Well, if I remember correctly, options and munis make up about 60 percent of the test. Since it's multiple choice, randomly picking answers on the rest of the test should get you the extra 10% that you need to pass the test.
Its a great way to get leverage. Customer accounts (no license) typically only get 4:1 leverage and require 25k down. With your series 7 you can get a significant amount of leverage allowing you to risk less of your own capital..Most prop firms will still require a small capital contribution to to the low success rate of traders....
For me it was more of "credit risk" with company offering leverage, otherwise i can find 10-1 leverage with out having series 7 with LLC-sub accounts but i can't claim my money if company goes down someday I am located internationally and If i need to trade $300K account size, i just need $15-30k with pro firms under my account name & my money is safe, compare to puting $75K in retail accounts. However I find S7 quite educational, and isn't bad to have additional qualifications
Guys, can I get leverage larger then 1:4 (1:10 or 1:20) for my 25K account from broker Genesis, Accent, etc. (not prop) if i have series 7 license ??
With a series 7? Of course...many of our traders use a $million or two with $25K. Did I read your question correctly? Don
I used to be interested to take the exam for a couple of reasons: 1- To increase my knowldege 2- to get self satisfaction when I pass 3- To maybe become a full time trader. Then I realized that I need a sponsor to take the exam that I gave up. Now my question is: Does anyone know how I can get sponsored just to take the exam? Note: I have been trading stocks and options for 11 years.
In most cases you have to become a member of a Firm, either by being hired as an employee, or as in our case, joining our LLC. I think some States may sponsor as well. I think Utah may be one of them, not sure of any others. You need to be active in the industry, and keep up on your continuing education as well to keep the license valid. If you decide you need/want leverage and other trading benefits, then you can certainly join the Firm and we'll sponsor you. Don