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I'm considering taking the NFA's Series 3 (Futures) Exam. What are the most efficient study guides, online courses, etc. for its preparation? Your experience with any of them? Your recommendations?
Can you help answer these questions from other members on NexusFi?
I'm considering getting NASD certified and would like to solicit feedback from those who have or haven't. In particular, I am looking for any primary advantages (and disadvantages) to becoming certified. I know some of the legal things, …
As it happens, I read that series of posts yesterday. It was the only series of posts I found on nexusfi.com about the subject, and I wanted to see if anyone else had any ideas, so I made the post that I did. Apparently, taking the Series 3 exam is not particularly popular among retail futures traders, as the number of posts about it is slight.
I also strongly recommend getting access to test questions like Kaplan's SecuritiesPro QBank (https://www.kaplanfinancial.com/securities/series-3/) which have very similar wording and flavor to the actual exam questions, and really help to prepare you for the exam. The exam itself is fairly easy but a common complaint I've seen among my traders is that they run out of time, which is why sample questions like these are very helpful.
Understanding basis and hedging calculations and having rote memory of regulations will get you 80% of the way there.
If you've never taken a securities exam before and you're willing to pay some $10 to give yourself a leg up, I recommend you buy a letter-sized whiteboard (like this https://www.amazon.com/Brands-Contempo-Magnetic-Erase-Inches/dp/B00PRYQA4E/) and the lousiest calculator you can find (I'm talking like this one https://www.amazon.com/Victor-900-Standard-Function-Calculator/dp/B0006ZIJ7K) and do all your practice with these 2. Because if you're not used with these, you're going to lose maybe 20% of your time just dealing with the inefficiency of a lousy calculator and dry erase scratch paper - which I really don't understand, even elementary school kids get better writing materials.
As for actual study time, it took me about 1 weekend of dedicated study time and my score was around 90~% for both sections, I think one can pull it off anywhere between 1-7 full days of studying.
