Professional traders who are looking to start managing outside capital in a legal manner without going through the traditional pain in the backside, nevermind the costs of starting a hedgfund read this:
http://www.jltrader.com/2016/06/26/so-you-want-to-become-a-hedge-fund-manager/
http://www.jltrader.com/2016/06/26/so-you-want-to-become-a-hedge-fund-manager/