Many traders opt to invest in managed futures products in attempt to diversify their portfolio.  Generally speaking, when the term managed futures is used it is intended to describe the services of a Commodity Trading Advisor (CTA).  Nonthless, the NFA definition of a managed futures account, or discretionary account, is an arrangement by which the owner of the account gives written power of attorney to someone else, usually the broker or a commodity trading advisor, to buy and sell without prior approval of the account owner. Often referred to as a Managed Account.