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  • #81
  • Mar 29, 2010 12:42pm Mar 29, 2010 12:42pm
Quoting blacksun1
some little things are off in your post.

first, you need a series 3/35 NOT a 65. 65 applies to securities like stocks, bonds and things like that. 3 applies to futures and 35 applies directly to forex. i have both the 3 and the 65, but i didnt get the 65 because of forex. i didnt have to get my 35 because i registered before they made that test up.


Also, if you are starting an actual fund in the US, you are NOT allowed to solicit clients. if you are trading individual accounts, seperately, its not a big deal, but funds are not allowed to solicit....
do you have any info on that?

i was told i needed the 65 in order to hang my hedge fund shingle.

thanks.

Mike
  • #82
  • Mar 29, 2010 12:46pm Mar 29, 2010 12:46pm
Quoting acumen
do you have any info on that?

i was told i needed the 65 in order to hang my hedge fund shingle.

thanks.

Mike
I would ask the guy who has a billion under management. And no I'm not meaning to be a dick either .
  • #83
  • Mar 29, 2010 12:49pm Mar 29, 2010 12:49pm
Quoting acumen
apology accepted.

I'll remove my posts.

Mike
Thanks, I have done likewise. Good trading Sir.
  • #84
  • Mar 29, 2010 12:54pm Mar 29, 2010 12:54pm
Wow, there's just so much love in this thread!

Have we all had a good day or something?
  • #85
  • Mar 29, 2010 1:01pm Mar 29, 2010 1:01pm
Quoting pipmutt
Wow, there's just so much love in this thread!

Have we all had a good day or something?
i hadn't had a drink yet... a little edgy before my morning whiskey.

m
  • #86
  • Mar 29, 2010 1:03pm Mar 29, 2010 1:03pm
Quoting Deusomega
I would ask the guy who has a billion under management. And no I'm not meaning to be a dick either .
he's a bank trader and doesn't need anything in his world.

m
  • #87
  • Mar 29, 2010 1:03pm Mar 29, 2010 1:03pm
Quoting acumen
i hadn't had a drink yet... a little edgy before my morning whiskey.

m
LOL, good one
  • #88
  • Mar 29, 2010 1:29pm Mar 29, 2010 1:29pm
Quoting pipmutt
You seem clued up on this stuff, do you know if someone in the UK can take the series 3, the reason I ask is that although I'm based in UK and exempt from FSA regulation (long story!) I was told by a US company that they'll 'put me through the series 3'. How would that work? Online? Fly to the US? Some kind of international reciprocal agreement between regulators? Bribery? Other?

Thanks!


-

im pretty sure anybody can take the series 3, but my question is, why would you if you dont need to? the only reason you would need to take the 3 or 35 is if you are managing funds in the US. you would have to register as a CTA if trading individual accounts, or as a CPO if trading a pool.

as for the workings, yeah, you would have to come over here. the tests are timed and supervised at dedicated testing centers. a quick word of advice, however, if you dont HAVE to deal with the NFA/CFTC, THEN DONT!!!! the only reason i got my series 3 and 65 is because i was in the US and had to in order to become a CTA (3) and to work with reverse mortgages and bonds (65). if you can avoid registering with the CFTC/NFA, the do it.

Quoting acumen
do you have any info on that?

i was told i needed the 65 in order to hang my hedge fund shingle.

thanks.

Mike
it depends on what type of hedge fund. if it is a general-type hedge fund (no specific security), then you do need the 65, but you will also need the 3 if doing anything related to futures AND the 35 if doing anything related to Forex. however, if you are just trading Forex in your fund, you will only need the 3 and the 35, but you will have to make it known that it is a forex fund. and you cannot even get near another security, unless you get your 65. heres the breakdown of the three tests:

series 3: CTA/CPO, deals with futures and futures options
series 35: deals with forex
series 65: deals with non-futures type contracts (stock shares, stock options, bonds, mortgages, treasury notes, etc.)
  • #89
  • Mar 29, 2010 1:45pm Mar 29, 2010 1:45pm
Quoting blacksun1
im pretty sure anybody can take the series 3, but my question is, why would you if you dont need to? the only reason you would need to take the 3 or 35 is if you are managing funds in the US. you would have to register as a CTA if trading individual accounts, or as a CPO if trading a pool.

as for the workings, yeah, you would have to come over here. the tests are timed and supervised at dedicated testing centers. a quick word of advice, however, if you dont HAVE to deal with the NFA/CFTC, THEN DONT!!!! the only reason i got my series 3 and 65...
thanks...

appreciate the help.

Mike
  • #90
  • Mar 29, 2010 3:13pm Mar 29, 2010 3:13pm
Quoting blacksun1
im pretty sure anybody can take the series 3, but my question is, why would you if you dont need to? the only reason you would need to take the 3 or 35 is if you are managing funds in the US. you would have to register as a CTA if trading individual accounts, or as a CPO if trading a pool.

as for the workings, yeah, you would have to come over here. the tests are timed and supervised at dedicated testing centers. a quick word of advice, however, if you dont HAVE to deal with the NFA/CFTC, THEN DONT!!!! the only reason i got my series 3 and 65...
Thanks for the info and advice, I certainly wouldn't be doing it out of choice as I don't know the implications and whether it might lead to the FSA requiring me to be registered with them too, that's the last thing I need! If you think NFA and CFTC are bad you want to try dealing with typical British government red tape, inefficient jobsworth pen-pushers doesn't even begin to describe it, extremely frustrating as well as expensive!

I can't really understand why I would need to take it, the company is based in Chicago but I'd be trading from the UK, unless US legislation requires that all their traders need to be registered regardless of where they are in the world.

It's not a done deal yet, it was an attractive offer as long as it doesn't get too complicated, it may end up the cons outweigh the pros and I'll give it a miss.
  • #91
  • Mar 29, 2010 4:09pm Mar 29, 2010 4:09pm
Quoting pipmutt
Thanks for the info and advice, I certainly wouldn't be doing it out of choice as I don't know the implications and whether it might lead to the FSA requiring me to be registered with them too, that's the last thing I need! If you think NFA and CFTC are bad you want to try dealing with typical British government red tape, inefficient jobsworth pen-pushers doesn't even begin to describe it, extremely frustrating as well as expensive!

I can't really understand why I would need to take it, the company is based in Chicago but I'd be trading from the...
well, you may be able to slip into a loophole or two depending on what and how much you are trading. for example, if you are trading US clients, as long as you are trading less than 15 clients and/or less than 500,000 USD (might have changed by now), you dont need to register. the loophole might be that even though the company you are trading for has more than fifteen clients, if you are only trading the companies money, they are only one client. but it HAS to be their money. and as long as your under the dollar limit, youre good to go. check up on that dollar amount though.


as for the FSA, the company i work for has tested the waters with them, thinking about moving to the UK and all that, and all i have to say is, "NO THANKS!!!" lol. but, the NFA/CFTC are on their way to joining the FSA club.
  • #92
  • Mar 29, 2010 4:48pm Mar 29, 2010 4:48pm
Quoting blacksun1
as for the FSA, the company i work for has tested the waters with them, thinking about moving to the UK and all that, and all i have to say is, "NO THANKS!!!" lol. but, the NFA/CFTC are on their way to joining the FSA club.
LOL!

They've got a long way to catch up, we have definitely cornered the market on useless and ineffective legislation! Mind you the proposed 10:1 would be a neat trick and should narrow the gap a bit!

I think the Chicago guys are just covering their own backs, I suppose the best description of them is a FoF, if it all went wrong they could shrug their shoulders and say well the guy had passed his 3, how were we supposed to know he was a recovering alcoholic and chronic kamikaze gambler who didn't know how to trade! From what I've seen so far they couldn't even spell 'due diligence' let alone exercise it, so much for investor protection, lol

Ah it's so tempting but I don't want to end up regretting it, (sigh) dilemma......
  • #93
  • Mar 29, 2010 5:01pm Mar 29, 2010 5:01pm
Quoting acumen
everyone uses a variety of TA tools.

everyone uses pivots on 1 screen and all of them love to talk about Fibs.

most are secretive about their 'primary' tool - like it's some great insider trick.

only one guy... with about a billion under management said he uses pivots and trend lines.

m
hmmm...I worked in the prop dept. of several (huge) places (JPM, Merrill Lynch AIG and BoTMitsubishi).

My partner and I, (we worked in all banks together until I went on my own while he now works for a HF in Connecticut), never used pivot point or fibonacci. Quite some time has passed since I left, but on the prop side, the primary tools you refer to, were very different to say the least.

Times change of course and so do market conditions - but I (we) still make use of our old approaches for they are timelessly effective in all markets.

Good trading all.
  • #94
  • Mar 29, 2010 5:33pm Mar 29, 2010 5:33pm
Quoting H. Rearden
Times change of course and so do market conditions - but I (we) still make use of our old approaches for they are timelessly effective in all markets.
Care to expand? And how long is 'quite some time'? It's great reading about how you guys traded/trade, Daytrading started chatting about it but he doesn't post much any more.

-
  • #95
  • Mar 29, 2010 5:33pm Mar 29, 2010 5:33pm
Quoting H. Rearden
hmmm...I worked in the prop dept. of several (huge) places (JPM, Merrill Lynch AIG and BoTMitsubishi).

My partner and I, (we worked in all banks together until I went on my own while he now works for a HF in Connecticut), never used pivot point or fibonacci....
i guess it could be a handful of banks and one really rich fx trader who loves pivots.

m
  • #96
  • Apr 1, 2010 6:58pm Apr 1, 2010 6:58pm
http://www.cftc.gov/newsroom/enforce...pr5794-10.html

CFTC Charges Scottsdale, Arizona Resident Helmut H. Weber d/b/a Weber Capital Management with Solicitation Fraud and Misappropriation in Forex Scheme

Defendant used three websites to solicit customers and misappropriated approximately $280,000 of customer funds.

"Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Helmut H. Weber d/b/a Weber Capital Management (WCM) of Scottsdale, Arizona, charging Weber with operating a fraudulent off-exchange foreign currency (forex) scheme.

The CFTC complaint, filed in the U.S. District Court for the District of Arizona, Phoenix Division on March 9, 2010, alleges that Weber, through personal solicitations and his websites -- www.weberfx.com, www.webercapitalmanagement.com and www.newtempsite.com -- fraudulently solicited customers to invest at least $280,000 in forex trading. The complaint also alleges that, contrary to Weber’s representations, only a fraction of customer funds were actually traded and that the majority of the funds were misappropriated to pay for Weber’s lavish lifestyle.

Specifically, the complaint alleges that, from at least June 2008 through January 2009, Weber falsely told customers that he was a successful and experienced forex trader, promised profits of three percent to 10 percent monthly on investments and claimed that WCM was registered with the National Futures Association and the CFTC. Based on these false representations, many of his clients recommended Weber to their friends and family.

Additionally, Weber continued to solicit prospective and existing clients even after the Arizona Corporation Commission, Securities Division, served a “cease and desist” order upon him on September 12, 2008, according to the complaint. The order required him to stop certain forex business activities and to close two of his websites. The state of Arizona subsequently on October 22, 2008, indicted him on 29 criminal violations, including fraud and theft, related to his forex solicitation activities. The criminal charges against Weber remain pending.

In its continuing litigation, the CFTC seeks restitution of funds to defrauded customers, the repayment of ill-gotten gains, civil monetary penalties and permanent trading and registration bans."

....lavish lifestyle.....ill-gotten gains....YeeeHaw!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #97
  • Edited 7:55pm Apr 1, 2010 7:42pm | Edited 7:55pm
Quoting blacksun1
some little things are off in your post.

first, you need a series 3/35 NOT a 65. 65 applies to securities like stocks, bonds and things like that. 3 applies to futures and 35 applies directly to forex. i have both the 3 and the 65, but i didnt get the 65 because of forex. i didnt have to get my 35 because i registered before they made that test up.


Also, if you are starting an actual fund in the US, you are NOT allowed to solicit clients. if you are trading individual accounts, seperately, its not a big deal, but funds are not allowed to solicit....
http://www.nfa.futures.org/NFA-compl...nts-guide.HTML

http://www.nfa.futures.org/NFA-compl...-overview.HTML

Actually, series 34 applies to forex, not 35. <quibble>

And registered CPO's may solicit new pool members (OK, I am not 100% sure about this, but I will come back & edit)
"If The Fool persists in his Folly he will become wise." - William Blake
  • #98
  • Apr 5, 2010 3:22pm Apr 5, 2010 3:22pm
Quoting The Fool
Actually, series 34 applies to forex, not 35. <quibble>

uhh..........thats what i said? lol. my mistake.


Quoting The Fool
And registered CPO's may solicit new pool members (OK, I am not 100% sure about this, but I will come back & edit)

yeah, CPO's can solicit for a POOL, but not a FUND. there is a distinction made there. with a fund, every memeber is technically a part-owner or some nonsense like that. its like owning shares in an ETF or something.

all this crap is just another effect of all the red-tape and bureaucratic junk that our system is full of.
  • #99
  • Apr 5, 2010 4:44pm Apr 5, 2010 4:44pm
Quoting blacksun1
all this crap is just another effect of all the red-tape and bureaucratic junk that our system is full of.

...somehow a pool sounds more fun than a fund
"If The Fool persists in his Folly he will become wise." - William Blake
  • #100
  • Apr 6, 2010 10:08pm Apr 6, 2010 10:08pm

http://thomsonreuters.com/content/fi...rs3000Xtra.pdf

Golly this Reuters terminal sounds like the shiz! Guess how much volume you have to do for that bigbank broker to hook you up with one?

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