possible.

Next week: JLFX Network  (Ticker: JOLSU.G)

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

The Forex market gets a bad rap in the media and other segments of the financial markets for being risky. It’s not a deserved reputation. In fact, the volatility of currency exchange rates is markedly lower than that of most other markets.

Not surprisingly, in the five year period ending December 2010 the fixed income market represented by 2yr and 10yr Treasury Notes was the least volatile. The major US dollar exchange rates make up the next lowest volatility group. After that come the major stock indices, with small cap stocks (Russell) unsurprisingly more volatile than big cap ones (S&P 500). Oil has been comparably volatile to individual stocks, which have demonstrated the most volatility.

Clearly Forex is no more risky than other markets, and in most cases can be described as less so. In other words, when the media and others portray the foreign exchange market as highly risky they do so on a really faulty basis because the volatility readings just don’t support it. Relatively low volatility, though, does not mean there aren’t any real opportunities to profit in the foreign exchange market.

Clearly there are investment opportunities in the currency market – ones that are no more risky than playing the stock market. It’s a question of finding the way of taking advantage of them that is right for you and your financial objectives. So why do so many folks consider the foreign exchange market highly risky?

The answer is leverage. Those who call the currency market highly risky fail to differentiate between the market and the participants. It’s not that the Forex market itself is risky. It’s that traders and investors are offered the opportunity to play the market with a high degree of leverage. In the stock market leverage is limited to 2:1, meaning you can buy twice as much stock as you have cash in your account by borrowing the difference (day traders often are allowed to use somewhat higher leverage). In Forex it is possible to trade at 50:1 or higher leverage. Successful traders know how to use leverage judiciously and to their advantage – this takes experience, time and diligence. Many traders in the Forex market do not know how to use leverage to properly manage risk. This aspect of risk management is a key consideration as we review new Trade Leaders for our investment program.

Forex gets a bad rap – a big part is due to irresponsible traders who have no experience or risk management strategy. I also believe Forex gets a bad rap because of misinformation. People hear a story here or there and see liquidity and leverage and make assumptions. And, you know what happens when you make assumptions.

Are you a Smartie? Get the facts. Check out our free e-book “The Smarties’ Guide to Alternative Investing in the Foreign Exchange Market”.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

Last week Boris Schlossberg had an article published on Forex Street title Leverage With Minimal Risk. You may know Boris from his appearances on CNBC and other media outlets and/or from his writing on the web. In part, the article looks to shift the blame for trader losses from broker manipulations (“shade prices, freeze quotes, run your stops or perform a thousand other nefarious tricks”) to the imprudence of traders. I totally agree with that. Too many traders look to shift blame away from themselves when they lose money in the markets.

The main point Boris makes in the article, though, is that traders are destroyed by the leverage. He calls leverage “the single greatest reason for trader failure.” It disappoints me that someone with such a high profile is feeding right into the media’s view that forex is the realm of crazy risk takers and is not a place for responsible folks (see The High Cost of Listening to the Investment Community Talk Forex and Don’t Hate the Game, Hate the Player — Even in Forex). To demonstrate the negative impact of leverage he talks about how at 100:1 leverage it will take just one trade to wipe out a trader’s account.

That sounds all well and good, but of course a broker will margin call well before the account is wiped out (and US brokers will only permit 50:1 leverage tops), so his observation comes up a little bit short of reality. In fact, the more leverage you use, the less money you’ll lose if things to all the way to margin call, but that’s not really the point.

Boris espouses the view of minimizing the use of leverage to reduce drawdowns, but basically what he’s saying is that traders should take smaller per trade risks. After all, lower leverage implies smaller positions, which translates to lower per trade risk. The problem with tying everything into leverage, however, is that one can take foolish risks with a minimum of leverage.

Think about it. How many people lost loads and loads of money during the tech bubble collapse or as a result of the financial crisis? It’s a long, long list. Considering most stock traders and investors don’t use leverage, we cannot equate risk and outsized losses only with leverage. It’s a function of the greed Boris mentions at the start of his article combined with other mental short-comings (like the failure to admit you’re wrong) that cost those people to lose all that money. Leverage wasn’t a factor.

Leverage is nothing more than the ability to take on positions larger than the value of your account (see How much leverage to use? Wrong question!). A trader can be greedy and stupid about their risk without using it.

That all said, there’s no doubt that access to leverage provides the trader or investor – especially the short-term player – the opportunity to overdo the risk by an order of magnitude. This definitely contributes to trader failure rates. Leverage is a powerful tool, and like all powerful tools it needs to be used responsibly. To that end Boris provides some worthwhile guidance when he talks about having a 2% daily risk limit for his trading (see Quick and Dirty Position Sizing Rule for Traders).

My point is focus on responsible per trade risks and the leverage will work itself out without you having to give it any thought.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

This guest post comes from Joel Arnold of Forextraders.com. Joel became a financial and forex analyst firsthand through years of self-taught investment. His interest in economics has been a lifelong hobby, fulfilled through various books, magazines, and courses. Joel has added to his knowledge of international economics through business trips around the world including Europe, Asia, and Africa. Currently, he is writing an academic book while continuing his exploration of economics.

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For a currency trader to be successful, three essential qualities must be present: knowledge about what you are doing, experience gained from both good and bad decisions, and most important of all, control of one’s emotions. Preparation is key to starting out, but a new and aspiring student to the world of trading in any market is immediately faced with information overload. Websites, articles, charts, tutorials, demo accounts, and training classes of all types and sizes are but a few items demanding your precious attention when you are starting your process. Where do you begin?

There are many excellent forex training courses available on the Internet. You must invest the time to familiarize yourself with the process, the lingo, technical analysis and chart indicators, brokers, and demo accounts. From these humble beginnings, you will begin to build the knowledge base necessary to satisfy your first “quality” requirement.

There are also many sites that offer reviews of forex brokers. Your broker will provide access to the market, a forex demo account for you to gain risk-free trading experience (“quality” number two), and charts to guide you through the process and help you develop your own profitable trading strategies. Forex charts come in a variety of styles and types, some two-dimensional, some even three. Let’s keep it simple and use the figure below as our guide, taken from one of many free educational papers on the web.

This chart tracks the daily price activity for the British Pound (GBP) versus the U.S. Dollar (USD). Notice the nice wave pattern of the red and blue “candlesticks”. The candlestick symbol presents the high, low, open and close for the trading period. The little box represents the open and close value range, and in this case, it is Blue if the closing price was higher than the opening. The price figures on the right of the chart represent the conversion from Pounds to Dollar. Every currency pair has an “accepted” way of being communicated. Be sure to learn these conventions. One example above is “1.8825”, which translates to one Pound equals 1.8825 Dollars. If you ever hear the term “Pips”, that refers to the furthest figure to the right, or 5 pips in this case.

The chart also illustrates how to use indicators to determine when it may be the best time to buy or sell a position. Did you notice the “RSI” chart on the bottom? This stands for “Relative Strength Index”, one of a variety of “momentum” indicators. A momentum indicator attempts to calculate when the market is overbought, a “sell” signal, or oversold, a “buy” signal, by analyzing the magnitude of recent gains and losses. In this case, the chart uses an 8-day prior period RSI, the blue line, and also inserts an 8-day Moving Average curve, the red line, in the chart. When these lines cross, a signal is given that it may be advantageous to buy or sell as represented by the purple and green shaded areas.

The market strategy presented above is one of the most basic ever conceived, i.e., buy on the lows and sell on the highs. In forex, you can also use “leverage” to magnify your gains, and unfortunately, also your losses. With leverage, you borrow from your broker in order to purchase a larger lot of currency, which generally comes in $100,000 lot sizes. If you have $10,000 in your account, your broker may allow you to borrow $100,000, thus giving you the opportunity to increase your profits ten-fold. These decisions are highly dependent on risk and volatility issues that must line up correctly before engaging in the practice.

Foreign currency exchange rates fluctuate based on a variety of determinants, both technical and fundamental. Technical factors relate to the study of the dynamics of market trends once they are under way, rather than with the supply and demand factors, which cause them. Technical analysis searches for recurring patterns, resistance levels, and the strength of trends by using moving averages and momentum indicators. Fundamentals relate to conditions of a country, either economic, financial, political, or of a crisis nature. The recent debt crisis in Europe confirmed the important role that fundamentals play in our global markets.

After a bit of preparation, knowledge gathering and assimilation, the next step in the process is to gain experience with a broker’s forex demo account. Many offer $10,000 of “play money” to try your hand at online trading from a virtual account status. Gaining experience is the second quality you must master before putting real capital at risk in the market.

Lastly, there is a psychology of trading which must be respected. Emotions can undo even the best trader’s intentions. Document and develop a trading routine. A disciplined approach is the only way to effectively control one’s emotions, “quality” number three in our hit parade.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

It seems like some of the House Agriculture farm commodities subcommittee including Collin Peterson and Jim Marshall have grilled Gary Gensler, CFTC commissioner regarding the 10:1 leverage reduction.  Here are some of the comments that were made to Gary:

“I don’t get what we are trying to accomplish here by lowering this to 10 to 1,” said House Agriculture Chairman Collin Peterson (D., Minn), saying the proposal appears to put investors’ money even more at risk. “Who are you trying to protect here?”

“If our leverage rules are 10-to-1 and leverage rules elsewhere are 100-to-1, the business is going to move elsewhere. Investors could be even less protected if business moves to a country with lax regulations.”

Now how can Gary Gensler have missed these basic points while drafting his proposal? I can only guess that he probably doesn’t understand the benefits of trading and the adoption of retail Forex as a legitimate asset class.

Thanks for all the traders that have sent comments to the CFTC.  Your voice is heard!

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

While the CFTC is recommending a reduction in the leverage allowed in Forex trading to just 10:1 – a rule change that we at Currensee strongly oppose – I’d like to suggest a more scientific approach as to how calculate the ideal leverage that should be offered in spot Forex.  You can read all 50 pages of the CFTC’s proposed rule change in this PDF from their site and make up your own mind.  See below for how to let the CFTC know what you think.

The main purpose of the leverage limit is to ensure that customer funds are secure and that broker can sustain extreme market events while retaining the ability to clear customer positions without defaulting. If customers would trade with higher leverage the broker is more exposed to the market and it can reach a scenario where there is not enough capital at the broker to cover all open positions – This scenario only applies to brokers that are market makers as ECN brokers do not carry any risk on behalf of their customers.

If we take a look at the past two years the only market that didn’t default is spot Forex, and during most of that time, the maximum leverage was over 100:1.  While the stock markets across the world have collapsed, spot Forex remained significantly less volatile and showed tremendous market efficiency – this is largely due to the fact that most brokers have migrated to an ECN model and the others have increased the capital holding thus avoiding such situations.

So according to market efficiency theories the existing leverage is absolutely fine.

If you want to protect customers from over-leveraging themselves and blowing up their accounts, which in my opinion is not the responsibility of any regulatory body, then the process to determine leverage should be this simple: start at the current leverage and see what percent of the accounts blow up, then reduce the leverage to 80:1 and see what change it made in the blow up percentage. Wash, rinse and repeat by moving the leverage down. This takes the leverage down in a more scientific way based on what it actually happening in customer accounts versus just reducing it to 10:1 with no back-up or rationale.

I’d like to see the CFTC assess leverage differently and perhaps this, more scientific approach offers a new perspective. If you agree, please let the CFTC know your views. You can email your comments on this rule change to secretary@ftc.gov with the subject line “Regulation of Retail Forex” and the ID number RIN 3038-AC61 in the body of the message.  You can also fax them at (202) 418-5521 or send paper to David Stanwick, Secretary, Commodity Futures Trading Commission, 1155 21st Street NW, Washington, DC 20581.  Note that all the comments the CFTC receives will be posted to their website, including any personal information you provide them

We all have a voice and need to share it.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

Remember last week when some guy made the news because the airline allegedly threw him off the plane because he was too fat to fit in a single coach seat?  Well, whichever side of that story you believe, it’s another clear example that one size does not fit all.  Sadly, they don’t make airplanes with a wide variety of different seats to fit different people, but online and in financial services, it’s a lot easier to give people choices and customize offerings.

At least it’s easier when the regulators let you do it.  The Commodities and Futures Trading Commission (CFTC), the government body that regulates the US Forex industry, is proposing a bunch of new rules that we at Currensee think are not good for retail traders or introducing brokers in this country.  On the other hand, if approved, these rules would probably be a boon to overseas Forex businesses as US traders take their business elsewhere.  That amounts to less choice and we don’t like it.

In short, the CFTC wants to reduce the maximum trading leverage to 10:1 and they want to force all Introducing Brokers (IBs) to associate themselves with one and only one broker.  Traders will lose the benefit of an IB helping them choose the best broker for their own needs.  A lot of people will end up sitting in the wrong size airline seats, if you know what I mean.

Don’t take our word for it.  Read the CFTC’s proposed rules, and if you don’t like them, tell the CFTC what you think.  Here’s a PDF of the rules change, and here’s how to contact the CFTC:

• Email your comments on this rule change to secretary@ftc.gov with the subject line “Regulation of Retail Forex” and the ID number RIN 3038-AC61 in the body of the message
• Fax them at (202) 418-5521
• Send paper mail to David Stawick, Secretary, Commodity Futures Trading Commission, 1155 21st Street NW, Washington, DC 20581

Note that all the comments the CFTC receives will be posted to their website, including any personal information you provide them.

The CFTC is part of the government, and they should be working for us, the people and businesses of this country.  We all have a voice and need to share it.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

The new regulations the CFTC is looking to impose on the Forex industry in the US has been the center of attention in many Forex-related publications lately especially the leverage restriction which is in my mind the least of the issues this bill suggests and draws the attention to the wrong items.

So before I get to the main issues I want to say one thing about the leverage issue – I talk to a lot of traders and the professionals rarely leverage themselves more than 10:1 I have talked to a few very successful traders that use no leverage at all and still make very good money so this restriction will not prevent people from making money and it may help some traders that unknowingly over leverage themselves – this is just my personal opinion and I appreciate the fact that there are plenty of traders that do look for higher leverage when they trade.  If I can appreciate the desire for different levels of leverage by different traders, why can’t the CFTC?

So what are the more critical issues?

When I read the proposed regulations there is a major difference from the regulations that are in place on the Futures industry, which is also regulated by the CFTC, and the spot Forex industry – here are some examples:

1) Leverage – I know I said that 10:1 is not that bad but why the Futures industry that is way less liquid than spot Forex can offer almost 50:1 leverage?

2) Hedging – it’s allowed to hedge in a Future contracts but not allowed on spot Forex – the regulators opinion is that because spot Forex has daily rollovers you can find yourself having a fully hedged position but still lose money every day not being aware of the rollover – Seriously – wouldn’t it be just simper to control rollover?

3) FIFO rules – as you can probably guess you can open and close positions in any order in the Futures or even the Equities space – so why restrict it in Forex? The regulators view is that money managers keep losing positions for a long time and thus hiding their losses and showing only their profits to prospective customers – wouldn’t it just be easier to mandate a comprehensive way for presenting historical performance – the CFTC should take a look at what the SEC has enforced on Mutual Funds disclosure restrictions if they can’t figure out the math on their own.

4) Introducing Brokers – Introducing brokers are individuals or companies like Currensee that offer a free service to traders and fund it by a commission that is being paid by the brokers for the introduction of new business – the proposed regulation would restrict IBs to only work with one broker a restriction that would significantly restrict that business – as you probably have guessed Introducing Brokers in the Futures industry are permitted to work with multiple brokers.

So why is it that the one regulatory body chose to regulate one industry in a completely different way than the other? Especially since instead of trading spot FX I can trade FX future with none of these silly restrictions – can this be because the CFTC, which was originally selected to regulate the Futures industry, is trying to relieve the pains that the Futures industry suffered from the introduction of spot Forex?

How will this end – In my opinion this is highly depends on the brokers – if they can unite and have enough money they will probably start lobbying or even open a legal procedure against the CFTC in a similar manner that the Hedge Fund industry has managed to push regulators off their lawn. If they don’t I would guess that they would probably start offering FX Futures in the US, which are BTW more expensive to trade, and offer spot FX outside the US.

As for the retail traders – they will be forced to do business outside the US which at the end of the day makes them more vulnerable to fraud so by overprotecting the traders the CFTC is actually exposing them even more.

We are working with our legal team to draft a response to the CFTC, if you are an IB or a broker and would like to participate in our response please email us at opposeCFTCregulation@gmail.com to get involved – it’s more likely that the CFTC would listen to us if we unite together.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Author Bio

There’s another firestorm sweeping its way through Forex circles. Last spring we had the NFA come down with restrictions against “hedging” and new FIFO accounting rules which forced changes in the way some traders and brokers in the US were operating and accounting for positions. That created a massive uproar, and not a little controversy as at least one broker was reportedly reprimanded for misrepresenting the NFA rules change as making stops and limit orders impossible. A lot of folks screamed and yelled about the not wanting regulators protecting them from themselves, and some folks took the opportunity to move their accounts to overseas jurisdictions.

Back in November a new NFA rule setting a cap of 100:1 as the maximum permissible leverage (for the majors and major crosses) went into effect. There was a lot less of a stink made about that move, most likely because the vast majority of experienced traders don’t go anywhere near that kind of leverage most of the time anyway. It changed some margin requirements, but otherwise didn’t really impact that many folks, so there was less squawking.

Now the US retail forex community has a new gripe. This time it is the prospect of the CFTC cutting the permissible leverage down to 10:1. This comes from a request for comment posted by the regulator on January 13th (the full document of the proposal can be found here.) The concern comes from the line “Leverage in retail forex customer accounts would be subject to a 10-to-1 limitation.” The cries of the end of retail Forex trading in the US are coming already, and in all likelihood a move like that by the CFTC would indeed cripple the industry.

That said, there’s no need to panic and shift your account to a foreign broker.

First of all, with the NFA having only adopted the 100:1 leverage limit in November there hasn’t been enough time for a real judgment on the impact of that rule change. It seems highly unlike the regulators will move without having collected sufficient data on the subject.

Second, this is only a request for opinion. You can be sure that the hue can cry from all participants against such a move will be very loud. The odds of that restriction being included in the final set of rules is very unlikely at this point, especially since it would actually make Forex leverage even less than that available in futures.

So everyone can relax. The odds of 10:1 leverage limits are extremely slim. By all means, though, take the opportunity to let the CFTC know what your thoughts are on the subject to make sure those odds remain low.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.