First time taking the test Tomorrow 13 Sept. I Read all the post here and its great; everyone that contributed, thank you. Wish me luck pray for me and i'll post my results when i can. Using passperfect study guide only. Will def be willing to help when i get my results.
I failed my first attempt and got a 60. Although I have not seen the cboe material i am confident the pass perfect covers 80-90% of the material. I have to wait 30 days and I will post hopefully a happy post Then. My breakdown was as follows 1. Personnel, business conduct and record keeping and reporting requirements. 9 questions 2. Markets, martlet participants, exchanges, and self regulatory organizations. 8 questions 3. Types and characteristics of securities and investments. 20 questions. 4. Trading practices and prohibited acts. 50 questions. 5. Display, execution, and trading systems 13 questions. Good luck to all.
I think I spent about 40-50 hours studying for the 56. I primarily used the Pass Perfect study material, but I skipped the Options section which is a fairly large section. If you already know how to calculate profit, loss, and break even points on options spreads then you don't need to study that section. If not, then I suppose you should spend some time learning options.
Hey. I'm wondering if getting a 56 is worth it for someone who is somewhat of a novice. I don't plan on day trading much but want to learn the ins and outs of the markets. Would I be better off with a series 56 or taking trading courses? will the 56 help me learn about identifying chart patterns or calculating options pricing and things of that nature?
Studying for the 56 will not give you information that will make you a better trader or give you a much better understanding of the markets. There are some mildly interesting sections about how stocks and the markets work, but in no way will help you trade. There is a section about options, but you can learn the same stuff from a book or online somewhere. I would say, start by reading some books or information on the web. The 56 is just a pain in the ass hoop to jump through if you want to trade at a prop firm.
This is all you will need to pass, since you already study passperfect. Go on amazon and buy Exam Facts series 56, it only cost $26. I can send you the Cboe stuff for free, Passperfect doesn't cover all the materials.
I can't believe it... I got a 69. Yes the second time around was harder.. But no excuses. I recommend the pass perfect.. Exam facts series 56... I missed it by dumb questions I should have known. My 3rd try will be my last and hopefully it will go well. Good luck to all.
I just posted a new thread soliciting opinions about the Keir study guide here: http://www.elitetrader.com/vb/showthread.php?s=&postid=3890321 Has anyone used this? I have ordered Pass Perfect but would be interested in the Keir guide if indeed it is useful.