I agree with that, partly because the vast majority of S7 licenses are held by stock brokers, not traders. And, I guess they like to keep their stuff hidden as much as possible until the blow the fund up, LOL.
Don
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.
What is the down side of having Series 7 license?
- Thread starter jimclark
- Start date
I agree with that, partly because the vast majority of S7 licenses are held by stock brokers, not traders. And, I guess they like to keep their stuff hidden as much as possible until the blow the fund up, LOL.
Don
The series 7 is B.S. when it comes to traders. I would never join a prop firm requiring a series 7, these firms usually are the most expensive to do business with.
Over the years I have accumulated series 63, 7, 55 and 24 licenses and in my opinion if you are a trader with a large account and or successful at generating large net profits, then licenses will not add anything to your trading, or help you out in any other ways. However, if you are new to the industry and need to work at a prop firm the license may come in handy if daytrading does not work out for you.
There are many firms around the country that will immediately hire series 7 licensed individuals for jobs such as investment sales or order execution. Many small and large firms need "traders" that have an idea how equity or bond trades are executed and can process securities trades accurately and efficiently. While anyone who has been daytrading for any amount of time can do this, they like it when you are already licensed and since you have not had any customers your U4 is most likely "clean". The jobs that I am referring to are not the glamourous wall street trading jobs, but they may come in handy when you need to make some income in a hurry.
There are many firms around the country that will immediately hire series 7 licensed individuals for jobs such as investment sales or order execution. Many small and large firms need "traders" that have an idea how equity or bond trades are executed and can process securities trades accurately and efficiently. While anyone who has been daytrading for any amount of time can do this, they like it when you are already licensed and since you have not had any customers your U4 is most likely "clean". The jobs that I am referring to are not the glamourous wall street trading jobs, but they may come in handy when you need to make some income in a hurry.
Series 7 is simply an exchange requirement and allows for our traders to use our capital, be exempt from Self-employment taxes, and being taxed on Triple net without having to match trades, etc. This came into effect when professional, exchange member firms were in risk of having to label our traders as "customers" - which would have eliminatied the livelihood for several hundred families. They came up with this test to simply make the distinction between professional and retail trading.
And, I agree, the S7 has nothing to do with trading, just a necessary evil. BTW, we are not NASD members, so NASD does not have "jurisdiction" over our people, FWIW.
Don
And, I agree, the S7 has nothing to do with trading, just a necessary evil. BTW, we are not NASD members, so NASD does not have "jurisdiction" over our people, FWIW.
Don