What is the benefit of having a series 7 license. Is it for employment, margin rules, to be considered a professional day trader, Taxes...??? Thanks, Pat
Traderpatmi: The reason traders get the Series 7 license is the following: in order to work for for a professional trading firm (e.g. Echo, Bright, WorldCo, etc.) one needs a Series 7 license, as per a new (and I think much hated) NASD rule. So anyone who wants to start trading by putting on an Armani suite every morning and going to a Pro firm, instead of sitting in their underwear at home, has to go through this torturous regiment of taking the test and get licensed (including answering questions that pry into your private life). A lot of the Series 7 exam tests on things you will never use as a pro trader (e.g. ethics, client relations, municipal bonds, etc., etc.), so I think it's a bunch of b.s. to have to take it, but the powers-that-be require one to do so. Personally, I am still struggling with the decision of going pro vs. continuing to trade privately from home. I bought the Dearborn book ($100), a 1,000-page slammer; it is very well written and well-structured, but overwhelming, because it contains so much information. I appreciate all the hints and tips traders provide on this thread, I've checked some out. www.FreeSeries7.com looks very interesting...anyone out there who has taken the course? If yes, what is your opion / experience / test result etc.?
Following is a link to the FREE "How To Study" audio lesson and the first topic (Equities) of the FreeSeries7.com E-Book Study: http://www.freeseries7.com/EquitiesSample.htm Good luck.
Thanks for the input, thought it had to do with trading for a firm or employment. I have no intention of getting one, doing fine trading from home or office. Good luck with your test. Pat...