i talked to a person high up on the totem pole at a well known prop firm. they can have a trader go retail with 25k and get 4-1 or they will sponser a trader for the 7,55,and 63 and he starts off with 6-1 and then moves up. they have to bring in about 10 grand(that may be negotiable). anyway,after passing the 7,they let you trade while studying for the other 2 exams. so there you have it. taking the 7 affords you much higher margin and you don't need 25k. this is fact and its from a very reputable firm. there were numerous discussions regarding the issue of getting the 7 and it being meaningless because we all were under the impression that the sec would make sure a trader brought in 25k and recieved 4-1 whether licensed or not. that is simply not true so perhaps a license is'nt such a bad thing after all. that said,are there any negatives that anyone could think of of having a license?i'd love to know as i have heard there were some but cannot remember what they were.