can someone enlighten me, please. what is the purpose of a series 7 for a prop trader ? are prop shops trading public funds ? it is my understanding that if one is trading private capital, a series 7 is not needed per the SEC. anyone ?? thanks ! surfer
yes, that is possible. a creation of the prop firms instead of the SEC. very interesting. best, surfer
It allows you to trade the firms money as opposed to a private, segregated account. This gives you professional leverage and is one way around the PDT rule.
I personally think the series 7 is a waste of time. It certainly is not a barometer of becoming a successful trader. When you trade in an LLC you are "technically" trading all of the partner's money including your own! I guess it does weed out some of the morons. I suppose it also bonds you since the SEC does a background check and fingerprints you as well. Wanna know a real waste of time, take the Continuing Education Series!I check every answer and have finished in a record 1 1/4 hours. That beat my prior hour and 1/2. ebo
Lets hope he is a CFA or a CFP. These are actually harder than a 7 and require some education! It does not mean he can pick stocks but can at least read a balance sheet. ebo
sure, ebo. i'll take a pHd in math anytime over a CFA or CFP to run my fund. CFA and CFP's are bogus in my opinion. well, maybe not if you are an old lady looking into ira's. LOL ! best, surfer