DisclaimerDisclaimer - Trading the Open: TTO/DTU

Daytrading University/Ken Calhoun
DISCLAIMER & User Agreement

By accessing The Daytrading University/TradeMastery/Trading the Open/TradingTalk/live webinars, hereinafter known as DTU/TTO, or any of its subsidiary or affiliates sites, you have read, understood and agree to be legally bound by the terms of the following disclaimer and Terms of Use:

Active trading is inherently risky and you agree to assume complete and full responsibility for the outcomes of all trading decisions that you make, including but not limited to loss of capital. None of the information published by Ken Calhoun, Marketing Jazz LLC, and any of his sites, should be construed as an offer to buy or sell securities, nor any other instrument, nor advice to do so. No information is to be construed as individual trading and/or investment advice, and is published as general educational information.

All comments and posts made by Ken Calhoun, guests, affiliates, traders and others are published for impersonal educational purposes only and under no circumstances should be used for actual trading. Typical/average/generally expected customer results are that all traders incur trading losses and do not become profitable. Absolutely no profitability promises nor claims of any kind are represented herein.
Our educational materials and sites are posted solely with the purpose of helping our members learn our daytrading & swingtrading techniques and methods, which may or may not be suitable for your individual needs. Please contact the SEC's site for regulations, concerns and advice regarding stock chat rooms. Under no circumstances should any person at this site make trading decisions based solely on the information discussed herein, it is for educational purposes. We are not a qualified financial advisor and you should not construe any information discussed herein to constitute investment advice. It is published as educational, impersonal trading content.

Purchase agreement/EULA: Purchaser of any Daytrading University course, DVD or other product hereby agrees that they are the End User and may not rent, resell, lease nor otherwise resell the content nor the video they have purchased in any manner, by any venue . All sales are final for all products.
Copyable media, including DVDs, may not be returned for refund, but we will replace any defective media at no cost to purchaser (contact us at ken@daytradinguniversity.com for an RMA number) within 90 days of purchase. You expressly waive any 'first-sale' doctrine or related rights by purchasing our DVDs, as they are individually licensed components of trading systems governed by this End-User License Agreement and Terms of Sale. Purchaser may not resale any video via ebay nor other resale venue of any kind, nor any site, as all products are individually-licensed components of trading educational systems that are nontransferable.

We
reserve the right to refuse service to anyone for any reason we deem fit (including but not limited to people who try and issue chargebacks/refunds (which we turn over to collection agencies for action, for nonreturnable products), those we deem hostile or otherwise not wanted as our customers, competitors and their affiliates, those from countries known to have high piracy rates (such as Malaysia) and any others we deem fit). By reading this site, you hereby agree to all these terms on this page and our other pages — if you do not agree, then you must leave.

You should consult a qualified broker or other financial advisor prior to making any actual investment or trading decisions.
THIS IS NOT A FINANCIAL ADVISORY SITE. You agree to not make actual stock nor forex nor other types of trades based on comments that are in the room, nor on any techniques presented nor discussed in this site, the online course, video products, seminar chats or any other form of information presentation. All information is for educational, informational and entertainment use only. You are encouraged to use the calls as just the beginning point, to learn our specific daytrading & swingtrading methods. You agree to consult with a registered investment advisor, which we are not, prior to making any trading decision of any kind.

Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Although individual examples provided may highlight successful papertrading trade examples, cumulative overall returns on all alerts taken together may or may not be profitable.  No overall nor specific performance nor profitability claims of any kind are being made, nor should be inferred. 

DTU/TTO, its principals, agents, associates and employees, operate DTU/TTO, a real time chat room intended to provide a private forum for users to exchange information and to discuss various investing techniques. You agree, by accessing this or any associated site, that DTU/TTO bears no liability for any postings on the website or actions of site hosts or other members at DTU/TTO any of its associated sites. We reserve the right to deny service to anyone.

Indemnity.

You agree to indemnify, defend and hold us, our subsidiaries and affiliates and each of our officers, directors, agents, employees, independent contractors and suppliers, harmless from any claim, demand, action, cost and expense, including reasonable attorneys' fees, due to or arising out of the following events: (i) your giving us any information which is inaccurate; (ii) your breach of any warranty, representation or other obligation set forth in this Agreement; (iii) your negligence or willful misconduct; (iv) your violation of any law, regulation or right of any third party; (v) any dispute or action between you and any third party, including parties selling goods or services through this Site; and (vi) your use of this website or the products or services of us or any third party, except for claims resulting solely from provable, non-remedied negligence or willful misconduct.

Release; Covenant Not To Sue.

You hereby release, agree and covenant not to sue us, our subsidiaries and affiliates, and our officers, directors, agents, employees, suppliers and independent contractors, from or in connection with any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with the materials, services, or your use of this website, other than willful misconduct or our failure to honor an express commitment posted on the website (i.e., if we fail to deliver materials to you which you paid for, in which case your remedy is limited to a refund of fees paid). If you are a California resident, you hereby waive California Civil Code §1542, which says: "a general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

Arbitration.

Any controversy or claim between you and us or our subsidiaries and affiliates, and our officers, directors and employees, arising out of or relating to this Agreement or your use of the website or the Materials, shall be settled by binding arbitration, before a single arbitrator, in the state of Colorado, in accordance with the commercial arbitration rules of JAMS which shall administer the arbitration. Any such controversy or claim shall be arbitrated on an individual basis, and shall not be consolidated in any arbitration with any claim or controversy of any other party, nor shall arbitration on a class action basis be permitted. The arbitration award shall be in writing and shall include findings of fact and conclusions of law. Judgment on the arbitration award may be entered into any court having jurisdiction thereof. Either party may seek any interim or preliminary relief from a court of competent jurisdiction necessary to protect the rights or property of either party pending the completion of arbitration.

Daytrading is a unique and difficult task that has a large potential for losses. Daytrading may not be suitable for all users of this site. Many people who attempt daytrading may lose some of all of their capital. You,and not DTU/TTO, assume the entire cost and risk of any trading you choose to undertake. You are solely responsible for making your own investment decisions. If you choose to engage in such transactions with or without seeking advice from a licensed and qualified financial advisor or entity, then such decision and any consequences flowing therefrom
are your sole responsibility. We are a publisher of trading educational materials. We are not a licensed and qualified financial advisor; we are an educational publisher providing a forum for members to discuss stock strategies. The information and commentaries are not meant to be an endorsement or offering of any stock purchase. They are meant to be a guide only, which must be tempered by the investment experience and independent decision making process of the subscriber and trial member. DTU/TTO or any employees are in no way liable for the use of the information by others in investing or trading in investment vehicles utilizing the principles disclosed herein. DTU/TTO or any of its employees do not represent themselves as acting in the position of an investment advisor or investment manager for the use of the information in this service.

The materials and information in, and provided by, this site are not, and should not be construed as an offer to buy or sell any of the securities named in materials, services, or on-line postings. DTU/TTO does not represent or endorse the accuracy or reliability of any of the information, conversation, or content contained on, distributed through, or linked, downloaded or accessed from any of the services contained on this website (hereinafter, the "Service"), nor the quality of any products, information or other materials displayed, purchased, or obtained by you as a result of any other information or offer by or in connection with the Service.

Neither DTU/TTO nor its principals, agents, associates or employees, are licensed to provide investment advice. No materials in DTU/TTO, either on behalf of DTU/TTO or any site host, or any participant in DTU/TTO or any of its associated sites should be taken as investment advice directly, indirectly, implicitly, or in any manner whatsoever, including but not limited to trading of stocks on a short term or long term basis, or trading of any financial instruments whatsoever. All information is published as general educational material.

Past Performance Is Not Indicative of Future Returns. All analyst commentary provided on DaytradingUniversity.com is provided for educational purposes only. Employees and/or principals of Daytrading University may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on DaytradingUniversity.com is governed by this Terms and Conditions of Use. Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and that it should be relied upon, as such. You should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. By using DaytradingUniversity.com, including any software and content contained therein, you agree that use of the Service is entirely at your own risk. DaytradingUniversity.com is not a registered investment advisor or a broker dealer. You understand and acknowledge that there is a very high degree of risk involved in trading securities. Past results of any trader published on this Website are not indicative of future returns by that trader, and are not indicative of future returns which be realized by you.

Any information, opinions, advice or offers posted by any person or entity logged in to DTU/TTO or any of its associated sites is to be construed as public conversation only. DTU/TTO makes no warranties and gives no assurances regarding the truth, timeliness, reliability, or good faith of any material posted at DTU/TTO or in any of its associated chat rooms. DTU/TTO does not warrant that trading methods or systems presented in their services or the information herein, or obtained from advertisers or members will result in profits or losses.

1) LICENSE:

DTU/TTO, hereby grants you a limited, non-exclusive, non-assignable and non-transferable license to access "DTU/TTO", hereinafter known as DTU/TTO, provided and expressly conditioned upon your agreement that all such access and use shall be governed by all of the terms and conditions set forth in this USER AGREEMENT. You hereby acknowledge and agree as follows:

2) COPYRIGHT & NO RETRANSMISSION OF INFORMATION:

DTU/TTO, as well as the design and information contained in this site is the valuable, exclusive property of DTU/TTO, and nothing in this Agreement shall be construed as transferring or assigning any such ownership rights to you or any other person or entity. All realtime stock calls made in DTU/TTO are the proprietery, confidential property of DTU/TTO and cannot be repeated for any reason outside the DTU/TTO trading room. You agree not to repeat or rebroadcast in any way any of the stock calls or training made by DTU/TTO in any Mirc or Java-based trading room, whether a free room or a pay room, for any reason whatsoever. You agree that if you do repeat or re-post any of DTU/TTO's calls in any stock trading-oriented mirc or java trading room, or via email, telephone or other broadcast transmission means, you will be liable for actual and punitive damages of not less than US$20,000, and additional damages to be determined by a United States court of law.

DTU/TTO may only be used on a single computer memory; the information may not be otherwise used. You may not resell, redistribute, broadcast or transfer the information or use the information in a searchable, machine-readable database unless separately and specifically authorized in writing by DTU/TTO prior to such use. You may not rent, lease, sublicense, distribute, transfer, copy, reproduce, publicly display, publish, adapt, store or time-share DTU/TTO, any part thereof, or any of the information received or accessed therefrom to or through any other person or entity unless separately and specifically authorized in writing by DTU/TTO prior to such use. In addition, you may not remove, alter or obscure any copyright, legal or proprietary notices in or on any portions of DTU/TTO without DTU/TTO’s prior written authorization Except as set forth herein, any other use of the information contained in this site requires the prior written consent of DTU/TTO and may require a separate fee.

3) DELAYS IN SERVICES: Neither DTU/TTO nor any of its licensors (including its and their directors, employees, affiliates, agents, representatives or subcontractors) shall be liable for any loss or liability resulting, directly or indirectly, from delays or interruptions due to electronic or mechanical equipment failures, telephone interconnect problems, defects, weather, strikes, walkouts, fire, acts of God, riots, armed conflicts, acts of war, or other like causes. DTU/TTO shall have no responsibility to provide you access to DTU/TTO while interruption of DTU/TTO is due to any such cause shall continue.

4) EQUIPMENT AND OPERATION: You shall provide and maintain all telephone and other equipment necessary to access DTU/TTO, and the costs of any such equipment and/or telephone connections or use, including any applicable taxes, shall be borne solely by you. You are responsible for operating your own equipment used to access DTU/TTO.

5) DISCLAIMER: You acknowledge that the information provided through DTU/TTO is compiled from sources which are beyond the control of DTU/TTO. Though such information is recognized by the parties to be generally reliable, the parties acknowledge that inaccuracies may occur and DTU/TTO does not warrant the accuracy or suitability of the information. For this reason, as well as the possibility of human and mechanical errors and other factors, YOU ACKNOWLEDGE THAT DTU/TTO IS PROVIDED TO YOU ON AN "AS IS, WITH ALL FAULTS" BASIS. DTU/TTO EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, WHETHER EXPRESS, ORAL, IMPLIED, STATUTORY OR OTHERWISE, OF ANY KIND TO THE USERS AND/OR ANY THIRD PARTY, INCLUDING ANY IMPLIED WARRANTIES OF ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AS WELL AS ANY WARRANTIES ARISING BY VIRTUE OF CUSTOM OF TRADE OR COURSE OF DEALING AND ANY IMPLIED WARRANTIES OF TITLE OR NON-INFRINGEMENT. IN ADDITION, DTU/TTO, IN PROVIDING THE INFORMATION MAKES NO ENDORSEMENT OF ANY PARTICULAR SECURITY, MARTKET PARTICIPANT, OR BROKERAGE. FURTHER, DTU/TTO DOES NOT REPRESENT OR WARRANT THAT DAYTRADING UNIVERSITY WILL MEET YOUR REQUIREMENTS OR IS SUITABLE FOR YOUR NEEDS. Under this User Agreement, you assume all risk of errors and/or omissions in DTU/TTO, including the transmission or translation of information. You assume full responsibility for implementing sufficient procedures and checks to satisfy your requirements for the accuracy and suitability of DTU/TTO, including the information, and for maintaining any means which you may require for the reconstruction of lost data or subsequent manipulations or analyses of the information under the User Agreement. YOU AGREE THAT DTU/TTO AND ITS LICENSORS (INCLUDING ITS AND THEIR OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, AGENTS, REPRESENTATIVES OR SUBCONTRACTORS) SHALL NOT IN ANY EVENT BE LIABLE FOR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE DTU/TTO FOR ANY PURPOSE WHATSOEVER. DTU/TTO AND IT’S AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS SHALL HAVE NO LIABILITY IN TORT, CONTRACT, OR OTHERWISE TO USER AND/OR ANY THIRD PARTY. Some states and foreign countries provide rights in addition to those above, or do not allow excluding or limiting implied warranties, or liability for incidental or consequential damages. Therefore, the above limitation may not apply to you or there may be state provisions which supersede the above. IF THERE SHALL, NOTWITHSTANDING THE ABOVE PROVISIONS, AT ANY TIME BE OR ARISE ANY LIABILITY ON THE PART OF DTU/TTO OR ITS LICENSORS BY VIRTUE OF THIS SUBSCRIBER AGREEMENT OR BECAUSE OF THE RELATION THEREBY ESTABLISHED, WHETHER DUE TO THE NEGLIGENCE OF DTU/TTO OR ITS LICENSORS OR OTHERWISE, SUCH LIABILITY IS AND SHALL BE LIMITED TO A SUM EQUAL IN AMOUNT TO 10% (10 PERCENT) OF THE SUMS PAID TO DTU/TTO BY YOU UNDER THE TERMS OF THIS AGREEMENT , AS LIMITED DAMAGES AND NOT AS A PENALTY. THIS LIABILITY SHALL BE COMPLETE AND EXCLUSIVE.

6) TERMINATION: This User Agreement and the license rights granted hereunder shall remain in full force and effect unless terminated or canceled for any of the following reasons: (a) immediately by DTU/TTO if you fail to pay because your automatic credit card debit is denied for any reason; (b) immediately by DTU/TTO for any unauthorized access or use by you, including, without limitation: (i) concurrent access to DTU/TTO with identical user login and password; (ii) permitting another person or entity to use your user login and password to access DTU/TTO; or (iii) any other access or use of DTU/TTO except as expressly provided in this Agreement; (c) immediately by DTU/TTO if you assign or transfer (or attempt the same) any rights granted to you under this Agreement; (d) immediately, if you violate any of the other terms and conditions of this User Agreement. Termination or cancellation of this Subscriber Agreement shall not effect any right or relief to which DTU/TTO may be entitled, at law or in equity. Upon termination of this User Agreement, all rights granted to you will terminate and revert to DTU/TTO. Except as set forth below, regardless of the reason for cancellation or termination of this User Agreement, the fee charged for access to DTU/TTO is non-refundable for any reason. User agrees to access DTU/TTO content from no more than 3 IP addresses, and that any excess above this is grounds for membership termination. We protect the site from unauthorized password sharing with a security script that logs all IP addresses and auto-disables the password after more than 3 IP addresses have been used with a single long/password. User agrees that violation of this condition will result in a nonrefundable termination of their membership agreement and any damages awarded by a U.S. court of law. By logging into any Daytrading University site or webinar or any other event or site owned and/or operated by us, you agree to let us track your IP address for security and compliance reasons.

7) LINKS TO THIRD PARTY SITES: The links in this site will allow you to leave DTU/TTO. The linked sites are not under the control of DTU/TTO. DTU/TTO has not reviewed, nor approved these sites and is not responsible for the contents or omissions of any linked site or any links contained in a linked site. The inclusion of any linked site does not imply endorsement by DTU/TTO of the site. Third party links to DTU/TTO shall be governed by a separate agreement.

8) INDEMNIFICATION: YOU SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS DTU/TTO AND ITS LICENSORS (INCLUDING ITS AND THEIR OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, AGENTS, REPRESENTATIVES OR SUBCONTRACTORS) FROM ANY AND ALL CLAIMS AND LOSSES IMPOSED ON, INCURRED BY OR ASSERTED AS A RESULT OF OR RELATED TO: (a) your access and use of DTU/TTO (b) any non-compliance by user with the terms and conditions hereof; or (c) any third party actions related to users receipt and use of the information, whether authorized or unauthorized. Any cooperation by DTU/TTO in such defense is without waiver of attorney-client, work product, or other legal privileges. Any clause declared invalid shall be deemed severable and not affect the validity or enforceability of the remainder. These terms may only be amended in a writing signed by DTU/TTO.

9) CONFLICTING TERMS: If there is any conflict between this User Agreement and your email receipt, or other documents, this User Agreement shall govern, whether such order or other documents is prior to or subsequent to this User Agreement, or is signed or acknowledged by any director, officer, employee, representative or agent of DTU/TTO.

10) ATTORNEY'S FEES: If DTU/TTO takes action (by itself or through its representatives) to enforce any of the provisions of this User Agreement, including collection of any amounts due hereunder, DTU/TTO shall be entitled to recover from you (and you agree to pay), in addition to all sums to which it is entitled or any other relief, at law or in equity, reasonable and necessary attorney's fees and any costs of any litigation.

11) VENUE: This User Agreement shall be governed by the laws of the State of Colorado, excluding any rule or principle that would refer to and apply the substantive law of another state or jurisdiction. To the extent allowed by applicable law, any claims or causes of action arising from or relating to your access and use of DTU/TTO contemplated by this User Agreement must be instituted within two (2) years from the date upon which such claim or cause arose or was accrued. Further, any such claim or cause of action may only be brought in the state or federal courts located in Colorado, and you agree to submit to the exclusive personal jurisdiction of such courts and hereby appoint the Secretary of State of Colorado as your agent for service of process. Entire Agreement. This User Agreement is complete at the time you agreed to it by completing the purchasing process, and this User Agreement constitutes the entire agreement between the parties, and no other agreement, written or oral, exists between you and DTU/TTO.

By using the Information on DaytradingUniversity.com, you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you. DaytradingUniversity.com does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse in any way, the views, opinions or recommendations expressed in the Information, does not give investment advice, and does not advocate the purchase or sale of any security or investment by you or any other individual. The Information is not intended to provide tax, legal or investment advice, which you should obtain from your professional advisor prior to making any investment of the type discussed in the Information. The Information does not constitute a solicitation by the information providers, DaytradingUniversity.com or other of the purchase or sale of securities.
THE SERVICE IS PROVIDED "AS IS," WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, ANY WARRANTY FOR INFORMATION, DATA, SERVICES, UNINTERRUPTED ACCESS, OR PRODUCTS PROVIDED THROUGH OR IN CONNECTION WITH THE SERVICE. SPECIFICALLY, DaytradingUniversity.com DISCLAIMS ANY AND ALL WARRANTIES, INCLUDING, BUT NOT LIMITED TO: (i) ANY WARRANTIES CONCERNING THE AVAILABILITY, ACCURACY, USEFULNESS, OR CONTENT OF INFORMATION, PRODUCTS OR SERVICES; AND (ii) ANY WARRANTIES OF TITLE, WARRANTY OF NON-INFRINGEMENT, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. THIS DISCLAIMER OF LIABILITY APPLIES TO ANY DAMAGES OR INJURY CAUSED BY ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DELETION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, COMMUNICATION LINE FAILURE, THEFT OR DESTRUCTION OR UNAUTHORIZED ACCESS TO, ALTERATION OF, OR USE OF RECORD, WHETHER FOR BREACH OF CONTRACT, TORT, NEGLIGENCE, OR UNDER ANY OTHER CAUSE OF ACTION.
NEITHER DaytradingUniversity.com NOR ANY OF ITS EMPLOYEES, AGENTS, SUCCESSORS, ASSIGNS, AFFILIATES, OR CONTENT OR SERVICE PROVIDERS SHALL BE LIABLE TO YOU OR OTHER THIRD PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF USE OF SERVICE OR INABILITY TO GAIN ACCESS TO OR USE THE SERVICE OR OUT OF ANY BREACH OF ANY WARRANTY. BECAUSE SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU. IN SUCH STATES, THE RESPECTIVE LIABILITY OF DaytradingUniversity.com, ITS EMPLOYEES, AGENTS, SUCCESSORS, ASSIGNS, AFFILIATES, AND CONTENT OR SERVICE PROVIDERS RESPECTIVE LIABILITY IS LIMITED TO THE AMOUNT PROVIDED UNDER SAID LAW. FURTHER, YOU AGREE AND UNDERSTAND THAT ALL SERVICES PROVIDED ARE NON-REFUNDABLE AND THAT YOU SHOULD CAREFULLY CONSIDER WHETHER OUR SERVICES ARE ABLE TO MEET YOUR NEEDS PRIOR TO PURCHASE. PURCHASE OF SERVICES VIA OUR CREDIT CARD PROCESSOR CONSTITUTES A LEGAL AGREEMENT ON YOUR PART TO PURCHASE THE SERVICES THAT YOU SIGNED UP FOR AND IS NOT REFUNDABLE. YOU AGREE THAT ATTEMPTS TO BREACH THIS AGREEMENT VIA CREDIT CARD CHARGEBACKS AFTER YOUR PURCHASE DECISION HAS BEEN MADE HEREBY CONSTITUTE THEFT OF SERVICE ON YOUR PART AND YOU AGREE TO PAY ALL LEGAL FEES AND COURT COSTS INVOLVED IN DAYTRADING UNIVERSITY'S NEEDING TO RECOVER SAID SUBSCRIPTION FEES FROM YOU, INCLUDING WARARNTS SERVED, SHOULD YOU TRY TO BREACH THIS AGREEMENT.

NONCOMPETITION CLAUSE

By enrolling in the trial or full membership version of DTU/TTO, and/or participating in any online webinar or other event, you agree that you are not in any way an owner/employee/partner of any internet website that offers realtime stock chatroom services, or any other type of trading/stock/investment related training services, defined as a "Competitor", unless you have been personally invited to attend by Ken Calhoun.

This is a legal document, and your enrolling in the room and/or webinar events constitutes a legally binding agreement that will be enforced in your home state by a lawsuit/writ of appearance served by a law enforcement official in the state (or country) in which you reside if you are a Competitor of DTU/TTO.   You hereby agree to not disrupt nor post text nor other communications of a disruptive nor unprofessional nature, nor otherwise violate room rules and live posted requests (as decided solely by Ken Calhoun) during any webinar or other live events, or be subject to damages.

OTHER NOTES FOR ALL TRIAL AND REGULAR MEMBERS AND/OR WEBINAR PARTICIPANTS:

You are responsible for the outcomes of your own decisions, including those based on any information gained from this web site. By receiving information from DTU/TTO, you agree to assume all risks and liabilities related to any and all trading and/or investment decisions.

DTU/TTO/Marketing Jazz LLC (DTU/TTO) provides training and information services for investors/traders and is not recommendation to buy or sell securities, nor an offer to buy or sell securities. The publishers are not brokers and are not acting in any way to influence the purchase of any security.

DTU/TTO does not represent or endorse the accuracy or reliability of any of the information, conversation, content or advertisements (hereinafter collectively, the “Materials”) contained on, distributed through, or linked, downloaded or accessed from any of the services contained on this website (hereinafter, the “Service”), nor the quality of any products, information or other materials displayed, purchased, or obtained by you as a result of an advertisement or any other information or offer by or in connection with the Service. DTU/TTO reserves the right, in its sole discretion and without any obligation, to make improvements to, or correct any error or omissions in any portion of the Service or the Materials.

DTU/TTO makes no warranties and gives no assurances regarding the truth, timeliness, reliability, or good faith of any material posted at DTU/TTO or in any email correspondence, telephone calls or other communications of any kind. DTU/TTO does not warrant that trading methods or systems presented in their services or the information herein, or obtained from advertisers or members will result in profits or losses. Neither DTU/TTO, nor its principals, agents, associates or employees, are licensed to provide investment advice. No Materials in DTU/TTO, either on behalf of DTU/TTO or any site host, or any participant in DTU/TTO or any of its associated sites should be taken as investment advice directly, indirectly, implicitly, or in any manner whatsoever, including but not limited to trading of stocks on a short term or long term basis, or trading of any financial instruments whatsoever.

DTU/TTO does not warrant that the information contained herein or distributed from this site will be uninterrupted or error-free, that defects will be corrected, nor that this site or the server that makes it available are free of viruses or other harmful components. By using this site you, not DTU/TTO, or its principals, agents, associates and employees, assume the entire cost of all necessary servicing, repair or correction of your computer hardware, software, or databanks. THE SERVICE AND THE MATERIALS ARE PROVIDED BY DTU/TTO ON AN “AS IS” BASIS, AND DTU/TTO EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE SERVICE OR ANY MATERIALS AND PRODUCTS. IN NO EVENT SHALL DTU/TTO BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER WITH RESPECT TO THE SERVICE, THE MATERIALS AND THE PRODUCTS.

The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. It is possible at this or some subsequent date, the publishers of DTU/TTO may own, buy or sell securities presented. DTU/TTO or its publishers, are not liable for any losses or damages, monetary or otherwise, that result from the content or training & education presented in this website. The publishers recommend that anyone trading securities should do so with caution and consult with a broker before doing so. Past performance may not be indicative of future performance. Securities presented in DTU/TTO should be considered speculative with a high degree of volatility and risk. The visitor assumes all liability resulting from viewing and/or acting upon information presented here, including but not limited to loss of capital.

SEC REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH TRADING STOCKS CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION SINCE ALL SPECULATIVE TRADING IS INHERENTLY RISKY AND SHOULD ONLY BE UNDERTAKEN BY INDIVIDUALS WITH ADEQUATE RISK CAPITAL.

Information illustrated in DTU/TTO program and other Daytrading University products and web sites owned by Daytrading University is for educational purposes only. This information is based upon sources believed to be reliable and actual stock market experiences of Ken Calhoun and many customers who have purchased our products and/or services. Daytrading University and/or its affiliates strongly recommend that you seek the services of a qualified stock broker or legal representative. The authors assume no responsibility for the consequences of anyone acting with this educational information. NO ADVICE IS GIVEN OR IMPLIED. It should not be assumed that the methods techniques or indicators presented in this web site or in any book, video or audio product produced by Daytrading University will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples in this web site, video and other products are for educational purposes only. This is not a solicitation of any order or offer to buy or sell stocks or securities of any kind.

The SEC (Securities And Exchange Commission) requires us to state that HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. THE RESULTS that our materials may lead you to expect MAY HAVE UNDER OR OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. The SEC further requires us to state that SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN IN ANY EXAMPLE GIVEN ON THIS WEB SITE OR IN ANY PRODUCT PRODUCED BY DAYTRADING UNIVERSITY.

CONFIDENTIALITY/NON-COMPETITION CLAUSE You agree to keep the information received from the purchase of all TTO/Daytrading University products and services CONFIDENTIAL and will NOT Disclose the knowledge gained to other any person or firm for any reason. You hereby consent to the Jurisdiction of the Courts of the State of Colorado with respect to violation of any part of this Agreement. You further agree to Daytrading University's right to obtain an injunction against me or any person or firm who was provided knowledge by me regarding the copyrighted proprietary strategies and tips in any and all Daytrading University products and/or services. You expressly agree that you will be finanically liable for actual and punitive copyright infringement and loss-of-business damages awardable to TTO/Daytrading University if you derive any or all of your income from a stock or financial-services related web site and/or we find that you have copied, made derivative works from, or in any other way duplicated the proprietary information located on DTU/TTO's web servers and/or web site (including but not limited to graphics, trading systems and methods etc). You must make this agreement in order to purchase ANY product created and/or sold byTTO/ Daytrading University.

DTU/TTO service is designed to provide information in regard to daytrading in the U.S. Stock Market and makes no warranties or guarantees to the content or accuracy of any information presented herein.

The information and commentaries are not meant to be an endorsement or offering of any stock purchase. Principles and employees of DTU/TTO do not represent themselves as acting in the position of an investment advisor, broker, or investment manager for the use of the information in this service. It is further understood that prior to using the techniques published by, and/or otherwise suggested by this service (which are for simulated "papertrading" use only), the member should consult a professional stock broker or competent financial advisor.

By accessing The Daytrading University, or any of its subsidiary sites, you have read, understood and agree to be bound by the terms of the following disclaimer:

12) LICENSE:

Daytrading University, hereinafter known as DTU, hereby grants you a limited, non-exclusive, non-assignable and non-transferable license to access "Daytrading University", hereinafter known as DTU, provided and expressly conditioned upon your agreement that all such access and use shall be governed by all of the terms and conditions set forth in this USER AGREEMENT. You hereby acknowledge and agree as follows:

13) COPYRIGHT:

The Daytrading University, as well as the design and information contained in this site is the valuable, exclusive property of DTU, and nothing in this Agreement shall be construed as transferring or assigning any such ownership rights to you or any other person or entity. The Daytrading University may only be contained in a single temporary copy in a single computer’s memory and a single permanent copy to be used by the user alone; the information may not be otherwise used. You may not resell, redistribute, broadcast or transfer the information or use the information in a searchable, machine-readable database unless separately and specifically authorized in writing by DTU prior to such use. You may not rent, lease, sublicense, distribute, transfer, copy, reproduce, publicly display, publish, adapt, store or time-share the Daytrading University, any part thereof, or any of the information received or accessed therefrom to or through any other person or entity unless separately and specifically authorized in writing by DTU prior to such use. In addition, you may not remove, alter or obscure any copyright, legal or proprietary notices in or on any portions of the Daytrading University without DTU’s prior written authorization Except as set forth herein, any other use of the information contained in this site requires the prior written consent of DTU and may require a separate fee.

14) DELAYS IN SERVICES: Neither DTU nor any of its licensors (including its and their directors, employees, affiliates, agents, representatives or subcontractors) shall be liable for any loss or liability resulting, directly or indirectly, from delays or interruptions due to electronic or mechanical equipment failures, telephone interconnect problems, defects, weather, strikes, walkouts, fire, acts of God, riots, armed conflicts, acts of war, or other like causes. DTU shall have no responsibility to provide you access to the Daytrading University while interruption of the Daytrading University is due to any such cause shall continue.

15) EQUIPMENT AND OPERATION: You shall provide and maintain all telephone and other equipment necessary to access DTU, and the costs of any such equipment and/or telephone connections or use, including any applicable taxes, shall be borne solely by you. You are responsible for operating your own equipment used to access DTU.

16) DISCLAIMER: You acknowledge that the information provided through the Daytrading University is compiled from sources which are beyond the control of DTU. Though such information is recognized by the parties to be generally reliable, the parties acknowledge that inaccuracies may occur and DTU does not warrant the accuracy or suitability of the information. For this reason, as well as the possibility of human and mechanical errors and other factors, YOU ACKNOWLEDGE THAT THE DAYTRADING UNIVERSITY IS PROVIDED TO YOU ON AN "AS IS, WITH ALL FAULTS" BASIS. DTU EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, WHETHER EXPRESS, ORAL, IMPLIED, STATUTORY OR OTHERWISE, OF ANY KIND TO THE USERS AND/OR ANY THIRD PARTY, INCLUDING ANY IMPLIED WARRANTIES OF ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AS WELL AS ANY WARRANTIES ARISING BY VIRTUE OF CUSTOM OF TRADE OR COURSE OF DEALING AND ANY IMPLIED WARRANTIES OF TITLE OR NON-INFRINGEMENT. IN ADDITION, DTU, IN PROVIDING THE INFORMATION MAKES NO ENDORSEMENT OF ANY PARTICULAR SECURITY, MARTKET PARTICIPANT, OR BROKERAGE. FURTHER, DTU DOES NOT REPRESENT OR WARRANT THAT DAYTRADING UNIVERSITY WILL MEET YOUR REQUIREMENTS OR IS SUITABLE FOR YOUR NEEDS. Under this User Agreement, you assume all risk of errors and/or omissions in the Daytrading University, including the transmission or translation of information. You assume full responsibility for implementing sufficient procedures and checks to satisfy your requirements for the accuracy and suitability of DTU, including the information, and for maintaining any means which you may require for the reconstruction of lost data or subsequent manipulations or analyses of the information under the User Agreement. YOU AGREE THAT DTU AND ITS LICENSORS (INCLUDING ITS AND THEIR OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, AGENTS, REPRESENTATIVES OR SUBCONTRACTORS) SHALL NOT IN ANY EVENT BE LIABLE FOR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE THE DAYTRADING UNIVERSITY FOR ANY PURPOSE WHATSOEVER. DTU AND IT’S AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS SHALL HAVE NO LIABILITY IN TORT, CONTRACT, OR OTHERWISE TO USER AND/OR ANY THIRD PARTY. Some states and foreign countries provide rights in addition to those above, or do not allow excluding or limiting implied warranties, or liability for incidental or consequential damages. Therefore, the above limitation may not apply to you or there may be state provisions which supersede the above. IF THERE SHALL, NOTWITHSTANDING THE ABOVE PROVISIONS, AT ANY TIME BE OR ARISE ANY LIABILITY ON THE PART OF DTU OR ITS LICENSORS BY VIRTUE OF THIS SUBSCRIBER AGREEMENT OR BECAUSE OF THE RELATION THEREBY ESTABLISHED, WHETHER DUE TO THE NEGLIGENCE OF DTU OR ITS LICENSORS OR OTHERWISE, SUCH LIABILITY IS AND SHALL BE LIMITED TO A SUM EQUAL IN AMOUNT TO 10% (10 PERCENT) OF THE SUMS PAID TO DTU BY YOU UNDER THE TERMS OF THIS AGREEMENT , AS LIMITED DAMAGES AND NOT AS A PENALTY. THIS LIABILITY SHALL BE COMPLETE AND EXCLUSIVE.

17) TERMINATION: This User Agreement and the license rights granted hereunder shall remain in full force and effect unless terminated or canceled for any of the following reasons: (a) immediately by DTU if you fail to pay because your automatic credit card debit is denied for any reason; (b) immediately by DTU for any unauthorized access or use by you, including, without limitation: (i) concurrent access to the Daytrading University with identical user login and password; (ii) permitting another person or entity to use your user login and password to access DTU; or (iii) any other access or use of DTU except as expressly provided in this Agreement; (c) immediately by DTU if you assign or transfer (or attempt the same) any rights granted to you under this Agreement; (d) immediately, if you violate any of the other terms and conditions of this User Agreement. Termination or cancellation of this Subscriber Agreement shall not effect any right or relief to which DTU may be entitled, at law or in equity. Upon termination of this User Agreement, all rights granted to you will terminate and revert to DTU. Except as set forth below, regardless of the reason for cancellation or termination of this User Agreement, the fee charged for access to DTU is non-refundable for any reason. User agrees to access DTU content from no more than 3 IP addresses, and that any excess above this is grounds for membership termination. We protect the site from unauthorized password sharing with a security script that logs all IP addresses and auto-disables the password after more than 3 IP addresses have been used with a single long/password. User agrees that violation of this condition will result in a nonrefundable termination of their membership agreement.

18) LINKS TO THIRD PARTY SITES: The links in this site will allow you to leave the Daytrading University. The linked sites are not under the control of DTU. DTU has not reviewed, nor approved these sites and is not responsible for the contents or omissions of any linked site or any links contained in a linked site. The inclusion of any linked site does not imply endorsement by DTU of the site. Third party links to DTU shall be governed by a separate agreement.

19) INDEMNIFICATION: YOU SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS DTU AND ITS LICENSORS (INCLUDING ITS AND THEIR OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, AGENTS, REPRESENTATIVES OR SUBCONTRACTORS) FROM ANY AND ALL CLAIMS AND LOSSES IMPOSED ON, INCURRED BY OR ASSERTED AS A RESULT OF OR RELATED TO: (a) your access and use of the Daytrading University (b) any non-compliance by user with the terms and conditions hereof; or (c) any third party actions related to users receipt and use of the information, whether authorized or unauthorized. Any cooperation by DTU in such defense is without waiver of attorney-client, work product, or other legal privileges. Any clause declared invalid shall be deemed severable and not affect the validity or enforceability of the remainder. These terms may only be amended in a writing signed by DTU.

20) CONFLICTING TERMS: If there is any conflict between this User Agreement and your email receipt, or other documents, this User Agreement shall govern, whether such order or other documents is prior to or subsequent to this User Agreement, or is signed or acknowledged by any director, officer, employee, representative or agent of DTU.

21) ATTORNEY'S FEES: If DTU takes action (by itself or through its representatives) to enforce any of the provisions of this User Agreement, including collection of any amounts due hereunder, DTU shall be entitled to recover from you (and you agree to pay), in addition to all sums to which it is entitled or any other relief, at law or in equity, reasonable and necessary attorney's fees and any costs of any litigation.

22) VENUE: This User Agreement shall be governed by the laws of the State of Colorado, excluding any rule or principle that would refer to and apply the substantive law of another state or jurisdiction. To the extent allowed by applicable law, any claims or causes of action arising from or relating to your access and use of DTU contemplated by this User Agreement must be instituted within two (2) years from the date upon which such claim or cause arose or was accrued. Further, any such claim or cause of action may only be brought in the state or federal courts located in Colorado, and you agree to submit to the exclusive personal jurisdiction of such courts and hereby appoint the Secretary of State of Colorado as your agent for service of process. Entire Agreement. This User Agreement is complete at the time you agreed to it by completing the purchasing process, and this User Agreement constitutes the entire agreement between the parties, and no other agreement, written or oral, exists between you and DTU.

You are responsible for the outcomes of your own decisions, including those based on any information gained from this web site. By receiving information from the Daytrading University , you agree to assume all risks and liabilities related to any and all trading and/or investment decisions.

The Daytrading University (DTU) provides training and information services for investors/traders and is not recommendation to buy or sell securities, nor an offer to buy or sell securities. The publishers are not brokers and are not acting in any way to influence the purchase of any security.

DTU does not represent or endorse the accuracy or reliability of any of the information, conversation, content or advertisements (hereinafter collectively, the “Materials”) contained on, distributed through, or linked, downloaded or accessed from any of the services contained on this website (hereinafter, the “Service”), nor the quality of any products, information or other materials displayed, purchased, or obtained by you as a result of an advertisement or any other information or offer by or in connection with the Service. DTU reserves the right, in its sole discretion and without any obligation, to make improvements to, or correct any error or omissions in any portion of the Service or the Materials.

DTU makes no warranties and gives no assurances regarding the truth, timeliness, reliability, or good faith of any material posted at The Daytrading University or in any email correspondence, telephone calls or other communications of any kind. DTU does not warrant that trading methods or systems presented in their services or the information herein, or obtained from advertisers or members will result in profits or losses. Neither DTU, nor its principals, agents, associates or employees, are licensed to provide investment advice. No Materials in The Daytrading University, either on behalf of DTU or any site host, or any participant in The Daytrading University or any of its associated sites should be taken as investment advice directly, indirectly, implicitly, or in any manner whatsoever, including but not limited to trading of stocks on a short term or long term basis, or trading of any financial instruments whatsoever.

DTU does not warrant that the information contained herein or distributed from this site will be uninterrupted or error-free, that defects will be corrected, nor that this site or the server that makes it available are free of viruses or other harmful components. By using this site you, not DTU, or its principals, agents, associates and employees, assume the entire cost of all necessary servicing, repair or correction of your computer hardware, software, or databanks. THE SERVICE AND THE MATERIALS ARE PROVIDED BY DTU ON AN “AS IS” BASIS, AND DTU EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE SERVICE OR ANY MATERIALS AND PRODUCTS. IN NO EVENT SHALL DTU BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER WITH RESPECT TO THE SERVICE, THE MATERIALS AND THE PRODUCTS.

The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. It is possible at this or some subsequent date, the publishers of Daytrading University may own, buy or sell securities presented. Daytrading University or its publishers, are not liable for any losses or damages, monetary or otherwise, that result from the content or training & education presented in this website. The publishers recommend that anyone trading securities should do so with caution and consult with a broker before doing so. Past performance may not be indicative of future performance. Securities presented in "Daytrading University" should be considered speculative with a high degree of volatility and risk. The visitor assumes all liability resulting from viewing and/or acting upon information presented here, including but not limited to loss of capital.

SEC REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH TRADING STOCKS CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION SINCE ALL SPECULATIVE TRADING IS INHERENTLY RISKY AND SHOULD ONLY BE UNDERTAKEN BY INDIVIDUALS WITH ADEQUATE RISK CAPITAL.

Information illustrated in the Daytrading University program and other Daytrading University products and web sites owned by Daytrading University is for educational purposes only. Daytrading University and/or its affiliates strongly recommend that you seek the services of a qualified stock broker or legal representative. The authors assume no responsibility for the consequences of anyone acting with this educational information. NO ADVICE IS GIVEN OR IMPLIED. It should not be assumed that the methods techniques or indicators presented in this web site or in any book, video or audio product produced by Daytrading University will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples in this web site, video and other products are for educational purposes only. This is not a solicitation of any order or offer to buy or sell stocks or securities of any kind.

The SEC (Securities And Exchange Commission) requires us to state that HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. THE RESULTS that our materials may lead you to expect MAY HAVE UNDER OR OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. The SEC further requires us to state that SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN IN ANY EXAMPLE GIVEN ON THIS WEB SITE OR IN ANY PRODUCT PRODUCED BY DAYTRADING UNIVERSITY.

CONFIDENTIALITY/NON-COMPETITION CLAUSE You agree to keep the information received from the purchase of all Daytrading University products and services CONFIDENTIAL and will NOT Disclose the knowledge gained to other any person or firm for any reason. You hereby consent to the Jurisdiction of the Courts of the State of Colorado with respect to violation of any part of this Agreement. You further agree to Daytrading University's right to obtain an injunction against me or any person or firm who was provided knowledge by me regarding the copyrighted proprietary strategies and tips in any and all Daytrading University products and/or services. You expressly agree that you will be finanically liable for actual and punitive copyright infringement and loss-of-business damages awardable to Daytrading University if you derive any or all of your income from a stock or financial-services related web site and/or we find that you have copied, made derivative works from, or in any other way duplicated the proprietary information located on DTU's web servers and/or web site (including but not limited to graphics, trading systems and methods etc). You must make this agreement in order to purchase ANY product created and/or sold by Daytrading University.

The Daytrading University service is designed to provide information in regard to daytrading in the U.S. Stock Market and makes no warranties or guarantees to the content or accuracy of any information presented herein.

The information and commentaries are not meant to be an endorsement or offering of any stock purchase. Principles and employees of the Daytrading University do not represent themselves as acting in the position of an investment advisor, broker, or investment manager for the use of the information in this service. It is further understood that prior to using the techniques suggested by this service, the member should consult a professional stock broker or competent financial advisor.

 

STATEMENT BY CHAIRMAN ARTHUR LEVITT SECURITIES AND EXCHANGE COMMISSION CONCERNING ON-LINE TRADING JANUARY 27, 1999

Chairman Arthur Levitt today issued the following statement to investors: The Internet and other new technologies are in many ways transforming how our capital markets operate. There are clear benefits to these changes including lower costs and faster access to the market for investors. I believe that investors need to remember the investment basics, and not allow the ease and speed with which they can trade to lull them either into a false sense of security or encourage them to trade too quickly or too often.

Over the last two years, particularly in recent months, the SEC has been hearing concerns about retail, on-line (Internet) investing. In fact, the number of complaints concerning on-line investing has increased 330 percent in the last year. Some of the issues raised specifically relate to on-line trading, others are generic to all investing. The majority of them can be addressed through better education and investors ensuring that they have done their homework.

Every day, more and more Americans are investing in the stock market, and many of them are doing so through the Internet. On-line brokerage accounts account for approximately 25 percent of all retail stock trades. And, the number of on-line brokerage accounts is expected to exceed 10 million by the end of the year.

While the manner in which orders are executed may be changing, the time-honored principles of evaluating a stock have not. An investor's consideration of the fundamentals of a company-net earnings, P/E ratios, the products or services offered by the company-should never lose their underlying importance.

Investing in the stock market-however you do it and however easy it may be-will always entail risk. I would be very concerned if investors allow the ease with which they can make trades to shortcut or bypass the three golden rules for all investors: (1) Know what you are buying; (2) Know the ground rules under which you buy and sell a stock or bond; and (3) Know the level of risk you are undertaking. On-line investors should remember that it is just as easy, if not more, to lose money through the click of a button as it is to make it.

In recent months, we have begun to identify a number of issues every on-line investor should be aware of. First, investors must understand the issues and limitations of on-line investing. You may occasionally experience delays on these new systems. Demand has grown so quickly that many firms are racing to keep pace with it. In the meantime, you may have trouble getting on-line or receiving timely confirmations of trade executions. You should not always expect "instantaneous" execution and reporting. There can and will be delays in electronic systems. You should investigate and understand options and alternatives to executing and confirming your orders if you encounter on-line problems.

Second, investors may sometimes be surprised at how quickly stock prices actually move. For example, many technology stocks have recently had dramatic and rapid price movements. When many investors attempt to purchase (or sell) the same stock at the same time, the price can move very quickly. Just because you see a price on your computer screen doesn't mean that you will always be able to get that price in a rapidly changing market. You should take precautions to ensure that you do not end up paying much more for a stock than you intended or can afford.

One way to do this is to use limit orders rather than market orders when submitting a trade in a "hot" stock. The result for investors that do not limit their risk can be quite surprising. Say an investor wanted to buy a stock in an IPO that was trading earlier at $9.00 and failed to specify the maximum they were willing to pay using a limit order. That investor could end up paying whatever price the stock has moved to at the time his order reaches the market -- $60, $90 or even more. If, on the other hand, the investor submitted a limit order to buy the stock at $11.00 or less, the order would only be executed if the market price had not moved past that level. Investors should understand the risk associated with trading in a rapidly moving market and make sure that they take all possible actions to control their risk.

Third, I am concerned that investors buying securities on margin may not fully understand the risks involved. In volatile markets, investors who have put up an initial margin payment for a stock may find themselves being required to provide additional cash (maintenance margin) if the price of the stock subsequently falls. If the funds are not paid in a timely manner, the brokerage firm has the right to sell the securities and charge any loss to the investor. When you buy stock on margin, you are borrowing money. And as the stock price changes, you may be required to increase the cash investment. Simply put, you should make sure that you do not over-extend.

Fourth, while new technology available to retail investors may resemble that of professional traders, retail investors should exercise caution before imitating the style of trading and risks undertaken by market professionals. For most individuals, the stock market should be used for investment not trading. Strategies such as day trading can be highly risky, and retail investors engaging in such activities should do so with funds they can afford to lose. I am very concerned when I hear of stories of student loan money, second mortgages or retirement funds being used to engage in this type of activity. Investment should be for the long-run, not for minutes or hours.

Millions of new investors have taken advantage of the unprecedented access and individual control the Internet provides. But, new opportunities present all of us with new responsibilities, challenges and risks. The SEC will do everything it can to protect and inform investors during this time of great innovation and change. But, investor protection-at its most basic and effective level-starts with the investor. I say to all investors-whether you invest on-line, on the phone, or in-person-know what you are buying, what the ground rules are, and what level of risk you are assuming.