What's cheaper than QUEST Capital for buying your Series7?

NUTSNEAL · Jun 10, 2002

Originally posted by NUTSNEAL

I'm about 99% sure there is no NASD violation for a broker dealer to sponsor an individual for the series 7 if that individual is not an employee. A lot of people are under the assumption that it is. There is, as I understand, an NYSE restriction though requiring about four months of employment prior to setting for the series 7. For this reason NYSE member firms are unable to sponsor non employees, but an NASD member broker dealer that is not an NYSE member can. This would normally be the smaller introducing firms (firms clearing their trades through a clearing firm).

Good Luck

I'm pretty sure there is not empolyment requirement except for NYSE menber firms.

ddlee · Jun 10, 2002

the 55 looks like it is easy after having passed the 7. Would someone who has passed both agree with that statement

rtharp · Jun 10, 2002

Originally posted by ddlee
RTHARP

You can have a expired 7, with no other lisences and still get 10:1 thru generic (carlin) at home. As far as that goes I dont know of anyone else, but what you say is absolutely true.

true.........but it can only be expired for a small amount of time. It is grandfathered in same with my firm
Robert

ElvisOnMargin · Jun 10, 2002

Originally posted by ddlee
I can now trade at home with 10:1 margin, I can short a stock under 5.00 from home too (only licensed can short the 5 and under) There are a whole list of advantages to having gotten my license even if I never prop. Even if I let it expire I can get the 10 to 1, but only thru generic trading that I know of. Kind of a loophole, somthing to do with them and the philly exchange allows this. They are the only firm I know of also that you only need the 7, again something with the philly xchange. Always do your homework though cause what I learned 6 months ago could very easily be different today for someone new.

ddlee, your explanation is not clear. Can you please expand on that a little bit? If you get increased margin, isn't that because you are now affiliated with a prop firm or similar, regardless of the fact you trade from home?

Or are you a "customer" but because of your serie 7 you are being granted increased leverage?

Thanks

Elvis

ddlee · Jun 10, 2002

To Elvis

The latter of your statements. If I had the capital I would just trade thru them (generic) from home and get the 10:1. This reason alone is worth taking the test in my eyes. Commissions higher than some but for a couple of intra-day swing trades or hopefully couple of days it is a good thing. I blew myself up with options so I have to prop for a while personally.

momotrdr · Jun 10, 2002

Originally posted by ddlee
I went thru quest myself. Took the seven in april of this year and passed. It was several prop firms that suggested quest. There is no problem with that. Remember after passing, I (you) have no obligation to quest at all. I (you) pay 39.00 a month as a maintenance fee. The other cheaper sponsership places I heard of, you had some kind of obligation to them after passing. By getting the seven on my own I have two prop co.s that I am actively interviewing with. At one you only need the 7 at the other I would have to take the 55 but that would be thru them. Good luck.

Hey thanks ddlee-

this was the info I was looking for. Could you priv e-mail me those "other" firms names? As I would like to attempt to neg.
on the price with QUEST. 1K just sounds too high.

for the price of my monthly cable bill I can maintain my S7.
thats nice.

can't wait to take it.

grazie mille-

momo

ddlee · Jun 10, 2002

momotrdr

I think you misunderstood me. I did go thru quest. I paid 930.00 I believe in April of 02, they said it was going up to, which according to you it did, I still pay 39.00 to them to maintain, if you still need something just PM me

qazmax · Jun 11, 2002

The 55 is short but do not be fooled. It requires a good amount of studying, relative to the number of pages.

I have the 7,63, 55, 3, 4, 9 and taking the 10 in weeks.

7 - a lot of material... aced the options and flubbed the munis...did fine.

63 - studied 2 days and passed... a lot of common sense, tiny amount of material

55 - studied 2 days and failed miserably, then studied like crazy 2nd time, have to memorize a bunch of useless crap. Small book, but tough test.

3 - basic futures stuff nothing tricky... study if not familiar

4 & 9 - really a joke, if good at options... took both on the same day passed with a couple of weeks of studying... fair amount of material for both.

10 - is horrible material... cannot see anything applicable to reality. I hate studying and would appreciate any advice for taking it...?

Originally posted by ddlee
the 55 looks like it is easy after having passed the 7. Would someone who has passed both agree with that statement

Turlo · Jun 11, 2002

I got a 89 on the series 7 Studied 3 1/2 weeks. Then I took the 55 exam and got something like a 71. I under estimated it after taking the series 7. Study just as hard as you did for the 7 there is less material but you need to memorize all of it.........

good luck

momotrdr · Jun 11, 2002

Originally posted by ddlee
I went thru quest myself. Took the seven in april of this year and passed. It was several prop firms that suggested quest. There is no problem with that. Remember after passing, I (you) have no obligation to quest at all. I (you) pay 39.00 a month as a maintenance fee. The other cheaper sponsership places I heard of, you had some kind of obligation to them after passing. By getting the seven on my own I have two prop co.s that I am actively interviewing with. At one you only need the 7 at the other I would have to take the 55 but that would be thru them. Good luck.

No ddlee,

I completely understood you.

However, I was referring to this statement you made, specifically:

>>"The other cheaper sponsership places I heard of. . . . "<<

Who are these other cheaper sponsors??

One more thing. In reference to your statement:

>>"By getting the seven on my own I have two prop co.s that I am actively interviewing with."<<

Not sure where you are located. However, here in San Francisco I've talked to ALL the Prop shoppes. Interviewed at most of them. NONE of them required me to have the Series 7, prior to or in order for me to be interviewed or for that matter hired. ALL of them were quite willing to bring me on and sponsor me for the Series 7, 55, 63. .etc..

Out here if you have 10 to 25K and want to trade at a prop shoppe. . . well quite frankly that is all the experience you need!

However, if you are applying to ANY I-Bank or Investment Ser. Co. out here in the Bay Area the converse is true. They won't even consider you for a *ucking trader's assistant position without at least a Series 7!

How's that for Irony..

peace-

momo