Managing money is one way to become a professional trader. But the process can be confusing and sometimes a little scary.
After all, you don't want to do anything wrong.
Of course, this podcast is for education purposes only and is not legal or trading advice.
However Justin Hertzberg works with quite a few CTAs (Commodity Trading Advisors) and was generous enough to share his experience with them, so you understand how the general process works and where to get started.
He is the president and CEO of Forest Park FX, a CFTC registered/NFA member introducing brokerage firm. After working for several Forex and equities brokerage firms as both trader and in-house counsel, he launched Forex Park FX in early 2013.
In 2008, He left the traditional practice of law to pursue a career in trading. Forest Park FX works with forex traders and money managers to create customized brokerage and trading solutions to suit their individual needs and concerns.
The company's offerings include cash back rebates for retail clients, algorithm development, and brokerage support for money managers and CTAs, among others. He began his career as a commercial and securities litigator for a large law firm after obtaining his juris doctorate and finance MBA from the University of Miami.
Obviously, money manager requirements will vary by country and Justin is talking about US traders in this interview. But regardless of where you live, this interview can at least point you in the right direction and help you ask the right questions.
We also chat about what Forex Park does for their clients and how broker rebates work. Since they are an Introducing Broker and not a primary broker, they have a lot more flexibility.
They can also be more forthcoming about what is really good for clients, since they have a variety of brokers and services to choose from. On the other hand, brokers like FXCM only have one product (basically), so that is what they will try to sell you.
Forest Park does their best to find out what the trader needs and steers them to the right broker.
If you have ever wondered about rebates, Justin and I get into that too. Learn how they handle rebates and their stance on what clients should get.
This is a very informative interview, so I hope you get as much out of it as I did!
In This Episode
- When you should become a CTA
- When you might not want to become a CTA
- CTA requirements
- How to choose a broker
- Educational backgrounds of money managers they work with
- And more!
Click Play to Listen to the Interview
Resources Mentioned
- Forest Park FX (US traders)
- Forest Park FX (Non-US traders)
- NFA
- CFTC
- Becoming a CTA
- Call Justin at: +1 (561) 922-7616
- For questions: support@forestparkfx.com
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Thanks for Listening!
I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.
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