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All hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also as the trades have not been executed in a live market, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated Trading programmes 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.

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