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Customer feedback and comments

Read what people are saying about Precision Trading Systems indicators and systems.

These correspondences are in no particular order and are for readers to gain deeper insight into site service etc.

Only comments which are relevant to others will be posted


Customer comments..

  Rogers comments..

Hi Roger. I am M from Toronto Canada. I have been reading your site recently and some of the concepts you have coded are very similar to my own thinking.  Very interesting stuff – I can see  a lot of hard work has gone into it.

I might be interested in the Mach Trend, but before I consider committing the $995, I was wondering if you could plug the indicator into some of my own data. This to help me see how it works with data I most frequently use.

Data is the “CGB” ( Canada Bond Future)  daily – and I created a .csv file via from TS 2000i ( Yes! I still use this), at the link below.

If you are able to give me a screen shot of the mach trend on the CGB series - with whatever settings you decide on – that would help me greatly to make my decision.


Easy Language programming:

I do have really stupid and super small easy language coding needs. These are the kinds of things I think you could do in 15 mins or less. Ex. trying to modify a parabolic function to use it on the plot of a custom oscillator I use.  Just  on the plot would be good enough. I want to use this plot as an alternative kind of “signal” line.  Or – I have an Adaptive Zones TSI type Indicator which is helpful to determine trend stage – and it constantly gets “divide by zero errors” – despite my best amateur efforts to code this out. Need help with that.  

Anyway as you can see, I am not a programmer. Hope some of this makes sense – please let me know if you are interested and what you might charge.

These days my budget is pretty limited, to be clear.

Best regards – love your site and ideas –


Hi M
Thanks for your interest.
The price of Mach-Trend is high due to the work involved in creating it, and this is the reason why I offer a demo version to "get a feel for it" before committing the full payment. I am sure you can appreciate  its not practically possible for me to create custom screenshots on the data from customers due to time constraints. The demo is priced at $197 and if the full version is purchased at a later date, the demo cost is deducted from the full price.
The symbols used on my screenshots are UK stocks for which the historical data is available free from yahoo or google finance so comparisons can be made to your own models.
I can solve your division by zero bugs for free right here, simply ensure that you include this line of code before divisions.
if value1 = 0 then value1 = 0.0001;
Then you can proceed to divide your number by value1 and you wont get the error messages, but you have to ask yourself why you are getting zero values in that variable in the first place, and if it is a zero then what do you require it to be. Divisions are best avoided in programming as they use more cpu time, so if you need to divide by 2, the pc will compute faster if you say x 0.5 instead.
The parabolic signal line I can do for you for $100 but first please send the exact open code (copy and paste instead of ELA) of the custom indicator so I can be certain it can be done and of what you need. Please include a full description of details, inputs needed etc.
Payment is in advance and will be refunded if the task cannot be completed.
You can pay on the payment pages on the lower section for private consulting. (One hour minimum)
Hope that helps



That simulation is a nice piece of work, I am suitably impressed.

But you don't say when the new version of that system is going to be released? Can you let me know?

Cheers E

Hello E

Thanks for the catch, and the positive comments on the simulation video, the new version of precision stop is out in January 2011

Watch the simulation video here


Good Afternoon Roger,


After thinking about our conversation yesterday, I am going to follow through on setting up Precision Oscillator first and then move to Precision Stop, though I would still like to know why you believe the latter is better than the former and why you charge less for the better program?
















Is the F1 Mclaren better...

than a 4 x 4 Range rover, as it costs so much more?

Would you drive the F1 Mclaren through this landscape?

Precision oscillator will perform better in a choppy - ranging - non trending market...

Just as the Precision stop, Mach-Trend or PLA would perform better in a trending market.

A Mclaren F1 costs many times more than a 4 x 4 as much more effort went into its production.  Supply and demand also effects costing.





I get this error after installing PLA on an empty EURUSD 5 minute chart per the instructions on your PLA tutorial page.


The attached picture shows what is described below.


I'm quite happy to try any settings you feel may help.



(Client had a division by zero error showing in Tradestation, due to my error in sending out the wrong files, remote fixing log is shown in the right column}































































Please install  teamviewer and install the free version, then send me your session id and password which you can find in the "wait for session tab"
You can inform me in advance what times are suitable, as I am here in England and you are in USA.
I can then access your pc and have a look to see what is happening. You can open up a notepad or word doc so we can type messages over to each other.
This problem has never occurred before with me or any of my customers.

(Remote pc session log shown below}

Rogers comments in red


===Note: Type "eom" when done speaking.===

Hi there Roger. I'm all set for you test PLA on this PC. eom

Hello J are you here?

Somehow the indicator was looking at the wrong function, I think I must have sent you a bad combination of ELA. files, just let me test the other one.

Please arrange the 4 charts on the screen so we can see them all at once.

Cand you add another one so there are 4
whoops. i sec.
1 sec
okay now done eom

1 sec
i'm a keyboard fan so i minimized all the buttons...
that sould do it eom
i work iwth the EUR/USD on the 5minute chart
if you could put the inidicator on the eur/usd 5min that's all i really want. eom

What is eom?

lol. End Of Message. To indicate i'm done typing since we're shareing the same input window. eom

ok got it eom, :)

could you change the time frame to 5min? eom

Please note that PLA uses an unusual length algorithm, so if you set length to 100 you might need to set the "max number of bars this strategy will reference" to 3 times the length period you choose, or it wont plot.

So we have sorted it out, its my fault, I sent you some of the wrong files so it was looking for PLA function instead of the PLA_PW function.

I will give you 10% off any more purchases as an act of goodwill.

Hope you are happy now?


thank you very much. yes i look forward to playing with the PLA. Um...i want to install PLA on my laptop also. Can you send me the correct set of files in an email? eom.

Yes no problem, if you buy anything else please drop me an email first to remind me i gave you a discount so u can send via paypay instead of just going through the payment pages.

What is your opinion of my site? can you give me some feedback good or bad? or ideas to make it better?

its much easier to navigate then Jurik's. And the indicators are presented cleanly.
Before i forget: if I want to call the Precision lagless average what function do i pick? or do they both work (pla and pla_pw)? eom

I already deleted the PLA function, so you need to use the PLA_PW function.

If you just try installing pla colours and NOTHING else, your laptop will work fine. as the function is embeded in the ELA file. You can try it now while I am here and let me know if it works ok for you.

I am here for a while so give it a shot while i am here. eom

Much appreciated. I actually haven't installed TradeStaion on my laptop yet but i would like to quickly restart TS and call the pla_pw function myself to confirm it works after restarting tradestation. i need about 5-10 minutes. eom

We are calling it already in the signal stragegy. but i am happy to wait while you restart it.


okay super. Years of working with computers have taught me to always restart any application to confirm fixes are permanent.

would you like me to submit a review of your helpful efforts to

Well any links to my site with positive comments are good for me, so  that would be good.
do you mind copy and pasting this log to me in email, so i can put it on my feedback page, it helps to show when an error happens that it will be fixed promptly.

absolutely. And that is exactly the jist of the review I want to leave on That's all. thanks again for all the help. eom

See you thanks.

That looks like a $7000.00 trade in 9 days. The real deal in real time.
Regards, M


Thanks for the screenshots, your success with the Pi-osc and Precision divergence finder are largely due to your patience and knowledge in knowing how to set them up correctly. 

I wish all my customers were as professional as you.


See screenshot send in (No1)

Here is a remarkable chart of the SPX  (S&P 500) it looks like its getting close to a high.
Regards, M


Thanks for the screenshot



See screenshot send in (No2)

After replying to your email I opened up my TradeStation program and this was the 1st chart that came up. It says it all.


Regards, M

Maybe your indicators can breathe some life into those other platforms. I also feel you have discovered the Holy Grail with your Divergence Finder and Precision Index Oscillator. I could send you ten charts a day showing winning signals with your indicators.. Winning trades are there for those that wait. I look forward to all the new updates on your website.

Regards, M

Just had to send a couple of photo's of how fantastic you indicators are. Finially an indicator that is leading not lagging.
Great on a 150 tick chart and 15 min. chart.
The only thing I had to do was shorten the look back period to 30 days. When I went back 200 + days it took forever for the chart to load.
I have checked the signals on both look back periods and they are the same. I am sure it is because of the high volume stocks I trade that the lower look back period works.
Thanks also for offering these for the TradeStation 2000i platform.
From a very satisfied customer.
Regards, M


Hello M.
Thanks for your positive comments. Precision divergence finder has never been a good seller as its too advanced for most to understand its use. Hence my reluctance to spend time on changing it over to Ninja trader.

But if its not too much work I will consider it for you.

You are in the top 10% of the "trading intelligence" level out of my customer base, so you can appreciate the quality of the work.
Probably you would be amazed that even some of my fund manager customers don't even grasp the essential points, and they are looking after millions of dollars worth of other peoples money!
Hope you keep winning, you obviously have the key elements of patience and discipline.



See screenshot send in (No3 and 4)

Hi Roger,
Am a big fan of your new indicator. My knowledge of writing code in Multicharts is unfortunately limited, is there a way to make a strategy code when it crosses above/below the zero line? Also, over several days i've noticed that divergences in the indicator itself can show some good set-ups, is there a code that can be written to highlight when there's a divergence between the indicator and price?
Your gravity system looks interesting, let me know when its up and running. Saw this on the internet that may be of interest to you -
Thanks again,
> Thanks for the kind words P, I am glad you are making good use of it.
> Yeah its possible to do that, the zero cross is pretty simple, but the
> divergence is more complex. It will also slow down your cpu a bit,
> divergences can be 10 bars back or hundreds of bars back, so the code has to
> tell it to look at all of the bars, which takes up computing power.
> I can do the zero cross ( signal ) for free, but I suspect its better to
> make it dynamic, so you optimise the best crossing points for long and
> shorts, so will do it that way. ( crossing above + 1 and below -1 might be
> better than zero, but it can be tested to suit your own style, this in
> essence will turn it into a trend following "always in the market" model )
> The divergence part will take me a bit longer. I will look into and get back
> to you shortly.
> I will have to make a small charge for that part of it.
> The Gravity model could be a long while before its ready.

The code is not easy.
> Regards
> Roger

Hi Roger,
I'm intrigued by your Lagless Average indicator, I have a couple of quick questions before I buy the indicator:
1. The chart comparison of PLA and JMA on your web pages shows that PLA stays locked on the trend while JMA reversed, yet at the same time PLA is faster than JMA at major turning points, it's commonly understood that you can't have an indicator that is resistant to minor reversal yet fast response at the same time, i don't quite understand how it is possible.... is it done thru self adjusting length?
2. Does PLA indicator stay unchanged once plotted on the chart? ...cos you know some indicators does hindsight and changes appearances once the trend or reversal is confirmed.
3. How does the anti-reverse option work? by stopping the moving average line changing direction until the reversal movement exceeding certain percent (similar to hindsight)?


Hi Roger, thanks very much for the explanation ;-)
I'm very impressed, just curious are you a self taught programmer?  Since the Lagless Average is self adjusting, does it work the same way on all markets / situations? Cos you know, during your 9 weeks coding, one can unconsciously curve fit the codes in accordance with a few markets and be satisfied with the outcome on that particular market or scenario.
yes certainly, you can add my questions to your FAQ section, which will help other traders as well.
many thanks again,


hello Roger, thanks for the Insync Index, I will load it up into my MC. Oh yes, if you have other freebies, definitely I would like to see them in action.
I have been testing the PLA last week, I now used it to smooth my other indicators, i'm very happy about its smoothing capabilities and speed. I'm also doing some testing on my trailing stop strategy similar to your Precision Stop strategy.
So how's trading? I hope everything goes well. Once I can test out a tradable strategy I'll let you know ;-)
Hi Roger, thanks again for the addition of the freebies. Let met try them out.
Regarding my trailing stop indicator, i'm not using it as a stop, instead I tried to use it as an automated trend following strategy, the exit rule for the buy side is that if the Close is below the trailing stop, then exit long positions next bar.
I did some preliminary testing and optimization on the nasdaq emini index futures (NQ) over the last two months, it seemed to generate steady profit, however i don't have the continuous historical data for the symbol, so i can't tell how it will perform over the long run. Such strategy works best on trendy market, and doesn't work so well on choppy market such as forex.
The attached screen shot is the equity curve of the strategy.


Hello K
Curve fitting is usually the work of criminals trying to sell things, or of fools who think curve fitting is the correct route to test indicators and systems.
So no curve fitting here. I am essentially a trader who dabbles in programming when the mood takes me, or when something is needed which doesn't already exist.  
I have many markets on which to observe the PLA to check its doing what its supposed to do. Like anything else it works better on some than others.
But yes, to answer your question its fractal and effectively filters whatever data is sent into it. As moving averages tend to lend themselves to trend following systems, it obviously performs best on markets that trend well. I found a very useful lucky serendipitous discovery and that was as a tool for smoothing out indicators like demand index or RSI etc, and having good accurate filtering of these proved very useful.
Yes I taught myself in Easylanguage only but I don't know .NET or C or any other languages.
It started as a little bit of experimenting, as somebody was harping on about how good the Hull average was, saying it was better then JMA which I didn't believe as JMA had been the no1 for many years.  
So I read the Hull code, tried it out, like its speed, good early signalling of turning points, but didn't like the extreme overshooting, and extreme inaccuracy.
In one evening I was able to design a better product than the Hull average and all other basic types. Exponential, simple, triangular, linear reg, timeseries, etc.
Then I decided to try and improve on the JMA item, and this improvement proved to be a lot more difficult, eventually it became an obsession to make the best moving average available, as I generally do well in any area which I become obsessed with. I didn't think it would take 9 weeks, but I got there eventually.
Thanks for your permission for adding your questions to FAQ. You raised some valid points which would help to remove fears of some sceptics.
If you don't have pay-pal you can pay by check or bank transfer if you want.












See screenshot send in (No5)

More trouble Roger, I am getting an error in Precision_stop_2009   Tried to reference back more bars  (51) than allowed by current maxbarsback setting nothing on the screen at all....Thanks R

Morning Roger I finally figured it out. PS was plotting off the screen, after I altered the min limit I found it hiding. Thanks for your help...Can't wait to try it....R

Please read the instructions R.

Its all there 90 days back it needs


Thanks, Roger.

Yes.  Give me a month or so to take a look at the Mach Trend Demo, and then most likely I will be back to purchase the full version.  I have a feeling that I'm inclined to trade more towards the 4 period end of things rather than the fixed 50. 

And, of course, the opportunity to run a genetic optimization is not to be passed over lightly.

This is all very different from the way I trade.  But highly intriguing, nevertheless.  I trade in the classical sense.  I first determine if a time series is in a trend mode or in a cycle mode.  And then I apply the appropriate mathematical model to trade each segment.

The Mach Trend approach appears to look for trends - even if we know they won't always be there - and then to minimize the effects of the resulting whipsaws in the non-trend mode with some sophisticated and clever mathematics.  Extraordinary!

I'm looking forward to seeing the results of trading this approach.

Best wishes,

Yes it minimises bad trades by quickly reversing and holds on to the major trends with its last dying breath......
Your method sounds interesting, similar to John Ehlers techniques. (Mesa software)
I spent a lot time about 5 years ago working on such algorithms, but ended up with the realisation that its always better to bet in the assumption of a trend starting than to try and predict if the move will be a cycle or a big trend.





Time is running out... Credit availability is drying up...The cost of borrowing is gradually rising....US National debt to be equal to 35% of the entire worlds GDP in 3 years....33% of all USA tax revenues will be required just to make the INTEREST PAYMENTS on the collosal national debt...... Eventually the US will have no option other than to print money or default on their debt repayments...... US Dollars will likely cease to be the reserve currency of the world........Stimulus is running out, the Federal reserve has fired all its bullets and the only options left are to print more money or to default on the debt payments.....The problem is infinitely worse than in 1929 due to the added problem of this huge government debt...... In 1929 the USA still had a positive trade surplus and a manufacturing based economy..... In 2011 the USA will have no such resources to fall back on........The two most likely scenarios are both likely to lead to disaster......Hyper-Inflation at 40%+ or Deflationary implosion....... Either of the two possibilities will lead to huge moves in the worlds financial markets........Trading of these massive moves could be the only way out..........Wise proffessional traders have already started building huge dollar short posistions in anticipation of the debacles to come.....Many people will suffer as a result of the irresponsible un-elected Federal reserve operatives..........Many more people will lose their homes......Millions of jobs will be lost......Those who are unprepared will become impoverished in ways that they could never imagine.....What is your strategy to trade these violent market trends?.........ARE YOU  READY?


Systems, Indicators and user functions for Tradestation and Multicharts.


This collection of user functions and indicators below have been carefully assembled to provide a versatile tool kit for the advanced trader.

None of the items below have lots of flashing lights, bells or buttons as you find in the "Holy grail" type worthless advertisements, and all have been carefully chosen because they actually work as trading tools.


Some have been coded by myself while others are the work of some of the best technicians worldwide.

I have re-coded most of these into Easy language format. (ELA, ELS)


There are some free items here which you can try out by sending me a mail and specifying which ones you wish to try out. Of course if you require something that is not here I would be very pleased to hear from you.


If you need any indicator, functions or systems coded into Easy Language, Metastock, vb.NET or C# format, then feel free request it.


                                                                      Request FREE indicators or ask a question


Please sample my free products before buying so you can assess that my programming is reliable, stable and accurate in its execution. Roger

© Roger Medcalf 2005 - 2010 ... You may not reprint text or images without permission

Compatible with....


Volume flow indicator (VFI)

Designed by Markos Katsanos this oscillator has many excellent qualities. Useful as a trend confirmation indicator, an overbought oversold oscillator, divergences between the price and the VFI are usually very reliable

VFI gets the vote of confidence from Precision trading systems as being a "must have" tool in the discerning traders kit

Please click below to see some more detailed examples of charts with the VFI plotted...More details and examples


FREE   Stocks, Futures, Bonds, Forex (needs volume to run)



Author: Markos Katsanos. (Open EL code)

Compatible with....          Indicator + function

Demand Index

An excellent oscillator that is versatile in its applications, computing its values from price and volume. It can be used as a divergence indicator and a trend following indicator. I have added a smoothing length feature to suit the needs of the individual user.

I find this indicator very useful for observing intra-day price action in actively traded stocks and futures...........More details and examples

FREE  Stocks, Futures, Bonds, Forex, Indices etc

Author: James Sibbet. ( Open EL code )


Compatible with....         Indicator + function

Precision Lagless Average

A Lagless moving average with no overshoot that outperforms all other known industry standard moving averages. Comes with features including length changing algorithms and an anti-reverse option to minimise over trading in congestion areas, the result of 9 weeks intensive and complex coding after someone told me that the Hull average was better than the Jurikes JMA. In one session I was able to improve on the Hull average, but it took me a lot longer to improve on the Jurik JMA offering.......More details and examples


Price $297 (Pay-Pal)  Buy this item

Stocks, Futures, Bonds, Forex, Indices etc


Author: Precision Trading Systems. (Protected EL code)


Compatible with....    Indicator + function + signal

Precision Stop

Trend following system and indicator that self adjusts its distance to suit noise levels and volatility factors, making it more "intelligent" than Parabolic SAR, or ATR type indicators.

Can be adjusted to suit any time frame from day-trading to long term trend following by adjusting MULTI settings, features include a neat max and min percentage distance setting to cater for individual tastes.

Takes the guess work out of knowing when the trend is up or down, based on your own input values.......More details and example videos


Price $125 (Pay-Pal)   Buy this item

Stocks, Futures, Bonds, Forex, Indices etc


Author: Precision Trading Systems. (Protected EL code)

Compatible with....          Indicator + function                                     Insync Index

A "consensus" oscillator that highlights trend turning points, computing its values from an array of standard oscillators such as RSI Stochastic and Money Flow index.

It is best applied to range bound markets rather than trending ones.


I have added a REALVOLUME true-false feature  for users who use both tick volume and trade volume..........More details and examples



Stocks, Futures (Unsuitable for Forex)


Author: Norm North. ( Open EL code )

Compatible with....           Indicator + function                       Precision divergence finder

A complex piece of code that observes multiple look backs of Demand Index lengths to hunt out when divergences exist.

Often produces stunning signals at exact market bottoms.

This is not an "always in the market" indicator and only flags up when sets up occur that show a real divergence in a market.

As Demand Index uses volume, to perform at its best this indicator needs real volume enabled..............More details and examples


Price $167  (Pay-Pal)   Buy this item

Stocks, Futures, Bonds  (Unsuitable for Forex)



Author: Precision Trading Systems. (Protected EL code)

Compatible with....              Indicator + function                     Trade Volume Index  ( TVI )

Beautiful piece of work by Steve B Achelis, which I used in some of my early systems. Makes for a smooth analysis of volumes flowing in and out of markets and has always been one of my favourites.

I have altered the code to allow length changes and smoothing.


Adds the "Volume dimension" to your price analysis in a clear and precise manner. This indicator is a valuable addition to system filters to confirm trend direction...........More



Stocks, Futures, Bonds, Forex, Indices etc


Author: Steve B Achelis. ( Protected EL code)

Compatible with....              Indicator + function                                    Q-Stick

A Simple and yet very efficient way of defining if a trend is in a bull or bear phase. Probably the best piece of work that Chande ever turned out, and yet seemingly forgotten by the whole world.

Setting lengths to 80 or more makes for a smooth analysis of trend, and the crossing of zero indicates trend direction.


See how early it signalled a bear move in the example when it crossed zero. Can be used as an short term oscillator with lengths less than 10 and often gives very early signals...More



Stocks, Futures, Bonds, Forex, Indices etc


Author: Tushar Chande. ( Protected EL code)

Compatible with....                Indicator + function Precision Volume (Tick volume for real-time )

An indicator I made for measuring demand-supply imbalances.

This indicator will only work correctly if used on real time data with tick volume enabled.


Early warning indicator ( Requires confirmation )

An oscillator type indicator which measures demand and supply imbalances in an easily understood form


Above zero = Demand > Supply over sampling period


New indicator highs or lows over a chosen long length of (100 bars+) often foretell a strong move is coming..........More



Stocks, Futures, non-traded Indices (Unsuitable for Forex)


Author: Precision Trading Systems. (Protected EL code)

Compatible with....           Indicator + function           Precision Index Oscillator ( Pi-Osc )


Highly sophisticated "consensus" indicator comprised of many different component signals. A real technicians tool that measures everything from divergences to probabilities to unique chart patterns in a single market indicator. 

Best results are given when analysing range bound and choppy markets rather than trending ones.


Some of its components use real volume so for this to perform at its best this indicator needs real volume............More


Price $397  (Pay-Pal)   Buy this item

Stocks, Futures, Bonds  


Author: Precision Trading Systems. (Protected EL code)

Compatible with....

 Indicator + function + Signal

Precision Mach-Trend

Designed to reduce whipsaw trades in trending periods and help the user reduce costly F expenses.

Mach-Trend is superbly simple to use, and is suitable for all ranges of traders. Calculated using advanced mathematics, this indicator will reduce your F and improve your overall performance. Mach-Trend Platinum pro has fully available parameters enabling advanced optimisations for the sophisticated user.........more information.


Price $995  (Pay-Pal)   Buy this item (demo available $197)

Stocks, Futures, Bonds, Forex  


Author: Precision Trading Systems. (Protected EL code)


Compatible with....          Indicator + function                              Precision Gravity System


A complex piece of code that observes multiple phases of planetary orbits, to calculate extreme points of price sets. The relative gravity of the "sun" and "moon" are calculated using advanced physics mathematics.

The first system of its kind to be introduced to stock market trading systems, its is still under developments.........more



Coming soon


Stocks, Futures, Bonds  (Unsuitable for Forex)


Author: Precision Trading Systems. (Protected EL code)

Compatible with....           Indicator + function

  Money flow index MFI


Highly effective volume indicator showing money flowing in and out of securities. Works well as an over bought oversold oscillator and can be used for divergences as well. Ranging between 0 to 100 the MFI crossing above or below 50 can be used to identify a bullish or bearish condition of a trend changing even.....More details and examples



Stocks, Futures, Bonds, Forex, Indices


Author: Unknown. (Open EL code)




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Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance of success




  • Futures, Forex and Stock trading contain substantial risk and are not for every investor.

  • An investor could potentially lose all or more of the initial investment.

  • Risk capital is money that can be lost without jeopardizing ones financial security or lifestyle.

  • Only risk capital should be used for trading

  • Only those with sufficient risk capital should consider trading.

  • Past performance is not necessarily indicative of future results.






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 of actual trading. for example, the ability to withstand losses or to 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 which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.