What is a bullet ? Serie7 for european people?

[GeorgeSoros]

Hello guys,

I have seen you talking about bullets but I must admit
I don't know what this is so can someone tells me why
it seems exciting and what it is ?

Also how can we pass Serie 7 exam if we are european
daytraders trading nasdaq ?

Thanks

 

[JayS]

The firm you go with will need to sponsor you.

Foreign Exam Locations for the Series 7:
http://www.nasdr.com/2634.htm

Phone Numbers for Scheduling Appointments
at Foreign Locations:
http://www.nasdr.com/2634_scheduling.htm

Foreign Test Centers Policies/Procedures
http://www.nasdr.com/2634_procedures.htm

Bullets Discussion:
http://www.elitetrader.com/vb/showthread.php?threadid=1229

 

[Eldredge]

I would like to know what a bullet is too.

 

[zboy2854A]

Here is the link to a thread that outlines the technique:
http://www.elitetrader.com/vb/showthread.php?threadid=1229

To briefly summarize, it is a way to short a stock without being bound by the short downtick rule. You purchase the stock you want to short, then simultaneously sell a call and purchase a put at or near your purchase strike price. When you want to short the stock, you simply sell your long position, thereby sidestepping the short downtick rule. The put that you bought increases in value as the stock drops, which is where your profit comes from. When you want to cover your short, you purchase the stock so you are long again, or simply close your options positions with your profits.