pro's and con's of series 7

NY_HOOD · Mar 13, 2008

what are the pro's and cons of becoming licensed? if you are licensed,you cannot open a retail account with fidelity or e-trade?

gimp570 · Mar 13, 2008

wiesman02 · Mar 13, 2008

Quote from NY_HOOD:

what are the pro's and cons of becoming licensed? if you are licensed,you cannot open a retail account with fidelity or e-trade?

why would u want to open an account w/ either of those 2 brokers anyway ?

NY_HOOD · Mar 13, 2008

i don't and never would. i was just using them as an example since they are retail.

NY_HOOD · Mar 13, 2008

whats the benefit from a trader's perspective of being licensed?

timmyz · Mar 13, 2008

the series 7 is a complete waste of time. the securities industry created the series 7 to make money and generate the illusion of regulation.

NY_HOOD · Mar 13, 2008

but why would a "trader" want a series 7? i can see how a broker would;he needs one, but a trader?

overspool · Mar 13, 2008

I think everyone in the industry should have to take it. I learned more from studying for that test than anything I can recall.

NY_HOOD · Mar 13, 2008

and tell me how that exam made you a better trader ? what part of the exam covers how the specialist is selling more than he is showing?

overspool · Mar 13, 2008

Quote from NY_HOOD:

and tell me how that exam made you a better trader ? what part of the exam covers how the specialist is selling more than he is showing?

Its a general securities test, it doesn't claim to teach you to trade. To clarify -- starting off, I think everyone should take it. So while it does not teach you about head fakes, it teaches you what a specialist is and what they do.