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Terms & Conditions

RISK DISCLAIMER

THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF MANAGED ACCOUNTS PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF ANY OF THESE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS MAY BE PROVIDED TO YOU BEFORE A MANAGED FOREIGN EXCHANGE ACCOUNT MAY BE OPENED FOR YOU.

1. RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING: IF YOU PURCHASE A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL TRANSACTION COSTS. IF YOU PURCHASE OR SELL A COMMODITY FUTURE OR SELL A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION, YOU MAY BE CALLED UPON BY YOUR BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ON SHORT NOTICE, IN ORDER TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THE REQUESTED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT. UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN THE MARKET MAKES A “LIMIT MOVE”. THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR, SUCH AS A “STOP-LOSS” OR “STOP-LIMIT” ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS. A “SPREAD” POSITION MAY NOT BE LESS RISKY THAN A SIMPLE “LONG” OR “SHORT” POSITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS, IN SECTION #7, A COMPLETE DESCRIPTION OF EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS. YOU SHOULD THEREFORE CAREFULLY STUDY THIS DISCLOSURE DOCUMENT AND COMMODITY TRADING BEFORE YOU TRADE, INCLUDING THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AS DESCRIBED IN SECTIONS #8 AND 9 OF THIS DISCLOSURE DOCUMENT.

THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING ADVISOR'S NAME FROM A CLIENT FOR TRADING COMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT.

2. Legal Notice and Terms and Conditions - Please Read Carefully

This site is not intended for distribution, or use by, any person in any country where such distribution or use would be contrary to local law or regulation. None of the services or investments referred to in this web site are available to persons residing in any country where the provision of such services or investments would be contrary to local law or regulation. It is the responsibility of visitors to this website to ascertain the terms of and comply with any local law or regulation to which they are subject.

By ordering our services the customer acknowledges that he was not solicited in any way by FX Hoy Capital Management in contravention of the rules or regulations in the jurisdiction in which he resides.

3. Representation of FX Hoy Capital Management

FX Hoy Capital Management is not currently registered as a Commodity Trading Advisor (CTA) and operates pursuant to an exemption from the CFTC Division of Trading and Markets. Pursuant to the Retail Forex Transactions Regulatory Guide by the National Futures Association (NFA) (page 3, section titled "Account Managers") and the CFTC Division of Trading and Markets Advisory Concerning Foreign Currency Trading by Retail Customers (page 3, section titled "Managing Retail Off-Exchange Foreign Currency Accounts" ), a person that manages the funds of retail customers held by an enumerated entity under the Commodity Exchange Act (banks, broker-dealers, FCMs - Futures Commission Merchants , affiliates of broker-dealers or FCMs, insurance companies, financial holding companies or investment bank holding companies - remark by FX Hoy Capital Management) , solely to trade in off-exchange foreign currency futures and options contracts, would not be required to register with the Commission as a CTA, but may do so voluntarily . See also the CFTC Staff Interpretative Letter No. 01-91 . As an adviser which is exempt from registration, FX Hoy Capital Management is not required to prepare a Disclosure Document, but FX Hoy Capital Management has voluntarily prepared this document to disclose to prospective clients details about the program as well as risks inherent to trading. FX Hoy Capital Management wants to comply with all retail Forex non-futures general and antifraud provisions.

Web site: http://www.fxhoy.com E-mail address: support@fxhoy.com Phone: US ; (203) 599 1235

4. Fees
Managed Account Program

For the managed account program there is no up-front fee , no trading signals subscription fee, no commissions (other than bid/ask spread) , 0% management fee (zero deal). There is, however, a performance fee ranging from 25% to 50% of all new trading profits generated in client's account, based on a monthly high water mark, or upon exit from the Program. Performance fees are charged monthly.

5. Risk and liability

Your account will be in your own name with Oanda Corporation will be the counterparty for all your Forex transactions. Your investment will be traded by FX Hoy Capital Management from your account, on the spot Forex market. The return is not guaranteed in any way and the figures in the performance report are only an indication of expected returns, obtained by strategy back testing and past forward results. Results vary from month to month. Low risk exposure is extremely important to our clients. Although risk is assumed with all forms of trading in financial markets, our strict management of this aspect of our clients investments is detailed below. FX Hoy Capital Management accepts no liability or responsibility for any losses incurred from the client's investment. It is understood that leveraged trading in the spot Forex markets has high risks and no guarantee of return. This statement of intent is not binding on either the client or FX Hoy Capital Management in any way and any agreements made may be cancelled without notice at any time. All investors participate in our program expressly at their own risk, and the placement of funds into the program implies that the risk and liability are fully understood and agreed upon without reservation. With any program, clients expect to achieve above average returns. Clients should carefully consider the reasons for investing in Forex such as operated by FX Hoy Capital Management and understand the risk and returns expected. Clients who are willing to accept lower returns and lower risk should consider investing in a fixed interest rate bank account or a bond related investment fund instead of Forex. Our statistical models show that a 25% drawdown is the maximum one should reasonably expect during period of strong trends in all currency pairs, but it is not guaranteed in any way. We must emphasize that these are rare events, but may happen once or twice during a year. Due to the nature of our trading system, however, any drawdown is usually followed by a new equity peak, so the drawdown period  is an excellent point to start trading with lower risk.

Disclaimer:

Despite our best efforts to minimize risk (outlined above), trading foreign exchange carries a high level of risk, and may not be suitable for all investors. Before deciding to invest in a Forex Managed Account you should carefully consider your investment objectives and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with leveraged foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Furthermore, FX Hoy Capital Management and its representatives or agents will not be held legally or morally liable or responsible for any losses incurred through trading, whether through trades taken within the risk parameters outlined above or not. All investors participate in our program  expressly at their own risk, and the placement of funds into the managed account implies that the risk and liability clauses in this paragraph are fully understood and agreed upon without reservation.

9. FOREX SPECIFIC RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING FOREIGN EXCHANGE MARKETS (FOREX), ALSO KNOWN AS CASH FOREIGN CURRENCIES, THE INTER-BANK MARKET OR THE FOREX MARKETS, CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE MONEY MANAGER DOES NOT CONTROL, AND CANNOT ENDORSE OR VOUCH FOR THE ACCURACY OR COMPLETENESS OF ANY INFORMATION OR ADVICE YOU MAY HAVE RECEIVED OR MAY RECEIVE IN THE FUTURE FROM ANY OTHER PERSON NOT EMPLOYED BY THE MONEY MANAGER REGARDING FOREIGN CURRENCY TRADING OR ANY MANAGED ACCOUNT INFORMATION. THE FACTUAL INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE BUT IS NOT NECESSARILY ALL INCLUSIVE AND IS NOT GUARANTEED TO BE 100% ACCURATE. THE CONTENT HEREIN IS PROVIDED IN ON A BEST EFFORTS BASIS AND IS BELIEVED TO BE UP-TO-DATE AND ACCURATE; HOWEVER, THERE ARE NO EXPLICIT OR IMPLICIT WARRANTIES OF ACCURACY OR TIMELINESS MADE BY THE MONEY MANAGER OR AFFILIATES.

FOREX TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT FOR ALL INVESTORS. INVESTMENT IN THE FOREX TRADING IS HIGHLY SPECULATIVE AND SHOULD ONLY BE DONE WITH RISK CAPITAL. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN FOREIGN EXCHANGE TRADING CAN WORK FOR YOU AS WELL AS AGAINST YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. MANAGED FOREIGN EXCHANGE ACCOUNTS CAN BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND MONEY MANAGEMENT FEES, AND WITH SOME CASES (INTRODUCING BROKERS) COMMISSIONS OR MARK-UPS THAT ARE ABOVE AND BEYOND THE ORDINARY SPREAD GENERALLY PROVIDED ON A CLEARING FIRM'S TRADE EXECUTION PLATFORM. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. PERFORMANCE RESULTS MAY VARY DUE TO ACCOUNT SIZE, STARTING OR CLOSING DATE, THE NUMBER OF POSITIONS AND/OR MARKETS TRADED AND/OR OTHER FACTORS. THE REGULATIONS OF THE COMMODITY FUTURES TRADING COMMISSION (CFTC) REQUIRE THAT PROSPECTIVE CUSTOMERS OF A FUTURES COMMISSION MERCHANT RECEIVE A DISCLOSURE DOCUMENT WHEN THEY ARE SOLICITED. THESE DISCLOSURES ARE INCORPORATED INTO THE MANAGED ACCOUNT AGREEMENT AND THE LIMITED POWER OF ATTORNEY (LPOA) AUTHORIZATION. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE FOREIGN EXCHANGE MARKETS. THEREFORE, YOU SHOULD CAREFULLY REVIEW THE DISCLOSURES CONTAINED IN THIS DOCUMENT TO DETERMINE WHETHER SUCH TRADING IS APPROPRIATE FOR YOU IN LIGHT OF YOUR PARTICULAR FINANCIAL CONDITION. THERE ARE ALSO RISKS ASSOCIATED WITH UTILIZING AN INTERNET-BASED DEAL EXECUTION SOFTWARE APPLICATION, AND COMPUTERIZED TRADING AND MONEY MANAGEMENT TOOLS INCLUDING, BUT NOT LIMITED, TO THE FAILURE OF HARDWARE AND SOFTWARE. PAST PERFORMANCE DOES NOT NECESSARILY GUARANTEE FUTURE RESULTS, NOR DOES IT GUARANTEE FREEDOM FROM LOSSES.

THE INFORMATION CONTAINED HEREIN SHOULD NOT BE CONSTRUED AS AN OFFER TO BUY OR SELL COMMODITIES, FUTURES OR ANY SECURITY TYPE INVESTMENT. THE MONEY MANAGER HIGHLY RECOMMENDS THAT BEFORE MAKING A DECISION, THE READER COLLECTS SEVERAL OPINIONS RELATED TO THE DECISION AND VERIFIES FACTS FROM AT LEAST SEVERAL INDEPENDENT SOURCES.

There is risk of loss when investing in managed forex, futures or funds, and as such, these investments are NOT suitable for everyone. FX Hoy Capital Management suggests that you seek professional advice form an experienced financial advisor familiar with alternative investments before committing your capital to any of our programs, products or services.

NOTE: United States governmental financial market regulatory agencies such as the CFTC and NFA are in the process of establishing additional laws, rules and guidelines pertaining to forex trading firms and forex investments. The rules being enacted by the regulatory agencies are in the developmental stages and are evolving. That being the case, there seems to be some level of disagreement as to what the rules actually mean, and for whom, how and where the rules and regulations apply.
Thus, while FX Hoy Capital Management has made a conscious effort to abide by all existing rules and regulations, it is possible that FX Hoy Capital Management may not be completely up to date with the latest regulation pertaining to the industry, this document, or FX Hoy Capital Management's business operations. However, if any material items are discovered by FX Hoy Capital Management, or new regulation are developed that FX Hoy Capital Management's clients must know about, then FX Hoy Capital Management will attempt to notify the client and/or make the information available on FX Hoy Capital Management's website. It is possible that changes in regulations could require FX Hoy Capital Management amended the website and its Disclosure Document.
Information presented on this site has been obtained from sources that FX Hoy Capital Management believes to be reliable. However, FX Hoy Capital Management has not and cannot verify the accuracy of such information, and potential investors should be aware that such information is subject to change without notice. Not all products and services described on this website are available in all jurisdictions, and certain investments may not be suitable for all investors.

The information contained in this website may not be reproduced, reorganized or used to create any financial product including an index. This information is for informational purposes only and is provided on an "as is" basis. The user assumes the entire risk of its use. FX Hoy Capital Management, and their affiliates expressly disclaim all warranties of originality, merchantability, of fitness for any particular purpose. Without limiting the foregoing, in no event will FX Hoy Capital Management their affiliates or employees have any liability in connection with the use by any person of the information or data presented on this website. Trademarks are of FX Hoy Capital Management. Any/all unauthorized reproduction is strictly prohibited. Copyright 2007.

By continuing you acknowledge that you have read and agree with the statement above.

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PREVIOUS MONTHS

October Performance:
Fund Growth : 101.2%

November Performance:
Fund Growth : 96.0%

December Performance:
Fund Growth : 55.6%

 

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