Swift Trade question, please

Does anyone know how much an average prop trader actually make per month?

I am not talking about the top 1% who make millions.

I am very curious to know how much just an average prop trader can make. And more importantly, how much they should make in order to keep the job. I heard there is a minimum quota (after commissions & after that 5--60% paid to the firm) that one should make per month.
Is it $1000? $2000?


If you are currently doing prop trade for a living, please tell me these important questions. I am very thankful to all the help I get from all of you.

Thank you to you all for helping me a lot.
 
Quote from Fistfull:

The smart firms will hire a university drop out that's good at computer games before they'll take some finance grad. Most firms arn't smart though. The best trader I know is a university dropout that plays a lot of video games.

Day traders tend to laugh at intellectuals. The fundamentals arn't a large part of day trading. I think what most firms want is someone that seems quick witted and willing/eager to learn. If you can get that accross you'll be in good shape.
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Thank you for that tip^^.

Are you working for a prop firm?

How was the training process?

If you know, please tell me. Thank you a whole bunch.
 
Quote from kitty1996:

Thank you for that tip^^.

Are you working for a prop firm?

How was the training process?

If you know, please tell me. Thank you a whole bunch.
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Yes, I'm working for a prop firm. The training process where I was hired was very fair. They started out giving me simple stuff that was hard to loose or make money on, and as I prooved myself they started showing me the tricks of the trade bit by bit. I feel like I've always been well supported by the guys at my office and by my boss.

I get the impression from reading posts on this site and from word of mouth that my firm is a bit of an exception. I got pretty lucky to have been hired on where I am. That said, I've still watched tons of people that came in before and after me fail, so it's not like having good training makes it "easy."

Make no mistake, trading is very hard and most people just don't have what it takes to do it, regardless of what else they may be good at. Still, if it's what you want to do give it a try. It might just work out
 
Quote from kitty1996:

I don't play computer games but I do read chart from stockchart.com, I do TAs ...and
I've been using cybertrade program before. I thought these are
more important than playing computer games..
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Yes, those are more important than playing video games. Video games have nothing to do with making money in the markets. There's alot of kids at these prop firms, so naturally alot of them grew up playing video games....but it has no bearing on if you'll stay in the game or not.

If your uncomfortable, just lie and say you play video games 'occasionally'. This game is all about lies anyways, so it's good to get a head start!
 
Quote from NYOBScalper:

Scalping is playing a computer game and to get the proper fills and have your orders in the right spots and cancelled and sent out at the right moment down to the 10th of a second in real time without hesistation you need to be quick to react. Intraday trading on a short term timeframe is a video game. At swift they will expect you to make many trades per day to learn to trade for a few ticks. It's a great way to learn to get your feet we in the markets and if you have a talent for it (which you can only know after 6 months- a year, unless youre a prodigy) and you won't be necessary at a disadvantage to people who play video games if you can react to a number changing on the screen and hit your button as quickly as the video gamers can. Or, in these markets, as quick as the computer programs (sometimes sitting on the floor of the ECNs).
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I disagree - the markets and scalping has nothing to do with video games. Video games are fake - trading is real life with real money on the line.

Kitty, there are various ways to trade, some people have a very short time frame, others long. None is better than the other. Just forget about the video games.
 
Quote from Rock and Ice:

I disagree - the markets and scalping has nothing to do with video games. Video games are fake - trading is real life with real money on the line.

Kitty, there are various ways to trade, some people have a very short time frame, others long. None is better than the other. Just forget about the video games.
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THANK YOU:) it makes me feel much better.
 
Quote from kitty1996:

(1) Is the training at Swift adequate in today's market? And (2) to my understanding some Swift prop traders can make big. I just wonder why these traders don't just stay at home & trade for themselves. I mean, if they trade for themselves only, they can make 2X the salaries they make at Swift (since their salaries is 50-60% of the profit they make).

What makes these traders working for Swift & make less profit than working for themselves? I mean, the successful traders have more than enough money to be an independent trader, right?
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Alot of those traders you talk about didn't start on their own, so from my talking to prop owners, when they try to leave and do it on their own, they sometimes fail, because they aren't used to it or who knows why.

Most traders in these places don't last, the turnover is extremely high. Guys that make money sometimes lose most of it and give it back to the market. Same story as anywhere else.

It's not just money that can make you independent. Without their support structures of the prop shop, it changes the whole game for these people that have relied on a support network.
 
Quote from Rock and Ice:

Alot of those traders you talk about didn't start on their own, so from my talking to prop owners, when they try to leave and do it on their own, they sometimes fail, because they aren't used to it or who knows why.

Most traders in these places don't last, the turnover is extremely high. Guys that make money sometimes lose most of it and give it back to the market. Same story as anywhere else.

It's not just money that can make you independent. Without their support structures of the prop shop, it changes the whole game for these people that have relied on a support network.
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that really makes sense. thank you very much.
 
Quote from kitty1996:


why all wall street firms have very high standards of hiring traders; even an MBA is lucky to get an assistant trader position.
why the standard/qualification at wallt is so high when all it needs is computer games skills to succeed as a trader?
what is the difference from being a wall st trader vs swift/prop trader. don't they all need to act fast at execution of the trades?
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Wall street firms are usually larger institutions / Corps, and that is the screening and hiring process in our corporate world. That's not to say that if you know someone influential, you can't get it. Never mind about the video games again.

I think when you say wall street trader you mean Institutional Tader or trader at the prop desk of a large corporation. Traders are traders, regardless of where they are, but many of those positions are paid salaries, plus on the institution side, they may have access to more markets and overnight trading. From what I know swift doesn't do alot of overnight trading (holding positions for days, weeks, or months).
 
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