Alright here's the scoop. I'm heading to this guys house tonight to have a few drinks and watch the Heat game and entertain his offer to be brokering for him. I'm 20 years old, no college education. I don't know anything other than the basics about it.

I met this guy through poker (he ended up on my left one day, we shot the **** for a few hours - I'm usually pretty quiet at the tables, but we kinda hit it off). He used to work on wallstreet. Whatever he does or did, he did it well cus he comes off as a pretty big boss. (50k trips to Africa for safaris and ****, wasteful imo but w/e thats besides the point). I've probably talked with this dude for 10 hours in my life, but they've been conversations that show I'm not an idiot but at the same time he understands my position. (no degrees, and i play poker, lol)

Not to brag, but my scenario right now is I'm a pretty lazy live pro and ytd I've already made what would be a decent yearly salary to most, and thats in just 412hrs total. Luckboxing with a sick hourly pretty much. My day to day down here (from NY, moved to FL for poker) consist of a lot of free time, but I enjoy it and it's relaxing. That'd be what I'm giving up.

I imagine this guy sees a lot of himself in me. As he's young and has made some great money through this type stuff. And kinda wants to have me as his protege. Maybe that's being naive, that's why I'm here.

We're going to be talking about all this stuff tonight, but I'd like a little headsup or briefing in the next hour before I leave. My main concerns are I want to still be able to do my poker stuff (lol I grind like 4hrs a day tho). I don't want to make money dishonestly or by screwing people over. I don't mind binking 2 outters all day, but I just can't bring myself to doing anything dishonest (had an opportunity to scam fo 50k and passed; I like to sleep good at night rather than have a few extra bucks in my pocket.

I don't even know what I'm asking really, I just want to read some words from people who know more about this than I do. And I basically know nothing.

Now I feel dumb because I gave all that backstory and left you guys with no actual questions to answer.

Cliffs-
I play live poker for a living, mostly cash 4hrs a day, unless theres a series going on.
20yrs old, no college education
He offers me a 'good business opportunity' thru txt
Told him theres a slim chance I'm interested
we're meeting up at his place in a lil bit to watch the game, have some drinks, and talk shop.

What am I in for? Is it even possible to be a stock broker and not do anything shady? I'm perfectly happy with where my lifes at now, should I even risk getting into this stuff?

(First time poster in this section, show some love )

2:1 it's an Amway pitch.

But seriously, so long as you don't need to put up any money for some "opportunity" then you'll probably be fine. He may want a salesperson or something similar - hard to say.

Can you explain what an Amway pitch is? Or is it a *** google it type thing?

His txts basically said, he'd like to talk to me about brokering for him. He mentions I'll still have plenty time for cards. Nothing to lose for me, and all upside. And that i'd like it...He also said 'it'd be awesome to work together'. (He has a wife).

Amway is a multi-level marketing thing. It's like Avon for all kinds of crap. Most of the money actually comes from recruiting more and more people to sell Amway rather than from the sales of actual goods.

My implication was that very often these kinds of "business opportunities" wind up being something where you have to pay something somewhere along the line in order to have the ability to sucker others into the scheme.

It may very well be he's legit and actually looking to give you a job. If he is, excellent - so long as you don't have to pay anything (and it's not 100% commission) then it could be a great deal for you. Just don't let his _appearance_ of having money throw you off.

You'll probably be selling $1,000 vacuums door to door. Don't sign anything or promise any money or anything for that matter.

Yes it is possible, though (I can only give a UK perspective on this so things may differ over there) IME the sort of 'stockbroker' jobs a non-graduate would likely get offered would be quite likely to be a bit shady. Still its worth finding out a bit more about it.... If you do take it up then I'd strongly recommend this book:

http://www.amazon.com/The-Brokers-Ed.../dp/0133110443

tis a bit old and out of print but offers some solid advice.

If you've only been talking to someone for 10 hours and they tell you they spent 50k on a trip to Africa.. talk to someone else, imo.

Do you know what company he is affiliated with? If you have a card it should say something like "securities offered through/by ______". Honestly, it sounds like it's either going to be some Primerica MLM crap, or a chop shop. Did he use the term "stockbroker" when talking to you?

Meeting went well. No scam. I'd be brokering commodities (oil and energy mostly I think) on a Mercantile market. He'd spend 6 weeks teaching me the ins and outs, then we'd get an office. He's got a lot of contacts from his days as a trader on wallstreet.

Couple things that i'm clueless about and am wondering: Do I need a Series 7 license? I know you need it to do stocks, but what about brokering commodities? And, is it weird that I'd be getting a 1099 rather than a W2? (I'd be paid quarterly based on commision, (certain %s depending on what we bring in).

(Excuse my ignorant sounding posts, so unfamiliar at this point I can't help but come off that way)

Thanks for your post, I'll look into getting that book.

I don't think it could be anything shady, I'd need to have both parties agree on a price, and it's not like I'd have a gun to their head making them do it. So both sides would have to be satisfied for a deal to go through. I'm probably missing something, but doesn't seem like there would be a lot of room for doing anything dishonest.

PMed you

1099 over W2 just means he doesn't want to pay the employer portion of FICA, and feels he can pass you off as "contract labor" and not an employee.

I trade commodities for a living.

What is he offering, salary or how are you being compensated...

Test you would need (if soliciting clients/entering trades) is a Series 3. Says 'study 4 hours for 6 weeks'... I am a natural at math... probably 20 hours of studying over 2 weeks and i got an 84% on it. (need a 70% to pass)
-EDIT* Not meant to sound cocky, just meant if you study and get the general concepts, you will pass no problem.

I have just moved to a new company that the plan is for me to buy out and I have set it up so that I am W2 all the way... stay away from 1099 as its not worth it, and you can still write off expenses from a W2, just not as frivolously, but they are also a lot harder on 1099 people nowadays... I would say the W2 is the best and tell him you want it for simplicity.

Mind me asking said guys name? (you can PM it if you want) I can do a scan through Chicago and see if he is on the up and up or has gotten in trouble in the past. Every licensed trader has any and all ramifications against them recorded forever.

Thanks a lot for that reply, sending you a PM now.
Commission + bonuses (health, and a yearly WSOP ME stake 50/50 as a bonus). He had something written up that I don't remember specifically, but it was something along the lines of 10% of 100k, 15% of 250k, 25% of anything over 250k (don't put too much thought into those numbers, they may not be accurate). It sounds like he's doing all the legwork [writing newsletters, bringing on the clients through his connections (tucking his tail between his legs and saying he's not doing Trading anymore and is doing Brokering), paying all expenses like office rent, computers, etc]