Disclaimers & Disclosures

This page collects the standing disclosures that apply to everything Walk Forward publishes — the website, the newsletter, and any charts or research we share elsewhere. We keep them in one place so they're easy to find, but the important ones also travel with the content itself (see the placement rules below).

1. Hypothetical and simulated performance (CFTC Rule 4.41(b))

Much of what we publish involves backtests — simulations of how a trading strategy would have performed on historical data. Backtests are useful research tools and honest ones are the core of this publication, but they are not real trading, and U.S. futures regulation (CFTC Rule 4.41(b)) requires the following statement — which we'd want to show you anyway:

Note for counsel: text reproduced verbatim from 17 CFR 4.41(b) as provided in the execution plan; confirm the exact current regulatory text at engagement. This block is never edited, retypeset into lowercase, or paraphrased — ever.

Placement rules (binding on everyone who publishes for Walk Forward)

• This statement appears every time hypothetical or simulated performance is presented — every article, every newsletter issue, every chart image, every social post or thread that shows backtest results. No "it's on the disclaimers page" shortcuts.
• It must be as prominent as the results themselves: same page/screen as the backtest content, not buried behind a link, not in diminished footnote type while the equity curve gets a hero image. If the backtest is in an image (e.g., a shared chart), the disclaimer travels in or immediately with the image.
• Live vs. hypothetical results are always labeled and never mixed. Any live (real-money) result is identified as live; any simulated result is identified as simulated; the two are never blended into one track record or one chart without clear separation.
• Any performance figure we publish is shown honestly: net of realistic costs, with drawdowns shown, not cherry-picked windows. (House rule — stricter than the regulation.)

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2. Standing conflict disclosure

We trade our own capital using the same strategies we discuss and, in the future, may license.

That sentence appears on this page, on the About page, and in the footer of every newsletter issue. Here is what it means in practice, in plain terms:

• We are not neutral observers of the systems we write about — we run them with our own money. That's the point of the publication: you're reading the build log of people with skin in the game. It also means we have a financial interest in the instruments and strategies we cover.
• Publish first, trade after. For anything the newsletter affirmatively recommends by name, the firm and its founders trade no earlier than publication, and do not exit an affirmatively-recommended position until at least two full trading sessions after publication.
• Holdings disclosure on named names. Before any write-up of a specific, named instrument is published, our current systematic holdings are checked by someone other than the author. If our systems hold it, the article says so plainly — e.g., "Disclosure: our systematic strategies currently hold [X]."
• We keep a complete, timestamped log of our own trades. It exists so the commitments above are verifiable, not vibes.

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3. Futures and trading risk

Trading futures, and trading in general, involves substantial risk of loss and is not suitable for everyone. You can lose more than your initial investment when trading leveraged instruments such as futures. Markets gap, liquidity evaporates, and strategies that worked for years stop working without notice. Past performance — real or simulated — is not indicative of future results. Never trade with money you cannot afford to lose, and never treat any single strategy, system, or piece of research (including ours) as a guarantee of anything. Anyone considering trading should carefully evaluate their own financial circumstances first and consult their own qualified professionals.

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4. Educational publication — no personalized advice

Walk Forward is an impersonal, educational publication of general and regular circulation, produced by the team at Ferrante Capital (Ferrante Capital LLC). Every subscriber receives the same content on the same schedule.

• We do not provide individualized investment, trading, financial, legal, or tax advice, and nothing we publish should be read as advice directed at you or your circumstances.
• We do not manage money for others, we have no advisory relationship with our readers, and reading this publication does not create one.
• We do not answer personal questions about your account, your positions, your sizing, or whether you should trade — not by email, not in comments, not anywhere. Our research and writing are standardized and identical for every reader.
• Nothing we publish is an offer or solicitation to buy or sell any security, futures contract, or other financial instrument.

For decisions about your own money, consult your own qualified professionals.

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Where each disclosure lives (quick placement matrix)

Short-form versions of these disclosures appear in the site footer and in the footer of every newsletter issue. Before every send, the full set above is verified against our pre-send checklist by someone other than the issue's author — verifier ≠ author, every send.

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