Series 7

Discussion in 'Prop Firms' started by mrbud, Jul 27, 2001.

  1. mrbud


    O.K. guys. I know I have to open an acct. with Echo. Iv'e been day trading for a few years but never needed a series 7. How do I get it, and how long does it usually take? Thanks in advance, Bud
  2. Hitman


    The firm will sponsor it. It is a pure cram exam and study you will pass. One good book will do, your sponsor will have some recommendations.

    It took me 2 and 1/2 weeks, good luck :)
  3. m_c_a98


    The test is long and boring and takes about 6 hours or less depending on the individual.
    When I took it my employer gave me study materials from this guy:

  4. m_c_a98


    actually, maybe its not 6hours but I know it felt like it.
  5. mjt


    BTW the other major step to opening an account with Echo is their application. rtharp says it's like 500 pages. Anyone know how much time is involved?
  6. mrbud


    Thanks, appreciate the quick response guys.
  7. As for the Series 7, I don't know why anyone would be frightened of this. It is a straightforward test, if you read the materials, you will pass. I studied for a week and a half, the test itself took me 3 and a half hours to complete, I got an 84. It takes a score of 70 or better to pass.

    They ask questions like what is a bond, what is an option, stuff that is good to know anyways, and sorry, but if you do this full-time you are doing yourself a huge disservice not knowing this stuff.

    As far as Echo's paperwork (I trade remote with them), it is about 100 pages, divided into 10 sections. If you get the paperwork sent to you from Lieber, Hold, any of the 13 professional firms, it all looks the same. So much so that I think they all copied each other.

    Professional firms are always under massive regulatory scrutiny, so they have a bunch of forms that make sure you understand that you are circumventing Regulation T which is how you get greater leverage than at non-pro firms.

  8. Any one of you knowledgeable gentlemen have an opinion on acquiring used study materials. Am I askin’ for trouble? Is the material time sensitive?
  9. The material is time sensitive. Don't try to save a few bucks by having out of date material.

    Don't forget questions like.

    Can a registered rep do this.....?? ......... (usually no)
    Can the SEC do this......?......... (usually yes)

    #10     Jul 31, 2001