In the eyes of the CFTC, if you perform duties as a "fulltime commodities/forex mgr, and you have at least a certain number of clients(like 12-15 or so)then in you are in essence acting as a professional, so they(CFTC) expect you to sooner rather than later, to become licensed. I guess as long as he doesnt have more than the threshold number of clients, he is ok....for now. However, the CFTC can , and has in the past, mandate a forex money mgr to become licensed even though the money mgr has NOT gone over the threshold number of clients. Call the CFTC, they will verify what Im telling you all.
Plus he (the poster of this thread) needs to realize that by becoming licensed, he will put his clients more at ease knowing that he has a professional designation and knows the laws. How would you react to a person that says he/she can manage your real estate properties yet doesnt hold a RE license? It would put a strong "beware" sign in my head, wouldnt it to you too? If someone asks me if they can manage 25k, 50k, 100k or more of my money, you better believe I want to see some sort of professional designation....
Generally speaking, you do NOT need to be affiliated with an institution if you plan on working as an independent CTA (commodities trading advisor). See the link below for a general understanding... http://www.investopedia.com/articles/professionaleducation/08/commodity-traders.asp
I know what you mean, but these days a professional designation wouldn't put me at ease, it'd be more of a prerequisite. The solid 12% per week returns every week would make me run away fast.
im actually in the middle of trying to set something up I have alot of rules to learn ... I do want to do a managed fx account through someone else. Where they handle all payments whatnot and I dont actually have the ability to touch the money. Feels safer. so I talked to oanda and they said to also contact the proper authorities in my region which would most likely be the cftc.. Now i do have a double major in finance and philosophy at penn state so im assuming i need to go ahead and not only get a series 3... but probably my CFA maybe and A CTM cert... because I already have most of the training...anything else really or are the other 2 not really relevant?
While a CFA certainly carries some well-deserved distinction, I don't think it's really a relevant acronym in forex. Maybe if you had a degree in economics. I think a CMT might be more useful for you and you'd learn some valuable tools that you could immediately put to use. But I'm not really sure it's really worth the time. John Smith, CFA, CMT with a mediocre trackrecord still won't get off the ground running money. Even if you do that the numbers to back up your game, finding money to manage isn't easy either.
I got a great trackrecord... but I just really want as many relevant certs as i can get. I got the time trading is boring anyways.. CFA probably is worthless not that I think about it CMT would probably be helpful. anything else tho? I know NYIF has certs in FX I should probably get one of those i think its like a year long class but i dunno how people would accept that.
Again ... where is cable trader? did london blow up this is ace material for him *pounding the table* give me comedic relief