Swift Trade Canada/Hong Kong

Quote from madmunny:

Its also BS due to the fact that the check for 8500 (it would actually be 7500 but we will stick with 8500 just for this scenario) is processed by HO half way through the following month and mailed out long before the second month is over so HO would have no idea that the trader is going to lose that 5k that month....and the trader would get the check at least one if not two or three days before the last day of the month.......

so please....stop makin up bullsh$t stories when you really have no idea what the hell your talkin about cause you just look like an idiot when someone can prove your full of sh$t.
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Ive seen it happen 3 times.
 
Quote from Szeven:

Ive seen it happen 3 times.
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ok...obviously im wrong on this one.....but i also know its illegal to withhold an emplyees check in any company to force them to repay anything.....if for what ever reason the branch was to hold a trader liable you would think they would use the court system as a proper course of action.....

but clearly im wrong on this practise not happening so i shall shut up now! :)
 
okay..so everyone done with this zero liability thing?!!
Personally I think holding a month of paid-cheque is the best the branch manager can do (assuming that it is not zero liability), the BM can still take a large loss if trader decides it is the last month and screw around with his buying power on some low liquid stocks.
Some stupid trader even turned off the screen with a position and walked out. Fortunately trainer realized it from the riskware and closed the trade. But I think from an investor point of view, Branch manager's money is largely at risk if traders decide to go crazy. The system at Swift just gives too much flexibility to traders.
Can someone answer my question about the training at Swift and the other prop. shop?? as I am trying to trade better.
 
Quote from madmunny:

ok...obviously im wrong on this one.....but i also know its illegal to withhold an emplyees check in any company to force them to repay anything.....if for what ever reason the branch was to hold a trader liable you would think they would use the court system as a proper course of action.....

but clearly im wrong on this practise not happening so i shall shut up now! :)
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Madmunny, you don't have any employees in your branch, they are all contractors. They do not have the regular rights that employees do under the Employment Standards Act and Swift knows this.

Red
 
madmunny:

Thanks for clearing that up. I kinda see how the hierarchy works now...or the payout structure. Seems like it all makes sense if at least everyone is trading the same style. at only 16 somethings cents per trade, thats amazing! If you could put out an order for 1000 shares and only pay 16 cents, thats ridiculous. And I thought 2 bucks roundtrip was absurd.

I think the whole payout structure then makes some sense. I don't know the specifics, but in principle it all makes sense. After all, why should some newb get the same commish rate as someone senior when the newb isn't doing any volume? Seems like the payout and commish thing creates a kind of team atmosphere...because the only way i can think of commish being that low for a newb, or anyone, is if everyone in the office is pushing high volume which (i guess) means low rates for everyone.

Well, cheers buddy, and thanks for the explanation.

What an eyeopener.

Quote from madmunny:

ok...this is the second time you have argued with me over the 0 liability thing......and i bit my tongue the first time.....but when you say something stupid twice i have to say something.......

According to your theory you beleive 0 liability means if a trader loses money one month they shouldnt have to pay it back next month if they wish to continue trading......so lets see....if i lose 5k one month.....but make 5 k the next month....swifttrade should take the whole 5k loss the first month but still pay me my percentage of my earnings the next month?? Obviously if you want to keep trading, any losses you incurr one month have to be covered before you start getting paid.......however......if in one month there was some major catastrophe and you were on the wrong side of the market and you managed to lose 20k.....you have two choices....keep trading to earn that money back so once its paid back you can earm money for yourself....or walk away......hence...you have 0 liability.

And as for your other idea about traders who gross 4k in a month and swifttrade makes soooo much more than the trader......lets see.....last time i checked....35% of any amount is still......yup....yup....its still 35%. so tellin me that swift gets a bigger cut from traders makin 4k than traders makin 10k makes no sense.

k...now about swift not makin any money if a trader doesnt make money.......if a trader makes $0 in a month.....the only money swift makes is 16.8 cents per trade.......so if a traders makes 100 trades a day for 20 trading days in a month swift would make a wopping 350 bucks or so......where at most prop firms the trader would still owe the firm 2-4k in fees....right cause this is how most prop firms make their money.....their money comes from the traders actually trading....not by their profit....swift makes their money off the traders profit.....see the difference.......Swift gets their money from a percentage of a traders gross profit at the end of the month....most every other prop firm gets their money from charging traders for each trade and each share they trade.....big difference which calls for a big difference in payout %.
Does that clear anything up??????????

But back to the other question of why people stay at Swift.....well only each individual trader can answer that.....but really.....you all have to be intelligent enough to realize that the top guys at swift.....the ones grossing 150k a month....have probably run the numbers 10 zillion times and have all some to the same conclusion.....Swift gives them the best deal for the way they trade....if not...then obviously they would just walk across the street to a different firm that pays them 90% of their profit......the only ones who ever leave swift are the ones who couldnt cut it there or the ones who;s trading styles were better suited to a different fee structure.

So is swift better than any other prop firm.....depends on how you trade and your situation.......

but anybody who just up and blurts out that any successful trader at swift should just get up and leave and walk across the street for a better payout %.....obvioulsy has no idea what they are talkin about and are just spurting their "opinion"......and lets face it....do any of us really care about someone elses opinion on ET??
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and i mean, how often does someone at swift end up "gross positive" but net negative? LOL. I mean that happens at other places some times when new guys churn themselves to death. You know, places where you have 5 cent stops but your commish is 2 cents roundtrip on 100 shares.

It would seem like if you can't be profitable at swift, as a newb, it might be hard to be profitable anywhere (given the same strategy.....)
 
Quote from madmunny:

Its also BS due to the fact that the check for 8500 (it would actually be 7500 but we will stick with 8500 just for this scenario) is processed by HO half way through the following month and mailed out long before the second month is over so HO would have no idea that the trader is going to lose that 5k that month....and the trader would get the check at least one if not two or three days before the last day of the month.......

so please....stop makin up bullsh$t stories when you really have no idea what the hell your talkin about cause you just look like an idiot when someone can prove your full of sh$t.
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I cant believe you are so naive, were you always that stupid?

Ah well a fool and his money are invited everywhere.
 
Quote from FCCT:

I cant believe you are so naive, were you always that stupid?

Ah well a fool and his money are invited everywhere.
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i would respond to that.....but i deserved it so i am just going to sit here and continue to clean this egg off my face........
 
I am missing something here.

How does a prop shop work?

Are the traders employees?

I looked up Swift's website. This is quite a large operation.
The web mention "agents". What is the difference between traders and agents?

They are also asking for money? Do I read it correctly that you have to pay upfront to be a trader there?
i.e. if you lose money, it is your money?

someone mention lu/nt. Is that why there are such large volume in those stocks: the prop shops are slushing them around?

Looks like there is a huge "underground" economy out there that does nothing but scalping a bit here and there.
 
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