Any need to get a Series 3?

[tanp21]

I am looking for a career change and I recently have gotten my Series 3 license.
I am now wondering if this helps me at all.

I would like to trade Futures full-time at a true proprietary Shop, no capital commitment, in NYC or at a i-bank, hedge fund, as a entry level person, Jr. Trader, ect. however I feel my options are very limited.

Does anyone have a similar experience? I am still relatively young, 28 and would love to know if I am not knocking on the right doors.

If you are having a similar problem or any creative advice please advise.

Regards,
Tanp21

 

[SumJurk]

Quote from tanp21:

I am looking for a career change and I recently have gotten my Series 3 license.
I am now wondering if this helps me at all.

Probably not going to help you much, and unless you're going to be a broker, I don't believe it's required to trade.

I would like to trade Futures full-time at a true proprietary Shop, no capital commitment, in NYC or at a i-bank, hedge fund, as a entry level person, Jr. Trader, ect. however I feel my options are very limited.

Just keep in mind these shops aren't in the business to lose money. If they're going to put up the cash, they're going to want a nice cut of the profits. (if there are any)

Does anyone have a similar experience? I am still relatively young, 28 and would love to know if I am not knocking on the right doors.

I was a stockbroker once (series 7), the license was useless really. And working for a firm was a joke. They handed me a phone book and said start cold calling, and tell everybody how great you are. Then, they wanted 70% of any commission I generated.

If you are having a similar problem or any creative advice please advise.

Probably, the best thing you can do is save up, or borrow a trading stake, and go it on your own.

Good Luck...

 

[waggie945]

I have a Series 3 and a Series 7.

Unless you are dealing with the public in a sales capacity, are a broker on an Equity Derivatives desk, or are a CTA managing money, it probably does not do you much good to have a Series 3.

One more note:

While a Series 7 needs to be registered with a broker/dealer in order to stay current, you can register with the NFA ( just register, not become a member ) as a CTA for $100 annually and that will keep your Series 3 intact.