Trader123 I have traded for other people and sought advice from my CPA. Now you have to register if you serve over 10 people at one time. Other than that you do not need to register with the NFA. No licensing is required because there is no delivery of a commodity nor is it a future or option. It is a speculation. The general idea is speculation is seen by the government as a form of gambling. So it is not regulated. Please check your facts and prove me wrong.
National Futures Association | Registration
Thats the NFA website for advisors.
I was wrong its 15 people in a year
The topic is very interesting. I have got two questions about it
1 - Does anyone know about Forex Body regulator in Uk & Europe
2 - If I want to trade for other people and develop a good profile is there any certification to get (MTA - CTA - etc)
I am not sure if mtandk0614 is completely accurate on that. Do you have a link to where you got this info? I trade for a friend of mine and got him to sign a letter saying he could lose all his money and that he could not come after me for any looses acquired. Now with that I just opened a separate account for him. Then I got hit with the bad news. If you make money for him yes you get a percentage. How ever in the USA if you get 10% of the winnings you are going to lose money. Why you might ask. You now have to pay taxes on the money he makes since his money is in your name. I since closed that account and made him open his own account and give me power of attorney on that account. With going that route he not only signs a disclaimer with me but also my broker. It was all done legitly through my broker as they gave him a form to fill out giving me power of attorney over his account to cover my brokers ass from this guy thinking that since he cant get his looses back from me he could just claim fraud to the broker and the broker would have to refund his money and you are now on the hook for fraud. I highly doubt that would have actually happened but you never know when money is involved. So always cover your ass and most brokers are set up to either mirror trade meaning a trade you make on 1 account gets made on the other aswell (I dont like this idea as risk management will not be the same for both accounts unless they put in what I have in my account) or in my case i have a separate laptop just to have his account on. That way it just makes it easier I can get in a trade and if it is in his risk management I just reach over and get in we can have different stops (I dont do that to much but it has happened). I just find it easier to manage both accounts that way. Good luck as I have never seen a cent from his account but he also has not wanted to take any out. So hey Hopefully when I make my hundred million I can add another ten million for the new dog house in the back yard (if your going to dream I say dream big)