Series 34 study plan

Define the core forex vocabulary set (currency pair, base/quote currency, pip, lot size, bid/ask, spread, rollover/swap) and write each term in your own words

Differentiate spot, forward, futures, and option forex transactions by settlement timing, counterparty, and credit exposure

Explain how leverage and margin mechanics amplify both gains and losses using worked numeric examples

Describe the structure of the interbank/off-exchange forex market, including participants, quoting conventions, and why retail customers transact off-exchange

Calculate pip values and profit/loss across long and short positions in both direct and indirect quote conventions

Interpret how interest rate differentials drive carry and rollover charges, and compute a simple swap-adjusted return

Identify the regulatory bodies and statutes that govern retail off-exchange forex (CFTC oversight, NFA rules, CEA authority)

Distinguish retail forex dealer/retail forex counterparty registration categories from associated person and branch office registration

Map the registration workflow for a retail forex counterparty, including NFA membership, Form 7-R/8-R filings, and withdrawal procedures

Summarize required customer disclosures and risk disclosure statements, and state when each must be delivered

Outline the minimum capital and financial reporting obligations imposed on retail forex counterparties

Reconstruct the recordkeeping requirements: what records, retention periods, and accessibility standards apply

Explain the disciplinary process and the categories of conduct that trigger NFA/CFTC sanction

Differentiate promotional material review requirements for retail forex communications from general advertising rules

Apply guaranty/foreclosure and customer fund segregation concepts to short fact patterns

Review weeks 1-4 notes and resolve every flagged item in your error log

Sequence the account-opening process, including customer identification, suitability information collection, and required signed agreements

Compute margin requirements, maintenance levels, and liquidation thresholds for sample positions

Explain security deposit, minimum account size, and capital rules applicable to retail forex accounts

Describe how customer funds are held, withdrawn, and protected, and what communications accompany those events

Draft compliant customer communications, distinguishing required disclosures from prohibited performance claims

Apply suitability standards to hypothetical customers with differing experience, objectives, and risk tolerance

Identify prohibited sales practices, including churning, unauthorized trading, and misleading hypothetical performance presentations

Explain supervision obligations: supervisory procedures, handling of customer complaints, and escalation paths

Evaluate fact patterns for fraud, misappropriation, and forex-specific prohibited conduct and assign the correct violation

Distinguish ethical requirements around conflicts of interest, compensation disclosure, and outside business activities

Trace the disciplinary complaint-to-decision process and the consequences of failing supervisory duties

Integrate all four domains by answering mixed vignette questions under time pressure

Take two full-length timed practice exams and compare domain-level score profiles

Re-drill only the lowest-scoring domain subtopics until each reaches a consistent passing threshold

Recite from memory the key numeric thresholds (capital, margin, retention periods, deadlines) without notes

Finalize a one-page formula and rule summary for last-day review