Does any of the pro firm aka Bright, Echo, Genesis, Assent, Benchmarq, Pacific coast allow to trade without having a series 7 exam under your belt. What kind of intra day leverage can be expected under such a setup.
Most firms will let you trade "Retail" with your own money unlicensed. If you trade "Prop", you need a license since you are trading partner's capital. Like any other retail firm you will get 4:1 intraday and 2:1 overnight with min 25K capital. Are you brand new?
Hi Thanx for the reply. I am not really brand new to trading but definitely brand new on ET. I have been day trading retail with IB for more than 2 yrs profitably. I want to expand my horizon and wanted to know if some of this firms can give me a better retail intraday leverage and allow me the use of their software being a retail trader (predatorpro as for Echo and so on for other firms.)
... and what is wrong with taking the series7, specially if you have been trading the markets successfully for over 2 years? Gee, how difficult can that be? You might even be able to take it in chinese if english is not your first language!
Yea you r right in saying whats the big deal in taking the series 7. The only problem is the location where I can appear for one. I am from an asian country and I checked it out on the web to see if series 7 was offered at any place in my country and I dont see it anywhere.
How long Asian exam centers been there? as i remember 3 years ago 8 thais (non-traders) had to travel to US (with a carlin rep) to do their series 7 test, to my surprise 7 out of 8 passed the test although non of them could speak english fluently I'm reading series 7 manual right now, though i have few years trading knowledge i find first 10 chapters (300 pages) are the hardest with many terminologies which are not directly trading related, overall it's not easy test
I disagree. Study chapters 3 & 4 (options and munis) and take a lot of practice tests. If you can nail the questions on those two chapters you'll pass.
I am in the mood to HIJACK this thread! Has anybody "parked" a series 7 at a prop firm lately? I need to hang my license somewhere for a day or two. Feel free to PM me if you do not want to reveal how sleazy you are to your LLC!
The manual that i have options are in chapter 14, 15 and 16 however i find options parts easy I have no dobth that i'll pass it on my first try, but i expected to be lot easier and not requiring like 2 months reading for it I feel something fishy about those 8 thais having no previous trading knowledge and really poor english who passed the test, why they had to travel to US (so much hassle for US embassy visa ), while they could do it in neighboring asian countries?