icemans' IRA trading Journal
- Thread starter iceman1
- Start date
thanks bjd!
a couple months on and off studying, and then I stepped it up during the final week. If you ever decide to take this test here is some advice I was given today from someone I met who had just finished taking a portion of the CFA exam at the same time (he needed a drink worse than me!) and who had taken this test years ago. He said it would behoove a series 7 applicant to take an actual class rather than simply study the written (800 pg) study materials -- as the live class better prepares one for the absurdity of obscure and borderline deceptive questions on this exam that in my opinion test subject matter and set forth scenarios that will rarely if ever be encountered in any aspect of performing one's essential duties as a RR.
A test question asked what was the overall purpose of Rule 144, and gave 4 nebulous answers none of which seemed to actually capture the spirit of what I understood this Rule to be about (and I passed a Bar exam many years ago so I still know a lot more about law and legislative interpretation than the typical series 7 applicant - no matter how bright).
Here is what the actual Rule says is its "intent". None of the following was (IMHO) included in the 4 answers provided. I don't know if I even had said question correct but since I only missed 24 questions - I presume my total "guess" might have been correct. One of the answers (to parapharase) was something like "to notify the market that a large block of stock is being transacted and another was something like to advise the SEC of this transaction".
Preliminary Note to Rule 144
Rule 144 is designed to implement the fundamental purposes of the Act, as expressed in its preamble, To provide full and fair disclosure of the character of the securities sold in interstate commerce and through the mails, and to prevent fraud in the sale thereof * * * The rule is designed to prohibit the creation of public markets in securities of issuers concerning which adequate current information is not available to the public. At the same time, where adequate current information concerning the issuer is available to the public, the rule permits the public sale in ordinary transactions of limited amounts of securities owned by persons controlling, controlled by or under common control with the issuer and by persons who have acquired restricted securities of the issuer.
Quote from optioncoach:
Lot of those misdirection questions on the Series 7, because they have to come up with different ways of asking the same stupid question...
heard you did well- congrats! just noticed the recent average national score is 73%, and only 66% pass this test. So guess it's fair to say 89-90% is bragging-rights territory!
Honestly thought I was so prepared that a 95-100 was doable; but after seeing the frustrating obscure and deceptive questions these guys dream up - that's almost impossible.
had a question today about which stock is entitled to receive additional dividends over stated dividend rate. So immediately I think -- hmmm - must be participating preferred! Nope. Not one of the choices available. They had callable, cumulative and some other b.s. answer choices. I guessed "cumulative" since in some convoluted way the cumulative in a given year succeeding a missed dividend can receive more than it's annual specified rate.
the answer I picked to the above was breakeven is at 25 the day before expiration since the option has not expired yet and all over choices but one were totally off and the other potential and obvious answer (28) asked one to assume they had collected the total of $3 from the put sale -- an assumtion that the question didn't allow you to make since it specifically said "day before expiry". Poorly constructed question that tested zero knowledge of options-- in fact the more experience wiith options the more the question became unanswerable, and required a mere guess not based upon options knowledge that was supposed to be tested on the series7-- but what some nitwit at NASD might have been thinking.
was thinkng of taking the series 4 next but gotta re-think that after yesterday's wild ride!
LMAO
have traded OIL index (OIH) about 20 times since this last post. Made profits on all but 2 trades, and on those losses both times I got impatient and exited rather than averaging and/or just holding the directional bet.
lately I have been straddling the OIH, i.e. last week I'd go long 135/140 calls and then near my target areas I add 170 or 165 Puts. I know there must be an official name for the deep combo ITM strategy such as I just described; is it "guts"? I think so but maybe I need to take the series 4 next time!
LOLLast trade made Friday: +4 May 150 Puts @5.90/+ 2 135c (@ 16.40)
my average profits on these small lot trades on OIH has been $450- $+/-850)
After expiration I am definitely going to post on ET again. I have been journaling in a private Journal since all the posting I was doing online was distracting. Now that the series 7 is out of the way, and I hope to start some successful prop/haircut trading in a week or so I intend to post more when able.
Have a good weekend/holiday(s)
Quote from iceman1:
have traded OIL index (OIH) about 20 times since this last post. Made profits on all but 2 trades, and on those losses both times I got impatient and exited rather than averaging and/or just holding the directional bet.
lately I have been straddling the OIH, i.e. last week I'd go long 135/140 calls and then near my target areas I add 170 or 165 Puts. I know there must be an official name for the deep combo ITM strategy such as I just described; is it "guts"? I think so but maybe I need to take the series 4 next time!
Last trade made Friday: +4 May 150 Puts @5.90/+ 2 135c (@ 16.40)
my average profits on these small lot trades on OIH has been $450- $+/-850)
After expiration I am definitely going to post on ET again. I have been journaling in a private Journal since all the posting I was doing online was distracting. Now that the series 7 is out of the way, and I hope to start some successful prop/haircut trading in a week or less I intend to post more when able.
Have a good weekend/holiday(s)
Good grief, sir. The original OIH trade bombed, yet now you have made the same trade 20 times over and it worked? Where were the real time posts for these trades, or is this once again reverting to Iceman's "cherry picked" winners and "long forgotten" losers. Perhaps your efforts are best served in leading the crusade against the Patten Day Trading rule. Good day sir.
see Baron
this is why guys like me don't bother posting on here as much anymore - (the best site on the NET b.t.w) with all the screwballs like this guy. The problem with online communication is it attracts too many borderline-psychotics or very insecure people and others who somehow project their own issues and anger etc. onto others. They somehow get off challenging things they read while at the same time contributing absolutely SQUAT to the message board or forum they are registered on! The saddest part is guys like me and others have to tolerate this from nitwits IF we chose to participate on sites like ET. Its the sign of the times. If someone has nothing good to say nowadays they STILL say it rather than keeping their mouth and thoughts to themselves so everyone doesn't know what a fool they really are!
I wouldn't be surprised if this nutcake "jackbyrd" isn't that BANNED stalker who used to go by the pseudonym "riskarb". But maybe not; maybe he is just another in a long line of message board psychos who come on public message boards for no meaningful purpose other relieving their self-hate by anonymously being afforded an opportunity to get their rocks off at others' expense, without fear of having their teeth knocked out by any other poster who has to read their rude crap, like could happen in real life!
over and out!