I have been trading at ETrade Professional for about a year now and they gave us Series 7 study information today and said that we had a month and a half to study before taking the test. They "can't tell us why." Seems a little odd to me. anyone have a similar expreience? or any clue as to why they could be doing this?
Does one need a Series 7 to trade at a prop firm?
- Thread starter HBaLLz3SiX
- Start date
Depends on the firm. Its a bs technicality. Makes the firm appear to be on the up and up. Actually, the only reason you need a series 7 is if you are advising clients ie a broker. it has nothing to do with trading whatsoever.
Your firm wont care though. Enjoy the read, is it about 800 pages of material?
Your firm wont care though. Enjoy the read, is it about 800 pages of material?
sure looks like it, the book's enormous, no one advises any clients here, we all trade our own money, not really looking forward to this 
areyoukidding,
You obviously don't know what the hell you are talking about, so why are you writing a post as if you are an authority on the subject?
If you are trading a firms own account or money you have to be licensed. If you are trading a retail account you don't need to be licensed. If you are trading in a Etrade office they are probably just being overly and uneccesarily cautious in regards to compliance etc. It is a huge corporation so this was probably a suggestion from their legal department. If one of the retail traders in the office does some illegal trading, Etrade can say that the trader has a series 7 and he should have known better and it relieves Etrade somewhat from their responsibility of overseeing the trader's accounts.
No, you don't need a license to trade a firms account or money. Why would you?
edit: (sounds like they might be 'ditching' you guys)
edit: (sounds like they might be 'ditching' you guys)