Disclaimer

Statistics, tables, charts and other information on trading system monthly performance is hypothetical unless otherwise specified, and is based on the referenced systems hypothetical monthly performance as it would be executed through TradeStation Securities if per the contract/account balance and other specifications noted in the performance tables. Actual dollar and percentage gains/losses experienced by investors would depend on many factors not accounted for in these hypothetical statistics, including, but not limited to, starting account balances, market behavior, incidence of split fills and other variations in order execution, and the duration and extent of individual investor participation in the specified system. Fees, commissions, and other expenses are not accounted for herein, and will affect investors net results in actual trading. While the information and statistics given are believed to be complete and accurate, given the hypothetical specifications, we cannot guarantee their completeness or accuracy. THIS INFORMATION IS PROVIDED FOR EDUCATIONAL/ INFORMATIONAL PURPOSES ONLY. These results are not indicative of, and have no bearing on, any individual results that may be attained by the trading system in the future. PAST OR HYPOTHETICAL PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The CFTC requires the following disclosure statement in reference to hypothetical results:
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 OF 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 WHICH CAN ADVERSELY AFFECT TRADING RESULTS.

These trading systems, like any other, may involve an inappropriate level of risk for prospective investors. THE RISK OF LOSS IN TRADING COMMODITY FUTURES AND OPTIONS CAN BE SUBSTANTIAL AND MAY NOT BE SUITABLE FOR ALL INVESTORS. Prior to purchasing a trading system from this or any other system vendor or investing in a trading system with a registered commodity trading representative, investors need to carefully consider whether such trading is suitable for them in light of their own specific financial condition. In some cases, futures accounts are subject to substantial charges for commission, management, incentive or advisory fees. It may be necessary for accounts subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets. In addition, one should carefully study the accompanying prospectus, account forms, disclosure documents and/or risk disclosure statements required by the CFTC or NFA, which are provided directly by the system vendor and/or CTA's.

The information contained in this report is provided with the objective of "standardizing" trading systems performance measurements, and it is intended for educational /informational purposes only. All information is offered with the understanding that an investor considering purchasing or leasing a system must carry out his/her own research and due diligence in deciding whether to purchase or lease any trading system noted within or without this report. This report does not constitute a solicitation to purchase or invest in any trading system which may be mentioned herein. SUNNY HARRIS & ASSOCIATES, INC, SUNNY HARRIS and/or  DOYEN CAPITAL MANAGEMENT MAKE NO ENDORSEMENT OF THIS OR ANY OTHER TRADING SYSTEM NOR WARRANTS ITS PERFORMANCE. THIS IS NOT A SOLICITATION TO PURCHASE OR SUBSCRIBE TO ANY TRADING SYSTEM.

The risk of loss in trading can be substantial. Trading and investing are speculative and include risk of loss.  Past performance is no indication of future results.  All commentary from the website, MoneyMentor.com, Sunny Side of the Street, Sunny Harris, Sunny Harris & Associates, and Doyen Capital Management, Inc., is provided for educational purposes only. 

Sunny J. Harris, Sunny Harris & Associates, Inc., The Money Mentor, Sunny Side of the Street  and Doyen Capital Management accept no liability whatsoever for any loss arising from any use of any information in this website, any materials contained or offered herein, and any materials presented by us.  Sunny J. Harris and Sunny Harris & Associates, Inc. do not offer trading advice of any kind herein or elsewhere.  We are solely involved in the business of education.  This column is strictly commentary and is not to be construed as advice.  Analysts, employees and/or affiliates of the aforementioned entities may hold long or short  positions in the stocks or indexes mentioned here.

This information is in no way a representation to buy or sell securities, bonds, options or futures.  Always check with your licensed financial planner, broker, money manager or commodity trading advisor before buying or selling on any advice, whether contained herein or elsewhere.

It should not be assumed that the methods, techniques, or indicators presented herein will be profitable or that they will not result in losses.  Past results are not necessarily indicative of future results.  Examples presented herein are for educational purposes only.  This is not a solicitation of any offer to buy or sell.

Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor do they purport to be complete.  No responsibility is assumed with respect to any such statement, nor with respect to any expression of opinion herein contained.  All trade recommendations should be discussed with your broker and made at your own risk.

You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. 

Whenever viewing hypothetical trading results you should remember the following:

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 may not have 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.

In considering whether to trade or to authorize someone else to trade for you, you should be aware of the following:

If you purchase a commodity option, you may sustain a total loss of the premium and of all transaction costs.

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 requested 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.

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".

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.

A "spread" position may not be less risky than a simple "long" or "short" position.

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 markets.

There is risk of substantial loss in trading.