What is the point of these exams if they have absolutely no help to your actual trading results? The material is completely useless and seems like one big waste of time.
They are required if you wish to trade OPM legally. If you are trading your own bankroll, you need nothing more than a computer, (or a telephone) and your own money. Dig?
You have to understand that you are not joining a prop firm and getting a customer accounts. You are joining a regulated industry and have a higher level of care in your dealing in the industry. As FINRA says, (http://www.finra.org/industry/series57) The Series 57 exam – the Securities Trader Qualification Examination – assesses the competency of an entry-level Securities Trader to perform their job. The exam measures the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a Securities Trader. The exam is not about your ability to be profitable, but understand the rules and regulation so you can't claim you did not know if you break them. I'm a sales person and took the 3, 7 and 63. These exams don't teach me to be a better salesperson. They require me to have a minimum level of understanding.
[QUOTE=" The exam measures the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a Securities Trader. .[/QUOTE] The skills and abilities? Give me a break, you learn nothing of actual trading skills and abilities by learning this material.
What kind of prop firm is it that only allows you to trade your own money? Seems kind of pointless to me, why did you join them if not to get access to the leverage their capital affords you? Point being, you are trading with other peoples money if you're in a prop firm, by definition. Are you having a hard time with the 57? The information in those exams is pretty much seen as necessary but not sufficient to be a successful trader. For example, understanding how options work won't make you a successful options trader, but you can be sure you won't be a competent options trader if you don't understand how they work. If you're struggling with the exam and the concept of displaying basic understanding of the fundamentals of your profession, you have to ask yourself why anyone would be willing to put any of their money at risk under your discretion?