Swift changing the deal

MNX once again I must say your full of crap. I worked at swift and learnt nothing i currently make 80 percent and pay as low as 50 cents PER TRADE unlimited shares. Furthermore i learnt how to use the tiki AND PREM something im sure you have no idea what im talking about, I also get daily market maker sheets and have a guys reading out dow and reuters news by the second. Last but not least I made 7-15k a month at swift and am now making 25-40 a months and this month im up well over 60k . You can defend Beck all you want but the facts speak for themselves and its NOT only me Im with a bunch of ex swifters and WE ARE ALL MAKING MORE and not a hundred or thousand a month. For a guy who seems smart you seem to always stick your foot in your mouth.
momo
 
Quote from momo trader99:

MNX once again I must say your full of crap. I worked at swift and learnt nothing i currently make 80 percent and pay as low as 50 cents PER TRADE unlimited shares. Furthermore i learnt how to use the tiki AND PREM something im sure you have no idea what im talking about, I also get daily market maker sheets and have a guys reading out dow and reuters news by the second. Last but not least I made 7-15k a month at swift and am now making 25-40 a months and this month im up well over 60k . You can defend Beck all you want but the facts speak for themselves and its NOT only me Im with a bunch of ex swifters and WE ARE ALL MAKING MORE and not a hundred or thousand a month. For a guy who seems smart you seem to always stick your foot in your mouth.
momo
More...

momo:

you'll notice my posts above are not totally focused about swift, they are more about my evolution and experience as a trader. (if I can call myself that).

Let's eliminate some myths for starters... I am not here to defend Peter Beck. Most of my reasons to stay at swift are personal (it's close to where I live and I'm not moving,(i'm getting married in september), I happen to like the office I'm in, and my manager is the best out there.) (like I said it's not all about money for me).
If I have defended swift in the past or said it was the best, I apoligize. I have never traded anywhere else so I have no comparison base.....

you're right I have no idea what tiki and PREM are, abbreviations of some sort I suppose, you can bet I'll be trying to learn everything I can about them over the coming weeks.

That's awesome that you and your guys are doing great, you can bet if swift ever went out of business (which is unlikely i think) I will call you first.

I happened to find out today that you are goldie himself (aka trader12345) I heard that someone got an e-mail from you and your e-mail addy was trader1234@something.com. That explains where you are coming from. The thing is that I'm not sure why you waste your time on these boards trying to recruit people. (i'm not sure why i waste my time here either...) I would imagine you could do a lot better with other avenues... (If my sources are incorrect please respond to this thread. But if I am right, you should 'fess up and let everyone know that you are promoting your firm before you create a new handle and start all over again.)

Anyways best wishes to you and your traders. Hopefully the volume picks up next week. If I ever happen to move to Toronto I'll give you a ring.

mnx
 
Well im not one to "complain" often but the branch I was affiliated with was a chop shop as far as Im concerned. i had GREAT positions on a daily basis but was forced out of them due to the 2 cent offside rule!...Stocks pull back and if a stock is on a constant uptrend, why should I be FORCED out of a good position, after the pull back ( when I'm out )..Not only have i got back my 2 cents, but I could have made 8 cents on top. I agree that no prop firm will "train" you as the markets have a way of teaching you what to do. But Swift has a basic model..REBATE, REBATE, REBATE....the game is dead and if you survive the learning curve and make it to payroll, perhaps depending on the branch you can use different strategies. In Calgary, NO CHARTING, no averaging down...and the Fundamental rule...Dont let a stock move against you?....Who can say they have had a day that a stock didn't move against them?.....I will post any comments about a firm i think is worthy of being promoted. For now I promote Golden out of montreal. I have no interest in any company and simply am looking for a home. A place that I can trade my syle, be left alone to explore different strategies and methods...I made many friends at Swift, and I wish them the best, However I do believe the company is doomed and the " our way or the highway" model of trading seems archaic. You have no choice but to play video games when your on a level system and your stop is $20.00/day....Again REBATE all day and one wrong move, your stopped out...so they tell you to hang around and learn from other traders....I learned to play Madden and drink coffee, as MOST if not all in my branch were REBATERS....Yes, some can make a living doing this...While most people will BURN out quite fast....I had a bad experience as many others have had...But it has not discourged me from making a living in this game. Traders need the freedom to trade what suits their style best. I wish you all the best and I will continue to post on any other firm I think is better. GOLDEN is by far above and beyond Swift....And if the ECN's stop providing rebates on liquitity, what will all the Swift "junkies" do?....You need to have multiple strategies and take what the markets give you. But if all you know is Credits, you are in esence doomed to failure.

Best of Trading
giannos




Quote from mnx:

agianst my better judgement I am going to respond to what you said... I'm going to be as objective as possible to avoid flames...

I'm sure everything you have said is true. If I had the same experience as you at swift I would have left a long time ago also. About branches teaching you nothing, I think it is the same everywhere. It is totally up to the individual to learn the markets. So teaching you 'nothing' is common to every branch. And while we're talking about training, AFAIK no other prop firm will treach you much... Genesis, Golden and many others won't teach you anything. They are looking for experienced traders. No one is going to sit you down and say volia: this is how you make money.

I think it'k in janaruy '04. order types, execution, different marketplaces, credits really sad that certain branches won't let you try anything new. I've always been curious about everything since I started at swift bacs, arbing etc... I would agree branches that won't let their traders experiment are doomed to fail. But I suppose a 'trader' has to proove themselves somewhat before any manager would let them experiement. They would at least have to be working hard and studious. I certainly wouldn't let a trainee 'experiment' who spent all their spare time playing video games. (that was not a slam directed at you but a general observation.) As far as developing strategies and trying new things out, I'm doing it all the time. and I was given the freedom to experiment while I was still making squat.

I've seen that you have been looking at other firms. Please feel free to post on ET about your experience there when you start. I'm sure everyone on ET would like to hear and unbiased view of every firm out there from the inside.

good luck in your future endeavours. hopefully you'll stick with trading, 'cause getting a real job in the real world sucks.' =D

mnx
More...
 
Monday is going to be a weird day for myself MNX, We use a US system but process canadian securities, so it's gonna be a bitch trying to toggle the confused system.

I know liquid stuff like the penny stocks could handle 1000 share lots or more, but what about the NYSE stuff that has to go through the specialist, you can get in bigger than a few hundred shares without slippage?? Wow...

As for pulling me back to trading, i still long for one day gettig back in, although on the institutional side, making markets, why the hell do you think i still prowl this board long after swift.

Quote from mnx:

I think it's awesome that you found a job that you really enjoy. As for me, I really enjoy trading. I took a job for 6 weeks in the middle of last year, and you know what? I ran back to trading. I missed it and had to give it another shot. I totally agree with you too about people coming in with unrealestic expectations. Nobody should come into trading with expectations of making big $$'s. And yeah trading 500 share lots for pennies with a 50/50 ratio is totally pointless. But that's certainly not what I'm doing, and definitely not what others around me making good money are doing. We're certainly not trading 500 lots, that's for certain. And out hit miss ratio is a little better than 50/50. ;) that's what you call an 'edge'.

Now getting on to the part about trading that frustrated you. I have to respectfully disagree on this one. "Working hard" while it doesn't guarentee anything, can really pay off. I know that when I came back to trading last september I really worked my butt off. And you know what? It actually paid off. If you treat trading like a job and work your butt off and refuse to accept mediocre results then you have a chance of getting somewhere with trading especially in the long term. If you're like the average swift trader and are a lazy ass and play video games all day and go home and do nothing then your days will be numbered. (that wasn't directed at you BTW. I'm sure you did work hard at swift and never saw any results. that would be immensely frustrating!!!!! like I said there is no guarentee of hard work paying off, but without it your trading career will be short.

enjoy the rest of your weekend. I wish Monday wasn't a holiday... (none of my friends have it off) like the INET t-shirt says, "I'd rather be trading."

mnx
More...
 
MNX once again you got it wrong .I NEVER said where to go only giving the facts. Funny how you say 1000 a month is not enough to leave yet the saving from VARIOUS other firms would save you thousands. On top of that your talking 30-40 percent and im talking 80% again tens of thousands to you. So if im a trader, owner or G-d it should make no f'en difference. The money means not much to you give me a f'in break you like your manager (probably nick) so your staying another joke. the way i see it based on what you say and think NOBODY in this industry would even hire a guy who says such nonsense. As well I started this thread ( you think beck called gold) as I have a ton of friends (traders like me) at swift and personally know a few guys on the higher payout.This thread was not meant to be which firm is better ONLY a factual statement. Please stop turning this into more then it is.
momo
 
Quote from momo trader99:

This thread was not meant to be which firm is better ONLY a factual statement. Please stop turning this into more then it is.
momo
More...
Gee, a Swift thread that has turned into another pissing contest. Like all the rest of the Swift threads. Let's stay on the specific topic of this thread, please. C'mon guys, I just know in my heart you big bad traders are capable of doing it. Really.
 
I cannot beleive into all the bashing effort that goes against Swift. I am acting in MNX's defense because he is the one who I beleive is more reasonable and never bashes at any other firms out there, never swears and deffinetly does not promote Swift Trade. He likes it at Swift, and I totally agree that being at a place he is comfortable with is extremely important. When you want more and more, eventually greed takes over and one day you get burned. He is sticking to what he is comfortable with and I respect that. And with regards to Swift, I personally think that the firm as a whole is proffitable. Yes, they might be losing traders in Canada because is appears that Beck is making enough money outside of Canada. Up to this point he's been a complete dumb-a$$, and I guess that's why he is almost doubling trader's pay-out upon a risk-deposit, which (no matter what anyone might say here) will make more traders stay at Swift, as opposse to leaving like before. There will always be people leaving, but that percentage will drop significantly once the new "retail" deal comes out.

Hope you'll enjoy the rest of your weekend.
 
Quote from askme:

I cannot beleive into all the bashing effort that goes against Swift. I am acting in MNX's defense because he is the one who I beleive is more reasonable and never bashes at any other firms out there, never swears and deffinetly does not promote Swift Trade. He likes it at Swift, and I totally agree that being at a place he is comfortable with is extremely important. When you want more and more, eventually greed takes over and one day you get burned. He is sticking to what he is comfortable with and I respect that. And with regards to Swift, I personally think that the firm as a whole is proffitable. Yes, they might be losing traders in Canada because is appears that Beck is making enough money outside of Canada. Up to this point he's been a complete dumb-a$$, and I guess that's why he is almost doubling trader's pay-out upon a risk-deposit, which (no matter what anyone might say here) will make more traders stay at Swift, as opposse to leaving like before. There will always be people leaving, but that percentage will drop significantly once the new "retail" deal comes out.

Hope you'll enjoy the rest of your weekend.
More...

I must be getting older, or more wise, or more businesslike. I generally don't read these threads but I guess I had to have a taste of the old. I think its the tone of most of the responses, not all. Business models change, as profitable traders are businessmen. Does the argumentative perspective lend anything at all to one's bottom line? If Swift no longer meets your needs, you know how to trade, you close that trade and move to another firm. If you feel boxed in because you are losing, then the deal doesn't matter anyway because 60% of nothing is still nothing. If you are happy, then would not your energies be better spent improving your trading?

I myself, am procrastinating some quarterly taxes I am working on this weekend. Guess where that leads me....right to the heart of a "bashing" type thread. So it goes to show that nobody is perfect.
 
look at WORLDCO before they went bust. If people do the proper due diligence then thats cool. But one should always question if things are so good then why change.
 
Quote from Magna:

Gee, a Swift thread that has turned into another pissing contest. Like all the rest of the Swift threads. Let's stay on the specific topic of this thread, please. C'mon guys, I just know in my heart you big bad traders are capable of doing it. Really.
More...

Hahaha

This thread is hilarious. It's so similiar to the worldco threads, it's too funny.

Let's see if the company follows the same fate. I'm betting yes. Wish I could short their stock.
 
You must log in or register to reply here.
Back
Top