Swift Trade Canada/Hong Kong

Hi kwancy

Like mnx told you, take the trading at ST more serious.
I've heard about alot of guys that make tons of money.
you just have to be an open minded, to see beyond the regular view of the stock.

So what if ST consist many "TV-Gamers"? those gamers make the amount of money that you'll do in couple of years...

Just find the "Formula".

staticx.
 
Quote from kwancy:

It's not that hard...traders can scalp, credit trading, taking momentum positions but no overnight. 8000 USD/month, average is about 400 per day. 20 ticks with 2000 shares or 40 ticks with 1000 shares??
But to make real big money which some guys do, they sequeeze it really hard and they are taking home a lot like mnx does.
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Doesn't sound like much to be honest, given how much risk you are taking... People in my industry (which already is back office) make about that much, starting salary... If you go to the States, you're looking at about 80K after 3-4 years... YOu mentioned I-banking, it's a suckers game, nobody gets in, they hire right outta uni... Plus they don't make as much as you think, on an hourly basis they probably make somewhere in the teens to low twenties per hour... same as with lawyers.... move to the states however, and then you're talking...

My advice to you, either suck it up and really make something outta your Swift experience (considering how much risk you're taking and how it really is a young-mans job) work it for all its worth and pull in some mad money, NOW... otherwise, if you're only gonna be pulling in 60K per year, you might as well, shift to full-time stable work, that pays the same and won't break your back...
 
Thanks for everyone's response in this thread.

It is easier said than done to "have to be an open minded, to see beyond the regular view of the stock". I certainly know this is what it takes to become a great trader, but it is extremely difficult. Or everyone can be a millionaire by just reading some books and learn how to write programs. However, I will try very hard for the next couple months and see how far I can reach.
 
Quote from landboy:

Doesn't sound like much to be honest, given how much risk you are taking... People in my industry (which already is back office) make about that much, starting salary... If you go to the States, you're looking at about 80K after 3-4 years... YOu mentioned I-banking, it's a suckers game, nobody gets in, they hire right outta uni... Plus they don't make as much as you think, on an hourly basis they probably make somewhere in the teens to low twenties per hour... same as with lawyers.... move to the states however, and then you're talking...

My advice to you, either suck it up and really make something outta your Swift experience (considering how much risk you're taking and how it really is a young-mans job) work it for all its worth and pull in some mad money, NOW... otherwise, if you're only gonna be pulling in 60K per year, you might as well, shift to full-time stable work, that pays the same and won't break your back...
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You may be right landboy, the risk-adjusted return is low. Also, working in a full-time stable job will gradually move you up the ladder of the corporate world, just giving the time and relatively less-effort compare to trading. Corporates pay to train you, the job security is higher, and you receive a steady pay-cheque. In terms of investment banker, on an hourly basis they do not make much, very much like working two jobs but getting paid in the two considering the bouns. The experience is good to begin with however.
 
i was wondering the same thing. Just scrap 3-5k and you'll be fine. unless of course theres a bp issue. But i['m sure you could either a. put together more money, b. find a place that will give you above standard leverage.

and then keep 100%!

i must be missing something here. I guess he's pulling in 60k at swift. Maybe the style doesn't suit him. You could always visit tons of shops and try and find people who you'd like to learn from. The place i'm at has you put up your own capital...but ironically, they do not promote scalping...in fact, they won't even bother teaching it because its a bit difficult to explain to a complete newb.

Instead, they focus on swing plays, making a few good trades a day. I don't see how they benefit...they are eating the software fees, newbs are generating maybe 1000-2000 shares a day at .008...after all is said and done, i'm not sure if they even make any money of the newbs since they aren't churning them. and its 100%.

I got curious once, so i asked, "whats in it for you?" ans: "the mild hope you might make it and stay. You're volume would naturally pick up, especially if you can pick up scalping...but even if you just swing you're volume will be ok. If we churned you and took a profit split after you put up your measly capital, your chances would be less than zero."

so you know, if you're making 60k at swift, you'd be making at least 120k elsewhere just doing what you're doing. Isn't that good in itself? You work 35-40 hrs a week and get paid over 100k, which is about what most lawyers get...and i've heard of lots that get way less, and they really work some insane hours.

I know that having a profit split can really screw with your outlook. It got in my head when I first started out 8 months ago, and I wasn't even profitable! (Imagine that, some twerp worrying about his split when he's red, hehe).
 
Quote from GGSAE:

If you're making 10k net a month why not switch firms to capture a better cut?
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the reason why he is able to make 10k a month is because of Swifts cheap fees and the BP they supply.....that is why you only get 35%......not to say if he switched firms he wouldnt still be profitable and make a good livin cause obviously lots of people do it.......but trading the same way he does at swift would make him go broke at a different firm.......we dont pay swift a huge cut of our profits for no reason people......there is a trade off.....they supply stupidly low rates and fee's....and as much BP as you need......and you personally have 0 risk....and for all those benefits you pay the firm a bigger chunk of your profits......but one thing with swift is if the trader doesnt make money...swift doesnt make money.....but at any other firm...even if the trader loses money the firm makes money off of that trader in fees....so again....there are benefits that come with tradeing at Swifttrade that no other firm supplies...and for that they get a bigger cut.
 
Quote from madmunny:

the reason why he is able to make 10k a month is because of Swifts cheap fees and the BP they supply.....that is why you only get 35%......not to say if he switched firms he wouldnt still be profitable and make a good livin cause obviously lots of people do it.......but trading the same way he does at swift would make him go broke at a different firm.......we dont pay swift a huge cut of our profits for no reason people......there is a trade off.....they supply stupidly low rates and fee's....and as much BP as you need......and you personally have 0 risk....and for all those benefits you pay the firm a bigger chunk of your profits......but one thing with swift is if the trader doesnt make money...swift doesnt make money.....but at any other firm...even if the trader loses money the firm makes money off of that trader in fees....so again....there are benefits that come with tradeing at Swifttrade that no other firm supplies...and for that they get a bigger cut.
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So if i'm getting this, the profitable swift traders are scalping/credit trading...these guys aren't looking to capture the big moves of the day...
 
I don't know if the pay-out is comparatively low or not, but I think it is reasonable considering the no money down and no liability policies.

Besides, there are incentive programs at Swift. In brief, the higher your net the more you can take.
35% for 0 - 10000 net
40% for 10000 - 20000 net
45% for 20000 - 30000 net

And once you reach 120000 cumulative (I do not remember the effective date of this program), you then become a master trader and have an extra 5% increment on all level of pay-out. And it goes beyond that to guru for 1M cumulative net, which gives 50% minimum. Never really see myself to be there.:p

It is hard to learn the market at swift, except on your all which I suppose a lot of traders do. Sometimes I feel like I know nothing about the market and yet being called a trader.
 
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