The risk of loss in forex trading can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. In considering whether to trade or to authorize someone else to trade for you, you should also be aware of the following:

Forex transactions are not traded on an exchange, and those funds deposited with the counter-party for forex transactions may not receive the same protections as funds used to margin or guarantee exchange-traded futures and options contracts. If the counter-party becomes insolvent and you have a claim for amounts deposited or profits earned on transactions with the counter-party, your claim may not receive a priority. Without a priority, you are a general creditor and your claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even customer funds that the counter-party keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors.

The high degree of leverage that is often obtainable in forex trading can work against you as well as for you. The use of leverage can lead to large losses as well as gains.

Managed accounts may be subject to substantial charges for management and advisory fees and the account may need to make substantial trading profits to avoid depleting or exhausting its assets. The disclosure document contains a complete description of each fee to be charged to your account by the account manager. (See page 11).

This brief statement cannot disclose all the risks and significant aspects of the forex markets. Therefore, you should carefully review the disclosure document before you apply for a managed account, including the description of the principal risk factors of this investment (see page 9).

National futures association has neither passed upon the merits of participating in this trading program nor the adequacy or accuracy of this disclosure document.