HOME My Emini Systems KING KING - I can do it too!	KING - I can do it too! (2012) This section features the fifth year of my day trading results with KING, including 4 samples of a continuous full week. Those lucky sevens ... Now, this loss was accidental. Ordinarily, you don't want to trade about 10:00 AM EST unless the market has a strong bias, which it had today, May 17th. And it pretty much retained this bias during the first hour of the daily session and so I was on the short side too. I took a nap and traded a bit more in the afternoon as I usually do. The result was a "lucky 13" which you can check out here. That's the first $1000+ result this year if I am not mistaken. There was room for more as the market would still drop about 60 points since my last exit, and I was on the short side, but I had to take care of a few other things. Still, you do want to take advantage of a clear bias as much as you can. Still easy ... That bad trade did not have to happen. The 5 minute chart was indicating that a reversal was quite likely in this area, but the price had such a strong momentum in the 1-minute chart that it was very tempting to take this trade. Well, too tempting. But one bad trade does not have to ruin your day. Just the opposite. It can be a good learning experience in more than one way. It can tell you the right market bias and how you handle its aftermath can tell you a lot about yourself. And you might still end your day in the positive territory. It's easy to handle winning trades, it's harder to handle those that are not, but that's the situations that you need to master really well if you want to become successful in this field. These are the situations that can make or break you as a trader. What you really need to master is to trust your method and to trust yourself. Most wannabe traders never succeed in part because they fail to develop this aspect of their trading game. They may even not know that this is important. The trust is not the same as the belief. It's easy to believe, it's quite natural for most people, it costs nothing and it often comes with the generous reward of hope. To trust is not so easy, developing it requires effort and the rewards are not obvious. No wonder then that many wannabe traders would rather believe that someone out there has a magic method that will solve all their trading problems than to develop trust in themselves and their methods. I think it's easier to develop trust in KING compared to many competing products because of so much evidence of how sound it is, but that may not be enough for "the believers" who prefer hope to truth. Overall, it was a good day, May 16th, and that P/L dip was fixed in no time. Easy half an hour Actually, less than that, only about 26 minutes, if I am to be precise, and the result is very similar to the yesterday's. Notice also that the first and last of these trades did not take even a whole minute. Yes, there was room for more, but I am pretty busy these days, so I decided to stop at this point. The market dropped quite a bit from there, though. That's the memo from May 15th, yet another good trading day for KING. Easy money Yes, sometimes, it's a child's play to make $200-300 within an hour or so with no sweat as was the case today, May 14th. If you use KING, that is. Those who don't are kindly advised not to try it at home, so to speak ... There was room for more, but I stopped there. One more full week And it ends this Thursday, May 10th, a day after a big parade in Moscow (kidding a bit, but these guys are into parades quite a bit), so I am also in a somewhat festive mood. Not to mention that I am drinking red wine (doctor ordered, seriously, and the doctor, what a coincidence, is from Russia) when I am writing this, so I am in good spirits. That 6 contract position was a bit of a gamble, but my reading of the 5 minute chart was telling me that we were in a range with the downside more likely than the upside and indeed the market blew through the daily session low eventually. That was a gamble, but a smart one, and trading, let me remind you, is gambling. If you are a smart gambler you can win. If you are not, you end up blowing an account. If you are a really stupid one, you blow two accounts and start a trading forum (not making this up, real life case) to guide other really stupid gamblers towards blowing their accounts. Overall, my timing could have been a tad better today, especially with the exits. Three of them could have been better. Well, that's the memo. Hmm ... It's the second day in a row that I am getting up that early. It's either the weather (getting warmer) or the old age. Well, I think that might also have to do with my diet. I am switching to a vegan diet. That is, if sour cream (non-fat) is part of it, then I am all in. I am assuming it is, or else I will simply die of starvation or lack of protein. Anyway, the market had a strong bias to the downside at the open, which I exploited, even with 5 contracts at some point and was willing to pile on some more being pretty much sure that the market was  bound to reverse at some critical line in the 5 minute chart, which it did. It could have reversed at 10:30, though, which it did, so I was cautious here and simply stopped trading about this time. I was getting a bit sleepy after only 5 hours of sleep last night and some sour cream that is meant to prevent me from starvation. So, that's the story of May 9th, which in Russia and parts of Europe is celebrated as the World War II Victory Day. A stranger ... to this hour. Yes, to this early hour, that is. I have not seen the market that early during the daily session (the first half an hour) for years being not much of an early riser. I was quite surprised how volatile it was. But both 1 minute and 5 minute charts indicated the short bias and so short I went. I even caught a bit of a reversal (the last trade), not much, though, as the market went down again, but you can't argue with my flawless timing of this short upside move. I am talking about May 8th, or yet another good Tuesday. Back to bed, I guess. Stressful day It's been a stressful Monday for me. May, 7th, that is. I started trading very late because of that, had to cool down a bit, but I usually don't start trading until after 12 EST, anyway. The first trade was a loser, in part because of my greed (5 points might have been possible), but that loss told me that the short side was where the money was. It's yet another example of a situation mentioned by me in the recent past on more than one occasion when the first losing trade sets the stage for good trades in the opposite direction. The market eventually dropped about 40 points from where I reversed my position, so I was right on the money.  Hunting for 10-pointers 5 out of these 6 trades are 10-pointers (per contract) and the last one could have been had I stayed with my position till the daily session close of this Friday, May 4th. Yes, that's yet another of those "too good to be true" results, to use the parlance of mediocrities, or "miraculous" if you are inclined to be a religious person. In reality, that's neither. Today was simply a very good day, so good that even George IV, that I offered for sale again recently, gave a very good signal and even delivered 60 points by the session close. It's a good system that can help you with your trading even if you never buy KING, but of those who bought George IV recently, some bought KING next, which means that George IV is good enough to inspire faith in KING. I intend to modify this system to make it more suitable for lower volatility conditions, which will lead to fewer but more reliable trades. Still, in good volatility conditions that this system was designed for, it can perform as well as ever. Another loser ... that was followed by a big winner. The thing about KING is that if your trade goes strongly against you, it's a good indication a trade in the opposite direction holds a greater promise. I have showed two more examples of this in the screenshots posted here over the last few weeks. This screenshot comes from May 3rd. I am afraid this will be a slow month, for more than one reason, but last month I posted 11 times here, so I hope you will excuse me if I don't post in May as often as I did in April. Better late than never ... Started pretty late, today, April 27th, and was extra cautious because of that and because the market was pretty much likely to stay in the range at the time I started trading. That explains those smaller targets. The range expanded though, and I was on the right side of this expansion, but did not take full advantage of it. For instance, the last trade could have been a 10 pointer, although I wanted to get only 5 ticks out of it. Still, I reached my daily goal, so it's not like I have a particular reason to complain. It's always good to see the bright side of things ... Nice brackets ... And by nice brackets I mean the first and the last trade, which have a neat thing in common: they took less than a minute each. Overall, none of these 5 trades of April 26th lasted more than 2 minutes, which is another nice thing, for sure. And $200 in less than 20 minutes is, like, more than 10 bucks a minute, not a bad rate, at all. Well, I woke up early today, did not get that much sleep last night, but it was better than a night before. Still, I guess, I am going back to bed. That's the 10th screenshot this month. Waiting for a 20-pointer It did not arrive, but it could have, had I waited till the last minutes of the daily session of April 24th. The second trade was aimed at 20 ticks, based on some setup that I elaborate on in a new video and Word file to be released to KING owners some time this week. It was possible to score 12 ticks over an agonizingly long period of about 90 minutes playing it by the book, or even 20 ticks if you were lucky (or skillful) to get the average entry at 12942 or lower, which was certainly possible, but the market was meandering so badly during these 90 minutes that I lost my patience after 45 minutes or so and chose to play the range instead. Still, had I stayed put with that second trade, its outcome would have been $300 before commissions. Oh well, taking profits sooner rather than later is also not a bad idea. A full week, (less than) 30 minutes, and 3 seconds It's yet another full week of results that started last Friday, the 13th, and ends right today Thursday, the 19th. April, that is. Today's results span a period of less than 30 minutes and the fastest of these 6 trades took only 3 seconds! Moreover, 4 out of these 6 trades did not last even a whole minute. Not bad, not bad at all. Now, is your trading teach that good too? Well, I actually know the answer, so I wish you good luck.  Much better ... The day, April 18th, started with a small loss that I took when the market failed to overcome resistance at some critical point, in the very much the same circumstances as on April 13th, where I also incurred a small loss. However, today the market had a greater momentum than the other day, so I was hoping that the outcome would be different. Alas, that's not what happened, but I was able to recover quickly with a 10-pointer which was followed by 9 more winners. Just as on April 13th, the price corrected quite a bit after failing to overcome the said resistance, about 50 points. And when the market returned to the resistance area, I was ready for it with 6 contracts and took a mighty revenge on the sucker.  Tax Day On a painful day like today, April 17th, I was struggling a bit climbing out of a hole that I got myself into on my first trade, but as you can see, I emerged victorious by the end of the daily session. It's not that I was particularly wrong about my short bias on the first trade, but my timing was not good, for sure, so my stop-loss got hit. I quickly re-entered, though, and stayed on the short side for the rest of the session. Had I stayed with my 6 contract position for 10 ticks, as I originally intended, I would have improved my balance even more. Same with my last trade in which I wanted to aim for 5-6 ticks, and that too would have been reachable, but I was literally running out of time, so decided to take a smaller profit. Still, as you can see, the drawdowns with KING can be quite manageable, and they are unlikely to be big, although you may get yourself into a hole from time to time. Yes, stuff happens, and you need to accept it if you want to be a trader. Two out of these 7 trades did not last even 30 seconds, so my timing was not entirely bad today. 20 minutes of work On this Monday, April 16th. This may not look like hard work, but try to do this with anything else than KING and you will see that it might be. Incidentally, one of those beauties was sub-1 minute, actually even sub-30 seconds. The beauty and the beast I am the beast and the beauty is what I do for a living. This screenshot, that comes from Friday, April 13th, features two 10 pointers and one of those sub-1 minute trades, but it also contains one loss, and that was a smart loss to take. I knew the market was very likely to reverse here, and I based it on the 5 minute chart, but I was hoping that I still might squeeze 5 ticks out of this position. Alas, Mr. Market refused to cooperate (I swear to sue the bastard if he does it one more time) and I got turned away 1 tick shy from the target. The price then dropped and I knew that the market was now poised for a drop, probably a big one, and again I based this on some configuration in the 5 minute chart. Indeed that's what happened (the market dropped about 80 points from there), so I could quite easily compensate for my 4 tick loss with a 10 tick gain and then a 5 tick gain. I could have traded a bit more, but after $500 in profits and being hungry I chose to raid my fridge instead. I intend to explain my rationale behind all those trades in yet another educational KING document and those who own KING will see that what I was doing was very much based on what I preach in the KING course. Now here is my question to those who don't own KING: are you still using that system that every moron is supposed to make money with? Well, don't worry if you are not making money with this thing. That might as well be because you are not a moron, in which case you are a very good candidate for KING.   I so wanted ... One of those sub-1 minute trades, that is, and I sooo did not get it. After the 5th trade, I realized that volatility was good enough for one of those sub-60 second trades, so I decided to go for it. The result was pretty ironic, yet quite representative of Mr. Market's twisted, if not sick, sense of humor. The very next trade (the 6th in a row) turned out the longest one, but I was sure I was on the right side of the market and chose to improve my position by adding to it and ended up with a very nice overall profit on this trade, and my last trade lasted just 61 seconds! I gave up after that. Well, you can't always get what you want. I was really kidding about being back to shorter screenshots forever, but I sure am back to posting the full picture, literally and figuratively, only when there is some story to tell, which is not always the case. That's what I was doing before too. It's rather pointless, from my perspective, at least, to show all the trades if there is nothing interesting to say about them. And it's wasting the bandwidth too. This screenshot comes from April 11th. 302 or back to normal I am back to showing the shorter form of results, having pacified conspiracy theorists with quite a few long screenshots of my results over the last few weeks, probably 10 or so. If they are still not happy, I can live with that. Today is April 9th, yet another dreaded Monday. 301 or yet another lucky seven I woke up unusually early today, April 5th. Unfortunately, since my heart surgery last year I get fits of insomnia and that was the reason I was up so early. I did okay, but I am going to bed again. Feeling sleepy. I briefly traded yesterday too, but did not post it here mostly because I was busy helping some of my KING clients. Here is the result of yesterday's trading (the time in the timestamps is advanced by one hour because my computer did not keep the time again). I will probably be posting sporadically this quarter, as I need to focus on other things more, and frankly, I am finding it more and more boring. I guess that also explains why the overwhelming majority of vendors out there never show even the slightest evidence that their trading ideas can make money. They simply figured out that doing so would be unbearably boring and hence never bothered. I get it now.  300! Today is March 28th, Wednesday, and it's the day screenshot number 300 arrived here. Its longer version is here. Less than an hour of trading, over $300 with 2-3 contracts per position, or, in other words, classical KING trading. It was a good day with a strong downtrend, so staying on the short side made a lot of sense. 299 That's one screenshot away from number 300. I took it on March 23rd. Its longer version is here.  Mr. Round Today, March 22nd, I am Mr. Round. Look at this perfectly round $200. Heck even the gross P/L is pretty round. But that's not all. I have hidden one more thing in the long form of the results, just a special treat. It's a 10-pointer. In this rather congested market, these are not so easy to get. But there is still more: we are now only 2 screenshots away from Screenshot #300 and when this guy arrives here, probably even this month, I will declare myself Mr. Super-Round.  Another full week Today is Monday, March 19th, and that's the fifth trading day in a row. I started trading when the market went up strongly, but after a strong move like that it often settles into a small range, and that's what my results reflect: only one 5 tick trade, the other are 3-4 tick trades as you can see from this longer version of my results. I was too busy with other things today, so finished trading earlier than I might have otherwise. Just a reminder, the indicators for MultiCharts are ready and I will be releasing them starting tomorrow. Overconstipated Just like yesterday, I found myself trading in a very narrow range of 15 ticks, but unlike yesterday, there was no clear trend in the 5 minute chart that I could use to my advantage. Yesterday, such a trend was up, and as you can see from the longer screenshot of yesterday's trades, the long trades were much more successful. But today, without this extra bias, it was a struggle that I decided to end after 10 trades, none of which resulted in at least 5 ticks of profit. The market was not just constipated, it was overconstipated. I usually don't show here results below $200, but when I do, it's to make some point. In this case, to show how a narrow range in a market with no clear direction in a higher timeframe can result in a struggle like that. See the longer form of the recorded trades to see how little I could  squeeze out today, March 16th. The biggest profit per trade per contract was only 3 ticks.  Nibbling With the math holiday over, on March 15th, I was somewhat less inspired in my trading. Also, the range was so small (15 ticks only during my trading) that all this nibbling (see the longer form of the recorded trades) I did today was pretty justified. This small range also explains those two losses, albeit small, as you would expect in a small range. Pi Day Today, Wednesday, March 14th, is a Pi Day, so for someone very mathematically minded, as yours truly, it's basically a holiday. But I traded today, and it was a good day with all (10) winners, some of which were aimed at smaller targets than the standard 5 ticks as you can see from the long screenshot. The market was rather shy when I was starting trading and since yesterday was a wide range day, I was expecting a narrow range day today, and hence I thought that it would be hard to score 5 ticks regularly. I was not entirely right, and quickly switched to regular targets once the market started showing some life. FOMC Day Today, Tuesday, March 13th, was one of those FOMC days (a glorified name for a napping session of a bunch of old farts that may or may not know something about the US economy), but I traded through the announcement because of an excellent trend in the 5 minute chart. Had the trend been weaker, I would not have done so. As a rule, since volatility spikes quite a bit on a day like that around 14:15 EST, it's a good idea to take a break for at least 15 minutes starting around 14:10. I knew the trend was strong based on George IV ideas and I mention this in part because I made this system available again, probably for a while only, but as a strategy. Today this system came very close to flashing the long signal, yet one condition, albeit not very critical, was not met. Still, using it as a strategy you might have entered per its suggestion and had you done so you would have made money on the long side. The main advantage of this system even when used as a strategy is to alert you to a strong market direction. It's always easier to trade in the direction of the strong trend. Here is the longer version of today's screenshot (for "the birthers"), and, as you can see from it, all my trades today were on the long side, which is somewhat unusual as I prefer the short side, but made total sense due to the strong uptrend. I can't believe it's only 6  Trades, that is, because it felt like 12. Well, it must be another Friday fatigue or something. Anyway, I was stuck in a range for an hour or so, yet managed to take 3 trades in it, and then the market broke out, so I took 3 more. I must say that after the first 3 trades, it did look like another sub-$200 day, which I may not even report here, but fortunately that was not the case, in part due to the increased size that I could use to take advantage of this volatility surge. This memo comes from March 9th. 8 on March 8th And that explains everything. We are now less than 10 screenshots away from 300. I plan a trading room and may start posting here when the room is up and running. I have been working on some strategies for it lately in addition to working on KING indicators for MultiCharts. Obviously, the room is meant only be for KING owners. Sometimes 10 is enough To reach $500, that is. I did not use more than 3 contracts per position, mostly 2, though, and my targets were between 5 and 10 ticks owing to increased volatility. Thank you, Greece! Or whoever/whatever might have been responsible for that. I am very close to releasing KING indicators for MultiCharts. I think I will start doing so by March 15th. The indicators for Tradestation will follow shortly afterwards. Today is March 6th. Who is afraid of 14? Certainly not me (and here is a longer version of this beauty for the entertainment of curiosity seekers and conspiracy theorists). I started earlier today, about what seemed like 10 AM EST, but was, in fact, 11 AM,  because I wanted to test the KING indicators for MultiCharts/Tradestation that I have been working on for a while. It turns out they are working just fine, so I do hope I will be able to start distributing them this month. More information to the KING owners will follow soon and some screenshots of the indicators for MultiCharts will be posted on this site as well. Today is March 2nd, and yet another Friday. And the Oscar goes to... number 12! 12 is a new 10, at least today, February 27th, the day after the 84th Oscar Awards ceremony. I decided to post this screenshot mainly to let you know that I am very close to finishing programming the KING indicators for MultiCharts/Tradestation, and hopefully I will be able to release them this quarter. I still need to test them quite a bit, but most of the work is probably done. I promised them and so I will deliver, and then I will go after some forum and trading room. I hope at least one of these things will materialize by the end of the first half of 2012, which also means that now is a very good time to buy KING as it is selling at a discount. This will not be the case when the forum is up and running. Full week Meaning 5 trading days in a row, and that does not include this past Monday as it was a Federal holiday and the daily session was short. My targets were sub-5 tick again, most of the time, but I think that made some sense today as the market was pretty slow and congested at the time I was trading. I trade mostly in the afternoon, and that means that I do miss a lot of action in the morning when the range tends to be broader. In the afternoon, the market may settle into a range especially after a strong move in the morning. That was the case today. That's the 9th screenshot this month and it comes from February 23rd. Better... But after chasing sub-5 tick targets for two days in a row, I am kinda stuck in this range as the last two trades show. They both could have been 5 pointers. This comes from February 22nd. Okay... But sub-optimal. I started trading when the market was in a tight range, so my targets were smaller than usual, but then I could not switch to bigger ones, so I ended up with mostly sub-5 tick targets, which was not really justified, but things in hindsight do look much more obvious. This comes from the daily session of February, 21st. Well... I thought that would be one of those days with a sub-200 dollar profit that happen from time to time, and that I usually don't show here as they are not representative of my trading, which I mentioned in the past too. But it was not. Still, I was not very inspired today, Friday, February 17th, which is reflected in the gains of individual trades, the biggest of them being only 4 ticks per contract. Well, trading, especially discretionary trading, is an art, literally, although I realize that most people, traders included, don't look at it that way. Yes, it's a creative act, and if you are not inspired, you will be struggling. Sometimes, this happens to me, too. To people who approach trading as mindless hacking this may be happening often enough to ruin their trading careers.  Some more trades On February 16th, which is another Thursday. And here is one more screenshot with all trades listed for all those conspiracy theorists who think that there is something suspicious about the fact that I don't show all the trades. There isn't. I see no point in listing all the trades if there is nothing interesting about them. That's the real reason, and I mentioned it in the past on more than one occasion. At the same time, if you check the trades from 2011, you will see many screenshots with all trades displayed, so it's not like I am really trying to hide something. I simply don't think that displaying all the trades all the time serves any purpose. I seriously doubt you can learn anything from it. Or at least, I wouldn't. This year I might as well list only the last two trades per session. So, as you see, there can be a very mundane explanation to what to some may seem a conspiracy. Perfect ten On Friday, February 10th. I used only 2 contracts per position, or 20 overall, which is my basic unit. Another tight range Except that on Thursday, February 9th. And again, just like last time, on 3 occasions I had to lower my target to 3-4 ticks instead of the regular 5-10 ticks, even though it turned out that it was not necessary, but I think it was still the proper, safer way to handle this tight range.  Tight range Today, Friday, February 3rd, the market jumped pretty high before the start of the daily session and then stayed in a rather tight range, especially after the first hour, so trading was not necessarily easy and on 3 occasions I had to lower my target to 3-4 ticks instead of the regular 5-10 ticks, but things worked out pretty well. Good start in February Meaning on the very first day of February, and with a pretty good result of over half a grand in 11 trades. What else could you possibly want?  Got hit ... and lost $200 in a blink of an eye when the market jumped up at 4 PM. Well, that was accidental, and I even don't know or care what might have caused it. Things like that happen. That's what you have a stop-loss for. That's the 8th screenshot this month and this year, and it comes from January 27th.  Another seven The seventh screenshot this month and this year (so that's like two sevens), on January 24th. I doubt I will be posting more than 7-8 screenshots like that per month this year, or at least the first half of it, but then again last year I posted 10 full weeks, and two years ago a few 2 week periods of results, so it's not like there is a scarcity of comprehensive results.  Double six The sixth screenshot this year and six trades, on January 19th. More contracts ... There are times when I may choose to trade with more than 2-4 contracts. For instance, today, January 18th, I thought that the uptrend on the 5-minute chart was not particularly strong and likely to reverse or develop a range, so I was shorting it. I was prepared to invest more contracts than usual, and it paid off even though that kept me longer in my position, but I also took fewer trades than usual. The last trade was pretty lucky, I barely managed to squeeze out just 2 ticks instead of the regular 5 or so, but the other one shown was just fine. I also traded yesterday, but had to run some errands and hence did not get above $200, and I usually don't talk about results below this level unless I have something interesting to say. These are pretty atypical results.  Yep ... Yet another one. This will probably be the year of sevens. I also doubt I will be posting here more than 7-8 times a month. I used to do it more often in the past years, but other things keep me more busy now. This seven comes from January 13th, and it was a Friday.  Almost another "lucky" 7 in 2012 Except that the market was so slow that stopped trading at 6, but that's close enough to 7. In fact, it was so slow that I had to adjust my target to 2 ticks on two occasions, although the second time the market hit my original target of 5 ticks. Anyway, all's well that ends well. This result comes from January 10th. Another "lucky" 7 in 2012 Except that it's really 8, but that's close enough to 7. This result comes from January 6th. I am not sure if the time stamps on the last screenshot are in EST as they usually are and should be. I noticed just yesterday that my computer clock had lost touch with the right time again and switched to a time zone 1 hour east of EST. It does it from time to time and last year this even affected time stamps on one or two screenshots. But that's a minor problem. I hate checking if my computer time is right every day, it's not that important for me, and eventually I will always spot that something is wrong, but it may take me a few days. Added on January 10th: I double-checked it with my other trading records and it turns out that everything was okay. As I said I was not sure, my computer did mess up the EST time around January 3rd, but that did not affect the time stamps on the screenshot from that day, so this screenshot (right below) has the time in EST. First "lucky" 7 in 2012 On the first trading day in 2012, January 3rd. Of course, there was nothing particularly lucky about this result, even if it's always good to have luck on your side. Just in case. But luck tends to favor the prepared mind, so think practice, practice, and practice if you want to have results that lucky. I don't know how much I will be posting in this section this quarter as I need to finally produce the custom KING indicators for MultiCharts/Tradestation, but I will certainly post here from time to time. There are already over 270 screenshots like the one above in the "I can do it!" section of this site dating back to 2008, so it's not like more screenshots is what you might still really need. Hopefully, I will reach 300 this year, but I am getting a bit bored doing it the fifth year in a row already, so I am not sure how eager I will be to do it past 300. We'll see. Again, all the best in 2012, many "lucky" sevens!
	Disclaimer: HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS UNLIKE AN ACTUAL PERFORMANCE RECORD. SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT 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.