that sucks. how long is the wait till the 3rd time around/
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Series 56 - LOL Thread
- Thread starter ksmetana
- Start date
that sucks. how long is the wait till the 3rd time around/
anyone looking to buy the pass perfect S56 material? i'm looking to unload it in NYC.
http://newyork.craigslist.org/brk/bks/4187375209.html
http://newyork.craigslist.org/brk/bks/4187375209.html
Hey fellow test takers, just wanted to let you guys know i passed with a 70 my third time. my first was 60, 2nd 69, 3rd 70.
i'm very glad i passed i just wished i scored a little higher seeing that i studied so hard, and if i failed by a point again i'd smash the computer screen.
Looking back, the test isn't too hard if you study for it. although, i put a ridiculous amount of study time in and barely made it out alive.
the pass perfect, exam facts 56, and cboe study material i used it all. i even went on quizlet and stuidied some flash cards people posted on there. The pass perfect was the best material, and covered i'd say 80%-85% of the test. About 10 questions is almost word for word from the pass perfect.
When studying, place close detail to every word, not much math was on the test.
if anyone needs help e-mail me your questions and i'll be glad to help seeing that i went through such trouble passing.
thanks to everyone on here for contributing!
i'm very glad i passed i just wished i scored a little higher seeing that i studied so hard, and if i failed by a point again i'd smash the computer screen.
Looking back, the test isn't too hard if you study for it. although, i put a ridiculous amount of study time in and barely made it out alive.
the pass perfect, exam facts 56, and cboe study material i used it all. i even went on quizlet and stuidied some flash cards people posted on there. The pass perfect was the best material, and covered i'd say 80%-85% of the test. About 10 questions is almost word for word from the pass perfect.
When studying, place close detail to every word, not much math was on the test.
if anyone needs help e-mail me your questions and i'll be glad to help seeing that i went through such trouble passing.
thanks to everyone on here for contributing!
Quote from tannenj:
anyone looking to buy the pass perfect S56 material? i'm looking to unload it in NYC.
http://newyork.craigslist.org/brk/bks/4187375209.html
Here is the thing:
None of these exams will make you a good trader.
40 to 50 hours to study for something that won't help you?
Hmm......what DOES the exam do?
1. Puts money in the pockets of the test taking industry, all facets.
2. Exposes you to all kinds of potential rule breaking as a licensed entity, with commensurate penalties.
I am not saying it doesn't look necessary. As I have a Series 7 and 63 (acquired 15 years ago). However what I have learned since then is that they are completely unnecessary to trading success.
How many of you have ever thought of taking the 50 or so hours you will spend on this exam, hoping to legitimize yourself and your trading, and spent that on developing a trading system AND developing the psychological skills necessary to succeed in this endeavor? My assumption is probably less than 1%.
You don't really need the leverage of a licensed firm to succeed. All you really need is an profitable track record, and in the beginning a profitable small retail account will do. From there you can acquire more capital and you don't need licenses.
This industry, for the most part, is 99% fluff. While there are a select few profitable traders, most of the money is made by relatively few entities, and most of the money comes from secondary sources (read: the exams, fees, litigation etc that surrounds actual trading). The industry, however, relies on new unskilled risk takers coming in (to lose their money in hard dollars and fees) in order to survive. It relies on it at the individual level and at the institutional level. And all the information that circulates around the industry is designed to keep this status quo, its completely necessary for the industry to survive.
I rely on your lost dollars to make mine. Your pain, anguish, frustration all factor in to profit for traders like me.
I would ask serious questions about the use of your own time. If you feel like 40 or 50 hours isn't important than you have been fooled. Money is essentially worthless compared to time, and if you understand how money works, it's more worthless each day moving forward.
I would never take another licensing exam again for this industry, period. If I had to start trading today and it was required just to get prop leverage, I would open up a retail account, widen my parameters, and demonstrate profitability in that area.
I was lucky. I took the series 7 after studying for a few days, got no less than 90% in every area, and moved on. Still, I regret having to take that. Even learning about the rules of compliance, ethical practices is ridiculous. Its a form of control, to control the individual entity. If you notice, most of the large firms in this industry eventually show that they do not follow these same rules you are learning for your test.
The test will not measure your ability to design and follow a profitable trading system. Isn't profitability your goal, probably your reason for entering into this business in the first place? So that's the first clue. The certification is there for 1. control (of you and your actions, to make you liable for things and 2. to actually get you away from the significant aspects of trading.
So, obviously, my advice is do not bother with trading entities that require you to take these ridiculous exams just to give your the chance to risk your time and capital. It is a complete scam. Spend your time developing the aspects of real trading that will make a direct contribution to your success. Series 7, 63, 56, 55, 3 ... all worthless in real terms.
Licensing exams are meant to put money in the pockets of agencies that need it. They're not meant to help you trade but rather to create burdens to entry for small guys.
The way the big players see it, you are an easy target. All they need to do is lobby to get one line into the law that says you have to have a license and that puts tens of millions into their pockets.
They claim the licenses are to protect consumers but I would argue that the people they harm the most are the small independent trader who gets the short end of the stick.
In this case, the added expense for the trader to prepare and take the exam (excess of $1000 usually) plus the oversight and administration costs literally doubled maybe tripled the costs for entry-level or part-time traders.
It's like I said on another post, as long as the people are willing to accept it, taking a shit will require a license soon enough. The terroritory we are approaching where every aspect of everyone's life is regulated, licensed and charged fees is going to end up destroying the U.S. from within.
The way the big players see it, you are an easy target. All they need to do is lobby to get one line into the law that says you have to have a license and that puts tens of millions into their pockets.
They claim the licenses are to protect consumers but I would argue that the people they harm the most are the small independent trader who gets the short end of the stick.
In this case, the added expense for the trader to prepare and take the exam (excess of $1000 usually) plus the oversight and administration costs literally doubled maybe tripled the costs for entry-level or part-time traders.
It's like I said on another post, as long as the people are willing to accept it, taking a shit will require a license soon enough. The terroritory we are approaching where every aspect of everyone's life is regulated, licensed and charged fees is going to end up destroying the U.S. from within.
First off, I think many of you may assume that I will defend or support the need for licensing (since it is a requirement to have a 7 or a 56 to trade with Bright).... I do not....
Think about it, if we could let anyone trade, no license... we would have a much easier process to grow the Firm. We never had to have licenses when we were on the trading floor(s), and Bright didn't require a license until forced to do so in about 2001....when people were getting shot in "daytrading" offices.
There was an attempt to segregate "professional" from "retail" traders for a few reasons, none of which I particularly agreed with. Our traders do get the benefit from leverage, rebates, and lower costs for many (not all, hold your emails, LOL).....
I have always maintained that if you have $500K or more, it "may" make better sense to trade retail. I have several traders with much more than that who have stayed for other reasons obviously.
And, if you think it's easy on us, think again. We are at the mercy of so many regulations and compliance issues, it makes my head scream at times.
We've adopted a "it is what it is" attitude, pay a wonderful Compliance Officer, do our best to conform to whatever we're asked to do, and for over 20 years have maintained a group of great traders. And, after all, 50 hours of study? Not exactly the bar exam, the CPA exam (which I had to take in my early life, LOL), or many other exams.
Just my opinion guys,
Don (my personal opinion, not reflecting official viewpoints of Bright Trading or any of it's affiliates).
Think about it, if we could let anyone trade, no license... we would have a much easier process to grow the Firm. We never had to have licenses when we were on the trading floor(s), and Bright didn't require a license until forced to do so in about 2001....when people were getting shot in "daytrading" offices.
There was an attempt to segregate "professional" from "retail" traders for a few reasons, none of which I particularly agreed with. Our traders do get the benefit from leverage, rebates, and lower costs for many (not all, hold your emails, LOL).....
I have always maintained that if you have $500K or more, it "may" make better sense to trade retail. I have several traders with much more than that who have stayed for other reasons obviously.
And, if you think it's easy on us, think again. We are at the mercy of so many regulations and compliance issues, it makes my head scream at times.
We've adopted a "it is what it is" attitude, pay a wonderful Compliance Officer, do our best to conform to whatever we're asked to do, and for over 20 years have maintained a group of great traders. And, after all, 50 hours of study? Not exactly the bar exam, the CPA exam (which I had to take in my early life, LOL), or many other exams.
Just my opinion guys,
Don (my personal opinion, not reflecting official viewpoints of Bright Trading or any of it's affiliates).
Don, you guys all that you can do and your reputations speaks for itself. The compliance issue is not limited to trading, even pizza shops have to comply with absurd rules and regulations that destroy opportunities for those need it most and create massive burdens to entry for those willing to risk capital - whether it be a storefront, investment, a new home, or anything of that nature. Everyone in America is at the mercy of special-interest groups at this point. I'm sure I speak for everyone when I say I appreciate the honesty and integrity.
Like I said, all these barriers for the common man to get a small opportunity are diving America into the haves and have-nots. It will eventually destroy this country from within. Just hit up the political section of the board and read about how much trouble anyone with an honest business has keeping up. It makes you sympathize with lots of them.
I really don't see the trading licenses as an exception to the rule. Who doesn't need a license? In NYC, homeless people need a license to ask for spare change and then we wonder why unemployment is high and we have problems with the homeless.
At some point, logic is going to need to enter the equation; Hopefully, before it is too late.
Like I said, all these barriers for the common man to get a small opportunity are diving America into the haves and have-nots. It will eventually destroy this country from within. Just hit up the political section of the board and read about how much trouble anyone with an honest business has keeping up. It makes you sympathize with lots of them.
I really don't see the trading licenses as an exception to the rule. Who doesn't need a license? In NYC, homeless people need a license to ask for spare change and then we wonder why unemployment is high and we have problems with the homeless.
At some point, logic is going to need to enter the equation; Hopefully, before it is too late.
Compare the profit / loss opportunities and the burden of legitimization through licensing in trading to ...let's say....poker play.
From doing both I can tell you which one wins...hands down. Period.
There is nothing like having total control of your financial liquidity. As a small trader, you have near zero control and you still aren't liquid (especially at a prop firm). As a poker player, small or large player, you have almost total control of your financial liquidity, and there are really no licensing fees or bs like that. If you are good or want to be good, there are few large barriers to entry. The main barriers are not necessarily capital, but lifestyle changes and money management rules that allow you time to succeed, kinda like trading.
In my opinion, this is the real reason why online poker got shut down in the US a few years ago, there were no governmental hands making fees off of it, and the players themselves were profiting from it (despite the nefarious accusations to many players involved).
Online poker is making a comeback in the US, but it's much more REGULATED now. See the pattern? The big entities in the US (read: Banks) HATED the old online poker play because they coudln't have a riskless piece of the action. Now that they shut it down for a few years, they have brought it back with the similar oversight and regulations that are killing the trading horizon from what it once was.
Still, I believe heads up play is the purest way to make money without regulation, I bet it's coming, but right now still gratifying to play good poker and you also have total liquidity control. You really cannot say that for any other probable risk profession. Plus you meet a lot of interesting people, face to face.
Just some thoughts.....I know this site and post thread are supposed to be about licensing and trading but poker is very very similar in many ways.
From doing both I can tell you which one wins...hands down. Period.
There is nothing like having total control of your financial liquidity. As a small trader, you have near zero control and you still aren't liquid (especially at a prop firm). As a poker player, small or large player, you have almost total control of your financial liquidity, and there are really no licensing fees or bs like that. If you are good or want to be good, there are few large barriers to entry. The main barriers are not necessarily capital, but lifestyle changes and money management rules that allow you time to succeed, kinda like trading.
In my opinion, this is the real reason why online poker got shut down in the US a few years ago, there were no governmental hands making fees off of it, and the players themselves were profiting from it (despite the nefarious accusations to many players involved).
Online poker is making a comeback in the US, but it's much more REGULATED now. See the pattern? The big entities in the US (read: Banks) HATED the old online poker play because they coudln't have a riskless piece of the action. Now that they shut it down for a few years, they have brought it back with the similar oversight and regulations that are killing the trading horizon from what it once was.
Still, I believe heads up play is the purest way to make money without regulation, I bet it's coming, but right now still gratifying to play good poker and you also have total liquidity control. You really cannot say that for any other probable risk profession. Plus you meet a lot of interesting people, face to face.
Just some thoughts.....I know this site and post thread are supposed to be about licensing and trading but poker is very very similar in many ways.
Well, don't forget state-funded gambling, the lottery. That also has a lot to do with online betting / poker. I'm not into any of those things but the excuse that consumer protection is why all online gambling is illegal is a farce. The state governments themselves are running huge lottery's. Makes you wonder, doesn't it?