Sorry for the repeating of questions... But I am hoping that I can get the most "up-to-date" answers from the pros. I don't have any financial background. However, Pretending I am able to pull it off and now I am trying to move to this completely new profession, what qualification I need to have? The beginning will be managing a small account that contributed from close friends. The account will trade options on index futures and currencies. It will be less than 250K combined and will be less than 10 account holders. So my understanding is to get a series-3, registered with CFTC before I get it going? Or I can just claim exemption and still be able to do it? Thanks a lot.