Yep, I agree with most here that the S7 is completely useless if you don't need to take it. I can't imagine wanting to take the exam if you don't have to. It is merely a general knowledge exam.
This is by far the best internet forum I have participated in on any topic. I want to thank all of you for taking the time to respond to my question about Series 7 sponsorship. I've been training and trading for a couple of years and have found it extremely difficult meet and converse with traders. I just don't know any. EliteTrader.com must be the finest source of trading lore and tradition on the internet. I joined yesterday, posted one novice-like question and got a response from Don Bright. That's amazing! Thank you Don. My fading desire to take the S7 comes from a couple of things. I have an interest in fundamental analysis. there are still a lot of market concepts I don't know yet and the S7 could give me that kind of foundation. In my past experiences, professional title is often as important as actually knowing how to do the job. I know this isn't true with trading but, what can I say. I'm a certification junkie. Microsoft, Novell, etc. ELVISONMARGIN was helpful with the idea of state sponsorship. I'd like to learn more about that. those exchange fees sound nasty though. BORN2TRADE busts my chops. I guess I do want the prestige of having a stock broker license. But for me, It's more like When my bud says "Hey nine, Wudja do last month?" I say, "Look man, I became a stockbroker last month." Q: To the Board: I am a small time, up and coming trader. How does the PDT rule of 9/28/01 restrict traders? How will I encounter it in my trading? MJT and THETRADERPROFIT: I have the arco and the barron's S7 exam books. The ARCO book comes with a good CD-ROM of exams. I don't think I want to pay exchange fees either. Nothing like trying to respond to an entire thread....... Anyway, Thank You all. I think I'll stick to the practice exams. So, now I'm looking for something new to study. Have any of you read " The burden of consciousness" by George Soros? Is it in print? Is it relevant to trading? Have any of you worked with his "Theory of Reflexivity". It's Rad. It's something like: History doesn't go from event to event to event. It is always filtered by the perception of it's observers. So, it's more like event perception of event event perception of event event perception of event In the book he tests the variations of this theory on the stock and currency markets. I'm pretty sure his theory works. His book is called The Alchemy of Finance Get it on CD from Wiley Audio.
Simply amazing how much this man is held in regard here on Elite Trader! Several posters gave you relevant answers way before Don. It had to to take a pronouncement from him to validate what had already been told to you. I bet you must be giddy with excitement to have received a response from the great one! Anyway, welcome to Elite Trader, there is so much to learn.
Start your education today!!! the exchange aurgument is BS!!!! how much are you going to pay a quote provider??? probably $400 dollars a month if you want something decent. my prop firm has excellent quotes/charts/spreads blah blah blah all for only $200 a month, exchange fees included. plus if you trade x amount of shares, part or all of that is refunded. as far as prestige goes, i'd rather have the money!!! i was a stockbroker at one time, i try not to think about it. don't even get me started on soros. here's one of his formula's: First sell one's soul. secondly, get backing from imf/world bank, then raid third world country's currency....watch people starve. then pretend that your some philanthropist and write a book over everyone's head about perception. lastly, laugh in darkness while counting blood money. rinse repeat. i know this post is going to offend you but just remember these words after your guru's fail you.
"Series 7 is useless for trading" Why prop firms ( worldco, echo, bright ) require S7 to trade with them? Is it another stupid regulation ( like uptick rule) ?
Yes, prop firms are required by the SEC to have licensed traders. Yes, it probably is stupid. Sorosisgod, the test doesn't teach you didley about fundamental analysis. Its almost completely about gov't regs, options and bonds. Half the traders (at least) don't even remember most of what's on the S7.
I was a stock broker years ago. The 7 has nothing to do with trading. It mostly concerns compliance. If you want to think like a broker then you will be a salesman, or a money-gatherer. You will learn nothing that will help you with trading regardless of the time frame. Try www.QCWelcome.com. They will sponsor you, let you open an office, give you support, etc. Just remember...
For anyone still interested, try www.bisyseducation.com for information on where and when to take classes for the S7.
I would like to have an update on this old thread. I would like to take the series 7 and am not employed with a securities firm. I have looked around a bit for state sponsorship (in WA and OR) but cannot find any hard info - just vague references. If you know of a direct link - could you please post it. Thanks.