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Dave's Trader1688 ATM

Stocks · Started Jan 2005

hypothetical · Annual Return (Compounded)
12.0%
Max Drawdown
33.9%
Trades
465
Win Trades
79.8%
Profit Factor
2.60
Win Months
9.2%

About this strategy









Stock picking, timing, money management are all necessary parts for successful trading.

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Notice: THIS SYSTEM WILL NOT ACCEPT SUBSCRIPTION ANY MORE.
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FAQs.

This is for your information only. It is not a recommendation for every reader. Your money your decision.

Q1. Whats the way to get trade signal?
A1. Via email and/or ITM (instant trade messager).

Q2. Whats the fastest way to get trade signal?
A2. ITM is highly recommended. ITM almost gets the signal immediately after it is published.

Q3. Can I repeat the performance if I use this system?
A3. Hope so. However you need to understand this is a simulation system. Even if you can get 1/2, 1/3, 1/4 of the system performance, you get a good deal.

Q4. When does this system issue trade signal?
A4. It could issue at any time. However please watch for the last 10 minutes before the market closes. Some very good trades could be issued during this time.

Q5. How often do you issue trade signal?
A5. It depends on the market situation. Only serious trades are published.

Q6. What can I get from this sytem?
A6. Money management, stock picking, timing, market psycology.

Q7. Do you have your own website?
A7. Not yet, but will have.

Q8. How can we communicate with system developer?
A8. You can send private message to system developer. Also there is a message board for people to discuss and provide feedback.

Q9. If I am a first time user of this system, what should I do?
A9. First, you need to get famaliar with the terms at collectvie2. Then you might want to do a research on this system. I recommend people do some research before subscribing to the system. If you do not feel comfortable, do not subscribe.

Q10. Does system developer put real money in the positions in this system?
A10. Yes. System developer does not publish trades which does not involve real money.

Q11. How do I maximize my performance if I subscribe to the system?
A11. This system provides a platform for a better performance, you can get a better return if you can adjust your position size percentage over the account value, entry point, time frame. For good chart traders, they might be able to get a better eny point.

Q12. Does the system issue trade signal based on FA (fundamental analysis) or TA (technical analysis)?
A12. Both. The system provides good candidates to trade for long and short sell. For each trade, the fundmental of the stock is considered.

Q13. Does your real trade exactly follow this system?
A13. No. For all kinds of reasons, I will try to make the system easy to follow. For example, some people have concern of daytrade limit, I will try to have interday trade instead of daytrade. For example, in my real trade I may trade more frequently to catch some small waves, but in this system, I might try to avoid small waves so it is easier to follow.

Q14. For every trade signal you give, should I follow the same size?
A14. There are two factors related to the size you should follow. First one is your account size. You need to consider your account size and the system account size. The second one is the vol of the stock. As you know, this is a hypothetical result. You need to take the vol of the stock into consideration. If the size you follow is too large for the stock, you might get trouble and put you own on risk.

Q15. Why was your system flat for about one month?
A15. A good trader not only needs to know when to trade, he/she also needs to know when not to trade. He/she not only needs to know when to trade aggressively, but also needs to know when to trade defensively.

Q16. The trade on 3/10/05 at 14:31 when the system ordered STO 50000 shares of BOOM at $29.76, the order value was $1488000 at a time when the account value was, by my calculations neglecting commissions, well under $280000. This would require a margin ratio above 5:1, much higher than my Scottrade margin account allows. How was that possible?
A16. C2 recorded the average price of the trade. Here I just give an example to explain. For example, if my accounts maximum buying power is only able to buy 5K BOOM at 44. Then I buy 5K BOOM at 44. Ten minutes later, I sell 4.9k BOOM at 45; then I buy back 5K BOOM at 44, then sell 5K BOOM at 45, then buy 4.9k BOOM at 44, then sell 5K BOOM at 45. At last, C2 will record as " BTO 15K BOOM at 44, STC 15K BOOM at 45" which is much more than my buying power.

Q17. Why is your P/L per unit small?
A17. Because sometimes I traded large size penny stocks and they average the P/L per unit donw. For example, you can check these two trades out to see:
BTO100,000TEKC0.878/23/05 13:59STC100,0000.848/23/05 16:01($3,000)$0$0($3,000)
BTO90,000MPET3.097/22/05 12:30STC90,0003.228/3/05 14:43$11,997$0$0$11,997



Hypothetical Monthly Returns (includes fees/commissions)

YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
200522.178.718.415.662.3-4.4-3.819.719.05.78.5-15.2517.9
2006-0.910.4-0.4-8.110.13.7-11.70.17.614.016.4-0.443.7
2007-13.821.76.2-1.6-11.16.9-9.87.62.0-4.24.626.430.8
20081.60.00.00.0-0.50.00.00.00.00.00.00.01.1
20090.00.00.00.00.00.00.00.00.0-0.00.00.0-0.0
20100.00.00.00.00.00.00.00.00.00.00.00.00.0
20110.00.00.00.00.00.00.00.00.00.00.00.00.0
20120.00.00.00.00.00.00.00.00.00.00.00.00.0
20130.00.00.00.00.00.00.00.00.00.00.00.00.0
20140.00.00.00.00.00.00.00.00.00.00.00.00.0
20150.00.00.00.00.00.00.00.00.00.00.00.00.0
20160.00.00.00.00.00.00.00.00.00.00.00.00.0
20170.00.00.00.00.00.00.00.00.00.00.00.00.0
20180.00.00.00.00.00.00.00.00.00.00.00.00.0
20190.00.00.00.00.00.00.00.00.00.00.00.0
20200.00.00.00.00.00.00.00.00.00.00.00.00.0
20210.00.00.00.00.00.00.00.00.00.00.00.00.0
20220.00.00.00.00.00.00.00.00.00.00.00.00.0
20230.00.00.00.00.00.00.00.00.00.00.00.00.0
20240.00.00.00.00.00.00.00.00.00.00.00.00.0
20250.00.00.00.00.00.00.00.00.00.00.00.00.0
20260.00.00.00.00.00.00.00.00.00.0

Statistics

Overview

Strategy began1/22/2005
Suggested Minimum Capital$100,000
Age263 months
What it tradesStocks
# Trades465
# Profitable371
% Profitable79.8%
Avg trade duration9.3 days
Max peak-to-valley drawdown33.9%
drawdown periodFeb 22, 2007 - Aug 06, 2007
Annual Return (Compounded)12.0%
Avg win$5,169
Avg loss$7,702

Ratios

W:L ratio2.65
Sharpe Ratio0.44
Sortino Ratio0.87
Calmar Ratio0.03

CORRELATION STATISTICS

Correlation to SP5000.03
Return Percent SP500 (cumu) during strategy life555.1%
Return of Strat Pcnt - Return of SP500 Pcnt (cumu)519.1%

Return Statistics

Ann Return (w trading costs)12.0%
Return Pcnt (Compound or Annual, age-based, NFA compliant)0.1%
Return Pcnt Since TOS Status0.0%
Ann Return (Compnd, No Fees)12.5%

Slump

Current Slump as Pcnt Equity9.2%
Current Slump, time of slump as pcnt of strategy life0.9%

Instruments

Percent Trades Forex0.0%
Percent Trades Futures0.0%
Percent Trades Options0.0%
Percent Trades Stocks0.9%

Risk of Ruin (Monte-Carlo)

Chance of 10% account loss100.0%
Chance of 20% account loss100.0%
Chance of 30% account loss100.0%
Chance of 40% account loss0.0%
Chance of 50% account loss0.0%
Chance of 60% account loss (Monte Carlo)0.0%
Chance of 70% account loss (Monte Carlo)0.0%
Chance of 80% account loss (Monte Carlo)0.0%
Chance of 90% account loss (Monte Carlo)0.0%
Chance of 100% account loss (Monte Carlo)0.0%

Automation

Percentage Signals Automated0.0%

Popularity

Popularity (Today)0
Popularity (Last 6 weeks)0
Popularity (7 days, Percentile 1000 scale)0

Trading Style

Any stock shorts? 0/11

Trades-Own-System Certification

Trades Own System?0
TOS percent0.0%

Win / Loss

Avg Loss$7,702
Avg Win$5,169
# Winners371
Sum Trade PL (losers)$723,999
Sum Trade PL (winners)$1,917,780
Num Months Winners26
# Losers94
% Winners79.8%

Dividends

Dividends Received in Model Acct-700

Age

Num Months filled monthly returns table261

Frequency

Avg Position Time (mins)13386.08
Avg Position Time (hrs)223.10
Avg Trade Length9.30
Last Trade Ago6819

Regression

Alpha0.03
Beta0.04
Treynor Index0.81

Maximum Adverse Excursion (MAE)

MAE:Equity, average, all trades0.01
MAE:Equity, 95th Percentile Value for this strat0.01
MAE:Equity, average, losing trades0.02
MAE:Equity, losing trades only, 95th Percentile Value for this strat
MAE:Equity, average, winning trades0.01
MAE:Equity, win trades only, 95th Percentile Value for this strat
Avg(MAE) / Avg(PL) - All trades2.26
MAE:PL (avg, all trades)2.26
MAE:PL (avg, losing trades)
MAE:PL - Losing Trades - this strat Percentile of All Strats22.54
MAE:PL - Winning Trades - this strat Percentile of All Strats78.09
MAE:PL (avg, winning trades)
MAE:PL - worst single value for strategy
Avg(MAE) / Avg(PL) - Winning trades0.71
Avg(MAE) / Avg(PL) - Losing trades-1.24
Hold-and-Hope Ratio0.44

RATIO STATISTICS

Mean0.15
SD0.39
Sharpe ratio (Glass type estimate)0.38
Sharpe ratio (Hedges UMVUE)0.38
df102
t1.12
p0.44
Lowerbound of 95% confidence interval for Sharpe Ratio-0.29
Upperbound of 95% confidence interval for Sharpe Ratio1.05
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.29
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation1.05
Sortino ratio0.53
Upside Potential Ratio1.13
Upside part of mean0.32
Downside part of mean-0.17
Upside SD0.27
Downside SD0.28
N nonnegative terms76
N negative terms27
N of observations103
Mean of predictor0.15
Mean of criterion0.15
SD of predictor0.24
SD of criterion0.39
Covariance0.01
r0.13
b (slope, estimate of beta)0.20
a (intercept, estimate of alpha)0.12
Mean Square Error0.15
DF error101
t(b)1.29
p(b)0.10
t(a)0.88
p(a)0.19
Lowerbound of 95% confidence interval for beta-0.11
Upperbound of 95% confidence interval for beta0.52
Lowerbound of 95% confidence interval for alpha-0.15
Upperbound of 95% confidence interval for alpha0.39
Treynor index (mean / b)0.73
Jensen alpha (a)0.12
Mean0.03
SD0.59
Sharpe ratio (Glass type estimate)0.04
Sharpe ratio (Hedges UMVUE)0.04
df102
t0.13
p0.49
Lowerbound of 95% confidence interval for Sharpe Ratio-0.62
Upperbound of 95% confidence interval for Sharpe Ratio0.71
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.62
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation0.71
Sortino ratio0.05
Upside Potential Ratio0.53
Upside part of mean0.29
Downside part of mean-0.26
Upside SD0.23
Downside SD0.54
N nonnegative terms76
N negative terms27
N of observations103
Mean of predictor0.12
Mean of criterion0.03
SD of predictor0.25
SD of criterion0.59
Covariance0.03
r0.19
b (slope, estimate of beta)0.46
a (intercept, estimate of alpha)-0.03
Mean Square Error0.34
DF error101
t(b)1.98
p(b)0.03
t(a)-0.14
p(a)0.55
Lowerbound of 95% confidence interval for beta-0.00
Upperbound of 95% confidence interval for beta0.92
Lowerbound of 95% confidence interval for alpha-0.42
Upperbound of 95% confidence interval for alpha0.37
Treynor index (mean / b)0.06
Jensen alpha (a)-0.03
VaR(95%)0.24
Expected Shortfall on VaR0.29
VaR(95%)0.02
Expected Shortfall on VaR0.05
Mean0.82
SD1.31
Sharpe ratio (Glass type estimate)0.63
Sharpe ratio (Hedges UMVUE)0.63
df2253
t1.85
p0.03
Lowerbound of 95% confidence interval for Sharpe Ratio-0.04
Upperbound of 95% confidence interval for Sharpe Ratio1.30
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.04
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation1.30
Sortino ratio1.24
Upside Potential Ratio3.71
Upside part of mean2.45
Downside part of mean-1.63
Upside SD1.13
Downside SD0.66
N nonnegative terms1839
N negative terms415
N of observations2254
Mean of predictor0.28
Mean of criterion0.82
SD of predictor0.55
SD of criterion1.31
Covariance0.24
r0.33
b (slope, estimate of beta)0.79
a (intercept, estimate of alpha)0.61
Mean Square Error1.52
DF error2252
t(b)16.79
p(b)0
t(a)1.44
p(a)0.07
Lowerbound of 95% confidence interval for beta0.69
Upperbound of 95% confidence interval for beta0.88
Lowerbound of 95% confidence interval for alpha-0.22
Upperbound of 95% confidence interval for alpha1.43
Treynor index (mean / b)1.05
Jensen alpha (a)0.61
Mean0.03
SD1.33
Sharpe ratio (Glass type estimate)0.02
Sharpe ratio (Hedges UMVUE)0.02
df2253
t0.06
p0.48
Lowerbound of 95% confidence interval for Sharpe Ratio-0.65
Upperbound of 95% confidence interval for Sharpe Ratio0.69
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.65
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation0.69
Sortino ratio0.03
Upside Potential Ratio1.95
Upside part of mean2.04
Downside part of mean-2.02
Upside SD0.81
Downside SD1.05
N nonnegative terms1839
N negative terms415
N of observations2254
Mean of predictor0.13
Mean of criterion0.03
SD of predictor0.55
SD of criterion1.33
Covariance0.24
r0.33
b (slope, estimate of beta)0.80
a (intercept, estimate of alpha)-0.07
Mean Square Error1.57
DF error2252
t(b)16.49
p(b)0
t(a)-0.17
p(a)0.57
Lowerbound of 95% confidence interval for beta0.70
Upperbound of 95% confidence interval for beta0.89
Lowerbound of 95% confidence interval for alpha-0.91
Upperbound of 95% confidence interval for alpha0.77
Treynor index (mean / b)0.03
Jensen alpha (a)-0.07
VaR(95%)0.13
Expected Shortfall on VaR0.16
VaR(95%)0.01
Expected Shortfall on VaR0.02
Mean0
SD0
Sharpe ratio (Glass type estimate)0
Sharpe ratio (Hedges UMVUE)0
df0
t0
p0
Lowerbound of 95% confidence interval for Sharpe Ratio0
Upperbound of 95% confidence interval for Sharpe Ratio0
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation0
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation0
Sortino ratio0
Upside Potential Ratio0
Upside part of mean0
Downside part of mean0
Upside SD0
Downside SD0
N nonnegative terms131
N negative terms0
N of observations131
Mean of predictor0.99
Mean of criterion0
SD of predictor0.51
SD of criterion0
Covariance0
r0
b (slope, estimate of beta)0
a (intercept, estimate of alpha)0
Mean Square Error0
DF error0
t(b)0
p(b)0
t(a)0
p(a)0
Lowerbound of 95% confidence interval for beta0
Upperbound of 95% confidence interval for beta0
Lowerbound of 95% confidence interval for alpha0
Upperbound of 95% confidence interval for alpha0
Treynor index (mean / b)0
Jensen alpha (a)0
Mean0
SD0
Sharpe ratio (Glass type estimate)0
Sharpe ratio (Hedges UMVUE)0
df0
t0
p0
Lowerbound of 95% confidence interval for Sharpe Ratio0
Upperbound of 95% confidence interval for Sharpe Ratio0
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation0
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation0
Sortino ratio0
Upside Potential Ratio0
Upside part of mean0
Downside part of mean0
Upside SD0
Downside SD0
N nonnegative terms131
N negative terms0
N of observations131
Mean of predictor0.85
Mean of criterion0
SD of predictor0.53
SD of criterion0
Covariance0
r0
b (slope, estimate of beta)0
a (intercept, estimate of alpha)0
Mean Square Error0
DF error0
t(b)0
p(b)0
t(a)0
p(a)0
Lowerbound of 95% confidence interval for beta0
VAR (95 Confidence Intrvl)0.13
Upperbound of 95% confidence interval for beta0
Lowerbound of 95% confidence interval for alpha0
Upperbound of 95% confidence interval for alpha0
Treynor index (mean / b)0
Jensen alpha (a)0
VaR(95%)0
Expected Shortfall on VaR0
VaR(95%)0
Expected Shortfall on VaR0

ORDER STATISTICS

Number of observations103
Minimum0.21
Quartile 11
Median1
Quartile 31
Maximum1.54
Mean of quarter 10.94
Mean of quarter 21
Mean of quarter 31
Mean of quarter 41.10
Inter Quartile Range0
Number outliers low16
Percentage of outliers low0.16
Mean of outliers low0.91
Number of outliers high25
Percentage of outliers high0.24
Mean of outliers high1.11
Extreme Value Index (moments method)-3.63
VaR(95%) (moments method)0.00
Expected Shortfall (moments method)0.00
Extreme Value Index (regression method)0.89
VaR(95%) (regression method)0.03
Expected Shortfall (regression method)0.46
Number of observations2254
Minimum0.12
Quartile 11
Median1
Quartile 31
Maximum2.46
Mean of quarter 10.98
Mean of quarter 21
Mean of quarter 31
Mean of quarter 41.04
Inter Quartile Range0
Number outliers low415
Percentage of outliers low0.18
Mean of outliers low0.97
Number of outliers high429
Percentage of outliers high0.19
Mean of outliers high1.05
Extreme Value Index (moments method)0.84
VaR(95%) (moments method)0.01
Expected Shortfall (moments method)0.05
Extreme Value Index (regression method)0
VaR(95%) (regression method)0
Expected Shortfall (regression method)0
Number of observations131
Minimum1
Quartile 11
Median1
Quartile 31
Maximum1
Mean of quarter 11
Mean of quarter 21
Mean of quarter 31
Mean of quarter 41
Inter Quartile Range0
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high0
Percentage of outliers high0
Mean of outliers high0
Extreme Value Index (moments method)0
VaR(95%) (moments method)0
Expected Shortfall (moments method)0
Extreme Value Index (regression method)0
VaR(95%) (regression method)0
Expected Shortfall (regression method)0

DRAW DOWN STATISTICS

Number of observations4
Minimum0.00
Quartile 10.03
Median0.08
Quartile 30.29
Maximum0.79
Mean of quarter 10.00
Mean of quarter 20.03
Mean of quarter 30.13
Mean of quarter 40.79
Inter Quartile Range0.26
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high1
Percentage of outliers high0.25
Mean of outliers high0.79
Extreme Value Index (moments method)0
VaR(95%) (moments method)0
Expected Shortfall (moments method)0
Extreme Value Index (regression method)0
VaR(95%) (regression method)0
Expected Shortfall (regression method)0
Number of observations16
Minimum0.05
Quartile 10.10
Median0.21
Quartile 30.50
Maximum0.89
Mean of quarter 10.05
Mean of quarter 20.14
Mean of quarter 30.29
Mean of quarter 40.64
Inter Quartile Range0.40
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high0
Percentage of outliers high0
Mean of outliers high0
Extreme Value Index (moments method)0.20
VaR(95%) (moments method)0.70
Expected Shortfall (moments method)0.89
Extreme Value Index (regression method)1.63
VaR(95%) (regression method)0.74
Expected Shortfall (regression method)0
Number of observations0
Minimum0
Quartile 10
Median0
Quartile 30
Maximum0
Mean of quarter 10
Mean of quarter 20
Mean of quarter 30
Mean of quarter 40
Inter Quartile Range0
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high0
Percentage of outliers high0
Mean of outliers high0
Extreme Value Index (moments method)0
VaR(95%) (moments method)0
Expected Shortfall (moments method)0
Extreme Value Index (regression method)0
VaR(95%) (regression method)0
Expected Shortfall (regression method)0
Strat Max DD how much worse than SP500 max DD during strat life?-377550976
Max Equity Drawdown (num days)165
Last 4 Months - Pcnt Negative0.0%

COMBINED STATISTICS

Annualized return (arithmetic extrapolation)0.03
Compounded annual return (geometric extrapolation)0.03
Calmar ratio (compounded annual return / max draw down)0.03
Compounded annual return / average of 25% largest draw downs0.03
Compounded annual return / Expected Shortfall lognormal0.09
j156mfCOMBRisPar0
j157mfCOMBRisPar0
Annualized return (arithmetic extrapolation)0.03
Compounded annual return (geometric extrapolation)0.03
Calmar ratio (compounded annual return / max draw down)0.03
Compounded annual return / average of 25% largest draw downs0.04
Compounded annual return / Expected Shortfall lognormal0.17
j313dfCOMBRisPar0
j314dfCOMBRisPar0
Annualized return (arithmetic extrapolation)0
Compounded annual return (geometric extrapolation)0
Calmar ratio (compounded annual return / max draw down)0
Compounded annual return / average of 25% largest draw downs0
Compounded annual return / Expected Shortfall lognormal0

Trading record

Placed 127 trades in real-life brokerage accounts.

SymbolSideQtyOpenedClosedP/L
LTS long200000Jan 19, 2007Jan 14, 2008$21,995
CPST long500000Jan 19, 2007Jan 11, 2008$324,995
ER2 U7long1Jul 31, 2007Jul 31, 2007($488)
ICE long200Feb 28, 2007Feb 28, 2007$396
MOCC long50000Mar 2, 2006Jan 19, 2007$96,086
MSON long20000Jan 31, 2006Jan 19, 2007($15,005)
TRT long20000Dec 14, 2006Jan 19, 2007$3,995
CPST long20000Nov 30, 2006Jan 19, 2007($5,805)
BRLC long40000Feb 1, 2006Jan 19, 2007$128,993
TRT long20000Nov 9, 2006Nov 24, 2006$595
MRVL long2000Feb 22, 2006Feb 23, 2006$2,975
CHNR short3000Feb 2, 2006Feb 16, 2006($2,282)
GVA long2000Feb 15, 2006Feb 16, 2006$1,255
ASF long5000Feb 10, 2006Feb 15, 2006$12,043
UARM long1500Feb 6, 2006Feb 15, 2006($13,640)
VLTR long5000Feb 9, 2006Feb 15, 2006($2,705)
KZL long5000Feb 9, 2006Feb 13, 2006$5,895
AQMBH long600Feb 8, 2006Feb 9, 2006$8,160
CAAS short1500Feb 3, 2006Feb 9, 2006$625
CESV short2000Feb 3, 2006Feb 9, 2006$2,655
UMUBX long1800Feb 8, 2006Feb 8, 2006$1,980
UWGBH short20Feb 6, 2006Feb 7, 2006$4,472
RL long1000Feb 6, 2006Feb 7, 2006($1,755)
CTDC short2000Feb 3, 2006Feb 7, 2006$5,835
MCX long20000Feb 3, 2006Feb 3, 2006$595
CAAS short4000Feb 3, 2006Feb 3, 2006$395
CTTY long20000Jan 27, 2006Jan 30, 2006$7,795
BOT long1000Jan 24, 2006Jan 26, 2006$245
USU long160Jan 24, 2006Jan 25, 2006($1,483)
CME short25000Jan 23, 2006Jan 23, 2006$245

Past results are not necessarily indicative of future results.

These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical 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 these being shown.