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To EDJ or not to EDJ?

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Apr 13, 2008 11:14 am

If you can it as a day trader, why would you want to bother with any job that would depend on others for your paycheck?  I've met tons of daytraders over the years.  None of them have succeeded long term.   If you are different from everyone else and you are willing to bet your house and your kid's education, etc. on that fact, go for it!

As for Jones, you are making a serious mistake simply because there are lots of quality companies in the field and before making a move, you should talk to many other firms.  Jones may be the best fit for you, but you'll have no idea without talking to others. 

Apr 13, 2008 1:07 pm

[quote=Eyetattoo]Congrats on the Baby!! And to your question regarding training pay…I could be wrong but I think EDJ is the only firm that pays you a salary during the series 7 & 66 studying.  They also pay you for 12 months past your can sell date, it just tiers down every four months.  
[/quote]
You’re right about being wrong, Eyetattoo.  Most, if not all, of the wires and large regionals pay a salary during the licensing/training period, as well as on a declining scale after entering production.  The details will vary from firm to firm.

Apr 13, 2008 1:07 pm

Oh no offense taken.  I very well understand your point.  I am a "relationship builder", probably more sales oriented than those in our sales department.  I establish a partnership with vendors, problems solve, "sell back" our organization to win discount etc.  Not afraid of cold calling or the close.  After reviewing my post a little closer, I see where my comments might have mislead (it was late..at least for me ; ) ).  The day trading....well I'm more of a swing trader.  Probably should have said this...."I want to work in the financial industry becuase I enjoy trading stocks".  lol....please scratch the day trading comment.  I am concerned about my income level.  No, my wife doesn't work.  I know that I can't make it on 2k/month.  I don't wan't to appear to doubt my own ability....but as good a salesman as I may think I am or that I am not, having -0- experience to bring to the table, would you guys think that maybe I shoulc consider a different route? 

I do appreciate the comments...I can take it on the chin, thank you all. Todd
Apr 13, 2008 1:27 pm

[quote=TBailey]Hi people, been reading the forum post on EJ for a bit.  I’m 42, senior purchasing director for an automotive parts wholesaler, have a mortgage, teenager, etc.  I have been trading stocks and have developed a great love for the market.  Most people in our company come to me for investment advice.  So recently our company was purchased by an investment capital company.  Management is terrified.  I’m looking for a change, contacted EJ…did the profile…had the first phone call, got another scheduled for Wednesday. Why am I posting? Well not because I’m terrified of the 7 or 66 but because after reading all the input about EJ…I have started to think I’m making a mistake.  We haven’t discussed money yet, but based upon what I see on here, I may need to consider day trading.  Do you think that I am too income dependent to make it with EJ?  My annual is 60k and bonus.  I have many business and personal contacts.  Maybe since I’m not in the industry and have nothing to bring to EJ I had better consider another route.  Anyone share an opinion? 

Thank you very much, Todd[/quote]
You've gotten good advice on the day trading thing.  Nothing but the poor house waits for you down that dead end street.

The other comment I'd add is this: before you get bogged down in this firm vs. that, you should recognize that if you are looking for a straight salary situation, a career as a retail broker is not the route for you, as generally compensation is tied to your production.  Obviously there are a number of places where a salary of sorts is paid during training - as well as channels like banks where some salary is paid along with reduced production payouts - but fundamentally this is a 'eat what you kill' field.  Before you jump in, ask yourself if that is what you want or can live with.  Oh, and ask your wife, too.  If she's not on board what will happen two months out of training when your take home doesn't even cover your health insurance deductions?  Do you have savings to live off of?  What is the cash flow plan?

Just be realistic and do your due diligence.  This is a great career for many ... but not all.  What you need to decide is if it is right for you.  THEN you can worry about which firms fit best.
Apr 13, 2008 1:45 pm

All of this is insightful.  Thank you very much.  After sleeping on it, I think that I will continue independent studies for the series 7.  I think that I will pass on EJ, not because they are a bad company, but because of my own financial situation.  We don’t live beyond our means but I do know that I would be putting our family in jeopardy by losing over 50% of my income.  Maybe a situation will present itself for me to be sponsored and I will have most of my study complete. 

  Thank you guys.