Hey everyone, thanks in advance for any help you can offer. Anywho heres the deal. I am currently a junior in high school, 16 years old, and am really interested in trading. I've had a part time job for the past 2 and a half years, and have basically invested every penny I have earned. I started out in mutual funds, creating a well diversified portfolio, about two years ago. About a year ago I began to truly enjoy active trading. I started with individual stocks, dabbled with microcaps, and in the past 6 months have moved to index options. Though I had a tough time at first, I have recovered from my losses, and have learned a ton from what I have done. Basically the reason I came to post here, was because today during school, I was in the councelling office talking to my counsler about college. Basically all of the schools we discussed want a clear passion in each applicant. I truly feel that I have a passion, (read above) and after talking to me, my counsler agreed. The problem we found was how do I express this passion, in a situation were interviews don't exist, essays are created based on universal promts, no investement club etc exists (atleast that I know of, if someone could suggest one that would be awesome) and very few, if any places offer internships to high school students. The counsler knew virtually nothing about investements or the financial workd, so she told me to go home and talk with my parents (who also know very little) about what I could do to express this passion. So far the only thing I can think of is getting a Series 7 liscence, or some other certification, even if I dont use it, and of course an internship. Other than the fact that you have to have work experience what are some of the other requirements for the Series 7 or other certifications? If anyone has a list of requirements for the Series 7, or other certifications, any information about internships (dosen't really matter were, but in a prop shop would be nice since they do active trading) or any other ideas to achieve this, that would awesome. Thanks, Loren
Go to the best University you can, preferably Ivy. Double major in Business and Computer Science. May have to go on for an MBA or other technical degree. This would be ideal. If you want to be a "prop" trader for yourself, just find a decent firm, throw cash at them and off you go. Doesn't leave a lot of room open for other options if you change your mind however..
You need to be working for or affiliated with a NASD firm to be sponsored to take the Series 7. You cannot just go out and take the test.
I never understood why anyone requires a series 7 to trade prop. I have friends at SAC and Millenium and they don't require them. Feels like it's just way to handcuff you.
agree, its all bs, unless your being hired as a employee with a salary. too much nonsense otherwise. no need for daytraders.
NASD way to regulate the industry, just like ABA requires the BAR to practice law. Makes sure you know the products and rules and regulations.
So I guess the Series 7 is out of the question. I am in high school right now, and aside from a miracle I would never get into an ivy league school. Basically the schools I am considering are University of Colorado Leeds School of Business, which according to just about everyone I have talked to is a good school, but its not ranked nationally. (I get instate tuition here and its an awesome campus) And then University of Indiana Kelley School of Business. Its out of state, so tuition is comparable to ivy league (not quite but close) but I would probably get in, and its ranked 3 on undergrad business schools. Obviously going to an ivy league school would be great, but aside from if I cure cancer in the next year, I most likely won't have a chance. So since I can't take a series 7, what are some other ideas as to what I can do to demonstrate my true passion to colleges? Any ideas?
you have time yet.. i guess at 18, you can open a account, maybe a sub-llc structure account or even apply to a few firms as a trainee if you have a passion for trading & if needed get series 7 license only if required for a employment position. their are may opportunities available, you have a head start since you have experience trading your own account, which is unique at your age. keep it going, you have plenty of time to figure out what you want to do in starting a career. your on the right track if the market is your passion.. you have a bright future ahead if you stay focused on what you want, once you complete school, your on your way in finding what is right for you.. the market will be around.. no rush..
First, I doubt you have friends in these places if you don't understand. 15 year ago a prop trader was truly that. Now it is just a fee generator. Just like hedge funds used to be "hedge funds!!!!" Steve is still one of the good guys.
Go to college and get a degree and trade your own account on the side. With a good enough track record, ivy league is not needed.