Legal & disclaimers

This page expands on the short disclaimers in our footer. It explains what High Water Mark is, what it is not, and the limits of what we can and cannot do for you. Please read it before you apply. If anything here is unclear, our FAQ answers the questions traders most often ask, and how it works describes the process end to end.

Not a broker, fund, or investment adviser

High Water Mark is an introduction service. We are not a broker or dealer, not a fund or fund manager, not an investment adviser, and not a proprietary trading firm. We do not hold client money, custody assets, execute trades, or manage portfolios. We do not pool capital and we do not offer or sell securities.

Our role is narrow and specific: we scout traders, help verify a track record privately, and introduce qualified traders to allocators. We are paid by allocators for access to that dealflow. The service is free for traders.

No investment advice

Nothing on this site is investment, financial, tax, or legal advice, and nothing here is a recommendation to buy, sell, or hold any security or instrument, or to pursue any particular strategy or structure. The educational material in our learn section is general information, not advice tailored to your circumstances. We do not assess suitability for any individual.

No guarantee of capital, allocation, or returns

We do not guarantee capital, funding, allocation, or returns, and we never will. Qualifying with us, being verified, and being introduced to an allocator are not promises that you will receive money. What we offer is qualification and introduction: if your verified track record fits an allocator’s mandate, we put you in front of them. The decision, the terms, and the timing are entirely theirs.

No outcome is implied by acceptance into our process. Allocators may pass for reasons that have nothing to do with the quality of your trading: mandate, capacity, market regime, or fit.

Trading risk: you can lose money

Trading and investing involve substantial risk, including the risk of losing more than you put in when leverage is used. Past performance is not indicative of future results. A strong historical record does not predict future returns, and any capital you eventually trade, your own or an allocator’s, can be lost.

You are responsible for your own trading decisions and for understanding the risks of the markets and instruments you trade.

Introduction & qualification service only

Everything we do sits in two activities: helping verify a track record, and making introductions. We are not a party to any agreement you reach with an allocator, and we are not responsible for the performance, terms, conduct, or solvency of any allocator, nor for any account, mandate, or structure that results from an introduction.

Any arrangement you enter into, whether a managed account, an incubator structure, or a seeding or allocation deal, is between you and that counterparty. Read the documents, take advice, and negotiate your own terms.

Privacy

We treat the information you share with us as confidential, and we do not require access to your accounts. What we present to allocators is your verified performance, agreed with you before any introduction, not your underlying trades.

Pseudonyms are accepted throughout. There is no public leaderboard and no public trader profile. Your verified record is a private credential, shared only when you choose to apply to a specific opportunity.

Third-party allocators are independent

Allocators, including first-loss desks, emerging-manager programs, family offices, and managed-account providers, are independent third parties. They set their own mandates, conduct their own diligence, and make their own decisions. We do not control them, do not act as their agent, and do not endorse or guarantee any of them. We are the introduction layer, not the source of capital.

Jurisdiction

Managing other people’s money is regulated. Depending on where you are located, where your client or allocator is located, and how the arrangement is structured, you may be required to register or hold a licence before you can take outside capital. The rules differ across countries and, within some countries, across states or provinces.

We do not advise on, and are not responsible for, your regulatory position. It is your responsibility to determine what registration or licensing applies to you and to comply with it. Seek your own qualified legal and compliance advice before accepting money from anyone.

Not legal advice

This page is provided for general information. It is not legal advice and does not create any advisory, fiduciary, or professional relationship. Laws and regulations change and vary by jurisdiction. For advice on your specific situation, consult a qualified lawyer or licensed professional in the relevant jurisdiction.