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Bryan Roberts, This is America. Why were you threatened? I find this very strange to say the least. Unless you are posting obviously false information, you should be allowed to voice your opinion. Bryan, you are welcome to send me an e-mail in confidence if you would like. I feel very...

Vinny, I think it would be best if you contacted one of the tax professionals I have listed in my last reply who are familiar with the current L.L.C. tax guidelines. It's my policy not to comment on L.L.C./L.L.P. partnership taxes since this is not my area of expertise. I would...

This is an interesting topic, but I am not a tax expert. The way Lieber & Weissman Sec., L.L.C. is set up, you are taxed as ordinary income and each L.L.C.. member gets a K-1 L.L.C. partnership tax form at the end of the year. Lieber & Weissman , L.L.C. is audited yearly according to PHLX and...

This is an interesting topic, but I am not a tax expert. The way Lieber & Weissman Sec., L.L.C. is set up, you are taxed as ordinary income and each L.L.C.. member gets a K-1 L.L.C. partnership tax form at the end of the year. Lieber & Weissman , L.L.C. is audited yearly according to PHLX...

Hitman, I would agree with you that commissions are an important part of trading, but not the only factor in a traders success. If I give a trader a .01 a cent rate and they can't make money , they probably won't make money at 3/4 of a cent. Most traders who complain only about...

You may not agree with everything Don Bright says, but he tells it like it is and is a fine trader. I think one point is well made. If you are representing a commericial interest or firm, it should be disclosed on the board. I never use as assumed name and either does Don Bright in any...

Alltech founded by Harvey Houtkin has closed all retail operations and is now a proprietary firm called Domestic Securities. Alltech's change from retail to proprietary trading shows me that the retail direct access market is changing for many reasons including lower commissions , tough...

Try the CD ROM..It's just like the Proctor Testing center test. You can take the test as often as possible on your PC. Moral of the story, get a 70 and you won't have to worry again. Gene

MJT, Most of our traders at our firm have a least 2 years brokerage, floor trading or off floor trading experience before they take the Series 7. 30 hours would be the minimum amount I would suggest. 30 hours is two hours of study a day for two weeks, which is plenty if you...

The Series 7 General Securities Representative is given by the Procter Testing Centers after the candidate is sponsored by a brokerage, insurance company or finance company. The test consists of 250 questions-multiple choice. Alot of the information on the test you may never use , however , to...

Just a note on my last reply. Usually the trader who makes the error reports the trade to his introducing Broker and the introducing brokers clearing firm submits a request to ISLD to break the trade. ISLAND decides if the trade will be broken. If the BID-ASK spread on stock XYZ is 5-5.25 and...

The ISLAND ECN , Selectnet and other exchanges may break trades that are out side the Bid-Ask spread and entered by traders in error. Usually on the Island ECN, these are trades entered by a trader $1.00 above or below the Bid-Ask spread in error. If you do enter a trade...

Roger, I gave $25,000 and the reason as an example. If shorting were restricted, look for greater regulatory control, restrictions for shorting in foreign accounts , customer accounts , more disclosure for corp. accounts etc. . I would agree with...

Shorting stock is a strategy that is vital to professional traders,arbitrage firms, hedge funds. Short stock also produces income for clearing firms. Option Market Makers would not be in business if "Short" rules were too restrictive. In reality, "Short" postions are a...

First New York Securities was one of the original proprietary trading firms. They were in business before direct access software and used Floor Brokers to execute orders. They back traders with firm capital and pay out a percentage of profits. I don't comment on other firms. Before signing up...

FIX(Financial Information Exchange) is a messaging standard that facilitates execution of securities electronically. FIX is often used by program traders , since it would be impossible to Buy & SELL 100 stocks at once, a program in C++ or Visual Basic will send orders to NASDAQ...

Fohat, I think there is a misconception about the difference beween the two different types of firms that offer short term trading. The two different types of firms were discussed in the SEC study Report of Examinations of Day-Trading Broker-Dealers on Feb. 25,2000...

We will let traders take out all capital in an emergency. SRO's do not want money coming in and out of L.L.C.'s like customer accounts. If a trader can't make a $25,000 capital contribution to an L.L.C. for a year, he/she is probably not a professional trader. Our...

With EDAT software, you select the route you want. SLK does make markets in many NYSE stocks, however order flow goes through the DOT and is treated like all other orders from any clearing firm. I doubt the NYSE specialist cares who the clearing firm for the order is...