Can someone please explain why I need a series 62,63 to trade with a prop trading firm as a "professional" day trader, when it seems like I can day trade just the same with a basic ameritrade account etc...The trading firms are still going to make me responsibile for my own losses. So, why would I need licenses? Anyone have any input on the subject??
You are technically trading other partner's money, as well as your own, in an L.L.C.. Therfore you need to be licensed. Open a "Retail" account at a Prop firm and be responsible for 100% of your own P&L without the license. Several firms offer you this choice. If 4:1 BP is enough then you do not need PROP.