anyone else in their late 30's who does'nt have a series 7 but thinking of getting one? if you do not work for a firm,how in the world do you go about taking the test? i would like to join a firm a trade with the firm's money.not my own.
I have some excellent study material that makes it almost too easy. For free of course, I like to help other's out.
If you don't work for a true prop firm, there really is no reason to have it. It pertains mostly to dealing with customers and being able to operate (trade) on behalf of a company. Not only do you need a firm to sponser you, you also need that firm to maintain the license for you. If you trade for yourself, don't worry about it. It is more a formality than anything else. If you are good enough to be accepted by a firm that requires the license, they will sponser you for it.
I'm not sure what kind of answer your looking for. I was 35 when I took the exam. It was not easy but I managed to pass on my first try.(Barely 71%) My sponsering firm provided me with the STC study material. I spent approx. 4 month memorizing all of the questions and answers. The hardest part of the test for me was, The questions are asked in a tricky way, There's a correct answer and also a more correct answer. Both answers seem to be correct. Read your answer choices carefully. I wish you luck.... FYI: there are many prop firms that will sponser you with 10:1 leverage with no license.
I understand that you cannot take level 7 exam unless the company sponsors you. However, does anyone know of any books you can study even before getting hired that can help you pass that exam ? Thanks.
I was 37 when I made the transition from being a retail trader to being a professional. Here is how I did it. I took the series 7 in April of 2007 after being sponsored by Bright Trading, a proprietary firm out in Vegas. I deposited $20k into an account with them,. I used the Securities Training Corporation (STC) materials which I bought myself and spent a month of full-time study in preparation for the test. I passed with an 83% so maybe I studied too much (it is a pass/fail). After getting licensed, I spent six weeks in Vegas attending Bright's orientation course and boot camp. (The boot camp isn't required, but I wanted the training). I was then extended high levels of leverage through the use of their funds and I now trade remotely from my home office. Also, having access to that kind of leverage can be devastating if you do not utilize proper risk management. Most prop firms will monitor your risk to protect themselves, but that doesn't mean you can't blow out your account. I have blown out my account, personally, but I am now proud to say that I implement good risk management now and so the leverage has become an awesome tool for me. Based on this, I would recommend extreme caution in making your transition. Hope that helps and I wish you great success in your own transition! Sincerely, Daryl
There is loads of cheap material on Ebay and you can resell it when no longer needed. Each vendor's system of teaching is different. Would be useful to get hold of an interactive CD like Kaplan's.