Before I leave permenantly, I wanted to clarify something. Maverick made some fairly authority sounding statements which I believe to be completely false.
I am not an authority on rules and regulations. However, I found this:
In March 2000, the CFTC adopted CFTC Rule 4.14(a)(9) to create an exemption from the CEA's registration requirements for CTAs that provide standardized advice by means of media such as newsletters, pre-recorded telephone hotlines, Internet web sites, and non-customized computer software.
http://www.nfa.futures.org/nfamanual/NFAManual.aspx?RuleID=9055&Section=9
More information
http://www.cftc.gov/foia/fedreg00/foi000310a.htm
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Speaking with other trading system developers and CTA's, the common understanding is that a developer can sell a trading system provided that he doesn't offer any individualized advice. There is a whole class of such communication that falls under free speech which thankfully our constitution protects and ensures. In the same way, a trader can call out his trades in a trading room because it falls under free speech.
What you can't do is offer customized/individualized recommendations based on a specific client's financial situation or account -- which I absolutely have never did and do not do. Please do not take the information I'm providing here as definitive or legal advice but it is my understanding and has been my understanding for several years.
I do not manage/direct any non personal trading accounts, either. I have always operated with honesty and integrity and have always had disclaimers on my website informing my readers about the risks involved in trading. Thanks.
I am not an authority on rules and regulations. However, I found this:
In March 2000, the CFTC adopted CFTC Rule 4.14(a)(9) to create an exemption from the CEA's registration requirements for CTAs that provide standardized advice by means of media such as newsletters, pre-recorded telephone hotlines, Internet web sites, and non-customized computer software.
http://www.nfa.futures.org/nfamanual/NFAManual.aspx?RuleID=9055&Section=9
More information
http://www.cftc.gov/foia/fedreg00/foi000310a.htm
-----
Speaking with other trading system developers and CTA's, the common understanding is that a developer can sell a trading system provided that he doesn't offer any individualized advice. There is a whole class of such communication that falls under free speech which thankfully our constitution protects and ensures. In the same way, a trader can call out his trades in a trading room because it falls under free speech.
What you can't do is offer customized/individualized recommendations based on a specific client's financial situation or account -- which I absolutely have never did and do not do. Please do not take the information I'm providing here as definitive or legal advice but it is my understanding and has been my understanding for several years.
I do not manage/direct any non personal trading accounts, either. I have always operated with honesty and integrity and have always had disclaimers on my website informing my readers about the risks involved in trading. Thanks.