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What's cheaper than QUEST Capital for buying your Series7?
- Thread starter momotrdr
- Start date
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.
Are you able to do this even if you are not affilated with or have a capital deposit in the firm or LLC?
Thanks
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.
Read Professional firm thread and maybe my article. There are many firms that allow 10-1 with a Series 7.
Http://www.daytradersusa.com/tharp.html
Robert
Apply for a job at a brokerage firm and ask about series 7 sponsership. Many firms will sponser you for free. You of course, need to be working for them though, since to do otherwise, as was already pointed out, is an NASD violation. Typically, most places will let you sit for the exam in about 6 months, although a few firms might let you take it right away, it depends on the firm.
rough market conditions though, are making many firms lay off more than hire. Good luck in your search.
rough market conditions though, are making many firms lay off more than hire. Good luck in your search.
Originally posted by arbtrader
Apply for a job at a brokerage firm and ask about series 7 sponsership. Many firms will sponser you for free. You of course, need to be working for them though, since to do otherwise, as was already pointed out, is an NASD violation. Typically, most places will let you sit for the exam in about 6 months, although a few firms might let you take it right away, it depends on the firm.
rough market conditions though, are making many firms lay off more than hire. Good luck in your search.
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
Going thru Quest is not a NASD violation of any kind. I just can leave whenever I want. They offer different packages for different people. I choose the one that is best for me, which is bringing in zero business for them and not under any time frame to them. It was the best fit for me as I didnt want to be "OWNED" by the typical brokerage for their sponsership.
Originally posted by ddlee
Going thru Quest is not a NASD violation of any kind.
I wasn't implying that it was, just saying you need to be employed by the firm. Regardless of who sponsers you, of course you can quit immediately after passing if you want, and many people do. They may then charge you for the exam though. I am speaking in general, as I don't know specifically about Quest.