Hi, I've been laid off for about 8 months and have been day trading for a couple of months. I'm slightly profitable but don't feel like I've quite turned the corner to consistent profitable competence yet, but I'm getting better I think. I'm getting pressure to find a job. I saw an ad for a trader position. It requires Series 7 license. Should I take this test and apply for the job? It'd be great to trade other people's money and work for an institution and maybe learn some thing along the way. But if I get licensed, what kind of restrictions do I have? I'll have to pay a premium for tools and data right? So why get series 7 if only just for this kind of job. How long typically does it take to get? Is it better just to trade for yourself even though it lengthens the initial learning curve? Thanks.
The 7 would take you about a month or 2 to study for. DO NOT (actually you can't) get the 7 before being accepted by a firm. A firm has to sponsor you to take the test. Why don't you interview with the firm and see what they offer? An ad in a newspaper can't be very specific. This way you can weigh the drawbacks and benefits to see if it will fit you. Call them up and explore your options. You can declare retail status even if you have a Series 7 that isn't currently active. A 7 license will expire if it isn't held with a NASD firms after 2 years so you aren't be held to anything if you change your mind. Robert