Series 56 - LOL Thread

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.
 
Quote from FStrader1980:

can someone give me the average amount of hours spent studying for the series 56?
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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?
 
Quote from TrendPlayer:

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?
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A prop firm has to sponsor you to take series 56....
 
Quote from TrendPlayer:

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?
More...

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.
 
Quote from x1ta1x:

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.
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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.
 
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