Disclaimer

As required by NASD Rule 2361, you should consider the following points before engaging in day trading activities:

Day trading can be extremely risky. Customers should be prepared to lose all of the founds that they use for daytrading. They should not fund their day trading activities with retirement savings, student loans, second mortgages, emergency funds, funds set aside for purposes such as education or home ownership, or funds required for current income. Customers need to be wary of adverisments or other statements that emphasize the potencial for large profits in day trading. Day trading can also lead to large and immediate financial losses. Day trading requires knowledge of securities markets. Day trading requires in-depth knowledge of the securities markets and trading techniques and strategies. In attempting to profit through day trading, an investor must compete with professional, licencsed trader employed by securities firms. An investor should have appropiate experience before engaging in day trading. Day trading requires knowledge of a firm's operations. An investor should be familiar with a securities firm's business practices, including the operation of the firm's order execution systems, precedures, and should confirm that a firm has adequate systems capacity to permit customers to engage in day trading activities. Day trading may result in large commissions. Day trading may require an investor to trade his or her account aggressively, and pay commissions on each trade. The total daily commissions that they pay on trades may add to losses or significant reduce earnings.