If a trader is making money & they fail the test. Do they want to lose a month minimum from earning a living to take the test again to hopefully pass ? It will cost a good trader thousands of dollars in lost income & aggravation . If a trader does not make money then it's no big deal .. only time to study & test fees. Not everyone is in the same situation . some traders are going to be harmed financially. Now you see how the traders & the prop firms will all get hurt by these changes. a snowball effect.
Very much agree, expecting many doors to be closing in this biz soon. Certain entities want the prop business to go away and their trying hard at it. Very few will be left in this game soon.
Microjohn, Do you happen to also have the 24? When I cross referenced with the 24, I noticed there was a lot of overlap - at least in the study guides. The thing that differentiates the 56 is the exchange specific rules, it seems. I'm finding those rules are very similar across exchanges. Also, were the options questions mostly about the characteristics of options (cycles, the greeks, types, expiration, etc.) or was it mostly regulations pertaining to options. Thanks. And thanks for posting your experience. It's very helpful.
I'm a trader for T3 and our compliance dept it putting together a study manual/videos etc for all of our traders by this Friday. I saw the stack of regs they are going through... looks like over 800pgs. I've taken a number of series exams in the past... this looks like it's going to be a beast.
I don't think many trader's realize how messed up this situation is. the prop firms & the exchanges are all battling the sec for clarity on how to implement the rules . the frustration level is off the chart. everyone is waiting on the sec for answers & they are slow in responding . everyone is in limbo on what to do next & the clock is ticking. they don't care. everyone will feel the pinch from this ill advised plan .
Scorpion...I am not sure what your deal is, if you are a trader or just some guy crying wolf all over the place about this test looking to start trouble. Either way you are acting like this is the end of the world. For people who can get waivers(have/had Series 7 or long experience in the trading world) it's business as usual. For people who don't have experience/previous Series 7, they will have to take the test...actually have to do some work/study......I know that sounds crazy to you. The only people who are in any jeopardy are people who are lazy....don't want to study....won't do what it takes to pass. Those people probably are better off not trading anyways. Or they can go retail. You act like this is some earth shattering news which is gonna change the industry. It's not. Back when the 55 was introduced, some people passed, some failed....but it was biz as usual in the trading world. Will most likely be the same this time. And if that person who started this thread "really" took the test and passed it without studying/material.......it can't be that hard.
some people are used to taking tests and study for them, some are not that way. 56 or pretty much any other test will be harder on the second group. still, i bet if one can learn to trade he will be able to pass 56 or 7 regardless which group he belongs to. the problem with 56 is that there are no sample tests as far as i understand and it is hard to gauge the expected score. i suggest: 1. getting a "dummy book" for the closest test (55?) with sample test in it 2. study the book for 1 month 3. test the sample test and see if the score is reasonable enough 4. take the actual test or get more books if 3. is not good
Maybe so. The gubment MUST protect you from you, so probably so. Gotta love living in a "free" Country in 2011. Lol! What a joke! And yes, I have me Series 7, and the ONLY reason I keep it and put up with fine-ya (I mean finra ), is the 'possibility' of trading prop. Our Founding Fathers roll around in their graves...