Credit Trading, newcomer questions, rant...

[steve46]

Hello:
I don't want to be impolite. I know you want to find help. I am going to suggest something you won't like. Naturally you can disregard it.

You're in a part of the business that is populated by pros who have been doing it (trading) for a while. They have several advantages over you including a commish structure better than yours. Doing the small volume you are stating you wont be around long, because they (Swift) will let you go. You need to find a successful rebate trader in your firm or in another firm right away. Offer to pay them to show you how it is done. Be prepared to have to re-learn a lot of what you think your doing right. In your place, I would start to make contacts outside Swift right away. I would say your window is about 3-4 months max. I know a guy who used to rebate trade and what he did was to stand outside a pro office and wait for guys to come out for a smoke. He made friends with one of them and eventually worked his way into the business. Took him a while, but he got there.

I am sorry I can't be more constructive.

Steve

 

[Vitali]

Quote from steve46:

Hello:
I don't want to be impolite. I know you want to find help. I am going to suggest something you won't like. Naturally you can disregard it.

You're in a part of the business that is populated by pros who have been doing it (trading) for a while. They have several advantages over you including a commish structure better than yours. Doing the small volume you are stating you wont be around long, because they (Swift) will let you go. You need to find a successful rebate trader in your firm or in another firm right away. Offer to pay them to show you how it is done. Be prepared to have to re-learn a lot of what you think your doing right. In your place, I would start to make contacts outside Swift right away. I would say your window is about 3-4 months max. I know a guy who used to rebate trade and what he did was to stand outside a pro office and wait for guys to come out for a smoke. He made friends with one of them and eventually worked his way into the business. Took him a while, but he got there.

I am sorry I can't be more constructive.

Steve

I dont work for Swift Trade, this firm usually doesnt hire recent grads without experience, but they decided to do it this time. So they hired 3 grads, including me, (as an experiement I guess) and now all 3 of us are sitting there struggling to break even. Since they have no training structure what so ever, they basically set us up with a desk and told us to keep it conservative to a 100 shares in order not to loose too much as we are learning.
Yet after reading 3 books our boss recommended, I am still not doing that much better.
And whats with the commision structure? The guys at my firm keep saying that 45% is a good commision for traders...is it not?

 

[steve46]

Firms I know of include

White Cap
Avidus
Bear
Golden Market
Genesis
Alliance

If I remember correctly, these are a few of the firms that might be sources of reference or places to make friends. Because things change rapidly in this industry, I have no way of saying whether these firms are the "good guys" or not.

Again I suggest you start to network right away. Ask about fees and indicate your interest and you might be surprised at what people will volunteer if you seem to be a good guy. Use google or the search function at the top right hand of the ET home page.


Good luck,
Steve

 

[reid5525]

Quote from steve46:

Firms I know of include

White Cap
Avidus
Bear
Golden Market
Genesis
Alliance

If I remember correctly, these are a few of the firms that might be sources of reference or places to make friends. Because things change rapidly in this industry, I have no way of saying whether these firms are the "good guys" or not.

Again I suggest you start to network right away. Ask about fees and indicate your interest and you might be surprised at what people will volunteer if you seem to be a good guy. Use google or the search function at the top right hand of the ET home page.


Good luck,
Steve

Avidus offered me 0.004 in commission, 10-1 leverage, a $100mth
charge plus/minues ECN's. Problem is I never heard of them before. Can anyone here shine some light on Avidus?