Series 56 - LOL Thread

Can anyone tell me how much importance I should pay to the Options part for the exam?

The amount of studying to do for this section is a decent chunk!!!. Besides, I'm useless at options :confused:
 
Hii wow i havent been here in a while. I didn't last very long on the job to be honest. It is extremely difficult. I worked for a small firm on Wall. They treated me great but i could not turn a profit. Its a tough market to trade in also. and If you come in with the minimum prepare to have extra if your not a amazing trader. Out of 4 new guys that started within 6 months of each other all 4 did not do well at all and could not turn a profit. I am not saying that it is impossible but it is extremely difficult.

As for study material i used the pass perfect. It was great. i took it 3 times and on the 3rd i got a 70. Options are not that important but it is hard for me to recall what exactly on it since it was so long ago. Good luck to all.
 
x1ta1x said:
Hii wow i havent been here in a while. I didn't last very long on the job to be honest. It is extremely difficult. I worked for a small firm on Wall. They treated me great but i could not turn a profit. Its a tough market to trade in also. and If you come in with the minimum prepare to have extra if your not a amazing trader. Out of 4 new guys that started within 6 months of each other all 4 did not do well at all and could not turn a profit. I am not saying that it is impossible but it is extremely difficult.

As for study material i used the pass perfect. It was great. i took it 3 times and on the 3rd i got a 70. Options are not that important but it is hard for me to recall what exactly on it since it was so long ago. Good luck to all.
More...


@x1ta1x thanks for the response. I comfortable with my trading and the only reason I am taking my 56 is because I want to move from offshore to the mainland. I have to have my 56s at some point, so sooner rather than later would be good. It's such a shame that they have put this unnecessary hurdle; I know I probably will not use 98% of what it read in the real world.

As I mentioned earlier, I'm crap at options as it is not part of my game. I am thinking of spending minimal time on it and answering what I can (5 out of 10 would not be bad), if there are only 10 questions or less on options.

Btw, did the firm that you worked for give you any study material?
 
no i bought it online. and as i was leaving they told me that they we're moving to the 7 and 56 was becoming obsolete. They advised all traders to take the 7 that were coming in.
 
x1ta1x said:
no i bought it online. and as i was leaving they told me that they we're moving to the 7 and 56 was becoming obsolete. They advised all traders to take the 7 that were coming in.
More...

Can we take this convo onto PMing, if that's okay with you. I have some questions that may warrant a little privacy :cool:
 
Alpha Trader said:
Can anyone tell me how much importance I should pay to the Options part for the exam?

The amount of studying to do for this section is a decent chunk!!!. Besides, I'm useless at options :confused:
More...

Read the CBOE study guide from front to back, every page and all of the regulations. As I recall, there weren't many options questions.

I'm sure they have kept updating the manual over the past few years, however my guess is the exam is still heavy on regulations/compliance and light on options.
 
@ScalperJoe that's what I have been hearing and I shall take your advice wholeheartedly on that. I will still go through the options part as I have a very low level of understanding for them and have started finding it quite interesting. Who knows, that just might end up being the difference between a 69 and a 70 :eek:. However, I will definitely allocate more hours to the other parts
 
You must log in or register to reply here.
Back
Top