What are the reasons for trader's NOT taking the Series 56

[SouthbeachCTA]

Take the fricken 56 test and get it over with !!

 

[dealmaker]

There are a few recent threads about US traders overpaying and getting their funds stolen by offshore firms.

So, general question for US traders trading at offshore companies:

Why don't you just take the 56 and trade at a real, legit, regulated firm and get reasonable rates:

Possible choices:

1. Don't think you can pass
2. Too lazy to study
3. Can't afford the $300 FINRA charges
4. Have a felony so can't get registered
5. Don't want to get fingerprinted because you will be on the government's radar
6. Don't want to lock up your deposit for 12 months

Are there any I'm missing?

you may prefer to take series 7 instead, of-course you will still be trading with US firms...

 

[NoVoodooHere]

The better question is why would you? So you can be a client of, I mean, "trade" at a prop firm?

If you can't make a living off your own capital, there is no reason you would be able to do it with somebody else's, and employing huge leverage while daytrading is absolutely idiotic unless on the very best (and very rare) of opportunities... Since those opportunities are rare, this strategy will not generate the churn required to satisfy said "firm".

Sincerely
-P

 

[textrader4]

Whatever! I guess I am either an idiot or am consistently seeing "very rare opportunities"

The better question is why would you? So you can be a client of, I mean, "trade" at a prop firm?

If you can't make a living off your own capital, there is no reason you would be able to do it with somebody else's, and employing huge leverage while daytrading is absolutely idiotic unless on the very best (and very rare) of opportunities... Since those opportunities are rare, this strategy will not generate the churn required to satisfy said "firm".

Sincerely
-P

 

[textrader4]

Preaching to the choir!!

Take the fricken 56 test and get it over with !!

 

[jb3398]

Not that it's any of your business but I easily supported myself being a full time day trader. And that is with a mortgage, student loan, car payment, and plenty left over for a decent lifestyle.

Who cares if there is 1 choice or 20. The bottom line is there are choices but the only reason some people don't trade at them is because they have to take the Series 56. That is why these offshore ones keep popping up and stealing people's money and ripping them off.

Are you still trading for a living?

If so prop, retail or both?

 

[jb3398]

The better question is why would you? So you can be a client of, I mean, "trade" at a prop firm?

If you can't make a living off your own capital, there is no reason you would be able to do it with somebody else's, and employing huge leverage while daytrading is absolutely idiotic unless on the very best (and very rare) of opportunities... Since those opportunities are rare, this strategy will not generate the churn required to satisfy said "firm".

Sincerely
-P

The more buying power the lower the risk?

 

[textrader4]

I trade every day. Prop for my intraday trading and retail (TOS) for my swing and longer term trades.

Are you still trading for a living?

If so prop, retail or both?

 

[Alpha Trader]

The one reason that you might have missed out is that when a successful trader has to take time away for an exam (3-6 weeks), that is considered lost income. In the long run, it may not be a such as sooner or later one is bound to get screwed by an offshore outfit!

For those wondering why successful traders rather trade prop than their own money? Well, it's quite simple. To avoid your own money getting locked up, which can be invested in passive income producing streams (eg Real Estate, angel investing etc)

 

[swimtrader]

???? What about evenings and weekends? The typical required study time is 30 hours....can easily be done in less than two weeks during non-trading hours.

The one reason that you might have missed out is that when a successful trader has to take time away for an exam (3-6 weeks), that is considered lost income. In the long run, it may not be a such as sooner or later one is bound to get screwed by an offshore outfit!

For those wondering why successful traders rather trade prop than their own money? Well, it's quite simple. To avoid your own money getting locked up, which can be invested in passive income producing streams (eg Real Estate, angel investing etc)