If someone were to start a CTA firm, what is the first step? If I don't have a registred track record to work around it? What kind of registeration required? Thank you!
You need a Series 3...that is the easy part, if you are too lazy to Google this, I strongly doubt you will succeed in raising capital.
You techncially don't need a track record as long as the disclosure document states that there is no track record. just call the NFA they will answer you questions.