Collective2 Collective2
Featured Strategy Iberia Capital Strategy +15.0% Cumul. Return since Apr 15, 2026 Hypothetical

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Short-Term Trader

By KeithFitschen

Futures · Started Apr 2007

hypothetical · Annual Return (Compounded)
2.6%
Max Drawdown
35.4%
Trades
2456
Win Trades
49.9%
Profit Factor
1.10
Win Months
12.0%

About this strategy





I am registered with the CFTC as a publishing CTA. All performance numbers that follow are hypothetical. The following CFTC disclaimer concerning hypothetical performance should be read and understood:

"HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALOS, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECTUED, 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 PROFITS OR LOSSES SIMILAR TO THOSE SHOWN."

This strategy was developed on a basket of 90 world-wide commodities including almost all tradeable US commodities, and a number of overseas commodities, bonds, and stock indices. In C2, 50 commodities will be traded. The only overseas markets traded are the Bund, Bobl, Long Gilt, DAX, FTSE, and CAC40.

Across these markets, the strategy has had the following stats since 1980:

Wins: 21,272
Losses: 12,238
Total Profit: $5,012,644
Profit-Per-Trade: $149
Average Annual Return: $210,492
Average Annual Max Draw-Down: $30,571
Max Draw-Down: $63,121

Most of the basket did not trade in the 80s. The following is performance since 2000:

Year Profit Max DD
2000 $388,854 $22,862
2001 $299,491 $55,879
2002 $304,885 $23,782
2003 $220,539 $63,121
2004 $294,859 $22,366
2005 $160,132 $36,858
2006 $458,152 $29,612
1 May $132,810 $38,476
2007

Smaller accounts can be traded with this strategy. The following portfolios should be considered with risk versus reward in mind.

Portfolio 1:
Grains: Soybeans
Meats: Lean Hogs
Softs: Cotton
Metals: Gold
Energies: Crude Oil
Currencies: Dollar Index
Financials: 10-Year Notes
Stock Indices: None
Trading Plan: Trade 1 contract for each signal.
Past Performance: Average Annual Return: $31,299
Average Annual Max DD: $7,903
Max DD: $12,015

Portfolio 2:
Grains: Soybeans, Corn
Meats: Lean Hogs, Feeder Cattle
Softs: Cotton, Sugar
Metals: Gold, Copper
Energies: Crude Oil, Natural Gas (mini)
Currencies: Dollar Index, Swiss Franc
Financials: 10-Year Notes, Long Gilt
Stock Indices: None
Trading Plan: Take one trade in each group at a time. If you are in a grain, and another grain in the portfolio is signalled, bypass the second grain. Trade 1 contract for each signal.
Past Performance: Average Annual Return: $40,147
Average Annual Max DD: $9,310
Max DD: $12,254

Portfolio 3:
Grains: Soybeans, Corn
Meats: Lean Hogs, Feeder Cattle
Softs: Cotton, Sugar
Metals: Gold, Copper
Energies: Crude Oil, Natural Gas (mini)
Currencies: Dollar Index, Swiss Franc
Financials: 10-Year Notes, Long Gilt
Stock Indices: None
Trading Plan: Can take two trades in each group at a time. Trade 1 contract for each signal.
Past Performance: Average Annual Return: $55,717
Average Annual Max DD: $10,932
Max DD: $18,387

Portfolio 4:
Grains: Soybeans, Corn, KC Wheat
Meats: Lean Hogs, Feeder Cattle, Live Cattle
Softs: Cotton, Sugar, Coffee
Metals: Gold, Copper, Silver
Energies: Crude Oil, Natural Gas (mini), Reformulated Gas
Currencies: Dollar Index, Swiss Franc, Japanese Yen
Financials: 10-Year Notes, Long Gilt, 5-Year Note
Stock Indices: None
Trading Plan: Take a maximum of two positions in each group at a time. If you are in two grain trades, and a third is signalled, bypass that trade. Trade 1 contract for each signal.
Past Performance: Average Annual Return: $75,177
Average Annual Max DD: $15,249
Max DD: $22,513

Portfolio 5:
Grains: Soybeans, Corn, KC Wheat
Meats: Lean Hogs, Feeder Cattle, Live Cattle
Softs: Cotton, Sugar, Coffee
Metals: Gold, Copper, Silver
Energies: Crude Oil, Natural Gas (mini), Reformulated Gas
Currencies: Dollar Index, Swiss Franc, Japanese Yen
Financials: 10-Year Notes, Long Gilt, 5-Year Note
Stock Indices: Nikkei
Trading Plan: Take a maximum of three positions in each group at a time. If you are in three grain trades, and a fourth is signalled, bypass that trade.Trade 1 contract for each signal.
Past Performance: Average Annual Return: $91,287
Average Annual Max DD: $17,592
Max DD: $25,982

Portfolio 6:
All 50 commodities.
Trading Plan: Trade a maximum of 4 in a group at a time. If you are in 4 grain trades, and a 5th is signalled, bypass that trade. Trade 1 contract for each signal.
Past Performance: Average Annual Return: $174,404
Average Annual Max DD: $26,009
Max DD: $48,112

Portfolio 7:
All 50 commodities.
Trading Plan: Trade 1 contract for each signal.
Past Performance: Average Annual Return: $210,492
Average Annual Max DD: $30,571
Max DD: $63,121






Hypothetical Monthly Returns (includes fees/commissions)

YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
20077.923.9-0.1-13.86.76.8-9.1-7.516.628.6
200817.10.332.4-7.716.7-1.8-7.46.52.17.70.3-7.865.0
20093.5-6.7-4.15.911.2-6.2-4.7-0.2-21.2-0.20.00.0-23.4
20100.00.00.00.00.00.00.00.00.00.00.00.00.0
2011-0.00.00.00.00.00.00.00.00.00.00.00.0-0.0
20120.00.00.00.00.00.00.00.00.00.00.00.00.0
20130.00.00.00.00.00.00.00.00.00.00.00.00.0
20140.01.00.0-0.0-0.0-0.0-0.00.1-0.00.00.1-0.01.0
20150.8-0.40.2-0.00.1-0.1-0.10.00.0-0.1-0.00.10.4
20160.10.2-0.0-0.1-0.10.5-0.0-0.00.10.10.00.00.7
20170.00.00.00.00.00.00.00.00.00.00.00.00.0
20180.00.00.00.00.00.00.00.00.00.00.00.00.0
20190.00.00.00.00.00.00.00.00.00.00.00.00.0
20200.00.00.00.00.00.00.00.00.00.00.00.00.0
20210.00.00.00.00.00.00.00.00.00.00.00.00.0
20220.00.00.00.00.00.00.00.00.00.00.00.00.0
20230.00.00.00.00.00.00.00.00.00.00.00.00.0
20240.00.00.00.00.00.00.00.00.00.00.00.00.0
20250.00.00.00.00.00.00.00.00.00.00.00.00.0
20260.00.00.00.00.00.00.00.00.00.0

Statistics

Overview

Strategy began4/22/2007
Suggested Minimum Capital$100,000
Age236 months
What it tradesFutures
# Trades2456
# Profitable1225
% Profitable49.9%
Avg trade duration2.4 days
Max peak-to-valley drawdown35.4%
drawdown periodJune 11, 2009 - Sept 18, 2009
Annual Return (Compounded)2.6%
Avg win$1,046
Avg loss$946

Ratios

W:L ratio1.10
Sharpe Ratio0.09
Sortino Ratio0.15
Calmar Ratio0.13

CORRELATION STATISTICS

Correlation to SP500-0.04
Return Percent SP500 (cumu) during strategy life414.6%
Return of Strat Pcnt - Return of SP500 Pcnt (cumu)-349.9%

Return Statistics

Ann Return (w trading costs)2.6%
Return Pcnt (Compound or Annual, age-based, NFA compliant)0.0%
Return Pcnt Since TOS Status0.0%
Ann Return (Compnd, No Fees)4.1%

Slump

Current Slump as Pcnt Equity49.9%
Current Slump, time of slump as pcnt of strategy life0.9%

Instruments

Percent Trades Forex0.0%
Percent Trades Futures1.0%
Percent Trades Options0.0%
Percent Trades Stocks0.0%

Risk of Ruin (Monte-Carlo)

Chance of 10% account loss100.0%
Chance of 20% account loss100.0%
Chance of 30% account loss100.0%
Chance of 40% account loss6.7%
Chance of 50% account loss0.0%
Chance of 60% account loss (Monte Carlo)0.0%
Chance of 70% account loss (Monte Carlo)0.0%
Chance of 80% account loss (Monte Carlo)0.0%
Chance of 90% account loss (Monte Carlo)0.0%
Chance of 100% account loss (Monte Carlo)0.0%

Automation

Percentage Signals Automated0.0%

Popularity

Popularity (Today)0
Popularity (Last 6 weeks)0
Popularity (7 days, Percentile 1000 scale)0

Trading Style

Any stock shorts? 0/10

Trades-Own-System Certification

Trades Own System?0
TOS percent0.0%

Win / Loss

Avg Loss$946
Avg Win$1,046
# Winners1225
Sum Trade PL (losers)$1,164,632
Sum Trade PL (winners)$1,281,466
Num Months Winners35
# Losers1231
% Winners49.9%

Dividends

Dividends Received in Model Acct0

Age

Num Months filled monthly returns table234

Frequency

Avg Position Time (mins)3459.57
Avg Position Time (hrs)57.66
Avg Trade Length2.40
Last Trade Ago6200

Regression

Alpha0
Beta-0.02
Treynor Index-0.15

Maximum Adverse Excursion (MAE)

MAE:Equity, average, all trades0.01
MAE:Equity, 95th Percentile Value for this strat0.01
MAE:Equity, average, losing trades0.01
MAE:Equity, losing trades only, 95th Percentile Value for this strat—
MAE:Equity, average, winning trades0
MAE:Equity, win trades only, 95th Percentile Value for this strat—
Avg(MAE) / Avg(PL) - All trades-12.09
MAE:PL (avg, all trades)-0.49
MAE:PL (avg, losing trades)—
MAE:PL - Losing Trades - this strat Percentile of All Strats61.29
MAE:PL - Winning Trades - this strat Percentile of All Strats53.17
MAE:PL (avg, winning trades)—
MAE:PL - worst single value for strategy—
Avg(MAE) / Avg(PL) - Winning trades0.44
Avg(MAE) / Avg(PL) - Losing trades-1.32
Hold-and-Hope Ratio-0.08

RATIO STATISTICS

Mean0.08
SD0.17
Sharpe ratio (Glass type estimate)0.49
Sharpe ratio (Hedges UMVUE)0.48
df87
t1.31
p0.10
Lowerbound of 95% confidence interval for Sharpe Ratio-0.24
Upperbound of 95% confidence interval for Sharpe Ratio1.21
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.25
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation1.21
Sortino ratio0.87
Upside Potential Ratio1.86
Upside part of mean0.17
Downside part of mean-0.09
Upside SD0.14
Downside SD0.09
N nonnegative terms69
N negative terms19
N of observations88
Mean of predictor0.16
Mean of criterion0.08
SD of predictor0.25
SD of criterion0.17
Covariance-0.01
r-0.22
b (slope, estimate of beta)-0.15
a (intercept, estimate of alpha)0.10
Mean Square Error0.03
DF error86
t(b)-2.12
p(b)0.98
t(a)1.71
p(a)0.05
Lowerbound of 95% confidence interval for beta-0.29
Upperbound of 95% confidence interval for beta-0.01
Lowerbound of 95% confidence interval for alpha-0.02
Upperbound of 95% confidence interval for alpha0.23
Treynor index (mean / b)-0.54
Jensen alpha (a)0.10
Mean0.07
SD0.16
Sharpe ratio (Glass type estimate)0.41
Sharpe ratio (Hedges UMVUE)0.41
df87
t1.12
p0.13
Lowerbound of 95% confidence interval for Sharpe Ratio-0.31
Upperbound of 95% confidence interval for Sharpe Ratio1.14
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.32
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation1.14
Sortino ratio0.68
Upside Potential Ratio1.66
Upside part of mean0.16
Downside part of mean-0.10
Upside SD0.13
Downside SD0.10
N nonnegative terms69
N negative terms19
N of observations88
Mean of predictor0.13
Mean of criterion0.07
SD of predictor0.25
SD of criterion0.16
Covariance-0.01
r-0.22
b (slope, estimate of beta)-0.15
a (intercept, estimate of alpha)0.09
Mean Square Error0.03
DF error86
t(b)-2.13
p(b)0.98
t(a)1.45
p(a)0.08
Lowerbound of 95% confidence interval for beta-0.28
Upperbound of 95% confidence interval for beta-0.01
Lowerbound of 95% confidence interval for alpha-0.03
Upperbound of 95% confidence interval for alpha0.20
Treynor index (mean / b)-0.46
Jensen alpha (a)0.09
VaR(95%)0.07
Expected Shortfall on VaR0.09
VaR(95%)0.01
Expected Shortfall on VaR0.02
Mean0.45
SD0.92
Sharpe ratio (Glass type estimate)0.50
Sharpe ratio (Hedges UMVUE)0.50
df1936
t1.35
p0.48
Lowerbound of 95% confidence interval for Sharpe Ratio-0.22
Upperbound of 95% confidence interval for Sharpe Ratio1.22
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.22
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation1.22
Sortino ratio0.89
Upside Potential Ratio3.78
Upside part of mean1.94
Downside part of mean-1.48
Upside SD0.76
Downside SD0.51
N nonnegative terms1490
N negative terms447
N of observations1937
Mean of predictor0.31
Mean of criterion0.45
SD of predictor0.52
SD of criterion0.92
Covariance-0.16
r-0.33
b (slope, estimate of beta)-0.59
a (intercept, estimate of alpha)0.64
Mean Square Error0.75
DF error1935
t(b)-15.47
p(b)0.71
t(a)2.01
p(a)0.47
Lowerbound of 95% confidence interval for beta-0.66
Upperbound of 95% confidence interval for beta-0.51
Lowerbound of 95% confidence interval for alpha0.02
Upperbound of 95% confidence interval for alpha1.26
Treynor index (mean / b)-0.77
Jensen alpha (a)0.64
Mean0.07
SD0.88
Sharpe ratio (Glass type estimate)0.08
Sharpe ratio (Hedges UMVUE)0.08
df1936
t0.21
p0.50
Lowerbound of 95% confidence interval for Sharpe Ratio-0.64
Upperbound of 95% confidence interval for Sharpe Ratio0.80
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.64
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation0.80
Sortino ratio0.11
Upside Potential Ratio2.78
Upside part of mean1.72
Downside part of mean-1.65
Upside SD0.62
Downside SD0.62
N nonnegative terms1490
N negative terms447
N of observations1937
Mean of predictor0.18
Mean of criterion0.07
SD of predictor0.51
SD of criterion0.88
Covariance-0.15
r-0.34
b (slope, estimate of beta)-0.59
a (intercept, estimate of alpha)0.17
Mean Square Error0.68
DF error1935
t(b)-16.06
p(b)0.71
t(a)0.57
p(a)0.49
Lowerbound of 95% confidence interval for beta-0.66
Upperbound of 95% confidence interval for beta-0.51
Lowerbound of 95% confidence interval for alpha-0.42
Upperbound of 95% confidence interval for alpha0.77
Treynor index (mean / b)-0.11
Jensen alpha (a)0.17
VaR(95%)0.08
Expected Shortfall on VaR0.11
VaR(95%)0.01
Expected Shortfall on VaR0.02
Mean0
SD0
Sharpe ratio (Glass type estimate)0
Sharpe ratio (Hedges UMVUE)0
df0
t0
p0
Lowerbound of 95% confidence interval for Sharpe Ratio0
Upperbound of 95% confidence interval for Sharpe Ratio0
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation0
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation0
Sortino ratio0
Upside Potential Ratio0
Upside part of mean0
Downside part of mean0
Upside SD0
Downside SD0
N nonnegative terms131
N negative terms0
N of observations131
Mean of predictor1.81
Mean of criterion0
SD of predictor0.70
SD of criterion0
Covariance0
r0
b (slope, estimate of beta)0
a (intercept, estimate of alpha)0
Mean Square Error0
DF error0
t(b)0
p(b)0
t(a)0
p(a)0
Lowerbound of 95% confidence interval for beta0
Upperbound of 95% confidence interval for beta0
Lowerbound of 95% confidence interval for alpha0
Upperbound of 95% confidence interval for alpha0
Treynor index (mean / b)0
Jensen alpha (a)0
Mean0
SD0
Sharpe ratio (Glass type estimate)0
Sharpe ratio (Hedges UMVUE)0
df0
t0
p0
Lowerbound of 95% confidence interval for Sharpe Ratio0
Upperbound of 95% confidence interval for Sharpe Ratio0
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation0
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation0
Sortino ratio0
Upside Potential Ratio0
Upside part of mean0
Downside part of mean0
Upside SD0
Downside SD0
N nonnegative terms131
N negative terms0
N of observations131
Mean of predictor1.57
Mean of criterion0
SD of predictor0.68
SD of criterion0
Covariance0
r0
b (slope, estimate of beta)0
a (intercept, estimate of alpha)0
Mean Square Error0
DF error0
t(b)0
p(b)0
t(a)0
p(a)0
Lowerbound of 95% confidence interval for beta0
VAR (95 Confidence Intrvl)0.09
Upperbound of 95% confidence interval for beta0
Lowerbound of 95% confidence interval for alpha0
Upperbound of 95% confidence interval for alpha0
Treynor index (mean / b)0
Jensen alpha (a)0
VaR(95%)0
Expected Shortfall on VaR0
VaR(95%)0
Expected Shortfall on VaR0

ORDER STATISTICS

Number of observations88
Minimum0.85
Quartile 11
Median1
Quartile 31.00
Maximum1.22
Mean of quarter 10.97
Mean of quarter 21
Mean of quarter 31.00
Mean of quarter 41.06
Inter Quartile Range0.00
Number outliers low16
Percentage of outliers low0.18
Mean of outliers low0.96
Number of outliers high21
Percentage of outliers high0.24
Mean of outliers high1.06
Extreme Value Index (moments method)-0.98
VaR(95%) (moments method)0.01
Expected Shortfall (moments method)0.01
Extreme Value Index (regression method)0.37
VaR(95%) (regression method)0.03
Expected Shortfall (regression method)0.08
Number of observations1937
Minimum0.47
Quartile 11
Median1
Quartile 31.00
Maximum1.76
Mean of quarter 10.98
Mean of quarter 21
Mean of quarter 31
Mean of quarter 41.03
Inter Quartile Range0.00
Number outliers low435
Percentage of outliers low0.22
Mean of outliers low0.97
Number of outliers high462
Percentage of outliers high0.24
Mean of outliers high1.03
Extreme Value Index (moments method)1.21
VaR(95%) (moments method)0.01
Expected Shortfall (moments method)0
Extreme Value Index (regression method)0.62
VaR(95%) (regression method)0.02
Expected Shortfall (regression method)0.06
Number of observations131
Minimum1
Quartile 11
Median1
Quartile 31
Maximum1
Mean of quarter 11
Mean of quarter 21
Mean of quarter 31
Mean of quarter 41
Inter Quartile Range0
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high0
Percentage of outliers high0
Mean of outliers high0
Extreme Value Index (moments method)0
VaR(95%) (moments method)0
Expected Shortfall (moments method)0
Extreme Value Index (regression method)0
VaR(95%) (regression method)0
Expected Shortfall (regression method)0

DRAW DOWN STATISTICS

Number of observations7
Minimum0.01
Quartile 10.03
Median0.07
Quartile 30.09
Maximum0.26
Mean of quarter 10.02
Mean of quarter 20.05
Mean of quarter 30.08
Mean of quarter 40.18
Inter Quartile Range0.06
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high1
Percentage of outliers high0.14
Mean of outliers high0.26
Extreme Value Index (moments method)0
VaR(95%) (moments method)0
Expected Shortfall (moments method)0
Extreme Value Index (regression method)0
VaR(95%) (regression method)0
Expected Shortfall (regression method)0
Number of observations12
Minimum0.01
Quartile 10.06
Median0.09
Quartile 30.19
Maximum0.53
Mean of quarter 10.03
Mean of quarter 20.07
Mean of quarter 30.13
Mean of quarter 40.41
Inter Quartile Range0.13
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high2
Percentage of outliers high0.17
Mean of outliers high0.48
Extreme Value Index (moments method)-14.97
VaR(95%) (moments method)0.43
Expected Shortfall (moments method)0.43
Extreme Value Index (regression method)-1.74
VaR(95%) (regression method)0.63
Expected Shortfall (regression method)0.64
Number of observations0
Minimum0
Quartile 10
Median0
Quartile 30
Maximum0
Mean of quarter 10
Mean of quarter 20
Mean of quarter 30
Mean of quarter 40
Inter Quartile Range0
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high0
Percentage of outliers high0
Mean of outliers high0
Extreme Value Index (moments method)0
VaR(95%) (moments method)0
Expected Shortfall (moments method)0
Extreme Value Index (regression method)0
VaR(95%) (regression method)0
Expected Shortfall (regression method)0
Strat Max DD how much worse than SP500 max DD during strat life?-399050272
Max Equity Drawdown (num days)99
Last 4 Months - Pcnt Negative0.0%

COMBINED STATISTICS

Annualized return (arithmetic extrapolation)0.09
Compounded annual return (geometric extrapolation)0.07
Calmar ratio (compounded annual return / max draw down)0.27
Compounded annual return / average of 25% largest draw downs0.40
Compounded annual return / Expected Shortfall lognormal0.80
j156mfCOMBRisPar0
j157mfCOMBRisPar0
Annualized return (arithmetic extrapolation)0.09
Compounded annual return (geometric extrapolation)0.07
Calmar ratio (compounded annual return / max draw down)0.13
Compounded annual return / average of 25% largest draw downs0.17
Compounded annual return / Expected Shortfall lognormal0.65
j313dfCOMBRisPar0
j314dfCOMBRisPar0
Annualized return (arithmetic extrapolation)0
Compounded annual return (geometric extrapolation)0
Calmar ratio (compounded annual return / max draw down)0
Compounded annual return / average of 25% largest draw downs0
Compounded annual return / Expected Shortfall lognormal0

Trading record

Placed 289 trades in real-life brokerage accounts.

SymbolSideQtyOpenedClosedP/L
QHG Z9long2Sep 21, 2009Sep 21, 2009$2,134
QGC Z9short2Sep 21, 2009Sep 21, 2009($1,256)
QCL V9long2Sep 21, 2009Sep 21, 2009($956)
TY Z9long2Sep 21, 2009Sep 21, 2009($236)
KC Z9short2Sep 21, 2009Sep 21, 2009$59
W Z9short2Sep 21, 2009Sep 21, 2009($416)
QHG Z9short2Sep 18, 2009Sep 18, 2009$2,934
W Z9long2Sep 18, 2009Sep 18, 2009($16)
TY Z9long2Sep 18, 2009Sep 18, 2009($204)
S X9short2Sep 17, 2009Sep 18, 2009$59
W Z9short2Sep 17, 2009Sep 17, 2009$184
QSI Z9short2Sep 17, 2009Sep 17, 2009$934
QHO V9long2Sep 17, 2009Sep 17, 2009$572
QGC Z9long2Sep 17, 2009Sep 17, 2009($616)
QCL V9long2Sep 17, 2009Sep 17, 2009$1,004
SF Z9long2Sep 17, 2009Sep 17, 2009$659
JY Z9short2Sep 17, 2009Sep 17, 2009($741)
EU Z9long2Sep 17, 2009Sep 17, 2009$334
QRB V9long2Sep 17, 2009Sep 17, 2009($520)
TY Z9short2Sep 17, 2009Sep 17, 2009($1,172)
KC Z9long2Sep 17, 2009Sep 17, 2009($504)
QHG Z9long2Sep 17, 2009Sep 17, 2009($1,391)
QHG Z9short2Sep 17, 2009Sep 17, 2009($1,316)
W Z9long2Sep 17, 2009Sep 17, 2009($1,216)
W Z9long2Sep 17, 2009Sep 17, 2009($41)
W Z9long2Sep 17, 2009Sep 17, 2009($16)
W Z9short2Sep 17, 2009Sep 17, 2009($116)
W Z9long2Sep 17, 2009Sep 17, 2009($41)
W Z9short2Sep 17, 2009Sep 17, 2009($66)
W Z9long2Sep 17, 2009Sep 17, 2009($16)

Past results are not necessarily indicative of future results.

These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical 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 profits or losses similar to these being shown.