Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Do you need to be profitable to be qualified to teach trading? 10 replies

Time Series Forecast (TSF) 1 reply

“Mental Fitness for Traders” Series 14 replies

Questions on fib arcs, fans, and time series and confluence 0 replies

Series 3 Qualified

  • Post #1
  • Quote
  • First Post: Nov 29, 2007 2:52pm Nov 29, 2007 2:52pm
Just wondered how many of you have passed the Series 3 exam and if you trade for yourself or for other people/organizations.

Thanks
{Link Removed}
Why are you wondering?

Although I have passed my series 3 and trade managed accounts, the exam itself honestly had very little to do with the forex and more to do with commodities. Knowing the behind the scenes on trading corn on the commodities market does not make you a better forex trader.

The NFA has yet to prove that forex trading is even futures trading, or that they have any jurisdiction over the forex market. They simply decided that since they didn't have a forex license to test people against, they would force them to take this other meaningless exam.

Just my personal opinion, but I wouldn't hold it against any manager for not having it. You can trade managed accounts up to a point under LPOA.
The basis of a democratic state is liberty. ~ Aristotle
just curious if the majority have it and trade for someone else or don't have it and only trade for themselves.
{Link Removed}
I am taking the Series 7 and even though it only covers Forex in the form of options (very interesting BTW), IMO it gives you a better understanding of how investing in general and its strategies work and expands your finance knowledge.

Forex is still relatively "new" in the consumer investment world. Most of it was done through big banks and corporations. I work at a financial company with financial advisors and when I discuss forex with them, they are clueless, 'cause clients rarely look at forex as an alternative to their investments.

Wallstreet is still "mainstream" and Forex is not. Forex has the reputation of being too risky.

I assume this view will change one day and perhaps a license just for Forex will be created....
"Lunch ? Lunch Is For Wimps !"
Quoting MrFuture
I assume this view will change one day and perhaps a license just for Forex will be created....
That could be useful. One can only hope.

Quoting MrFuture
Wallstreet is still "mainstream" and Forex is not. Forex has the reputation of being too risky.
This seems to be more true in the US, it's kind of interesting. The forex seems to be relatively unkown when marketing in the US, but everyone knows what your talking about in Hong Kong or Europe. Probably because of our proximity to the centralized markets.
The basis of a democratic state is liberty. ~ Aristotle
Quoting Vensik
That could be useful. One can only hope.

This seems to be more true in the US, it's kind of interesting. The forex seems to be relatively unkown when marketing in the US, but everyone knows what your talking about in Hong Kong or Europe. Probably because of our proximity to the centralized markets.
That is true. Although I live in the US I am 100% Italian and lived in Italy until I was 18 (I am now 25). Since I was little I remember my father telling me he was buying dollars back when we had the Italian Lira and it worked very well for him in the 90's during the Clinton years. Then he got out before Bush and good thing he did.

However he was not trading it. He just bought Dollars and that's it, very long term stuff.

But here in the USA, Forex is famous only for the infomarcials at night.

I kind of fear that if it gets too mainstream then regulations will kill it. I fear limiting of leverage, acct minumums etc. In stocks you can be really an active trader if you have at least $25k, otherwise you can only trade 3 times a week.

But then again, even in they regulate it here in the USA, what stops me from opening an acct with a broker in Switzerland or some other place in the world ?

I think Forex is a tough one for the regulators, it is too global to be controlled, or at least I hope.
"Lunch ? Lunch Is For Wimps !"
Quoting MrFuture
But then again, even in they regulate it here in the USA, what stops me from opening an acct with a broker in Switzerland or some other place in the world ?
It's interesting that you would say that. I was just talking to a partner last night about this very thing. The NFA is trying to regulate more and more and only succeeding at destabilizing the secure feeling people feel in dealing with a US broker.
I think the NFA will eventually regulate people out of the US brokers and into offshore/swiss brokers. The only thing US brokers have over swiss is that people feel better sending their checks to them. Brokers are trying to keep up with the outlandish rule changes left and right nowadays and are being shutdown overnight with no warning when they fail to meet these new rules. Not for doing anything against their clients, but simply for not meeting new rules. Atleast the swiss rules are established.
The basis of a democratic state is liberty. ~ Aristotle
Quoting Michtrader
just curious if the majority have it and trade for someone else or don't have it and only trade for themselves.
Hehe, and back on topic. The majority of personal account traders would have no reason to waste the 2 weeks studying for it. Even managed account traders can trade without under limited power of attorney. I got mine for work at a brokerage last year.
The basis of a democratic state is liberty. ~ Aristotle
Actually, I have an account in Switzerland and they have had to start working with a bank in Germany, because of new Swiss regulations on Forex trading, and now they say that they can't trade anyones money from the US.

Seems like its not just happening in the States anymore.
{Link Removed}
Quoting Michtrader
Actually, I have an account in Switzerland and they have had to start working with a bank in Germany, because of new Swiss regulations on Forex trading, and now they say that they can't trade anyones money from the US.

Seems like its not just happening in the States anymore.
You can get around this by opening a "Company" in another country and having the "Company" open your trading account.

If your interested.

This is how I'm opening an IB with a swiss broker.
The basis of a democratic state is liberty. ~ Aristotle
Do you guys think that eventually they'll put restrictions on leverage and acct minimums ?

I hope not
"Lunch ? Lunch Is For Wimps !"
  • Post #12
  • Quote
  • Last Post: Nov 29, 2007 4:39pm Nov 29, 2007 4:39pm
Quoting MrFuture
Do you guys think that eventually they'll put restrictions on leverage and acct minimums ?

I hope not
There will always be offshore brokerages. If they want the US brokerages to be able to compete Whatsoever they will lay off account minimums and leverage (To a degree on the leverage, I agree there isn't much excuse for brokers allowing 400:1)
The basis of a democratic state is liberty. ~ Aristotle
0 traders viewing now