Risk Disclosure Statements
EMAIL DISCLAIMER
THIS E-MAIL AND ANY ATTACHMENTS THERETO, IS INTENDED ONLY FOR USE BY THE ADDRESSEE(S) NAMED HEREIN AND MAY CONTAIN LEGALLY PRIVILEGED AND/OR CONFIDENTIAL INFORMATION. IF YOU ARE NOT THE INTENDED RECIPIENT OF THIS E-MAIL, YOU ARE HEREBY NOTIFIED ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS EMAIL, AND ANY ATTACHMENTS THERETO, IS STRICTLY PROHIBITED. IF YOU RECEIVE THIS EMAIL IN ERROR, PLEASE IMMEDIATELY NOTIFY US BY REPLYING TO THIS MESSAGE. YOU MUST PERMANENTLY DELETE THE ORIGINAL E-MAIL AND ANY COPIES AND PRINTOUTS MADE THEREOF. DELIVERY OF THIS E-MAIL AND ANY ATTACHMENTS TO ANY PERSON OTHER THAN THE INTENDED RECIPIENT(S) IS NOT INTENDED IN ANY WAY TO WAIVE CONFIDENTIALITY OR A PRIVILEGE.
ALL PERSONAL MESSAGES EXPRESS VIEWS ONLY OF THE SENDER AND MAY NOT BE COPIED OR DISTRIBUTED. EMAIL TRANSMISSIONS CANNOT BE GUARANTEED TO BE SECURE OR ERROR FREE. THIS COMMUNICATION IS PROVIDED FOR INFORMATIONAL PURPOSES AND SHOULD NOT BE CONSTRUED AS A RECOMMENDATION OR SOLICITATION OR OFFER TO BUY OR SELL ANY SECURITIES OR RELATED FINANCIAL INSTRUMENTS, NOR AS AN OFFICIAL CONFIRMATION OF PERFORMANCE.
ANY INFORMATION IS SUPPLIED IN GOOD FAITH BASED ON INFORMATION WHICH J.D. TURNER CAPITAL, LLC BELIEVES, BUT DOES NOT GUARANTEE, TO BE ACCURATE OR COMPLETE. J.D. TURNER CAPITAL, LLC IS NOT RESPONSIBLE FOR ERROR OR OMISSIONS THAT MAY OCCUR AND DOES NOT ACCEPT ANY LIABILITY ARISING FROM THE USE OF THIS COMMUNICATION. OPINIONS EXPRESSED ARE SUBJECT TO CHANGE WITHOUT NOTICE AND DO NOT NECESSARILY REFLECT THE OPINION OF J.D. TURNER CAPITAL, LLC.
GENERAL SOLICITATION / RESEARCH
THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF J.D. TURNER CAPITAL, LLC AND IS, OR IS IN THE NATURE OF, A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY AN J.D. TURNER CAPITAL, LLC RESEARCH DEPARTMENT. BY ACCEPTING THIS COMMUNICATION, YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FUTURES MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT, RELY SOLELY ON THIS COMMUNICATION IN MAKING TRADING DECISIONS.
DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.
THE RISK OF LOSS IN TRADING FUTURES AND/OR OPTIONS IS SUBSTANTIAL AND EACH INVESTOR AND/OR TRADER MUST CONSIDER WHETHER THIS IS A SUITABLE INVESTMENT. PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF STRATEGIES, IS NOT INDICATIVE OF FUTURE RESULTS. TRADING ADVICE IS BASED ON INFORMATION TAKEN FROM TRADES AND STATISTICAL SERVICES AND OTHER SOURCES THAT J.D. TURNER CAPITAL, LLC BELIEVES ARE RELIABLE. WE DO NOT GUARANTEE THAT SUCH INFORMATION IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. TRADING ADVICE REFLECTS OUR GOOD FAITH JUDGMENT AT A SPECIFIC TIME AND IS SUBJECT TO CHANGE WITHOUT NOTICE. THERE IS NO GUARANTEE THAT THE ADVICE WE GIVE WILL RESULT IN PROFITABLE TRADES.
THIRD-PARTY MATERIALS
THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF A COMMODITY TRADING ADVISOR AND IS, OR IS IN THE NATURE OF, A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY A RESEARCH DEPARTMENT. BY ACCEPTING THIS COMMUNICATION, YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FUTURES MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT, RELY SOLELY ON THIS COMMUNICATION IN MAKING TRADING DECISIONS.
DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITIONS OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.
THE RISK OF LOSS IN TRADING FUTURES AND/OR OPTIONS IS SUBSTANTIAL, AND EACH INVESTOR AND/OR TRADER MUST CONSIDER WHETHER THIS IS A SUITABLE INVESTMENT. PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF STRATEGIES, IS NOT INDICATIVE OF FUTURE RESULTS. TRADING ADVICE IS BASED ON INFORMATION TAKEN FROM TRADES AND STATISTICAL SERVICES AND OTHER SOURCES THAT J.D. TURNER CAPITAL, LLC BELIEVES ARE RELIABLE. J.D. TURNER CAPITAL, LLC DOES NOT GUARANTEE THAT SUCH INFORMATION IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. TRADING ADVICE REFLECTS OUR GOOD FAITH JUDGMENT AT A SPECIFIC TIME AND IS SUBJECT TO CHANGE WITHOUT NOTICE. THERE IS NO GUARANTEE THAT THE ADVICE WE GIVE WILL RESULT IN PROFITABLE TRADES.
NO OFFER OR SOLICITATION MAY BE MADE PRIOR TO REVIEW OF THE COMMODITY TRADING ADVISOR’S CURRENT DISCLOSURE DOCUMENT, WHICH INVESTORS SHOULD READ CAREFULLY PRIOR TO INVESTING. INVESTORS MAY ALSO WISH TO CONSULT THEIR LEGAL, TAX AND INVESTMENT ADVISORS TO DETERMINE WHETHER AN INVESTMENT IS APPROPRIATE IN LIGHT OF THE INVESTOR’S RISK TOLERANCE, INVESTMENT OBJECTIVES AND FINANCIAL SITUATION.
ALL FUTURES TRADING, INCLUDING MANAGED FUTURES, CONTAINS THE RISK OF LOSS. NO REPRESENTATION OR ASSURANCE IS MADE THAT ANY COMMODITY TRADING ADVISOR OR TRADING PROGRAM WILL OR IS LIKELY TO ACHIEVE ITS OBJECTIVES, BENCHMARKS OR TARGETED RETURNS OR THAN ANY INVESTOR WILL OR IS LIKELY TO ACHIEVE A PROFIT OR WILL BE ABLE TO AVOID INCURRING SUBSTANTIAL LOSSES.
MANAGED FUTURES
THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. 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. THE DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF THE PRINCIPAL RISK FACTORS AND EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR (“CTA”).
THE REGULATIONS OF THE COMMODITY FUTURES TRADING COMMISSION (“CFTC”) REQUIRE THAT PROSPECTIVE CUSTOMERS OF A CTA RECEIVE A DISCLOSURE DOCUMENT WHEN THEY ARE SOLICITED TO ENTER INTO AN AGREEMENT WHEREBY THE CTA WILL DIRECT OR GUIDE THE CLIENT’S COMMODITY INTEREST TRADING AND THAT CERTAIN RISK FACTORS BE HIGHLIGHTED. THIS DOCUMENT IS READILY ACCESSIBLE AT THIS SITE. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS. THEREFORE, YOU SHOULD PROCEED DIRECTLY TO THE DISCLOSURE DOCUMENT AND STUDY IT CAREFULLY TO DETERMINE WHETHER SUCH TRADING IS APPROPRIATE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. YOU ARE ENCOURAGED TO ACCESS THE DISCLOSURE DOCUMENT BY CLICKING THE LINK PROVIDED AT JDTURNERCAPITAL.COM. YOU WILL NOT INCUR ANY ADDITIONAL CHARGES BY ACCESSING THE DISCLOSURE DOCUMENT. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THESE TRADING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF ANY OF THESE DISCLOSURE DOCUMENTS.
FUTURES TRADING
THE RISK OF LOSS IN TRADING COMMODITY FUTURES CONTRACTS CAN BE SUBSTANTIAL. YOU SHOULD, THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES. YOU SHOULD BE AWARE OF THE FOLLOWING POINTS:
(1) YOU MAY SUSTAIN A TOTAL LOSS OF THE FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN A POSITION IN THE COMMODITY FUTURES MARKET, AND YOU MAY INCUR LOSSES BEYOND THESE AMOUNTS. 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 REQUIRED FUNDS WITHIN THE TIME REQUIRED BY YOUR BROKER, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT.
(2) UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN THE MARKET REACHES A DAILY PRICE FLUCTUATION LIMIT (“LIMIT MOVE”).
(3) PLACING CONTINGENT ORDERS, SUCH AS “STOP-LOSS” OR “STOP-LIMIT” ORDERS, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS ON THE EXCHANGE WHERE THE ORDER IS PLACED MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS.
(4) ALL FUTURES POSITIONS INVOLVE RISK, AND A “SPREAD” POSITION MAY NOT BE LESS RISKY THAN AN OUTRIGHT “LONG” OR “SHORT” POSITION.
(5) THE HIGH DEGREE OF LEVERAGE (GEARING) THAT IS OFTEN OBTAINABLE IN FUTURES TRADING BECAUSE OF THE SMALL MARGIN REQUIREMENTS CAN WORK AGAINST YOU AS WELL AS FOR YOU. LEVERAGE (GEARING) CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.
(6) YOU SHOULD CONSULT YOUR BROKER CONCERNING THE NATURE OF THE PROTECTIONS AVAILABLE TO SAFEGUARD FUNDS OR PROPERTY DEPOSITED FOR YOUR ACCOUNT.
ALL OF THE POINTS NOTED ABOVE APPLY TO ALL FUTURES TRADING WHETHER FOREIGN OR DOMESTIC. IN ADDITION, IF YOU ARE CONTEMPLATING TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS, YOU SHOULD BE AWARE OF THE FOLLOWING ADDITIONAL RISKS:
(7) FOREIGN FUTURES TRANSACTIONS INVOLVE EXECUTING AND CLEARING TRADES ON A FOREIGN EXCHANGE. THIS IS THE CASE EVEN IF THE FOREIGN EXCHANGE IS FORMALLY “LINKED” TO A DOMESTIC EXCHANGE, WHEREBY A TRADE EXECUTED ON ONE EXCHANGE LIQUIDATES OR ESTABLISHES A POSITION ON THE OTHER EXCHANGE. NO DOMESTIC ORGANIZATION REGULATES THE ACTIVITIES OF A FOREIGN EXCHANGE, INCLUDING THE EXECUTION, DELIVERY, AND CLEARING OF TRANSACTIONS ON SUCH AN EXCHANGE, AND NO DOMESTIC REGULATOR HAS THE POWER TO COMPEL ENFORCEMENT OF THE RULES OF THE FOREIGN EXCHANGE OR THE LAWS OF THE FOREIGN COUNTRY. MOREOVER, SUCH LAWS OR REGULATIONS WILL VARY DEPENDING ON THE FOREIGN COUNTRY IN WHICH THE TRANSACTION OCCURS. FOR THESE REASONS, CUSTOMERS WHO TRADE ON FOREIGN EXCHANGES MAY NOT BE AFFORDED CERTAIN OF THE PROTECTIONS WHICH APPLY TO DOMESTIC TRANSACTIONS, INCLUDING THE RIGHT TO USE DOMESTIC ALTERNATIVE DISPUTE RESOLUTION PROCEDURES. IN PARTICULAR, FUNDS RECEIVED FROM CUSTOMERS TO MARGIN FOREIGN FUTURES TRANSACTIONS MAY NOT BE PROVIDED THE SAME PROTECTIONS AS FUNDS RECEIVED TO MARGIN FUTURES TRANSACTIONS ON DOMESTIC EXCHANGES. BEFORE YOU TRADE, YOU SHOULD FAMILIARIZE YOURSELF WITH THE FOREIGN RULES WHICH WILL APPLY TO YOUR PARTICULAR TRANSACTION.
(8) FINALLY, YOU SHOULD BE AWARE THAT THE PRICE OF ANY FOREIGN FUTURES OR OPTION CONTRACT AND, THEREFORE, THE POTENTIAL PROFIT AND LOSS RESULTING THERE FROM, MAY BE AFFECTED BY ANY FLUCTUATION IN THE FOREIGN EXCHANGE RATE BETWEEN THE TIME THE ORDER IS PLACED AND THE FOREIGN FUTURES CONTRACT IS LIQUIDATED OR THE FOREIGN OPTION CONTRACT IS LIQUIDATED OR EXERCISED.
THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF THE COMMODITY MARKETS.
HYPOTHETICAL PERFORMANCE / BACK-TEST DATA
THE PERFORMANCE RESULTS PRESENTED HEREIN REFLECT A HYPOTHETICAL COMPOSITE THAT BLENDS ACTUAL TRADING PERFORMANCE WITH HYPOTHETICAL ALLOCATIONS. PORTIONS OF THE RESULTS ARE BASED ON ACTUAL TRADING PERFORMANCE, WHILE OTHERS ARE DERIVED FROM HYPOTHETICAL MODELING AND ASSUMPTIONS. 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 IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR 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 THAT CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.