Days
Hours
Minutes
Seconds

What if you had a strategy to quickly HEDGE directional risk, in ANY type of market environment, and even turn around losing trades... AND... maybe even turn them into winners??

AND... What if that same strategy took advantage of time decay AND volatility collapse more so than any other method?

This strategy would create a major trading edge for any trade taken, tilting the trading odds way in your favor….

Would this strategy be worth your time to learn?

If YES!

Here’s your opportunity…

Over my 30+ years of trading options I’ve found that to become a successful trader and to stay successful is all about managing risk and the probabilities of winning versus losing.

But let’s face it. Every trader has losing trades. And traders tend to hang on to losers longer thinking they can turn the trade around to at least a break even. 

Then when they can’t take the pain anymore, they sell.

And that one stink’in trade ruins their previously stellar trading results for the entire month (which had lots of other winning trades)! 

Every honest trader has experienced this. 

It feels defeating and stressful.  

But what if I told you there are two little-used option strategies that can banish this painful occurrence forever?  

And these same strategies can, hands down, take advantage of [Time Decay AND Volatility] better than ANY other option strategy?

These two Dynamic Option Strategies are the “Butterfly and Long Condor Spread.”

My Secret Trading Weapon!

They are designed to stack the winning odds way in your favor if you just know How, Why and When to use them.

The Butterfly and Long Condor are (High Reward-Low Risk) option strategies that can be traded for a variety of different reasons with different goals in mind, such as: 

         Income
         High Reward-Low Risk Directional Trades
         Non-Directional Trades
         Hedging 

And they offer an unmatched way to quickly HEDGE directional risk and Theta [Time Decay] in ANY (repeat: ANY) type of market environment.

And if you don’t know how to HEDGE, you’re a trading accident waiting to happen…

"The Butterfly strategy is one of my favorites. It's the 'Big Winners' that eventually make the difference in any trading account. With all the so-called 'low risk' option strategies being sold to the public, an account without the potential to hit a 'Big One' once in a while (while not "betting the farm") is a slow ride up a long hill. But this strategy is as easy as ABC."
Bill

Now in trading, such as in life, we never know what’s around the corner, but we would always like to be prepared for whatever comes our way.  

The S&P 500 has notched a fresh milestone.

The benchmark index has now doubled from a closing low hit on March 23, 2020; this 100% surge marks the fastest bull market doubling since World War II. 

This bull market has lasted so long that many traders only know how to buy the dip!

But when the herd heads for the exit it’s going to get ugly fast!

Markets take the stairs up and the elevator down and stocks tend to fall much, much faster than they rise. 

So, to get you prepared and proficient to trade and be profitable trading in ANY (repeat: ANY) type of market environment I’ve developed an all new, Live Option Trading Workshop on the….

Butterfly and Long Condor.

"Best money and time I’ve ever spent. Excellent!!!!"
David
"You have such a great knack of explaining all the special things one should know to trade these strategies. Thanks much."
David
"Many thanks for another awesome presentation, Larry!! "
Sudha
"Fantastic course, presented with great passion. Both the Butterfly and Condor will now be part of my trading strategies. Thank You Larry!"
Alain

Enrollment is Now Open for my
All-New Live 5+ Hour
Options Blueprint Course…

Butterfly & Long Condor
Option Profits & HEDGING
 Masters Course

Kicks off with:
Part I:  Saturday, August 28th from 11 AM to 3 PM ET
and finishes with 
Part II:  Monday, August 30th from 6 PM to 7 PM ET
or as long as it takes…

Plus, follow up Q&A and Trading Room Support…

 

You’ll be able to get all your questions answered and the Entire Program will be recorded if you cannot make it Live.

"This is EXACTLY what I wanted. Bullseye!"
Jim
"I have taken this course twice before and loved it but want to retake it again because I always learn something new that clicks each time, I retake it. I started my trading account with $2000 and it’s now at $7300, trading only one contract, thank you so much Larry!
Michael
"Your Master Class on the Butterfly and Condor setups was excellent, and I learned a great deal. You are an outstanding instructor and made a complex topic easy to understand. I am relatively new at trading options."
Jim S.
"Excellent class Larry - as usual, you under-promise and over-deliver. Wish I’d known how to do this hedging before I lost so much money doing credit spreads - geez!!!"
Pam
"I have been blessed by every course I’ve taken from you! Thank you, Larry!! Much appreciated, and very excited to have found you!!!!"
Bonnie

  Can’t Make it Live?

No problem, the entire program will be
recorded for you & broken down into 30-minute modules for easy viewing…

"Just to let you know, I’ve spent a lot of money on courses, and yours are the best I have signed up for. In fact, had I been lucky enough to just start out with you, I would not of needed the others."
Pierre L.
"Larry’s in-depth instruction is immensely informative and valued. He goes above and beyond the cost of the education... The format is perfect, and the recordings allow for further study."
C.P.

    With Live Follow Up Support Q&A… & Bonuses

Course Package I

$197

“Hi Larry, I’ve got to say your trading courses are among the very best I’ve ever taken. You give me so much great information that sometimes it feels like drinking from a fire hose to absorb everything, but I love what you do. Thanks very much!"
Bruce
“I too have taken a number of your courses and really like your teaching style and your patience with your students. You really are an excellent teacher!"
Hayley
“Truly an AHA Moment..."
Raaj

Course Package II

Elite Open to Close

Trade Alerts Service Plus

$1,197

(2 Pay Available)
"Larry, I’ve got to mention that your alert service is great! I paid for my year of alerts with my first trade! I took your Target trade idea, rolled the leg and kept the long call open. Made about 300% ROC."
Roy
"Larry, I have to mention one thing. I'm subscribed to a lot of services who send out trade alerts. Some are good others are not that great. But one thing that I would like people on this webinar to know is when I get a trade alert from Larry, I do it blindly as time has shown me that this man is dead accurate in his recommendations! Thank you for your great service!"
Waleed

Here's just some of what you'll master in this all new

Butterflies & Long Condor

Option Profits & HEDGING

Masters Course

Part I:  The Trade Foundation

  • Option Greeks vital for trading the Butterfly & Long Condor
  • Theta Decay & its impact on the Butterfly & Long Condor
  • Volatility & the Importance of Volatility Crush when Constructing the Butterfly and Long Condor
  • Pricing the Option – The Effects of Time and Volatility
  • Using Fibonacci Price Target Mapping & Standard Deviation for selecting high probability directional price targets

"Larry’s courses are fantastic! Excellent return on investment. Great products and Great service! And you can quote me on this."
Keith

Part II: What Really Makes Them Work

  • Core Basics That Many Traders Miss When Using Butterflies & Long Condor – 
  • Butterfly and Long Condor Spread Foundation -[the Vertical Option
    Spread]
  • How, Why and When to Use the:

 Long Call or Put Butterfly

 Wide Wing Directional Butterfly

 Broken Wing Butterfly

Ratio Butterfly
Broken Wing Ratio Butterfly
Iron Butterfly
Vacation Butterfly
Long Condor

 

  • Best Option Time Frames to Use, to Capitalize on the Btterfly & Long Condor Option Spreads for trading [Stocks, ETFs, Indexes & Futures]
  • How to Structure Setups with Returns of 10-to-1 or 12-to-1 With as Little as $10 per Option Contract of Capital at Risk
  • How to Profit from Option Volatility Collapse and Theta Decay Using the Butterfly and Long Condor
  • How to Trade a [Monthly Option Expiration Butterfly Strategy] to Generate High Returns on Low Risk & Little Capital 12 Times a Year, Option Pinning
  • Pinning, Price Target Set-Ups for the Butterfly and Long Condor Spread Using Unusual Option Activity & Fibonacci
  • A unique Option Spread that benefits from combining the  [Vertical Debit Spread + Vertical Credit Spread] to create a Theta Positive, [Low Capital at Risk-High Reward] trade that can provide trading returns of 100%, 200%, 300% or greater!
  • How, Why & When to use the Long Option Condor Spread” in your directional trading for controlled risk & high returns
  •  

 


"Larry, you have been awesome with great content, valuable information and precisely to the point... great teacher... the best butterfly course too!!!"
Vinodh

Part III: Hedging     

  • ** Progression of HEDGING**
  • ** How to Use the butterfly and Long Condor to Hedge Core Positions**
  • ** How to Use the butterfly and Long Condor to Defend the Vertical Debit Spread**
  • ** How to Defend a Vertical Credit Spread – the Butterfly Defense**
  • Step by Step Check List on When & How to Put the Butterfly & Long Condor On & Take Them Off
  • Execution and Management of the butterfly and Long Condor Option Spread
  • Resources:  

             → Exchange Traded Funds to Use
             → Assignment Risk
             → Expiration Risk
             → Auto Exercise & Assignment

  • Butterfly & Long Condor Trading Library

  • And A Lot More…

"Larry, you are the only one, that I know of, that provides competent, realistic instruction on how to have a Houdini escape hatch plan to utilize when various types of option trades go against you. It allows a trader to calmly use their head to make appropriate trade adjustments, instead of wildly panicking and having their head handed to them. I greatly appreciate you sharing your hard earned, profitable trading knowledge and techniques. " 
Richard
"These chess trading moves you go over, in detail, NEVER get old. Thank-you!" 
Rick
"Larry, you missed the AAPL prediction by two cents, but I guess that was close enough.  Uncanny how your $160 goal was almost exactly on-the-money.  Thanks to you, I got in on the butterfly and made 390%.  Not bad for three days of work.  Thanks again." 
Don

This Course is designed to teach you in an easy-to-understand, step-by-step format, everything you will need to know about how to use the Butterfly & Long Condor for Profits and HEDGING. 

Like everyone, I like a great deal, so I’ve put together a great deal for you…

" I forget how many years I have been with you now, but I still make the time to show-up for these sessions, even on a revered Saturday, because I continue to learn valuable, profitable insights from you every time I attend. And Camille is correct that you always smother us with fantastic training during your extensive webinars and courses."
Rick

Butterfly & Long Condor

Option Profits & Hedging

Masters Course

Here’s What You Will Receive
COURSE PACKAGE I

$197

"Just when I think I have about all I can learn about options, in walks Larry with both guns blazing...  amazing."
Jim
"Larry, I have seen many 'options experts' over the last 2 years, but nobody is at your level. You are way above these guys.."
Alain

COURSE PACKAGE II

Elite Open to Close

Trade Alerts Service Plus

If you’ve been looking for more help and guidance in your trading, then I have a very Special Elite Open to Close Trade Alert Service Plus Package, is just for you

 

This package includes my “4 Trading Alert Services for 13 months” + “13 Month PCT Club Membership” and everything in Course Package 1$197

This “Alert Service” will save you hours of research time and will provide you text alerts for 13 months on:

  1. Top, Butterfly & Long Condor Trade Set-ups 
  2. Top, Calendar & Calendar Diagonal Trade Set-ups
  3. Top, Breakout – Reversal Trade Set-ups
  4. Top, Earnings Option Trade Set-ups 

Elite Open to Close Trade Alert Service Plus

  • Access to Trade Set-Up Alerts for 13 Months
  • 10 to 25 Stocks or ETF Trade Set-Ups Per Month
  • Text Alerts on Selective Butterfly & Long Condor Trades
  • Text Alerts on Selective Calendar & Calendar Diagonal Trades
  • Text Alerts on Breakout – Reversal Trades
  • Text Alerts on Selective Earning Trades
  • Trading Guide for Each Trade Alert
  • Trade Set-Up for Video Review
  • Trades Listed & Archived
  • Live Weekly Trading Q&A & Recorded [13 Months]
  • Daily Market Video Newsletter [13 Months]
  • Access to PCT Virtual Trading & Coaching Room [13 Months]
  • 60% Discounts on All Courses & Trading Software [13 Months]
"This package was well worth it to get all trades from Larry for a year on your Cell phone. I made a lot more than $1,200 on just my 1st trade Larry suggested & text. Great Price Traders. Well worth the investment..."
K.G.
"The alerts work! Larry has done his homework! I paid for the alerts with the first four trades. Actually, I wasn’t trying to make money… I was trying to learn how options work. The wins with the alerts gave me great confidence to continue learning about trading options."
Dan

Elite Open to Close

Trade Alert Service Plus

$1,197

(2 Pay Available)

Special Enrollment Bonuses

Bonus Special 1

Price Target Mapping Using Fibonacci & More

All New On-Demand, Step-by-Step, “Fibonacci Course” on how to gain a major trading edge using, Fibonacci & Price Target Mapping in your swing trades or day trades…. 

This Price Target Mapping Process is based:

  • Fibonacci price target analysis
  • Moving average- automated trend lines
  • Price action support/resistance levels
  • Standard deviation price target forecasting 
  • Unusual option price activity

And the foundation of this process is Fibonacci…

You’ll receive this all new [3+ Hour Recorded Course & Complete 130 Page Course Manual + Course Handouts]

 

Bonus Special 2

Option Trading for Beginners

New On-Demand, “Option Beginners Course” to get you started trading options…. With power point training manual and videos….. 

This comprehensive and easy to understand option training is the perfect introductory course for the beginner option investor or trader.

Course Summary: 

  1. The Benefits of Options Vs. Stocks 
  2. Insider Tips You’ll Want Before You Trade Options 
  3. Must Know Options Basics   
  4. Mastering Puts Vs. Calls 
  5. Option Expiration 
  6. Beginner Option Strategy 1 – Covered Calls for Easy Income on Stocks 
  7. Intermediate Option Strategy 2 – Income and Protection Strategy with Collar (Hedge)
  8. Resources

Bonus Special 3

Power Cycle Trading Club

Package I: 1-Month Free

Package II: Alert Service Receive for 13 Months

"I am an extremely loyal member of PCT. Larry will never be able to find a large enough stick to beat me away from the PCT family in this lifetime"
Rick
"“Today I got back to work fulltime at Mandalay Bay Convention (banquets) here in Vegas. They shut us down 4/16/2020. Larry and his trading service have helped me survive the last yr. THANKS!"
Richard
"Larry, I want to thank you. I'm glad I found your service. I'm learning so much. THANKS"
Richard
"Larry just wanted to say my options knowledge has leaped exponentially since joining your trading room! Reading books is fine but seeing the actual option trade set-ups makes a huge difference. Thanks."
Jay
"Larry, Ditto..."
K.G.

 

 

Here is what you will receive: 

 

ü Virtual Trading room – Open from 9:30 to 10:30 AM ET daily during trading week & 3:30 to 4:00 PM ET, [Monday & Wednesday] 

ü Daily After Market & Trading Update Videos

ü Member’s Trading Video Archive

ü Live Weekly Q&A with Larry

ü Trader’s Education Vault 

ü 60% Discounts on Website Courses & Trading Software

"Hey Larry, for your audience, I have recently signed up for the trading club and enjoy it very much. You always attempt to answer all member’s questions with great clarity. I have also completed two workshops and learned a great deal and have been trading with high confidence. You do such a great job keeping the tempo during your workshops. Great Job and keep it up!"   
Prince
"Larry, I wanted to tell how much I enjoy your trading room...I am a member of others but don’t even log into them...Good job and please keep it up... I really enjoy “your style” of the room."   
Ben
"Listening to an experienced and wise MENTOR like Larry is awesome! Having access to a daily Trading Room that provides members with trade ideas and entry and exit targets is extremely helpful."   
Keith M.
"Larry just wanted to say my options knowledge has leaped exponentially since joining your trading room! Reading books is fine but seeing the actual option trade set-ups makes a huge difference. Thanks. "   
Jay

Bonus Special 4

  1. Live with Larry, Follow up Accountability & Support Coaching Q&A for the Butterfly & Long Condor Workshop. 

    You’ll have all your questions answered at this one-hour, live Q&A and it will be recorded.  

    Q&A will be scheduled after the course, and you’ll be sent an email notification with date and time. 
  2. Access to the Power Cycle Trading, Virtual Trading Room, for 30 Days to provide you more trading support…. Or 13 Months with the Trade Alert Service, package 2…..

Bonus Special 5

Options Trading Tutorial

You’ll receive my 60-page options guide with videos that covers the foundation of option trading, the Greeks, & how to use them in your option trading.

  •  The Greeks: Delta, Gamma, Theta, Vega, Implied Volatility
  • Pricing the Option
  • The Market Makers Secret
  • Standard Deviation
  • Option Delta & Trade Probability 
  •  And more…

Bonus Special 6

Top 15 Option Strategy Guide

Bonus Special 7

A simple and brief option reference guide on the Option Greeks for your desk….

Elite Open to Close

Trade Alert Service Plus

[13 Month Trading Alert Service]

+

[13 Month PCT Club Membership]

You’ll receive everything in Course Package I

"Hey Folks, I am loving my subscription to the Trade Club and the Alert Services.  I paid for it in the first week.  I guess I am now a "Scholarship Student"?  It is great to start and finish the market day with Larry, put on the trades, not be glued to the screen all day, go do real life stuff, check in a time or two and be there for the close.  I am retired, the market is my main hobby, and this is EXACTLY what I have been looking for!  I am learning like a sponge every day!  Kind regards,"   
Jay
"I joined your alert service plus, including trade room, in Nov of last year and grew my $2500 account which had dwindled from using other alert services over the past year. My account since joining your service is now just short of $5000 which was my starting point a year ago! I made only 1 contract trades to be very cautious. Best results after trying several other services! Thanks Larry!! "   
Marry
"This is a great service and value to enhance your trading. I've been in Larry's service for 2 months now and have had wonderful results. 85% of my option trades have been winners! "   
David
"I completely agree with David. I have been with Larry’s service for almost 1 year. Paid more than the tuition. The practical options knowledge & your daily follow-up on each alert is excellent. Thxs a lot. "   
Sarveswar
"Larry, Awesome trade yesterday on W!! Paid for your alert service for a year!! Thank you, sir!! "   
Dennis
"I really do enjoy the Trading Room and have taken a few of your courses. I have to say, I've learned so much from you in the past year, the biggest being patience lol. Everything is explained very well along with a set of rules to follow for minimal risk and higher probability for a successful trade. I really appreciate the time you give for the Q&A sessions although I can't always attend. Your expertise and guidance through this market is undoubtedly worth its weight in gold "   
Mike

Elite Open to Close

Trade Alert Service Plus

Elite Open to Close Trade Alert Service Plus

Let’s face it: I won’t always be offering this service. And nothing would make me any happier than for you to be able to do this yourself when I stop. 

So, while this is a completely “done-for-you” service, I have designed it so you can catapult your trading skills during your membership

For example, you’ll see why I chose the trade based on the chart pattern. You’ll see why I chose the option strategy. You’ll get an “After the Close” Educational Video outlining the trade so you can gain knowledge from your experience implementing the Alert trades.  

Research shows that we learn the most from experience, not just study. By combining the two, you’re going to take your trading to an entirely new level. 

Plus, you’re also going to get an entire 13 months in my Power Cycle Trading Club at no additional cost. This will give you an opportunity to get your questions answered daily

Most of the Trading Club benefits are listed in the What You’ll Receive Section below.

Here’s What You’ll Receive as an Elite Open to Close Trade Alert Member

  • Access to Trade Alert Setups for 13 Months
  • 10 to 20 Stocks and/or ETF Trade Setups Per Month (I Only Send the Best)
  • Text Alert or Email Alert of All Trade Setups
  • Step by Step Trading Guide for Each Alert
  • Suggested Option Trade Strategy
  • Trade Entry Level
  • Profit Targets, Based on Unusual Option Activity, Major Fibonacci Levels & Major Moving Average Support or Resistance Levels
  • Option Series to Use
  • Stop Loss Levels and Guidelines
  • Trades will be listed & archived for review
  • “After the Close” Educational Trade Review Video 
  • Key Technical Levels
  • Chart Pattern Revealing the Trade
  • Key Fibonacci & Moving Average Levels for Profit Targets
  • Stop Loss Levels
  • Live Weekly Trading Review and Q&A (Recorded)
  • Daily Market Video Newsletter – Review of All Setups
  • Access to PCT Virtual Trading – Coaching Room – Open from 9:30 to 10:30 AM ET, Monday – Friday, and 3:30 to 4:00 PM ET, Monday and Wednesday
  • 60% Discounts on All Website courses & Trading Software
  • Trader’s Education Vault with Monthly Updates

Here’s a couple of sample Alerts to see how they work….

Course Package II

Trade Alerts Service Plus

$1,197

(2 Pay Available)
"The content was a bull’s eye for what I need to know! "   
Jim
"Thank you, Larry... you are, unequivocally, one of the very best trading teachers available today!"   
Shams

Why would you listen to me?   

Over the past three decades I’ve been actively trading in the financial securities markets.

Trading is my passion. I knew this in my twenties, and this is the career path I chose to pursue. Eventually, as Executive Vice President of one of the largest international oil trading companies in the world, I managed the international trading desk where we traded and managed billions of dollars’ worth of oil, foreign exchange and financial market derivatives.

My trading group was one of the first to trade over-the-counter options on cargoes of foreign crude oil and traded millions of barrels of these crude oil option contracts.

I’ve been involved with a number of hedge funds on a consulting basis and in 2009 I set up an over-the-counter crude oil options brokerage desk for the world’s largest privately owned oil Brokerage Company.

 
I have a fascination for all things trading and options are my main go-to trading strategy and passion…

"Larry's courses are well worth your time. He is the Matt Damon in "Good Will Hunting". He looks at the numbers on the blackboard (options) that no one can figure out - and he just "sees it"!! Take that as a compliment! "   
Ken
"Larry, you are a natural at mixing and matching various option strategies. Your mind’s working amazes me"   
Timothy
"Texan, Denton Cooley was the world's best heart surgeon... Larry is the financial markets Low Risk/High Profitability Options Master!"   
Rick
"Just to let you know, I’ve spent a lot of money on courses, and yours are the best I have signed up for. In fact, had I been lucky enough to just start out with you, I would not of needed the others."   
Pierre
"Larry, you do a great job of demystifying complex market instruments and make them very easy to understand "Wall$treet " for us little guys. I love attending your trading room whenever I can, and the hands-on assistance you provide with great patience for all Q&A's. Again, I thank you so much for facilitating such a positive learning environment and for your incredible passion for markets that is so contagious. You always offer great value for your courses "   
Prince

Frequently Asked Questions

What If I can’t make the Live Workshop Dates?

Yes, if you have purchased a Live Workshop, it will be recorded and available On Demand.  This recording is posted to your personal PCT Account after the recording has been finalized.  A Live Q&A will also be held at a later scheduled date to give you the opportunity for any follow-up questions you may have.

I think I purchased this course before

You may have purchased a previous course on the same strategy, but each Live course created will be a new updated version and will hold exclusive information for this particular Workshop.

Can I access my purchase on an iPad or other device?

All products will be available on an online “Personal PCT Account” which can be accessed by any device, iOS or Android

Frequently Asked Questions – Alert Service

Will thousands of other traders be getting these same trade ideas, making them impossible to execute at the suggested prices? (This happens with most trade alert services.)



No. Most of you know I enjoy working with a small tribe, but I also promise to limit the number of subscribers to this service. 

Will I get a text, an email, or both?

Yes, Larry will send out a text alert to the cell phone number provided [within minutes] and an email will be sent within 30 minutes.  

Can I wait to activate my Alert Membership?

Yes, you can activate the membership whenever you are ready to use it.

What if I have a question on an Alert that was sent out?

These can be discussed in the Virtual Trading Room with Larry Monday through Friday.

 

Will my number work if it is outside the U.S.?

Yes, we have many international clients

What if I go on vacation?

You can pause your service at any time and resume when you return, simply email support@powercycletrading.com and we will pause your membership.

Enrollment is Now Open for this Live Workshop

Butterflies & Long Condor

Option Profits & HEDGING

Masters Course

Part I. Saturday, August 28th from 11 AM to 3 PM ET

and finishes with

Part II. Monday, August 30th from 6 PM to 7 PM ET

or as long as it takes...

Plus, follow up Q&A & Trading Room suppoort...

Course Package I

$197

Course Package II

Elite Open to Close

Trade Alert Service Plus

$1,197

(2 Pay Available)

To Your Success, 

Larry Gaines
CEO & 30-Year Trading Veteran
Power Cycle Trading

IMPORTANT NOTICE!  No representation is being made that the use of this strategy or any system or trading methodology will generate profits.  Past performance is not necessarily indicative of future results. 
There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade.  Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk.  You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN 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 PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.