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How do I trade futures or options of futures?
In general, individuals may trade futures and options on futures in two ways -- through an individual account or by participating in a commodity pool.
In your individual account, trading is done only for you. You may have a "non-discretionary" account, which means that the broker may not execute any transactions without your prior approval, or a "discretionary" individual account.
In a discretionary account you give permission for someone else, such as a Futures Commission Merchant, an Introducing Broker, one of their Associated Persons, or a Commodity Trading Advisor to make trading decisions on your behalf. If someone other than the person you gave permission to trade on your behalf does the trading, and you sustain losses, you may have a claim against the person or firm for unauthorized trading, as discussed below. |
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