EXHIBIT 10
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                               ADVISORY AGREEMENT

                                       of

                               Jalex Trading, CTA
                                Executive Office

                       9925 South Pennsylvania, Suite 110
                             Oklahoma City, OK 73159
                                 (405) 691-2793

                               REGISTERED WITH THE
                      COMMODITY FUTURES TRADING COMMISSION

                                      As A

                            COMMODITY TRADING ADVISOR



                             NOTICE TO THE CUSTOMER:

PLEASE READ AND SIGN THE  APPROPRIATE  PAGES OF THIS ADVISORY  AGREEMENT.  THEN,
RETAIN THE DISCLOSURE  DOCUMENT,  BUT RETURN THE ENTIRE  ADVISORY  INCLUDING THE
SIGNATURE PAGE TO THE ADVISOR WITH THE EXECUTED CUSTOMER ACCOUNT OPENING FORMS.


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                              ADVISORY AGREEMENT of
                               Jalex Trading, CTA
                       9925 South Pennsylvania, Suite 110
                             Oklahoma City, OK 73159
                                 (405) 691-2793

This Advisory Agreement ("Agreement") is entered into this      day of
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,20     , between :  Jalex  Trading, CTA  ("Advisor"), and
   -----                                                  ----------------------
,("Client"). who resides at                       City of
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State               Zip
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WHEREAS,  the Client  represents that he/she/it has speculative  capital for the
purpose of trading in commodity futures contracts, and represents that he/she/it
is able to tolerate  adversity in Client's account,  including the possible loss
of Client's entire investment.  The Client further represents that he/she/it has
read and understands the Advisor's "Disclosure Document", including, especially,
the risk disclosure statement, and:

WHEREAS,  the Advisor offers an advisory service for the management of commodity
accounts  pursuant  to which  trading  decisions  are  guided  by the  Advisor's
proprietary  trading program,  and; the Client wishes to subscribe to one of the
Advisor's trading programs under the following terms and conditions:

THEREFORE,  the Advisor and the Client  mutually  agree to the covenants  herein
contained.

1. The Client will promptly  open,  or currently  has open, a commodity  trading
account ("Account") with a Futures Commission Merchant, ("FCM").

The Client  understands  that an FCM,  rather than the  Advisor,  will have full
custody of client funds  (placed on deposit with the FCM) and  commodity  market
positions. The relationship between the FCM or an introducing broker (" IB") and
Client  is not and shall not  become  the  responsibility  of the  Advisor.  The
Advisor is not liable for the  executions  of  transactions  once the orders are
placed  with  the  FCM or  IB.  The  FCM or IB is  solely  responsible  for  the
transmission of transaction statements and the periodic account statements.  The
FCM is also  responsible  for the custody  over the Client's  funds.  The Client
hereby  requests  that the FCM or IB  furnish  copies of all  confirmations  and
periodic Account statements to the Advisor.

The  Client  hereby  acknowledges  it is  Client's  desire  to have the funds in
his/her/its  account  traded  pursuant to the Advisor's  Futures  Spread Trading
Program:

                           LIMITED POWER OF ATTORNEY:

2. The  Client  hereby  appoints  the  Advisor  as his or her  true  and  lawful
attorney-in-fact, with full power to act and with full power of substitution and
revocation in Client's  name,  place,  and stead to enter orders to buy and sell
(including  short sales),  spread,  or otherwise trade futures  contracts,  cash
markets, Exchange For Physicals (EFP), and or commodity futures options. Advisor
shall have full authority to communicate  such orders  directly to the FCM or IB
and the FCM or IB is hereby  authorized  to accept and execute all such  orders.
The Client  will not trade the Account  and will not  authorize  any party other
than the Advisor to trade the  Account.  This Power of Attorney  shall remain in
full effect  unless and until this  Account is closed,  or until  revocation  is
received by the Advisor, in writing,  from the Client. Such revocation shall not
affect any open position,  which will be closed upon receipt of the notice.  The
Client acknowledges that the FCM or IB has no responsibility to review,  approve
or monitor the orders entered by the Advisor, and hereby agrees to indemnify and
hold  harmless  the  FCM  or  IB  and  its   employees   with  respect  to  this
responsibility and any responsibility with regard to the duties of the Advisor.
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                                    TAXATION:

3. Advisor is not  qualified to give,  and will not give any advice with respect
to tax consequences of profits or losses in the Account.

                                  EXCLUSIVITY:

4. The services of the Advisor are not exclusive to the Client,  and the Advisor
shall be free to have other clients,  and to render trading advice to such other
clients,  including the same advice as given to Client. The Client  acknowledges
all advice from the Advisor is the sole property of the Advisor,  and may not be
revealed by the Client to others.

                                   DOCUMENTS:

5. The client agrees to execute any and all  documents  required by the FCM, the
IB, if any, the Advisor, and/or any regulatory agency that has jurisdiction over
the Account, as may be necessary to open and maintain the Account and to provide
the Advisor the  authority  to trade and manage the Account.  The Advisor  shall
maintain his  registration  as a Commodity  Trading  Advisor with the  Commodity
Futures Trading Commission and membership in the National Futures Association.

                            TERMINATION AND NOTICES:

6. Either party may terminate this Agreement,  without penalty,  by giving three
(3) business days written notice thereof to the other.  If Client is a commodity
pool of which any  principal  of the  Advisor is a general  partner,  manager or
other similar  controller,  then, upon the affirmative vote of a majority of the
limited partners,  members or shareholders of such pool, irrespective of whether
such principal of the Advisor concurs,  this Agreement may be terminated by such
Client on sixty (60) days' notice,  without penalty. Upon receipt of such notice
from the Client, or within three (3) days after notice has been delivered to the
Client,  Advisor will  liquidate all open  positions of the Client.  Such notice
shall be delivered by  registered  or certified  letter to the address  included
within  this  document.  Such  notice of  termination  shall have no effect upon
liabilities or commitments  made or accrued  neither prior to such  termination,
nor on open  positions yet to be liquidated.  The  subsequent  management of the
Account shall be the sole responsibility of the Client.

                                 ADVISORY FEES:

7. Incentive Fees. The Advisor will charge a monthly  incentive fee equal to 20%
of net new high profits.  Net new high profits  include all closed out gains and
losses  plus gains and losses on open  positions.  Gains and losses  will be net
after commissions and management fees. The account will also be adjusted for any
deposits  or  withdrawals.  In order for an  incentive  fee to be  payable,  the
adjusted  net new high profits  calculated  at the close of business of the last
trading day of each month must exceed the highest  adjusted net new high profits
of any  previous  month.  The  incentive  fee is due and  payable  on the  first
business day of the month following the month in which the fee has been earned.

8. Commissions. Each account will be charged commissions by the FCM carrying the
account, or the IB introducing the account. The aforementioned FCM and/or IB set
these  commissions.  The Advisor will not accept any arrangement by an FCM or IB
in which the total  commissions  for  trading  futures or  options  on  contract
markets in the United  States,  inclusive  of all  exchange,  brokerage,  and/or
clearing  fees exceeds $10 per round turn,  plus NFA fees.  The Advisor will not
receive any  compensation,  either directly or indirectly,  from the commissions
generated by trading in the client's account.
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9.  Management  Fee. The Advisor will charge a recurring  annual  Management Fee
equal to 2%. This fee is  assessed  monthly at the rate of 0.16667% of the month
ending Net Asset  Value.  Net Asset Value is defined as the total  assets of the
account, including all cash and cash equivalents,  interest income, if any, plus
the market value of all open commodity positions, less all liabilities.

10.  Payment of Fees.  All fees  referred to in this section are due and payable
when the Advisor  submits an invoice to the  carrying  FCM. or to the  Commodity
Pool  Operator.  Each  client  agrees  to  execute a Fee  Payment  Authorization
allowing the Advisor to deduct such fees directly from the Client's Accounts. In
its  discretion,  the  Advisor  may waive any part or all of its fees  described
above.

                            FURTHER ACKNOWLEDGMENTS:

11.  The  Client  is aware of the  speculative  nature  and high  degree of risk
associated  with  Commodity  Futures  trading.   The  client  acknowledges  that
he/she/it  has read  and  understands  the risk  factors  of  investing  in this
particular trading program as disclosed in the document of the Advisor.

12. The Client acknowledges that he/she/it understands that the objective of the
Advisor's  trading style is to maximize profits over time; it is not to minimize
volatility.  If you are uncomfortable  with wide swings in your account then you
should not consider opening an account with the Advisor.

13. The Client  acknowledges  and agrees that  he/she/it has read and understood
the Disclosure Document of the Advisor herewith attached. The Client understands
that the Advisor's  recommendations  and authorization to trade shall be for the
Account and risk of the Client.

14. The Client agrees to execute a limited trading authorization with the FCM or
IB  authorizing  the Advisor to enter orders to trade  futures  contracts and or
options on futures  contracts.  It is further understood that the Advisor has no
responsibility  for the proper  execution  of orders by the FCM or IB,  once the
Advisor enters such orders.

15. The Advisor  makes no guarantee  that any of its  services  will result in a
profit,  or will not result in a loss for the  Account.  The Client  agrees that
he/she/it  will  immediately  inform the Advisor if and when  he/she/it  becomes
dissatisfied with the Advisor's handling of the Account.

16. The Client assumes the  responsibility  for losses that occur in the Account
from whatever source.  The Advisor will not be liable to the Client or to others
except by reason of acts constituting willful malfeasance or gross negligence as
to its duties herein, and disclaims any liability for human or machine errors in
order placement and execution.

17. The Client understands, as described in the Disclosure Document, that due to
the nature of the trading approach employed by the Advisor and that day trading,
by nature, generates more trades, your Account may generate a substantial number
of  trades  on a  monthly  basis.  Such  trading  could  result  in  substantial
commission  costs that are above  average  for other  commodity  futures  and or
options trading programs.

                                  ARBITRATION:

18. Any  controversy  between the parties hereto  involving the  construction or
application  of any of the terms,  covenants,  or conditions of this  Agreement,
shall on  written  request  of one party  served on the  other be  submitted  to
arbitration,  and such  arbitration  shall  comply  with and be  governed by the
provisions  of the  National  Futures  Association  Code  of  Arbitration.  Such
arbitration  shall take place within a fifty (50) mile radius of Oklahoma  City,
OK.


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                                 REPRESENTATION:

19. No persons may make any  representation  about this Agreement or the Advisor
except those stated in the Disclosure Document of the Advisor, and this Advisory
Agreement.  Any such  representations are to be considered false, and the Client
will not hold the  Advisor  liable for any such  false  claims,  statements,  or
representations.

                                    VALIDITY:

20. In the event that any provision of this  Agreement is invalid for any reason
whatsoever,  all other  conditions and provisions of this Agreement shall remain
in full force and effect.

                                ENTIRE AGREEMENT:

22. This Agreement  constitutes the entire agreement between the parties, and no
modification  or amendment of this Agreement  shall be binding unless in writing
and signed by both parties named and whose  signature  appear on this Agreement.
This Agreement can not be terminated  orally,  and shall inure to the benefit of
and be binding upon the parties hereto and their  respective  heirs,  executors,
administrators, successors and assigns. The captions appearing in this Agreement
are inserted as a matter of  convenience  and for  reference  only and shall not
define,  limit or describe the scope and intent of this  Agreement or any of the
provisions thereof.

                         SIGNATURES AND ACKNOWLEDGMENTS:

IN WITNESS  WHEREOF,  the parties  hereto have executed this Agreement as of the
day and year first above  written.  The parties also  authorize  Advisor to have
Power of Attorney over the trading account as described on pages 2 and 3 of this
Agreement. The parties agree to sign the Power of Attorney forms supplied by the
FCM or IB to grant such authority to Advisor.

Client Signature                                               Date
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Client Signature                                               Date
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(Joint Account)

   ACKNOWLEDGMENT OF THE RECEIPT OF JALEX TRADING, CTA DISCLOSURE DOCUMENT:

I acknowledge that I have received, read, and understand the Disclosure Document
of Advisor.

Client Signature                                                Date
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Client Signature                                                Date
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(Joint Account)

                AUTHORIZATION FOR FCM, CPO OR IB TO PAY ADVISOR:

I (we) hereby  instruct the FCM, CPO or IB to pay Advisor the monthly  incentive
fees, and/or management fees out of assets of my (our) account.  Such fees shall
be due and payable upon the receipt of the billing submitted by Advisor.

In rendering this service for the  convenience  of Advisor and the  undersigned,
you may fully rely on any fee invoices  submitted without any duty or obligation
to check or verify the accuracy of the fee invoice.  The  Client(s)  and Advisor
hereby  jointly and  severally  agree to indemnify  the FCM or IB and to hold it
harmless  from any loss or claim  associated  with any  payment of fees from the
Account, the payment of which is subsequently shown to be in error or subject to
dispute.  I understand and fully agree that  commissions will also be charged to
my account as set forth in the Disclosure Document of Advisor.

Client Signature                                                 Date
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Client Signature                                                 Date
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(Joint Account)


Advisor

-------

Signature                                                           Date
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