Are there professional trading firms that concentrate on e-minis and what license do you need to work for one of them? Thanks ~EC
http://www.elitetrader.com/vb/showthread.php?threadid=10239 "Unlike professional equities trading, which requires a series 7 exam, there are NO licensing requirements for professional futures trading."
might need a license for SSF's maybe I am wrong on this and its only for those selling their services like brokers ...
If you are just trading your own or your firms money there is no need to be a registered CTA. In whose eyes would you be improving your credibility? The prop firm owner's? You don't have any clients to impress. To register as a CTA takes $1100 per year CFTC and NFA membership dues and the Series 3 exam. The Series 3 is on a par with the Series 7 -- a little bit easier, I thought. It's not too bad but it'll take some study. It's easier than the bar exam but harder than the DMV drivers test.
I remember it to be just the opposite. Granted neither test was very hard and it's been a long time since I took them but I seem to remember many more bullshit Rules & Reg questions on the 7. The 3 was light on the rules but heavy on spread and basis questions. For some real fun take the Series 4, Registered Option Principal. It was all "Iron Butterflies" and "Inverted Condors" and enough multi-legged Back/Forward/Basis and Volatility Spreads to make Steven Hawking choke. Dr. Zhivodka
the series 3 was a joke. i took it awhile ago but it takes about 1/3 of the time to complete vs. the series 7. its possible to get a 100% on the 3 but difficult on the 7 simply because its so long. its very difficult to fail the 3. can study a few days and pass.