Series 3 study plan

Define in writing the core futures vocabulary - contract, tick, minimum price fluctuation, daily price limit, settlement price, volume, open interest, delivery month - and use each term correctly in a sentence.

Distinguish contango from backwardation and compute basis for three given cash/futures quote pairs.

Contrast forward contracts, futures contracts, and options in a feature-by-feature comparison covering obligation, standardization, clearing, and margin.

List the contract specifications - size, tick value, delivery months, last trading day - for the major grain, financial, and energy contracts.

Compute the initial margin requirement for a multi-contract position from per-contract margin figures.

Compute account equity, the maintenance trigger price, the margin call amount, and the variation margin cash flow after a daily settlement.

Calculate leverage and return on margin for a position, and explain why margin is a performance bond rather than a down payment.

Explain who sets margin (exchange minimums versus broker add-ons) and describe what happens to a position on a limit move.

Compute premium, intrinsic value, and time value for calls and puts on futures at three different strike prices relative to the futures price.

Determine max gain, max loss, and breakeven for long call, long put, short call, short put, and at least one vertical spread.

Explain exercise and assignment mechanics for futures options, and state the difference between American and European style for these contracts.

Interpret delta and theta for a single option position and predict how the position value changes on a small move in the underlying and one day of time decay.

Construct a short hedge for a producer and a long hedge for a consumer from a stated cash-market exposure.

Compute the effective price achieved by each hedge, including the basis adjustment at lifting.

Compute a hedge ratio and identify the conditions that create basis risk and when a cross-hedge is required.

Predict how hedge results change when basis strengthens versus weakens, and explain which party each outcome favors.

Differentiate intracommodity, intercommodity, and intermarket spreads, and compute profit or loss on each from given entry and exit quotes.

Distinguish scalping, day trading, and position trading by holding period, margin, and risk profile.

Identify six classic chart formations and state the buy or sell signal plus the confirmation each requires.

Explain how volume and open interest confirm or contradict a price move, and compute a moving-average crossover signal from a short price series.

Summarize the supply and demand factors and report releases that drive the major grain, financial, and energy markets.

Differentiate individual, joint, corporate, trust, and omnibus accounts and list the documentation needed to open each.

Describe discretionary account requirements, third-party trading authorization, and the segregation of customer funds.

Outline registration categories, continuing education obligations, and the registration and disciplinary process.

List recordkeeping, advertising, and sales-practice rules, then trace the path of a customer complaint through arbitration.

Sequence an order from entry through clearing, including give-up, transfer, and clearing-member roles.

Describe trade matching, settlement, delivery notice procedure, and exchange for physicals.

Compute net position and daily profit or loss for an account with several trades in one session.

Re-teach the two lowest-scoring domains from all prior quizzes and re-quiz them until each reaches 85%.

Take three full-length timed practice exams under exam conditions, one per study block.

Categorize every missed item by domain and re-derive the underlying concept in writing.

Drill margin and options calculations daily until they are error-free under time pressure.

Recite the contract specifications and regulatory time limits from memory at the end of each session.