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ksmetana
Registered: May 2010
Posts: 507 |
05-26-12 01:10 AM
I found a firm that does NOT require a series 56... trading STOCKS.
They require NO capital up front. They absorb the losses. They limit their risk buy starting you off really, really small, and increasing your BP as you show consistency.
So, what is the law exactly on the 56?
Do you only need to take the test if you are contributing capital?
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Don Bright
Bright Trading, LLC
Registered: Oct 2001
Posts: 11698 |
05-26-12 03:56 AM
Quote from ksmetana:
I found a firm that does NOT require a series 56... trading STOCKS.
They require NO capital up front. They absorb the losses. They limit their risk buy starting you off really, really small, and increasing your BP as you show consistency.
So, what is the law exactly on the 56?
Do you only need to take the test if you are contributing capital?
If they are paying you a salary vs. you making money from your trading, then they may be ok. Sounds a bit odd, in this day and age however.
FWIW,
Don
__________________
Don Bright (not an alias)
Bright Trading, LLC
http://www.stocktrading.com
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rmorse
Registered: Apr 2011
Posts: 1056 |
05-26-12 04:03 AM
Quote from ksmetana:
I found a firm that does NOT require a series 56... trading STOCKS.
They require NO capital up front. They absorb the losses. They limit their risk buy starting you off really, really small, and increasing your BP as you show consistency.
So, what is the law exactly on the 56?
Do you only need to take the test if you are contributing capital?
Is the firm a broker dealer or trading as customer? If they are not a regulated entity, you are not required to be licensed. Either are they.
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ScalperJoe
Registered: Mar 2010
Posts: 608 |
05-26-12 07:54 AM
Quote from ksmetana:
I found a firm that does NOT require a series 56... trading STOCKS.
They require NO capital up front. They absorb the losses. They limit their risk buy starting you off really, really small, and increasing your BP as you show consistency.
So, what is the law exactly on the 56?
Do you only need to take the test if you are contributing capital?
The 56 applies to traders who join firms registered with CBSX, whether you are contributing capital or not.
Some additional questions you may want to ask:
Is there an "education fee" masked as a capital requirement?
Is it an offshore firm that allows for remote trading?
Are you joining as an employee?
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