Commodity trading advisor (CTA) strategies can be described as systematic or discretionary (not unsystematic). CTAs that specialize in systematic trading strategies typically apply sets of rules to trade according to short, intermediate, and/or long-term trends. They may also trade counter to trends in a contrarian (against the trend) strategy.

A discretionary trading strategy is based on the discretion of the CTA, in the same way that any active manager seeks value.

Managed futures can also be classified according to the markets in which they trade. They apply systematic or discretionary trading strategies in financial markets, currency markets, or diversified markets. In financial markets, they trade in financial (i.e., interest rate) and currency futures, options, and forward contracts. Those that specialize in currency markets trade exclusively in currency derivatives. A fund that trades in diversified markets trades in all the financial derivatives markets described as well as commodity derivatives.