I wonder if it s easy for a self made men, or is it better to have the series 7 ?? (by the way is series 7 very hard ??) I m currently learning trading....and american, and i want to be ready in 4 years....surely i m dreamin but why not Thanks Alex from Paris
Alex, you dont need a series 7 to trade "prop" these days. All you need is $5k risk capital and that'll get you a 10-to1 intraday leverage at many firms. Good luck.
You can't make a living trading 10-1 on a 5k account. You are better off getting a stake together, have another source of revenue to support you while building your account, and get into the game that way. Please don't fall for these "bucket" shop type deals. 5k is no where near enough money to give you good odds of success. Good luck!
Of course, of course. I agree. The more $ he has the better off he'll be, at least in the beginning so he'll have something to fall back on. I was merely pointing out the minimum that's required to enter the field. I wanted to save him from the agony of studying for an exam that's hardly related to trading, if at all.
The series 7 is very hard. Requires about 100 hours of study no matter what these other liars may say. And dont believe the guy that says you can get 10:1 intraday with 5k without a series 7, because margin requirements say you cant do that. If you are getting 10:1 its probably trading futures and not equities.
I agree with you on the exam....certainly one giant waste of time. The best route to take, IMO, is to treat trading as a business. That means, do some research, get some education, find a mentor, develop an edge, and create a business plan. While this won't guarantee success, it will certainly improve your odds of success. There you go, a page right out of my playbook.
Peil, I can assure you that I'm not giving out false information(10to1 leverage w/ 5k for equity trading). A mere search will prove to you that this is becoming a common practice thru LLC setups. You just gotta know where to look.
get real you first need to get a visa. Usually green cards are not granted for independent traders at prop shops . At real prop firms with salary, you need to be a highly qualified individual whose skills can not be found among US applicants. Secondly, NYC cost of living is extremely high. Even if you are a good trader if you trade at a prop shop which are just regular brokerages offering leverage its' going to be very tough financially at least in the first couple of years. And frankly the future of this business is not in equity trading at a prop shop.