I want to re-iterate that the preparation of taking it can put you in a mindset that's conducive to trading. The series 7 has little value in making you a sucessful trader. I just like that the formality of taking this test is a partial screen for those impatient traders that can't wait to open an account and trade from the seat of their pants....i'm getting mental images of a guy on the gameshow..."big money, big money, big money, POW!" Obviously if you're a successful trader w/o the series 7 and you had to get it for regulatory reasons, you'd complain about it, but study for it and pass it. You probably wouldn't bitch about it all day and night, education isn't a bad thing.
There are some valid points on both sides, depending on the individual's needs. However, the 55 is not required. And there is total liquidity. I can only speak for registered, exchange member firms of course. And, to be able to give 30 to one or whatever capital usage, the 7 is simply required, no big deal. FWIW, Don