CFTC Rule 4.41: Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading.
Key Limitations
- Simulated results do not represent actual trading.
- Results may have under- or over-compensated for the impact of certain market factors, such as lack of liquidity.
- Simulated trading programs 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.