Help: My Offer from a Prop Firm

[axehawk]

Originally posted by youn7001
I decided against Swift Trade for a couple of reasons:

(1) Training appears to be weak. I spoke with the trainer during my interview, and asked him if he traded. His answer was 'no'. From what I learned on this board, it's critical to be trained by someone who actually trades, or else you risk learning a strategy that is dated, and inappropriate in current markets. Also, FMRPROPT, a former trader there, said that training is 'shit', and is just messing around with 100 share lots.

That's consistent with what the Swift Trade trainer told me - that during the training period you're allowed to trade 100 share lots and it's up to you to make a profit.

Therefore, I am hesitant to join a company that will not train properly. After all, isn't training everything for a newbie?


(2) Because of a business relationship with another financial company, Swift Trade gets a flat rate commission on all the shares the traders buy and sell. That's a great deal, as long as you're with Swift Trade. But as soon as you leave for another prop firm or go out on your own, you lose that advantage. Traders there get accostomed to only paying pass-thru's, and no ticket charges.

My concern is that the Swift Trade trading mentality focuses too much on high volume trades that would be impossible to duplicate at another firm, or in retail. Once you're there, you're stuck. That's my main reason for not wanting to join Swift Trade.


Cheers,
M.

1) "Messing around with 100 share lots" is all you should be messing around with! You're a newbie. Do you think they're going to let you walk in off of the street and start banging around huge size??? I think not.

2) I think your assumption is correct in that you will not be able to transfer that style of trading to another prop firm.

3) I have not heard one good thing about this firm from anyone on this site.

4) If you're waiting around for another prop firm to come along in Ontario, you'll be waiting along time (Forever). And you will never get hired by a trading firm in the states, because its nearly impossible to get a visa and they don't want to go through the hassle.

5) That said, you SHOULD TAKE the offer from Swifttrade and use their $$$ to finance YOUR initial learning curve.

Good luck