I took the Series 56 today
- Thread starter microjohn
- Start date
For traders with enough capital to get by on 4:1 leverage (or 6:1 if you can qualify for Portfolio Margin accounts), you could bypass the new test altogether and open a retail account.
The only downside is the leverage factor. Otherwise the benefits are:
* 100% payout (since the entire balance of the account belongs to you).
* SIPC protection
* no testing or continuing education
For some traders, the leverage is key, but if you are not capital-intensive, retail might be the way to go.
The only downside is the leverage factor. Otherwise the benefits are:
* 100% payout (since the entire balance of the account belongs to you).
* SIPC protection
* no testing or continuing education
For some traders, the leverage is key, but if you are not capital-intensive, retail might be the way to go.
Well I failed the test today. If the study materials from the CBOE had been comprehensive (far from it, unfortunately), then it would have been a simple matter to sit down and study hard for a few weeks to pass the exam. I studied hard, took their practice exams - getting over 90% on a regular basis but had no clue how to answer much of the actual exam and had to resort to guessing on a number of occasions. I'm a quant, and I have my own trading model, but not an extensive knowledge of the markets although I scored 93% in my Series 7 (which had lapsed). Without appropriate study materials, I don't see how I could pass this exam - there are too many arcane regulations out there.
I have taken the series 56 twice thus far and have failed both times. I'm pretty stunned given that I read the cboe study guide twice, pretty carefully, and read the supplemental material on their website as well.
Some of the questions are used over again, so if you have a good memory of what the questions were, it will help you next time you take it. More importantly though, there were a lot of questions that are not explicitly covered in the test, so you have to make inferences by drawing upon multiple pieces of information. I'm probably gonna have to buy passperfect study guide in order to pass it.
Some of the questions are used over again, so if you have a good memory of what the questions were, it will help you next time you take it. More importantly though, there were a lot of questions that are not explicitly covered in the test, so you have to make inferences by drawing upon multiple pieces of information. I'm probably gonna have to buy passperfect study guide in order to pass it.
