I want to thank everyone who responded to my many Series 56 threads. I need to send a big thank you to drayton sawyer and EvOTraderV2 as well.
I scored an 82% on the exam the Saturday before last. I passed on my 1st try. I'm going to tell you how I did it.
Let me address the subject that scared the hell out of me:YES THERE ARE MULTIPLE QUESTIONS WHERE YOU FLAT OUT FEEL LIKE YOU ARE GUESSING!
I would not label the amount of "pure guess" questions any higher than 15. Remember 5 questions on the test are experimental and do not count for or against you.
I firmly believe that if you do well on the Pass Perfect exams then you will pass the test. I used both the Pass Perfect and CBOE guide to study with. I also made over 500 flash cards to help me memorize important information.
Many people say that Pass Perfect spends too much time talking about Options and BEPs. This is true however, there are a few questions on the real test that should not be missed because you don't understand Options.
I'm going to now share with you the 2-Month Study Path I went on in chronological order to pass this test.
My best words of advice are "control what you can control". Yes you will be ambushed with a few off the wall questions that are not covered in any study guides.
Please do not fail this test because you cant remember when equity options expire or when the NYSE closes!!!
1. I purchased the Pass Perfect guide new from their website.
2. I did not do that well on the Section Exams on my 1st time through the Pass Perfect guide. I went thought the entire section again if I ever got below a 70 on the section exams.
3. I started searching online for useful information about the exam and I was reading existing threads here on EliteTrader about the exam. I picked up ok info here and there.
4. I decided to take the 1st Pass Perfect Final Exam. I scored a 67 and it hurt badly. I did my best to find out which questions related to which sections and did my best to understand what went wrong. UNDERSTAND THE ANSWER EXPLANATIONS BEFORE MOVING ON.
5. I started to panic because I was reading posts here on ET that spoke of multiple people failing the exam. I had to understand how these people failed.
6. I'm with WTS and they offered some live online Series 56 classes. The class was basically a review of the Pass Perfect guide. People attending this class were remote like me as well as students in New York who where physically in their class room.
I had a chance to hear about the experiences of those who failed on their 1st try. This information combined with what I read on ET made me aware that THOSE WHO RUSH THROUGH OR FAIL PRACTICE EXAMS WILL NOT PASS THE REAL TEST.
7. I went through the Pass Perfect guide again on my own. I did much better on the section exams because I understood everything at higher level combined with the fact that I had questions unintentionally memorized.
8. I need to make it clear that this far into it I have still not taken the other 4 practice Final Exams in the Pass Perfect guide. After many ET conversations online I decided to buy the CBOE guide brand new from CBOE. The CBOE guide includes a book, online practice exams at CBOE's webportal and a 36 page booklet that summarizes information that must be remembered.
9. I read the CBOE guide and booklet and scored a 78 on the 1st CBOE practice exam. This had me very worried because everyone online and CBOE themselves said their online practice exams were much easier than the real test. I thought to myself "if this practice test is so easy then why did I get a 78?"
10. I went back online continuing to post here on ET and searching for additional advice on how to pass this test. I took a real hard look at the types of questions I was missing. What was going wrong? What could I do better? A light bulb went on above my head. THE KEY TO NOT MISSING MOST OF THE QUESTIONS IS SIMPLY MEMORIZATION!!!!
11. I then went out and bought a bunch of yellow note pads,pens,markers and flash cards. I summarized each Pass Perfect section on note pads with MUST KNOW information.
12. From the yellow note pads I then made over 500 flash cards to help me memorize. I also put all of the CBOE practice exam questions on flash cards. Questions like:
"NASDAQ Market Center Aftermarket hours are ?"
"Name the 3 types of orders that are accepted in the NASDAQ Opening Cross."
"The typical par value for preferred stock is ?"
"TRF/ACT Trades are reported when ?"
"Regular way settlement of equity Options trades is ?"
"The holder of an EFT has 2 Ways to exit a position. What are those 2 Ways ?"
"The Securities Act of 1933 regulates what ?"
"In a falling market which two order types on the book will be executed ?"
"The O.C.C. assigns exercise notices to Writers on what basis ?"
13. After a few weeks of memorization practice I decided to take the 2nd Pass Perfect Final Exam. I got a 75. I was happy to pass but I thought "man I've been a programmer since I was a teenager..I'm smarter than this right??? lol..."
14. I continued to add flash cards and memorize for a few more days.
15. I decided to take Pass Perfect Final Exam #3. I got an 83. Things are starting to look up. On Final Exam #4 I got an 84.
16. On Final Exam #5 I got an 85 with my scheduled test date two days ahead of me. Its time to take this frigin test already!
17. Saturday morning here in Dallas, Texas and its already boiling hot. I got no sleep the night before due to pure fear of failing the test.
18. I arrive at the testing center. To my surprise the Pearson Vue testing center is packed with people, including hot women. Nothing against women but I'm thinking "these people don't look like traders". I am then instructed to give my palm prints multiple times, provide photo id, they take my picture and then they ask me to turn my pockets inside out after I have already emptied my pockets. They inform me that a camera will be recording me. I'm thinking "damn this security is more intense than boarding a plane...the only thing I might blow up is my account..not this building lol...."
19. I then find out that all of these other people in the testing center are there for a college related test (GMAT ect...).
20. I went through the test very slowly. Every mouse click on my final answer selection was full of emotion and it drained me of life force. I finished about 2 Hours into the exam.
21. The "processing" screen was the longest 10 seconds of my life. When it said "Passed 82%" I was like "thank you god!".
22. Grab a drink and reflect.
23. Now for the real test. Become a Consistently Profitable Trader!
I'm not so familiar with these prop firms.
I was under the impression that not all of them require a deposit.
I thought they provided some kind of training for the way they expect you to trade, then you keep part of your profits or get booted out the door if you lose a certain amount.
it's good to be excited that you accomplished something. so congrats.
it's like passing a final exam. good, it needed to be done.
but the market will not give the "educated" more money when it comes to trading. unless, of course, you can build a HFT machine and do it better than others. that's not exactly trading, but worth more.
i just hope this doesn't make you over-analyze the market and be matter-of-fact. like today, "this level must hold as support!!" lol. that stuff is garbage. no level ever needs to hold, ever.
i passed most of those exams, and, like college or grad school, does a horrible job of preparation. but a necessary evil.
due to your first long post, i'm afraid that is a bad sign. seems a little too self-absorbed. read: emotional.