i agree about the value of the 7 . the system is broken & we all have to pay the price for it the 56 was intended to be a universal license to be accepted by multiple exchanges , the main purpose was to have a standarized test for proprietary traders you have some exchanges waiting on this pending approval since last july which may never happen due to the slow wheels of the sec the sec only hurt the traders & the industry with their half baked plan that may never materialize
Also check your pm regarding some additional comments. It's a given that the 7 is more useful than the 56 if someone wants to go beyond the scope of daytrading at a prop. If the CBOE didn't come up with a new exam, then the 7 would have been the default exam for CBSX firms, and that probably would have been a better for everyone in the long haul. The question that hitnrun asked is something many traders also want to know: when will the 56 be accepted by other firms who have different SRO's? Buying power of course is important, but also a double-edged sword. Too much leverage is never a good thing, just ask Lehman and Bear Stearns, lol!
have to agree with Scalper Joe , my thoughts exactly they should have made the series 7 a requirement for all prop traders it would have spared everyone all the money & hassle most traders had to deal with for months the 56 requirement created chaos for everyone & accomplished nothing other then a test for the cboe
Agree with both of you guys, and thanks for the PM's etc. One test, good everywhere, just makes sense. I've asked during one of my interviews "why are you guys, CBOE, using a new exam" - can't divulge the answer, since I said I would maintain some privacy, but let's just say this..."we wanted something different." OK, enough about all this.... take a test, and THEN get with trading. Don
Thanks. Following section 4 of the outline, I got all the rules from the internet and made it into a word document. There are a total of 461 pages. This is worth 50% of the test.
Just thinking that these guys who are in the middle of preparing for the 56 might want to read your words of wisdom. Especially after our PM'. Don
If I read the series 7 guide, would I be able to pass series 56? Is all the stuff covered in series 7 covered in series 56?
I posted here about my experience studying with Pass Perfect and taking the exam. http://www.elitetrader.com/vb/showthread.php?s=&postid=3533243#post3533243
The above link by @jhnovick comes up as an error. Here's the link that works: http://www.elitetrader.com/et/index.php?threads/series56-question.242644/page-2#post-3532885