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Managing Money Professionally
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Managing Money Professionally

  #1 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

Managing Money Professionally

How does one become a professional trader? Do you need a series 6 or 7 license before you can start trading with other people's money?

Do you have to have an MBA?

Thanks in advance

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Chicago, IL USA
 
Futures Experience: Intermediate
Platform: MultiCharts + CTS T4
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It depends on what you'll be trading, how much and whether you're going to be offering your services generally to the public. It also matters where you're based, and where your clients are based.

No, you don't need an MBA.

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  #4 (permalink)
Elite Member
Buenos Aires Argentina
 
Futures Experience: Advanced
Platform: NT, MT4, Sierra
Favorite Futures: S&P, Bonds, Crude, FX
 
Posts: 250 since Sep 2014
Thanks: 37 given, 239 received

Off the top of my head, you'll need 7 and 65. Add 3 if trading futures. Add 34 if trading spot FX.

No MBA needed. Of course, if you were running purely friends and family money and not charging them for the services, you just need a power of attorney to execute trades on their behalf.

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  #5 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
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MacroNinja View Post
Off the top of my head, you'll need 7 and 65. Add 3 if trading futures. Add 34 if trading spot FX.

No MBA needed. Of course, if you were running purely friends and family money and not charging them for the services, you just need a power of attorney to execute trades on their behalf.

So I definitely do need some certification. Do you have the right certifications? If you do how difficult is it to pass these tests?

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  #6 (permalink)
Elite Member
Buenos Aires Argentina
 
Futures Experience: Advanced
Platform: NT, MT4, Sierra
Favorite Futures: S&P, Bonds, Crude, FX
 
Posts: 250 since Sep 2014
Thanks: 37 given, 239 received

How "hard" the exams are is quite relative. I'm not sure in what context you would consider difficult. I'd probably assume my friends consider the Series 7 easier than the full CFA I, II, and III, and probably also easier than CPA exams. However, we like to give some senior guys a hard time when they think they can skip out on studying and they flunk out of some of the new certification exams.

There are some arcane or nuanced regulatory questions that trip most people up without studying (even assuming you understand the mechanics of how to trade).

I'm going to assume either one of two scenarios holds true for you. Either A) you're running a small personal account right now, in which case maybe you can try to get a job at the numerous banks in NY or brokerage and have them fund the various exams and also house your licenses for you. Or B) You're super successful and ready to raise a $10M account, in which case you'd probably need an off shore structure anyways which would get you largely out of these various series exams.

If you're stuck in the middle, there are a whole lot of other issues probably with the business model you are looking at. I'm sure a fund administrator can answer most of your questions, or simply just stick under the radar with a friends and family structure from regulatory purposes.

Of course consult your own legal counsel and research what each series is required for.

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  #7 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


MacroNinja View Post
How "hard" the exams are is quite relative. I'm not sure in what context you would consider difficult. I'd probably assume my friends consider the Series 7 easier than the full CFA I, II, and III, and probably also easier than CPA exams. However, we like to give some senior guys a hard time when they think they can skip out on studying and they flunk out of some of the new certification exams.

There are some arcane or nuanced regulatory questions that trip most people up without studying (even assuming you understand the mechanics of how to trade).

I'm going to assume either one of two scenarios holds true for you. Either A) you're running a small personal account right now, in which case maybe you can try to get a job at the numerous banks in NY or brokerage and have them fund the various exams and also house your licenses for you. Or B) You're super successful and ready to raise a $10M account, in which case you'd probably need an off shore structure anyways which would get you largely out of these various series exams.

If you're stuck in the middle, there are a whole lot of other issues probably with the business model you are looking at. I'm sure a fund administrator can answer most of your questions, or simply just stick under the radar with a friends and family structure from regulatory purposes.

Of course consult your own legal counsel and research what each series is required for.

Definitely not part of scenario B. I'm still in college. I'll go through route A. Thank you for your response. You helped a lot

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