Forex Trading on margin accounts carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, 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 foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The risk of loss in forex trading can be substantial. Trading in currencies is not suitable for many members of the general public. You should therefore carefully consider whether such trading is suitable for you in light of your experience, objectives, financial resources, and other relevant circumstances. In choosing whether to trade or to authorize someone else to trade for you, you should be aware of the following:

• If you buy or sell a currency, 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 required funds within the prescribed time, your position may be liquidated at a loss, and you will be liable for any resulting defecit in your account.



• 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.



• Under certain market conditions you may find it extremely difficult to liquidate a position. This can occur at any time.



• The placement of contingent orders by you or your trading advisor, such as a "stop loss" or "stop-limit" order, will not necessary limit your losses to the intended amounts, since certain market conditions such as the Non Farm Payroll release every 1st Friday of the month may make it impossible to execute such orders.