Just to clarify.
I am not saying that there are not situations in which a great system developer is not able to trade TOS. Of course this is the case, but why take the risk when you can risk capital with people that are trading their own capital?
For every excellent trader that is not able to trade TOS, there are five others peddling a system with no record and claiming they are not able to trade TOS because of XYZ. It's just the reality of the world we live in.
Unfortunately, I have seen too many backtests producing 100% annualized over 20 years that start trading live and fail.
I don't believe words or backtests, only performance of actual live results.
This may make me cynical, but it comes from many years of tracking traders and performance.
The most important factor of investing alongside a manager is 1). Actual live performance history and 2). Investment of personal capital alongside the investors.
You will greatly lower your risk of losing funds by following these rules.