Before deciding to participate in the FX market, you should carefully consider your investment objectives, level of experience, risk appetite and ability to tolerate investment losses. Most importantly, do not invest money you cannot afford to completely lose. The risk of loss when trading in the FX market can be and often is very substantial. These losses may be due to any number of both foreseeable and unforeseeable factors.

There is considerable exposure to risk in any foreign exchange transaction. Any transaction involving currencies involves risks including, but not limited to, the potential for changing political and/or economic conditions that may substantially affect the price or liquidity of a currency.

Moreover, the leveraged nature of FX trading means that any market movement will have a disproportional and amplified effect on your deposited funds. This may work against you as well as for you. However remote, The possibility exists that you could sustain a total loss of your initial margin deposit. If you fail to meet any margin call within the time prescribed, your position may be automatically liquidated and you may be held responsible for any resulting losses.  Please consult your Tactical Asset Management representative for further information.

There are also risks associated with investing in managed FX investment programs that employ computer-driven, model-based algorithmic trading or automated execution including but not limited to the failure of hardware or software. Other further risks also exist. Please use extreme care and caution when considering an investment in the FX market or in a Managed FX program.