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What is CTA? What strategies does CTA adopt?
All CTAs must be registered as members in CFTC and NFA. CTA must regularly report accounts to CFTC, provide transaction records and disclose information; Submit information disclosure reports to NFA regularly. CTA registered students have passed the training courses of NFA-accredited institutions, participated in NFA-accredited examination institutions and passed the unified examination prescribed by NFA. Those who pass the examination are guaranteed to register in CFTC and NFA by existing CFTC and NFA members. After reviewing the information provided by the students (including fingerprint files) and the certificate of no criminal record recognized by the host country, they can successfully register as NFA members and obtain qualifications.
Classification of CTA
Traditionally, CTA's investment varieties are limited to commodity futures; However, due to the extensive and in-depth development of the global financial futures and commodity futures market for more than ten years, CTA has gradually expanded its investment fields to almost all futures such as expected annualized interest rate futures, bond futures, stock index futures, foreign exchange futures, basic metal futures, precious metal futures, energy futures, power futures, agricultural products futures and so on. According to different market participation and trading methods, CTA has different segments.
About American CTA
CTA is often synonymous with high salary in America. The annual salary of CTA is usually as high as millions of dollars, and the annual salary of star CTA can reach tens of millions of dollars. The famous Soros and Rogers are also members of the futures industry association. All fund managers involved in futures and financial derivatives are also registered with the Futures Association.
According to the industry magazine Alpha of institutional investors in 2005, the average annual income of the 26 highest-paid hedge fund managers reached $ billion, among which george soros, an international financial tycoon, was the third highest-paid hedge fund manager, earning $ billion in 2005.
The fees paid by funds or investors to CTA include fixed consulting fees and performance incentive fees. The fixed consulting fee is calculated at 0-3% of the net value of the fund portfolio managed by CTA. The performance incentive fee is paid according to a certain proportion of the net value-added of the portfolio managed by CTA, generally between 10%-30%.
The United States has very mature futures investment funds. There are three types of futures investment funds: Public Offering of Fund, private equity funds and personal accounts. Public offering futures investment funds are similar to domestic open-end or closed-end funds, which are relatively transparent, but the participation cost is high, the operation is not as flexible as private equity funds and personal management accounts, and the return on investment is the lowest among the three. Private placement often takes the form of limited partnership, with flexible operation and low cost. Suitable for high-income individuals or institutional investors, with strict restrictions on the number of investors and the minimum capital contribution. Investors can also directly choose CTA to manage their own funds and open personal custody futures accounts. Investors directly hand over their accounts to CTA for management, which is actually equivalent to buying CTA's trading skills. Its advantage is that it eliminates the management fees of public offering and private offering.
Strategies adopted by CTA
All trading strategies used by CTA can be basically divided into two categories: trend trading strategy and counter-trend trading strategy. Trend trading strategy is the most widely used trading strategy in CTA. Trend trading CTA uses a large number of different indicators to remove market noise, find current market trends, and then establish positions. They profit from the continuous development of market trends. Average, volume and cycle theory are all widely used indicators in CTA of trend trading. CTA of trend trading can be divided into short-term traders, mid-line traders and long-term traders according to different time periods. CTA, a contrarian transaction, usually uses the reversal indicators such as head and shoulder shape, breakthrough shape and volume to find the turning point of the trend and then establish positions. Whether it is trend trading or contrarian trading, CTA attaches great importance to the risk management of positions.
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