Series 3 materials

[hanseng1]

Quote from ChrisM:

Truff,

thanks again
do you know by any chance about partners forming Corporation (alternatively LLC) ? Who must register and so on ?

My understanding is there must be one registered CTA in the organization.

A CTA is a person who is registered with the NFA to give investment advice and conduct business for customer accounts under the umbrella of a business entity. A CTA itself is not a business, but a business which conducts CTA-like duties must be registered as a CTA.

The exam is not that hard. I got a 90% and it took me two hours to finish, but it's only because of a series of calculation-intensive problems. Make sure you brush up on your regulations rules, as this is about half of the test.

I studied for about three hours a week for about two weeks and had no problem. Get the Dearborn online study package and you'll be set (assuming you're a futures trader and have a solid understanding of futures trading, orders, technical analysis, and the like).

A good trader can pass this easily. But don't expect to pass this and easily become a good trader.

 

[ChrisM]

Quote from hanseng1:

My understanding is there must be one registered CTA in the organization.

A CTA is a person who is registered with the NFA to give investment advice and conduct business for customer accounts under the umbrella of a business entity. A CTA itself is not a business, but a business which conducts CTA-like duties must be registered as a CTA.

The exam is not that hard. I got a 90% and it took me two hours to finish, but it's only because of a series of calculation-intensive problems. Make sure you brush up on your regulations rules, as this is about half of the test.

I studied for about three hours a week for about two weeks and had no problem. Get the Dearborn online study package and you'll be set (assuming you're a futures trader and have a solid understanding of futures trading, orders, technical analysis, and the like).

A good trader can pass this easily. But don't expect to pass this and easily become a good trader.

Thank you hangseng,

I just spoke to NFA and got that explained clearly.

Is is all about falling into categories: principal or AP. The definitions of both are posted on NFA Website. This actually means that you are right, because there are always some principals in any business and they must register as CTAs.

I have been trading for living for over 10 years, so registration is entirely for business purposes with no expectations whatsoever

 

[hanseng1]

Quote from ChrisM:

Thank you hangseng,

I just spoke to NFA and got that explained clearly.

Is is all about falling into categories: principal or AP. The definitions of both are posted on NFA Website. This actually means that you are right, because there are always some principals in any business and they must register as CTAs.

I have been trading for living for over 10 years, so registration is entirely for business purposes with no expectations whatsoever

Then you'll do fine. Go to Dearborn's web site and get the internet study package. Read the regulations stuff two or three times, take a couple internet exams, and set the appointment.

The material is easy, but two hours on a computer-based test on CRT monitors (the testing center here sucked) was about at my test pain threshold. I don't know how those series 7 boys could stand it.........

 

[Truff]

Hangseng- your explanation is a little confusing. You see, a CTA is a bussiness, it can be a LLC or an individual. The CTA is the entity. A CTA can have numerous AP's (associated persons). Each individual does not have to be a CTA, they can handle $ as an AP of the CTA which is the entity. Their are different ways to be a CTA. Some individuals become CTA's and they have no affiliation with any company. My firm for example was made a CTA, i am an AP of that CTA. I manage accounts under that CTA. Iam not personally a CTA.

 

[dabao91]

[b[Anyone know of good (relatively inexpensive) attorneys in Chicago to help set up a CPO? Also, who does everyone use for accounting and audit? I've used NAV Consulting and have spoken with Michael Liccar & Associates. Anyone else I should look at?[/b]

How does NAV consulting charge? How much per managed account per month? Do they take business from startup CTA?

 

[dwitherell]

Quote from hanseng1:

Then you'll do fine. Go to Dearborn's web site and get the internet study package. Read the regulations stuff two or three times, take a couple internet exams, and set the appointment.

The material is easy, but two hours on a computer-based test on CRT monitors (the testing center here sucked) was about at my test pain threshold. I don't know how those series 7 boys could stand it.........

Yes, getting my 7 on CRT sucked for air! The 7 is a 6 hour exam.