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1. Hire a lawyer specializing in securities law, and instruct him to draft the private placement memorandum (PPM), partnership agreement and subscription agreement. A PPM is an offer of investment to private, rather than public investors, and must be presented to anyone you manage to get interested in your fund. The partnership and subscription agreements are signed to finalize the agreement between you and your investors.
2. Approach your friends, colleagues and family members about investing in your fund. You are not permitted to advertise a forex fund, you must recruit investors from amongst people you know personally. You may want to show potential investors results from your private forex account to prove that you are adept at currency trading.
3. Register with the National Futures Association (NFA) to become a Commodity Pool Operator. Before you can begin running your forex fund, you need to pass the National Commodity Futures Exam (NCFE) and Retail Off-Exchange Forex Examination, submit to a criminal background check with the FBA and pay a $200 registration fee.
4. Register your fund with the Commodity Futures Trading Commission (CFTC). The CFTC is the United States government's regulatory body responsible for oversight and regulation of commodities and futures markets. You must pay a small registration fee and be approved as an intermediary if you want to trade commodities or futures (see Resources). Even if you have no immediate intention of trading futures, you should register to take advantage of the wider range of opportunities presented by being able to do so.
5. File a disclosure statement with the NFA no more than 21 days before the launch of your fund. This statement should include a risk disclosure, a discussion of your trading strategy, a discussion of your fee and a description of your qualifications as a trader. This must be given to all prospective investors in your fund, in addition to being filed with the NFA.