i have my series 7 license, but i am suspscious about joining some firms that tell me that i dont need to have a license b/c i would be trading there capital. Is this legally true? suppose if i did join a firm that does not require a license, and worst case scenario like tuco trading it was raided and shut down by the SEC. b/c i have a series 7, would they penalize or takeway my license for not being registered? T3 live trading firm says i dont need a license b/c i would be trading there capital and b/c they are a private equity trading hedge fund. so do other investment hedge fund traders in general have licenses?