Trading futures and options on futures involves a substantial risk of loss and is not suitable for all investors or producers. Past performance is not necessarily indicative of future results. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You can lose all or more of your initial investment. Trader PhD LLC is an independent ag marketing subscription service. Trader PhD LLC is not an NFA Member and does not offer brokerage services. Any references to futures or options brokerage are provided exclusively by Kapco Futures, Inc., an NFA Member, operating under the DBA Trader PhD Futures. Trader PhD LLC and Kapco Futures, Inc. are separate entities.