Please forgive my lack of knowledge, but I'm just hoping someone can clarify what a Prop Firm is. Is it when you trade with the money of the Prop Firm, and they pay you a percentage of the profits? Also, as someone from Australia, do you know if you have to be a US citizen and/or resident to be employed by a Prop Firm? Can you trade from home or do you have to trade from their offices?
A "prop" firm or "professional, proprietary" firm is where the traders are all licensed and registered, and thus have different standards (both of benefit and responsibility). You are not limited by simple margin, you can use the firm's capital to trade with (most often with just a little of your own at risk), your costs are generally lower, you don't have to worry about your orders being routed through a broker (as they are with retail firms).....you can check out some more details ar our site, or Leiber and Weisman, or a handful of others. We have traders in other countries, each has different rules, and our Compliance Officer would be glad to check it out for you. Hope this helps....
Don in regards to remote trading thru a prop firm can the series 7 be sat outside the US do you know??
Read this article I wrote http://www.daytradersusa.com/tharp.html it should answer quite a few of your questions No you don't have to be a US citizen. There are professional firms that will allow you to trade at home. Proprietary firm will not (why would they have their money at risk and not be able to watch /teach you one on one? ) Robert
no sure what you mean by Sat outside US? Is that a typo? If you mean taken outside the US than yes. Robert
LOL...cheers Robert thats what i meant.. down under term, we sit exams not take em....colonial i guess. San Diego WHO??? Chargers Sorry man could'nt resist
There are a few cities outside the US where you can take a Series 7 test. Definitely London, another city in Europe on the continent. I'm not sure about exact locations in Asia, etc.