PDT Rule & Prop Firms

Quote from supersizeit:

In regards to the Series 7 Exam, a friend of mine who has an MBA and worked as a Smith Barney financial analyst said it was the hardest test she has ever taken. My brother in law, who has a Harvard MBA, said it was tough but nothing you can’t pass if you know the material. Despite this, national statistics show that only 66% of first-time test takers pass and the national average score (over the last 6 months) is 73%.

So I had some idea of what I was facing. I used the Dearborn CD and the "Smart 7" web program so that I could have two sources of information to compare and rely on. Yesterday, on Saint Patrick’s Day, I sat for this long and grueling 6-hour exam....

I am proud to say that yours truly not only passed on the first try but also received a very respectable score of 90%. :)

Now I know that this whole test is practically useless and pointless in terms of applying any of its content to what I will be actually doing as a prop trader...

... but if taking and passing it gets me that huge leverage I could not otherwise get in a retail firm and it gives me more regulatory and legal protection in some sense (NASD member)... then it was completely worth all the effort and time I put into it.

How long did you study for...

Where is a web link to online site you mentioned...

thanks...
 
Quote from EdgeHunter:

How long did you study for...

Where is a web link to online site you mentioned...

thanks...


Free Smart 7 trial here...

http://www.passperfect.com/

Study was roughly 180-200 hours over a 3 month time period.


Use at least 2 sources for your information because I found that even though Smart 7 was good prep...it still was not as comprehensive and intense as the Dearborn CD and manual....

Yet... Dearborn did not cover some material that Smart 7 did and vica versa...

Go figure ehhh?
 
The Series 7 is a true PAIN in the ASS!
Don't take this exam for granted.

I passed with a 90 on my first try, but you need to review, and review, and review with practice exams and the review courses.
 
Quote from timcar:

The reason Tuco is in trouble is the guy used traders capital to pay for Tuco operating expenses and use traders money to cover other traders losses the B/D knew this and in turn action was taken. O.K.


Yep.
 
Quote from Landis82:

The Series 7 is a true PAIN in the ASS!
Don't take this exam for granted.

I passed with a 90 on my first try, but you need to review, and review, and review with practice exams and the review courses.

They have a 5 day cram course, seems to work for most. And remember, this exam was passed by every stockbroker .. how tough can it really be, LOL. (Just kidding to my stockbroker friends, LOL).

Don
 
Quote from Warrior4g:

not all LLC's are requiring a license. if structured properly,there are ways around it which are 100% legal.

They all say they are legal until the SEC shows up at the door. :)
 
Quote from Warrior4g:

not all LLC's are requiring a license. if structured properly,there are ways around it which are 100% legal.

really would like to explain this a little bit more????
 
i'm guess the llc has to be registered with the exchange and so do the traders? can a trader be registered and not licensed? or you reduce the payout from 100% to 95% ? combine all the deposits as a hedge fund?
 
Quote from Warrior4g:

i'm guess the llc has to be registered with the exchange and so do the traders? can a trader be registered and not licensed? or you reduce the payout from 100% to 95% ? combine all the deposits as a hedge fund?

That's one of the problems with some of these LLC's..."combining all the deposits" - FASB150 accounting rule stopped that a couple of years back.

Most exchanges (soon to be all I'm told) require the Series 7. Not a big deal, don't see all the fuss over it.

Don
 
Back
Top