This course prepares you for the National Commodity Futures Examination, commonly called Series 3. It contains 35 units across eight chapters, aligned to the National Futures Association (NFA) study outline.
The Course Map
| Chapter | Focus |
|---|---|
| 1. Futures Trading Theory and Terminology | Contract mechanics, market structure, hedging, speculation, and core vocabulary |
| 2. Margins, Premiums and Settlements | Performance bonds, option premiums, price limits, delivery, exercise, and assignment |
| 3. Orders, Accounts and Price Analysis | Order types, technical analysis, fundamental analysis, and interest rates |
| 4. Hedging and Basis Calculations | Basis, hedge direction, and effective-price calculations |
| 5. Spreading | Futures spread execution, expectations, and common structures |
| 6. Speculating in Futures | Profit and loss, margin return, and trade applications |
| 7. Options Strategies | Options on futures for hedging, speculation, and spreads |
| 8. Regulations | Registration, customer protections, firm obligations, and enforcement |
The Exam at a Glance
- Questions: 125 total, including 120 scored questions and 5 unscored pretest questions
- Time: 150 minutes
- Passing standard: 70% in each independently scored part: Market Knowledge and Regulations
- Format: Multiple choice and true/false
- Eligibility: No sponsor is required to take the Series 3. Passing the exam alone does not register you to work as a commodity broker.
Exam Tip: Gotchas
- The two parts are scored separately. A strong Market Knowledge score cannot offset a Regulations score below 70%, or the reverse. Treat the Regulations chapter as a separate pass gate, not as a small appendix to the market chapters.
A Practical Study Loop
Work through each chapter in order on a first pass. Futures mechanics, margin, and basis calculations support the strategy units that follow.
For each unit:
- Watch the unit's videos and listen to its podcast.
- Take the unit's Study Quiz and run its Flashcards before you read.
- Read the Learn material and mark each section complete.
- Repeat the Study Quiz and Flashcards, then move forward.
- After the first pass, take a full Practice Exam every week to find the highest-value gaps.
The goal of the first pass is breadth. Afterward, use practice results to target weak areas while keeping both exam parts above the passing bar.
Next Step
Start with the app overview, then move into Chapter 1: