Are there any honest, reliable prop firms out there?

Quote from Triple X:

16 cents a trade and no liability, where do I sign up? :D
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There seems to be some sort of myth floating around that the traders at Swift have no liability. Hate to burst everyone's bubble but just read the contract that you sign with Swift. The trader is liable for ANY losses incurred.

Sometimes if a trader racks up a loss and leaves, Swift decides to let it slide, due to the fact that many of the traders at Swift have zero assets.

However, Swift has in many instances chosen to exercise this right and has done what they can to recover monies owed.

So if someone thinks they are going to rack up a 100k loss and waltz out the door they should think again. Unless of course they live in the proverbial 'van down by the river' . Actually in that case I am pretty sure Swift would put a lien on the van. :D
 
Quote from Red_Ink_inc:

There seems to be some sort of myth floating around that the traders at Swift have no liability. Hate to burst everyone's bubble but just read the contract that you sign with Swift. The trader is liable for ANY losses incurred.

Sometimes if a trader racks up a loss and leaves, Swift decides to let it slide, due to the fact that many of the traders at Swift have zero assets.

However, Swift has in many instances chosen to exercise this right and has done what they can to recover monies owed.

So if someone thinks they are going to rack up a 100k loss and waltz out the door they should think again. Unless of course they live in the proverbial 'van down by the river' . Actually in that case I am pretty sure Swift would put a lien on the van. :D
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Did you used to trade at Swift?
 
Quote from Red_Ink_inc:

There seems to be some sort of myth floating around that the traders at Swift have no liability. Hate to burst everyone's bubble but just read the contract that you sign with Swift. The trader is liable for ANY losses incurred.
More...

Well, that pretty much backs up my point that the deal is not very good.
I check the "Trader P/L" thread daily. I always wonder why you profitable Swift guys stay with that firm and give away 50% of your profit. Is it because there is no place else to go in Canada?
 
number of reasons: Low commission costs, Huge leverage with no capital down, office environment (really good at the branch I'm at), good software that gives you an edge (note, I'm not saying reliable), and I know what I mean when I say this, I've tried many many different softwares, nothing beats ProsperPro for scalping with big shares.
Over the last few months we get bonus on ISLD and now BRUT ecn rebates, where we earn 0.25 rebates as opposed to 0.2, which adds up to about extra 3k a month for me (not an insane amount but extra guaranteed cash every month), upwards of 10k for bigger traders, no other prop shop can do that, as no one comes close to the volume Swift does. I mean look at HLV's web site, those guys are so proud of hitting 28million shares a day, Swift does that in the first hour of trading.
Convenient location, trading around experienced traders, which is the reason I've got the this level, not to say I'm great but it keeps me satisfied more or less anyways... and the list keeps going on and on...

yet, a lot of things I hate about the company as well, where I've been for quite a while and no plans to take-off yet.
 
Quote from Longhorns:

Well, that pretty much backs up my point that the deal is not very good.
I check the "Trader P/L" thread daily. I always wonder why you profitable Swift guys stay with that firm and give away 50% of your profit. Is it because there is no place else to go in Canada?
More...

You know I've done my homework.
Let's talk numbers...

I may get only 50% at swift (actually it's much closer to 60%) BUT I've saved all my data in a spreadsheet. To match swift's deal I'd need an 80% payout and only pay $.001/share just to match it. That was based on my trading activity from february - july last year...
I'm sure my average profit has improved since then but I still have days where I churn and churn...

I talked to a very popular firm that many people on this board say has the best rates. (at least for nasdaq...) they couldn't even match the deal I have now.

I had an offer from another firm that beat it (and beat it handily) but I decided in the end that I really wasn't interested in jumping ship... I'm still not. I like it where I am, and there's a lot to be said for that.....

in conclusion you can't compare apples to oranges...

mnx
 
So on your daily P&L posts, the net figure you take home is really only 50-60% of what it says there? Or does that figure already take into account your payout?

Quote from mnx:

You know I've done my homework.
Let's talk numbers...

I may get only 50% at swift (actually it's much closer to 60%) BUT I've saved all my data in a spreadsheet. To match swift's deal I'd need an 80% payout and only pay $.001/share just to match it. That was based on my trading activity from february - july last year...
I'm sure my average profit has improved since then but I still have days where I churn and churn...

I talked to a very popular firm that many people on this board say has the best rates. (at least for nasdaq...) they couldn't even match the deal I have now.

I had an offer from another firm that beat it (and beat it handily) but I decided in the end that I really wasn't interested in jumping ship... I'm still not. I like it where I am, and there's a lot to be said for that.....

in conclusion you can't compare apples to oranges...

mnx
More...
 
Quote from Steve Tvardek:

So on your daily P&L posts, the net figure you take home is really only 50-60% of what it says there? Or does that figure already take into account your payout?
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that's the total net for the day before split. (all other fees have already been decuducted to calcualate the net though...)

mnx
 
Gotcha, thanks for the reply.

Quote from mnx:

that's the total net for the day before split. (all other fees have already been decuducted to calcualate the net though...)

mnx
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Quote from askme:

number of reasons: Low commission costs, Huge leverage with no capital down, office environment (really good at the branch I'm at), good software that gives you an edge (note, I'm not saying reliable), and I know what I mean when I say this, I've tried many many different softwares, nothing beats ProsperPro for scalping with big shares.
Over the last few months we get bonus on ISLD and now BRUT ecn rebates, where we earn 0.25 rebates as opposed to 0.2, which adds up to about extra 3k a month for me (not an insane amount but extra guaranteed cash every month), upwards of 10k for bigger traders, no other prop shop can do that, as no one comes close to the volume Swift does. I mean look at HLV's web site, those guys are so proud of hitting 28million shares a day, Swift does that in the first hour of trading.
Convenient location, trading around experienced traders, which is the reason I've got the this level, not to say I'm great but it keeps me satisfied more or less anyways... and the list keeps going on and on...

yet, a lot of things I hate about the company as well, where I've been for quite a while and no plans to take-off yet.
More...

Thanks for the honest reply. I wish you continued success there.



Quote from mnx:

You know I've done my homework.
Let's talk numbers...

I may get only 50% at swift (actually it's much closer to 60%) BUT I've saved all my data in a spreadsheet. To match swift's deal I'd need an 80% payout and only pay $.001/share just to match it. That was based on my trading activity from february - july last year...
I'm sure my average profit has improved since then but I still have days where I churn and churn...

I talked to a very popular firm that many people on this board say has the best rates. (at least for nasdaq...) they couldn't even match the deal I have now.

I had an offer from another firm that beat it (and beat it handily) but I decided in the end that I really wasn't interested in jumping ship... I'm still not. I like it where I am, and there's a lot to be said for that.....

in conclusion you can't compare apples to oranges...

mnx
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You too MNX. :)
 
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