you might like a book written back before options and forex called "The Swiss Axioms" it is exactly what you are talking about, non technical, just some observations can't say I agree with everything in the book, but I got turned on to it when I read one of his more recent books called, "The Luck Factor" ah those were the days man, when you could make it all back on T (telephone)
ahhhh... you should have started by saying that.... so no, you dont work for an investment bank... you work for a bank that has a brokerage division... your bank, more than likely, purchased an investment bank... so you are more than likely talking about BAC/JPM/C .... which have bought IB's... you are a "financial adviser" which is basically a sales position at your branch, but you are regulated by FINRA and state regulations... that would explain your laxed compliance rules... if you were on the actual investment bank, you wouldnt be trading your account... now, what you need to realize is that your statement was that I was incorrect about IB rules... and that your rules were it... when in fact, you are not on the IB side (but rather the banking side) and your knowledge of compliance for the IB side was (because now you should know) rather limited... anyhow... this is now boring... so moving on and letting the thread go back to its original discussion about how to get oldtime's daughter to a new career...
naw, we're done, that's cool, thanks for the contribution If I want to take it any further it certainly won't be on ET but ET is a good place to start I would reccommend all beginners start here thank you for taking an interest like the man said, "Can't we all just start fighting again?" One time I thought I wanted to be a stock analyst. according to SAT I have a very high aptitude in math, and the lady told me, "Anybody can analyze, you gotta be able to sell it" which is why I am not a broker anymore. I put on some good trades, but I couldn't with a good conscience sell them to anybody else. I can't even sell my own forex strategy to my daughter, because I don't want anybody else to go through what I have to go through. they talk about doctors and lawyers, but the highest paid profession is in sales and there are plenty of salesmen in the trading and financial business
None of those attributes will have any impact. Tell her to get her 7 and look for a wirehouse job in sales. She will blow out. The SPX is at an 8-figure on RV and she has no edge. The best advice would be to persuade her to forget about active trading.
any wirehouse in particular you could recommend? I agree, that is the way to go. and unless they have changed things, she'll need a sponser before she can get her 7
so this is the last email I sent her so what you need to get started is something called a Series 7 License. Back when I took it the study guide was about $320, and it took about ten days drinking beer in your pajamas to study it, then you go take a test. But you need a sponser, some kind of brokerage firm. Just start asking around, tell them you want to be a stockbroker and need a Series 7. This is not an easy business kid almost everybody fails at it the difference is, you are much smarter than me, and have excellent sales skills (and you will need that until you get started trading your own account)
are you in chicago? this is for example an entry position to get the 7 http://www.careerbuilder.be/nl-be/j...=myrec&Job_DID=J3J16967TL5SP1XJKL8&jrjob=true
thanks Chuck, no she no longer lives in Chicago, moved to Asheville N.C. It's amazing how conservative I am with my trading advice when it comes to somebody I actually care about if it was a son or some kid on et, I would just say, "open an account at ib and see what you can do." thought about prop, but not sure I want to blow through 50k just for training which may only scar her for life at anyrate, she is very independent and will never do what I tell her to do, all I can do is try to point her in the right direction, and try to warn her about the traps I just don't know anything about stocks, and I think that is where she should be It takes a certain kind of special person to trade stocks I know I am not one, and I'm pretty certain she is oh well, time to let these kids grow up trading has been very good to me, I aways hoped one of them would take an interest in it
I would never encourage my child to enter a trading career unless they were destined for an investment bank or a decently sized hedgefund. Being second tier in this industry is like playing in the canadian football league. It's like encouraging your kid to become an actor. Odds are they will be waiting on tables. Better for them to find a profession that will value their education and experience and if they want, they can trade on the side.