Series 57

M

MoneyMatthew

I am thinking about joining a prop firm again. I was at WTS years ago. I will probably join T3 or a sub-group of T3.

Am I correct in saying that the Series 56 exam has been replaced by the Series 57 exam? I passed the Series 56 exam using the PassPerfect Material about 4 years go.

I will probably wait until some new study material is released for the Series 57.

The point of this thread is to get feedback/thoughts on the Series 57. It is sad how little activity there is on this message board in regards to deposit prop-firms. Where are the young energetic go-getters who have unrealistic dreams and want to trade with a deposit prop firm? I guess these millennials would rather sit around and strum a ukulele and drink PBR rather than take any risks in the market.

I am looking to join a deposit prop firm again to simply amplify my modest yearly single digit returns. Please don't respond with any mention of foreign or unregulated prop firms. Those places are for people too lazy to take an exam or severely underfunded.

It would be great to hear from anyone who is alive and kicking in the prop world!
 
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I am not into the prop world.
But I have doubt about the value of that Serie ...
Does it really helps to get a job ?

A good track record wouldn't be better ?
Or a Bachelor in Computer Science / Maths ?
 
Hey Matthew,

There does not seem to be any study material for the 57 that will be available before mid February, the distributors need a chance to catch up with the change.

As for deposit prop firms, there are a few still around: Hold Brothers, Chimera, Avatar, T3. Most will do either a true prop deal or capital contribution, I would shop around for the best deal. T3 just started charging intra-day interest in some places I heard.
 
MoneyMatthew said:
I am thinking about joining a prop firm again. I was at WTS years ago. I will probably join T3 or a sub-group of T3.

Am I correct in saying that the Series 56 exam has been replaced by the Series 57 exam? I passed the Series 56 exam using the PassPerfect Material about 4 years go.
More...

"Am I correct in saying that the Series 56 exam has been replaced by the Series 57 exam?"

Yes, the 56 wasn't recognized by FINRA, and only applied to deposit-shop prop firms. CBSX doesn't even exist now, so FINRA decided to merge the Series 55 with the 56 to prevent overlap, and create a new exam. The 55 required the Series 7 as a prerequisite, whereas the new Series 57 won't.

You can read about it via the FINRA link below.

http://www.finra.org/sites/default/files/notice_doc_file_ref/Notice_Information-03.31.15.pdf

Before joining T3 or a sub-group, you may also want to look at their competition. The ones with decent equity (as of the 2014 focus reports) are Chimera and Avatar.

All of them have the PHLX as their SRO, and perhaps will sponsor for the Series 7 which allows you to go outside of the prop world if you leave prop. My guess is the new 57 will be as worthless as the old 56 outside of prop, but hey, the regulators have to keep regulating.

Best of luck.
 
K-Pia said:
I am not into the prop world.
But I have doubt about the value of that Serie ...
Does it really helps to get a job ?

A good track record wouldn't be better ?
Or a Bachelor in Computer Science / Maths ?
More...

Hey Buddy,

If you just want to earn a consistent living and have a "job" then become a software developer and go ahead and get a degree in Computer Science like you said. I have made over $150K per year in the software business...there is nothing special about that. It is common.

Pulling a check consistently from a prop firm is the greatest feeling in the world. The life of a prop trader is a rough road to go down. Don't walk this path unless you are willing to go through some pain. If you want safety and predictability then be a software developer.

Go read every post by Maverick74 to get a sense of this path in life.
 
ScalperJoe said:
"Am I correct in saying that the Series 56 exam has been replaced by the Series 57 exam?"

Yes, the 56 wasn't recognized by FINRA, and only applied to deposit-shop prop firms. CBSX doesn't even exist now, so FINRA decided to merge the Series 55 with the 56 to prevent overlap, and create a new exam. The 55 required the Series 7 as a prerequisite, whereas the new Series 57 won't.

You can read about it via the FINRA link below.

http://www.finra.org/sites/default/files/notice_doc_file_ref/Notice_Information-03.31.15.pdf

Before joining T3 or a sub-group, you may also want to look at their competition. The ones with decent equity (as of the 2014 focus reports) are Chimera and Avatar.

All of them have the PHLX as their SRO, and perhaps will sponsor for the Series 7 which allows you to go outside of the prop world if you leave prop. My guess is the new 57 will be as worthless as the old 56 outside of prop, but hey, the regulators have to keep regulating.

Best of luck.
More...

Thanks ScalperJoe, I think you helped me years ago by answering some questions I had before I joined WTS. Thanks for doing that. I am going to sit on the sidelines until some new study material comes out. Not to be a shill but I hope PassPerfect makes a study guide. Their guide for the 56 was great. The CBOE guide was alright but the online practice tests sucked on the CBOE guide.
 
Money Matthew: sure, no problem.

Alpha Trader: I think Matthew claimed it was "years ago" so Matthew's current license has most likely expired (if it's been more than 2 years).
 
ScalperJoe said:
Money Matthew: sure, no problem.

Alpha Trader: I think Matthew claimed it was "years ago" so Matthew's current license has most likely expired (if it's been more than 2 years).
More...

You are right ScalperJoe. It has been years, around 4 years I think. My 56 expired long ago. I called PassPerfect and they told me that they are going to release a new Series 57 study guide in February.
 
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