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www.series34exam.com
 
Passing
 
the
 
Series
 
34
 
Exam
 
By
 
Bart
 
Mallon,
 
Esq.
 
www.series34exam.com
 
Discussion
 
about
 
How
 
to
 
Take
 
and
 
Pass
 
the
 
Series
 
34
 
Exam
 
On
 
Thursday
 
I
 
took
 
the
 
Series
 
34
 
Exam
 
and
 
I
 
passed.
 
I
 
answered
 
30
 
out
 
of 
 
40
 
questions
 
correctly
 
for
 
a
 
75%
 
(it
 
takes
 
a
 
70%
 
score
 
to
 
pass).
 
This
 
score
 
is
 
not
 
as
 
good
 
as
 
I
 
had
 
hoped
 
for,
 
but
 
it
 
is
 
good
 
for
 
a
 
couple
 
of 
 
reasons.
 
First,
 
it
 
proves
 
that
 
anyone
 
can
 
pass
 
these
 
exams
 
without
 
buying
 
expensive
 
study
 
guides
 
(I
 
created
 
a
 
free
 
Series
 
34
 
exam
 
study
 
guide).
 
Secondly,
 
the
 
exam
 
gave
 
me
 
an
 
opportunity
 
to
 
really
 
see
 
which
 
areas
 
the
 
NFA
 
is
 
going
 
to
 
focus
 
on
 
therefore
 
which
 
areas
 
of 
 
the
 
study
 
guide
 
I
 
needed
 
to
 
improve.
 
Score
 
Breakdown
 
My
 
scores
 
broke
 
down
 
as
 
follows:
 
•
 
Definitions
 
and
 
Terminology
 
7
 
of 
 
10
 
(70%)
 
•
 
Forex
 
Trading
 
Calculations
 
6
 
of 
 
8
 
(75%)
 
•
 
Risks
 
Associated
 
with
 
Forex
 
Trading
 
3
 
of 
 
4
 
(75%)
 
•
 
Forex
 
Market
‐
Concepts,
 
Theories,
 
Economic
 
Factors
 
and
 
Indicators,
 
Participants
 
6
 
of 
 
10
 
(60%)
 
•
 
Forex
 
Regulatory
 
Requirements
 
8
 
of 
 
8
 
(100%
‐
did
 
you
 
expect
 
anything
 
else
 
from
 
a
 
forex
 
attorney?)
 
Total
 
Correct:
 
30
 
of 
 
40
 
Time
 
to
 
complete
 
the
 
exam
‐
approximately
 
42
 
minutes
 
What
 
I
 
exactly
 
did
 
to
 
study
 
for
 
the
 
exam
 
The
 
way
 
that
 
I
 
studied
 
for
 
the
 
exam
 
is
 
likely
 
to
 
be
 
different
 
than
 
the
 
way
 
that
 
you
 
study
 
for
 
the
 
exam.
 
The
 
time
 
I
 
spent
 
creating
 
definitions
 
for
 
each
 
test
 
topic
 
can
 
be
 
spent
 
memorizing
 
the
 
concepts
 
and
 
defintions.
 
As
 
a
 
brief 
 
overview,
 
here
 
is
 
how
 
I
 
studied:
 
1.
 
Research
 
to
 
create
 
 free
 
series
 
34
 
study 
 
guide
.
 
Initially
 
I
 
researched
 
all
 
of 
 
the
 
topics
 
which
 
were
 
listed
 
in
 
the
 
NFA
 
study
 
outline.
 
This
 
took
 
a
 
good
 
chunk
 
of 
 
time
 
as
 
I
 
had
 
to
 
read
 
information
 
from
 
many
 
different
 
forex
 
resources
 
and
 
then
 
synthesize
 
the
 
information
 
into
 
a
 
short
 
description
 
that
 
I
 
could
 
understand
 
and
 
that
 
would
 
hopefully
 
be
 
helpful
 
to
 
forex
 
 
 
©
 
www.series34exam.com
 
managers.
 
Much
 
of 
 
this
 
research
 
involved
 
summarizing
 
original
 
NFA
 
sources
 
including
 
NFA
 
rules,
 
interpretive
 
releases
 
and
 
notices
 
to
 
members.
 
I
 
also
 
read
 
through
 
some
 
of 
 
the
 
good
 
forex
 
trading
 
resources
 
and
 
provided
 
links
 
to
 
these
 
resources
 
as
 
appropriate.
 
2.
 
Created 
 
note
 
cards
.
 
After
 
creating
 
and
 
posting
 
the
 
items
 
on
 
the
 
checklist,
 
I
 
created
 
note
 
cards
 
which
 
were
 
based
 
on
 
the
 
study
 
guide.
 
After
 
creating
 
the
 
note
 
cards
 
I
 
went
 
through
 
them
 
a
 
few
 
times
 
 –
 
I
 
would
 
imagine
 
that
 
it
 
was
 
about
 
8
‐
10
 
times
 
all
 
the
 
way
 
through
 
all
 
together.
 
This
 
is
 
obviously
 
not
 
very
 
much,
 
but
 
by
 
creating
 
the
 
note
 
cards
 
I
 
was
 
able
 
to
 
ingrain
 
the
 
concepts
 
faster.
 
There
 
were
 
a
 
few
 
concepts
 
which
 
I
 
needed
 
a
 
little
 
extra
 
help
 
with
 
so
 
I
 
would
 
focus
 
on
 
these
 
note
 
cards.
 
3.
 
Exam
 
questions
.
 
Two
 
nights
 
before
 
the
 
exam
 
I
 
reviewed
 
the
 
practice
 
questions
 
which
 
I
 
created.
 
I
 
made
 
a
 
total
 
of 
 
16
 
fairly
 
tough
 
questions
 
before
 
the
 
exam.
 
The
 
night
 
before
 
the
 
exam
 
I
 
re
‐
read
 
through
 
all
 
of 
 
the
 
exam
 
questions
 
again.
 
4.
 
Final 
 
review 
.
 
On
 
the
 
night
 
right
 
before
 
the
 
exam
 
I
 
did
 
a
 
final
 
real
 
through
 
of 
 
the
 
important
 
NFA
 
resources
 
and
 
the
 
forex
 
trading
 
guide.
 
I
 
also
 
did
 
more
 
drilling
 
with
 
my
 
note
 
cards
 
and
 
reviewed
 
the
 
exam
 
questions
 
a
 
final
 
time.
 
I
 
also
 
started
 
an
 
overview
 
sheet
 
which
 
I
 
will
 
turn
 
into
 
another
 
quick
 
glance
 
resource
 
for
 
this
 
website.
 
Why
 
I
 
did
 
not
 
score
 
as
 
high
 
as
 
I
 
would
 
like
 
I
 
have
 
taken
 
and
 
passed
 
a
 
number
 
of 
 
different
 
proficiency
 
exams
 
which
 
are
 
administered
 
by
 
FINRA
 
 –
 
the
 
series
 
3,
 
the
 
series
 
7,
 
the
 
series
 
24,
 
the
 
series
 
63,
 
the
 
series
 
65,
 
and
 
now
 
the
 
series
 
34.
 
For
 
each
 
of 
 
these
 
previous
 
exams
 
I
 
prepared
 
much
 
better
 
and
 
accordingly
 
received
 
much
 
higher
 
scores.
 
Generally
 
my
 
scores
 
were
 
in
 
the
 
high
 
80%
 
range
 
(I
 
don’t
 
have
 
the
 
print
 
outs
 
anymore).
 
Here,
 
my
 
scores
 
were
 
not
 
as
 
high
 
and
 
I
 
think
 
it
 
is
 
for
 
a
 
couple
 
of 
 
reasons:
 
1.
 
I
 
did
 
not
 
do
 
any
 
practice
 
calculations.
 
There
 
were
 
around
 
five
 
questions
 
which
 
really
 
required
 
the
 
use
 
of 
 
a
 
calculator.
 
These
 
questions
 
included
 
basic
 
and
 
more
 
advanced
 
calculations
 
related
 
to
 
the
 
actual
 
profits
 
and
 
losses
 
on
 
positions.
 
There
 
was
 
also
 
a
 
question
 
dealing
 
with
 
the
 
price
 
per
 
pip
 
calculation.
 
I
 
feel
 
that
 
the
 
reason
 
I
 
struggled
 
with
 
this
 
part
 
of 
 
the
 
exam
 
is
 
that
 
I
 
did
 
not
 
really
 
do
 
any
 
sort
 
of 
 
practice
 
problems
 
on
 
these
 
types
 
of 
 
calculations
 
 –
 
I
 
simply
 
memorized
 
the
 
example
 
I
 
used
 
in
 
the
 
definition.
 
I
 
don’t
 
believe
 
that
 
this
 
is
 
good
 
enough
 
if 
 
you
 
want
 
to
 
make
 
sure
 
you
 
will
 
pass
 
 –
 
because
 
of 
 
this,
 
I
 
am
 
going
 
to
 
create
 
more
 
practice
 
questions
 
related
 
to
 
the
 
actual
 
calculations.
 
Be
 
prepared
 
to
 
use
 
the
 
calculator
 
on
 
the
 
exam.
 
As
 
an
 
additional
 
tip,
 
do
 
not
 
spend
 
too
 
much
 
time
 
on
 
one
 
single
 
problem
 
 –
 
I
 
must
 
have
 
spent
 
a
 
good
 
10
 
minutes
 
on
 
one
 
calculation
 
problem
 
and
 
after
 
my
 
calculations,
 
I
 
didn’t
 
even
 
come
 
up
 
with
 
the
 
right
 
answer.
 
For
 
this
 
question
 
I
 
 just
 
had
 
to
 
guess.
 
There
 
was
 
another
 
calculation
 
problem
 
which
 
I
 
made
 
a
 
more
 
educated
 
guess
 
on
 
as
 
well.
 
 
 
©
 
www.series34exam.com
 
2.
 
I
 
did
 
not
 
focus
 
really
 
any
 
of 
 
my
 
study
 
time
 
on
 
shorting
 
currency
 
pairs.
 
Because
 
I
 
spent
 
no
 
time
 
even
 
thinking
 
about
 
this,
 
I
 
was
 
a
 
bit
 
unprepared
 
for
 
a
 
couple
 
of 
 
problems
 
which
 
discussed
 
this
 
as
 
a
 
possibility.
 
These
 
questions
 
were
 
generally
 
pretty
 
basic
 
questions
 
and
 
from
 
previous
 
study
 
I
 
was
 
able
 
to
 
answer
 
them
 
correctly
 
(I
 
think).
 
For
 
these
 
questions
 
I
 
think
 
that
 
the
 
series
 
3
 
exam
 
and
 
the
 
series
 
7
 
exam
 
helped
 
in
 
terms
 
of 
 
general
 
investment
 
management
 
knowledge.
 
3.
 
Ambiguously
 
stated
 
regulatory
 
terms.
 
The
 
exam
 
included
 
at
 
least
 
one
 
question
 
with
 
ambiguously
 
stated
 
regulatory
 
terms.
 
I
 
believe
 
the
 
question
 
made
 
reference
 
to
 
a
 
Member
 
and
 
Associated
 
Member
 
of 
 
some
 
sort
 
of 
 
regulated
 
body.
 
These
 
terms
 
are
 
not
 
precise
 
and
 
do
 
not
 
make
 
sense
 
 –
 
there
 
is
 
no
 
such
 
thing
 
as
 
an
 
associated
 
member.
 
As
 
I
 
have
 
discussed
 
before
 
the
 
NFA
 
is
 
a
 
self 
 
regulatory
 
organization
 
(SRO).
 
Firms
 
must
 
be
 
Members
 
of 
 
this
 
SRO
 
and
 
the
 
employees
 
of 
 
the
 
firm
 
are
 
termed
 
“Associated
 
Persons”
 
or
 
“Principals.”
 
I
 
was
 
not
 
sure
 
if 
 
this
 
question
 
was
 
making
 
reference
 
to
 
APs
 
of 
 
a
 
NFA
 
Member
 
firm.
 
I
 
cannot
 
remember
 
how
 
this
 
worked
 
out
 
and
 
I
 
may
 
have
 
switched
 
my
 
answer
 
at
 
the
 
very
 
end
 
(something
 
you
 
are
 
not
 
supposed
 
to
 
do).
 
This
 
is
 
one
 
of 
 
the
 
frustrating
 
things
 
about
 
FINRA
 
exams
 
in
 
general
 
 –
 
it
 
is
 
not
 
necessarily
 
how
 
much
 
you
 
know,
 
but
 
that
 
you
 
know
 
how
 
to
 
take
 
the
 
exam.
 
This
 
is
 
more
 
true
 
with
 
regard
 
to
 
the
 
Series
 
7
 
and
 
other
 
exams,
 
but
 
it
 
still
 
holds
 
true
 
for
 
this
 
on
 
4.
 
Current
 
Account,
 
Capital
 
Account,
 
Balance
 
of 
 
Trade
 
and
 
Balance
 
of 
 
Payments.
 
I
 
did
 
not
 
understand
 
these
 
concepts
 
during
 
my
 
studies
 
and
 
still
 
do
 
not
 
understand
 
them.
 
The
 
one
 
phrase
 
that
 
I
 
remembered
 
is
 
that
 
the
 
BOT
 
is
 
the
 
largest
 
part
 
of 
 
BOP….and
 
this
 
was
 
on
 
the
 
exam
 
in
 
some
 
form.
 
I
 
think
 
there
 
might
 
have
 
been
 
another
 
question
 
on
 
these
 
issues
 
which
 
I
 
likely
 
answered
 
incorrectly.
 
A
 
note
 
about
 
pacing
 
through
 
the
 
exam
 
One
 
of 
 
the
 
nice
 
things
 
about
 
FINRA
 
exams
 
is
 
that
 
they
 
always
 
follow
 
a
 
very
 
similar
 
pattern.
 
At
 
the
 
beginning
 
of 
 
the
 
exam
 
the
 
questions
 
will
 
be
 
easy
 
and
 
you
 
will
 
probably
 
breeze
 
through
 
the
 
first
 
5
‐
8
 
questions.
 
From
 
there
 
the
 
questions
 
will
 
begin
 
to
 
get
 
tougher
 
and
 
somewhere
 
around
 
questions
 
20
‐
28ish
 
there
 
are
 
likely
 
to
 
questions
 
which
 
seem
 
impossible.
 
It
 
is
 
at
 
this
 
point
 
when
 
the
 
despair
 
usually
 
begins
 
to
 
kick
 
in
 
 –
 
REMEMBER
 
THIS
 
and
 
keep
 
it
 
all
 
in
 
perspective.
 
You
 
can
 
miss
 
a
 
lot
 
of 
 
questions
 
and
 
still
 
pass.
 
After
 
you
 
make
 
it
 
though
 
the
 
tougher
 
questions,
 
the
 
end
 
is
 
easy
 
and
 
you
 
will
 
likely
 
breeze
 
through
 
the
 
last
 
10
 
questions
 
or
 
so.
 
Like
 
I
 
said
 
this
 
is
 
a
 
common
 
feature
 
of 
 
FINRA
 
exams
 
and
 
I
 
have
 
had
 
the
 
same
 
exact
 
feeling
 
in
 
each
 
exam
 
and
 
really
 
believed
 
that
 
I
 
may
 
not
 
pass.
 
On
 
the
 
day
 
of 
 
the
 
exam
 
I
 
scheduled
 
my
 
exam
 
for
 
8:00am.
 
I
 
always
 
try
 
to
 
schedule
 
these
 
exams
 
for
 
the
 
morning
 
for
 
a
 
few
 
reasons,
 
the
 
most
 
important
 
of 
 
which
 
is
 
that
 
I
 
 just
 
want
 
to
 
get
 
the
 
exam
 
done
 
with.
 
If 
 
I
 
schedule
 
the
 
exam
 
in
 
the
 
afternoon
 
I
 
am
 
going
 
to
 
spend
 
the
 
day
 
being
 
distracted
 
and
 
trying
 
to
 
get
 
extra
 
studying
 
in
‐
this
 
is
 
 just
 
me,
 
you
 
should
 
schedule
 
your
 
exam
 
for
 
the
 
time
 
you
 
think
 
you
 
will
 
be
 
able
 
to
 
do
 
your
 
best.
 
of 00

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