The following risk warning applies to all courses, products and services advertised across and Marwood Research and includes all courses by all authors.

Risk Warning

Marwood Research contains a collection of trading courses, trading strategies, tutorials and quantitative trading formulas. As of September 2020, some of our trading strategies including Trading For Yield, Money Flow and Value Investing Rules were in significant drawdowns. Trading strategies and the backtesting of trading strategies does not guarantee freedom from loss. Trading equities, foreign exchange, CFDs, indices, futures and commodities, on margin, carries a high level of risk and may not be suitable for all individuals. The high degree of leverage can work against you as well as for you. 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. Therefore you should not invest money that you cannot afford to lose. In some cases it is possible to lose more than your initial investment as it is not always possible to exit a market at the price you intend upon doing so. There are also risks associated with utilising an Internet-based trade execution software application including, but not limited to, the failure of hardware and software. You should be aware of all the risks associated with investing in equities, foreign exchange, indices, futures, CFDs and commodities and seek advice from an independent financial advisor if you have any doubts. The information made available is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making, or refraining from making, any investment decisions. JB Marwood or any instructor mentioned on this site will not accept liability for any loss or damage, including but without limitation to, any financial loss, which may arise directly or indirectly from use of or reliance on such information either provided by JB Marwood or others that participate in the services provided. Please use your own good judgment and seek advice from a qualified consultant, before accepting any of the information you are given. Past performance is not necessarily a guide to future performance.

Disclosure Statement

The risk of loss in trading financial products such as stocks, forex, CFDs, indices and commodities can be substantial. You should therefore carefully consider whether such trading is suitable for you in the light of your financial condition. In considering whether to trade or to authorise someone else to trade for you, you should be aware of the following:

If you purchase a financial option, you may sustain a total loss of the premium and all of the transaction cost. If you purchase or sell a financial 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 required 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 amount, since the market conditions may make it impossible to execute such orders.

The high degree of leverage that is obtainable through, for example, futures trading, options trading, Spread Betting, Binary Betting and CFD trading can work against you as well as for you. The use of leverage can lead to large losses as well as gains. This brief statement can’t disclose all the risks and other significant aspects of the commodity markets, including trading shares, currencies, and stock indices. You should therefore carefully study financial trading before you enter the financial markets with the view of buying and selling, including shorting, securities in the market place.


Marwood Research and authors may discuss some of the strategies he uses to trade the markets. Past performance is not a guarantee of future results. No guarantee is being made that any individual will be able to replicate hypothetical performance results. There are certain factors that can cause a sharp difference between the price that is read off the chart and the price that is actually achieved when a trader attempts to enter or exit a position. Such factors include but are not limited to, the effect of slippage on stop orders or the failure of an individual’s broker to fill them at a requested price.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

Authors do not take any responsibility towards trades taken by any viewer of the courses and no rights can be derived from such trades. The individual is solely responsible for their own results. The viewers or readers of our courses, agree that they will not hold the authors liable for any trading decisions or actions based directly or indirectly on the material covered. All opinions expressed by the authors are subject to change without notice, and you should always obtain current information and perform due diligence before trading.

All authors have taken reasonable measures to ensure the accuracy of the information provided in their courses. However, the accuracy of the information and data shown is not guaranteed by the authors or any of the Data Providers and may not be complete. The analysis, data, and any visual graphic charts or pictures contained are provided “as is” and without warranty of any kind, either expressed or implied and no liability will be accepted for losses sustained by anyone who has relied on this information. The authors and Marwood Research, or any third party data provider or instructor, shall not accept any liability for any loss or damage which may arise directly or indirectly from the content, your inability to access the content, or for any delay in or failure of the transmission.

The courses are sold as information services for investors and traders, and are not recommendations to buy or sell securities, nor an offer to buy or sell securities.

User Agreement

You are stating that you understand and agree to be bound by the terms and conditions of this user agreement. You also state that you have understood and agree to be bound by the terms outlined in Risk Warning, Disclosure and Disclaimer Statement. Please read the agreement and the Risk Warning, Disclosure and Disclaimer Statement. If you disagree with anything in either, please do not use the service. If you have any questions regarding these documents, please email Please note that the section titles in this Agreement are solely used for convenience and have no legal or contractual significance.

Disclaimer of Warranties

You expressly agree that your use of JB Marwood content and courses, including, without limitation, any material and/or data developed by Decoding Markets or Marwood Research or by third parties (“information providers”), is at your sole risk. The service, and any content or materials available through the service, are provided on an “as is” and “as available” basis and without warranty of any kind, express, implied or statutory. By using and/or subscribing to any product offered by Decoding Markets or Marwood Research, you agree to: waive, release and renounce any and all warranties, guarantees, obligations, liabilities, rights and remedies, expressed or implied, arising by law or otherwise, with respect to the accuracy, usefulness or freedom from defects of the information provided by him and other information providers including, but not limited to,

Any implied warranty or fitness for a particular purpose,

Any implied warranty arising from a course of performance, course of dealing or usage in the trade,

Any obligation, liability, right, claim or remedy for the incidental or consequential damages, even if notified of the possibility of such damages.

Marwood Research does not represent or warrant that the service will function without interruption, that the service is error- or defect-free or that any such defects or errors will be corrected.

No advice or information, whether oral or written, that you obtain from Marwood Research or otherwise through your use of the service shall create any warranty on the part of Marwood Research or the information providers. Further, Marwood Research and the information providers do not warrant or represent that the use or the results of the use of any content or materials made available through the service or from third parties will be correct, accurate, timely, reliable or otherwise.

Limitations on liability

In no event shall Marwood Research or the information providers be liable for any direct, indirect, incidental, special or consequential damages, however arising and under any theory of liability (including, without limitation, tort, including negligence and strict liability, breach of contract or breach of warranty), that result from your use or inability to use the service, any changes to the service or this agreement, unauthorized access to or alteration of your transmission of data, any material or data sent or received or not sent or received, or any transactions entered into through the service. If you are dissatisfied with the service or the content or material available as part of it, your sole and exclusive remedy is to discontinue using the service. The foregoing limitations on liability shall be applicable even if JB Marwood or the applicable third party knew or should have known of the possibility of such damages and notwithstanding the failure of essential purpose of any limited remedy. Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation or exclusion may not apply to you.


You agree to hold harmless Marwood Research and his Information Providers and any other person or entity involved in creating or distributing the service, as well as each of their respective affiliates and their respective directors, officers, employees and agents, from and against any and all claims, liabilities, damages, losses, costs, fees (including reasonable legal fees) and expenses that such parties may incur as a result of or arising out of your (or, in the case of Members, anyone using your account’s) use of, or conduct with respect to, the service.

Allocation of Risk

You agree that the disclaimer of warranties, limitations on liability and indemnification provisions set forth in this agreement represent and agreed upon allocation of risk between you and Marwood Research and form an essential part of the basis of their bargain, without which Marwood Research would not enter into this agreement or provide the service.

Copyright Statement

Participants agree not to copy, reproduce, display, distribute, alter or otherwise use provided content, in whole or in part, in any manner without the prior written consent of Marwood Research.

Any person receiving this service, agrees to not retransmit, sell, rent, sublicense, publish, broadcast, perform, circulate or otherwise commercially exploit either the information or other content of the owner, Marwood Research, in any manner without his written consent.


The courses and content, including the information contained within, 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 the webinar is intended to be 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 the programme to ascertain the terms of and comply with any local law or regulation to which they are subject. The securities or any investment vehicle mentioned in the course may not be eligible for sale in some countries, nor be suitable for all types of investors; their value and income they produce may fluctuate and/or be adversely affected by exchange rates, interest rates or other factors.


The provision of a link to any other site or location is for your convenience and does not signify endorsement of any such site or location of its contents. Marwood Research shall not be responsible for any information, software, or links found at any other World Wide Web site, Internet location, or source of information, for your use of such information, or for e-commerce transactions conducted at or through any linked site or location.

Refund policy

If you have any doubts about the value of the service or product provided, then you should refrain from purchasing. It is down to the subscriber to ensure that they have the correct computer specifications and requirements before purchase. Unless stated otherwise, refunds will only be issued by Marwood Research within the first 30 days of purchase.


Email addresses and personal details may be stored by Marwood Research to enable us to contact you regarding our services. These contact details will not be shared with any third parties.


This Agreement contains the complete and final statement of the understanding between you and Marwood Research with respect to, and supersedes any and all prior or contemporaneous negotiations, agreements or communications, whether written or oral, between you and Marwood Research concerning, the subject matter of this Agreement. If any provision of this Agreement is rendered by a court or governmental agency of competent jurisdiction to be invalid, illegal, or unenforceable, such invalidity, illegality or unenforceability shall not affect the remainder of this Agreement, which shall remain in full force and effect and be enforced in accordance with its remaining terms. The waiver by Marwood Research of a breach or default of any of the provisions of this Agreement by you shall not be construed as a waiver of any succeeding breach of the same or other provisions; nor shall any delay or omission on the part of Marwood Researchto exercise or avail itself of any right, power or privilege that it has or may have hereunder operate as a waiver of any breach or default by you. You agree that, regardless of any statute or law to the contrary, any claim or cause of action that you may have arising out of or related to use of the service or this Agreement must be filed within one (1) year after such claim or cause of action arose or be forever barred.

The act of viewing and reading Marwood Research courses and content is your acknowledgment that you have read, understood and agree to be bound by the Terms and conditions listed above and that you have also read and agree to be bound by the Risk Warning, Disclosure and Disclaimer Statement. You also certify that you are at least 18 years of age.