whats the renewal fee?
and if i leave the firm, does it expire?
and if so, would i need to take the exam again if i were to join a firm later on?
thanks
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I passed
- Thread starter MoneyMatthew
- Start date
and if i leave the firm, does it expire?
and if so, would i need to take the exam again if i were to join a firm later on?
thanks
Quote from sung1contrarian:
whats the renewal fee?
and if i leave the firm, does it expire?
and if so, would i need to take the exam again if i were to join a firm later on?
thanks
Not sure about the renewal fee. The 56 lasts for two years since the day you pass.
If you leave a firm, they will "U5" you which means you are free to join a firm later on, and go through the "U4" process again, without having to take the exam, as long as the license is active.
Don't read too much into my post. I'm just happy that it is over with.
Passing the 56 is not curing cancer. It is nothing more than a road block. Passing the Series 56 does not mean I will be a profitable trader.
The Series 56 exam is like taking an exam on how the Casino Industry is regulated in order to be a poker player.
I'm not too worried about my emotions as my trading systems are automated. I feel that I have an edge. My systems can predict Open to Close direction on certain stocks with 65% to 70% accuracy on a daily basis with each day as a data point across years of data.
I have other systems that I am working on that look at pre-market correlation as an indicator of Opening price movement..Do whipsaws and other challenges happen...Yes. Am I guaranteed anything? No.
Take care....
The fact that you passed is your first step to financial independence. It means you can short most stocks, get awesome leverage and if you blow your account, you wont need $25K to PDT.
Congratulations. I mostly agree with the dude above who wrote there really is no point to taking these licensing exams. It's just a money-making scheme for regulators and the nanny state to swipe more money out of private individual's profits.
Scoring a 20 or a 90 has about 0 correlation to the type of trader you are or how well your strategies work. I've seen complete retards score a 90 and blow out of their account in a day or two and people who passed on the third attempt who are profitable right out of the gate. It's completely subjective and up to the traders' skills.
I made a post a few minutes ago with series 56 outlines for those taking the exams / interested to know what's on it.
EVO your right however with a license, you can trade with min capital and have great leverage.
I am selling my Pass Perfect manual. I used it last December and passed my first try with an 83%, well above the minimum. I will include several study guides, some of which I made (one for options) and the others were given to me. Here is the link http://www.ebay.com/itm/171428316212?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1558.l2649
I took it Saturday and failed with a 62. Kind of sucks, but I obviously didn't prepare enough. I actually saw this thread Thursday evening and started doing a lot of practice exam questions and studying but wasn't enough. I had taken the series 6 before and passed that pretty easily. I had used the CBOE materials which was good. Planning on getting the Passperfect, and just study!
How long did you study for?
I had ordered the course in June. I didn't track it, but I listened to the recorded sessions and read thru the materials. Now that I'm thinking about it, all total, less than 40 hrs, more like 30 if that, but that's a guess.