I dont see what's so funny... Try getting 20-1 for "EQUITY" trading at a retail firm and then tell me that the license is not about extra leverage. Regardless of who actually requires it... Without the license, I'm forced to take my chances with some unregistered firm like the Tucos of the world and unless I'm willing to accept no more than 4 to 1 at a registered retail firm or trade Currencies/ Futures/Commodities.... then thats pretty much my only alternative. Agreed? Therefore... if you want to trade "Equities" and chance your deposit with some unregistered firm like Tuco... then be my guest. I prefer 20 -1 or more and the umbrella of protection that both trader and firm get as a result of being registered and even though there is still no garauntee that you won't lose your deposit...It may not be full protection but you cant say there isnt some level of protection in there...right? I figure that the probabilty of a registered firm (that requires a Series 7 of their traders) playing around with your money is less prevalent. Why? because the tendency of the firm that voluntarily registers to want to stay in compliance with the rules that were designed to protect the firm and the trader is greater. Unregistered firms is practically a license to steal. We all know that the content of the Series 7 does not do you a damn bit of good when you are trading...its useless and pointeless in that regard. So what else could it be good for besides some protection... well....."leverage"... my friend.
You are not listening to me. You do not need a series 7 to get leverage. I trade at a member firm. I get all the leverage in the world. I happen to have a series 7, but I do not need it. The series 7 has nothing to do with the leverage my firm offers me. I cannot be any more blunt then this. And no, my firm is not the only firm. There are countless firms that are like mine. I am not here to advertise my firm. I am simply telling you that you are wrong. We'll leave it at that.
Well being that you are the owner of a firm...I suppose you would know. Maybe I dont fully understand this whole thing...I can admit if Im wrong...I dont have any ego to protect and Im always willing to listen and learn... . ...You mean to tell that if I traded equities at your firm which I assume is a registered firm...that I won't need my Series 7 license and can actually get more than 4-1 or lets say 20-1?
Thanks. This is very intresting...this is useful information because I have some friends that are looking for that kind of a setup but didnt think it actually existed... please check your PM.
a 7 is required by all the other firms/exchanges except the cboe and you even said they would soon also. so bottom line... it does mean it. the guys asked multiple times what prop frims are members of the cboe... and there was no answer. relax your attitude.
maverick, explain how a member is registered without being licensed? in order for a non licensed guy to get 20-1,does his firm/owner need to have the 7? thank you buddy
Ratboy, does it really bother you that much to be wrong all the time. There are many firms out there that don't require a 7. That is a statement of fact. You can't seem to handle that and start conspiracy thread after thread about how you are right, even though you are not even remotely close to right. I have also stated countless times on this thread that all one has to do to get a list of all the prop firms on the cboe is to actually go to the cboe website. Are you telling me that people are so freaking lazy, that not only do they not want to take the series 7 exam, but they don't even have enough in them to go to a website to do 5 minutes of research? I'm really speechless. One more time, just for ratboy, you do not need a series 7 to get leverage. Now go back to your Ron Paul myspace site and post some more youtube vidoes.
NY_Hood, I have already explained it on this thread at least 5 times. I'll do it one more time. The SEC wants "professional" traders to be treated like "professionals". I know, crazy concept. So in the eyes of the SEC, professional means being registered with an exchange (SRO). The exchanges get to make their own rules since they are self governing. The exchanges also set the margin requirements just like the futures exchanges do as well. So if you become a member of an exchange and join a member firm, you are considered a "professional" trader. If your SRO requires you to have a series 7, then you need to get your series 7. If it does not, then you don't. Simple as that. The SEC has nothing to say about the leverage you get as a "profesional" trader. The SEC also has nothing to say about requiring you to have a series 7. All that is required is what I listed above.