Swifttrade Interview

No, the model would not necessarily work overnight (in the case that the fund changes it's weightings in it's underlying holdings)

It works well intraday, especially if you see lots of selling in the ETF, like, if one broker keeps consistently selling 500/1000 share lots at a given price range and the market depth of the bid keeps flopping around..usually easy to find a bottom/oversold condition.

The only problem is you have to watch carefully because the inneficiency is usually removed quite quickly, but for example, I could pull $.40 out of a $3.52 buy in one day if I caught it when someone really wanted out. (MLY.TO)
 
From what you're telling us it seems your model is far more advanced than the complex and sophisticated strategies you'll find at swift...'if it goes 3 cents against you get out'.
I'm sure you can find a decent platform to link to your excel and other programs and keep 100% of the profits, just let the account grow, don't waste your time with a bucket shop like swift.
 
Quote from Wazlov:

Also, I got some kind of interview questions like "where do you see yourself in 5 years?" and other cliche's I didn't know how to respond to.
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That's pretty standard interview question for any kind of job.
I suggestion you to think hard and come up with a "good" answer. If not for yourself, then for your "job".
 
They want you to pay $500 to sit on a simulator?
It would be funny if there weren't so many young and aspiring traders who fall for these scams. So to make 35k yr, you need to take a 50k account to 150K. Of all of the horrible deals I have ever heard of...this might be the worst.
 
if you could afford to pay deposit, there are a few less-known prop firms running in toronto which offer higher profit split ratio, e.g. 80% or higher, but at a higher commission rate, e.g. 0.5-1.5/1000 shrs. as far as i heard, they require minimum $2000 deposit to cover your possible loss.
 
Quote from Wazlov:

I don't think I understand their business model even after I've just had an interview at a branch office.

Upon arrival, I was interviewed by the office manager who did not even get my name correct (after the fact that I sent him my resume and spoke to him on the phone) and then told me that I would have to pay $499.99 in order to get a try at trading a $50,000 simulation account for 30 full days, during which time I
would recieve no compensation. I was told that at the end of the "trial" period maybe 1 of 5 candidates would be selected to try trading a $50,000 account with a payout of 35% up to the first $100,000 revenue brought in, which could increase to 65% as you progress.

I will be completely honest with you when I say that I am unable to go through a 9:30-4:00 training period with no compensation for a full month. I need to eat somehow.

Also, I got some kind of interview questions like "where do you see yourself in 5 years?" and other cliche's I didn't know how to respond to. The only trading related question I got was weather or not I could explain what short selling is.

Throughout the past two summers and part time throughout each year, I have been employed by a local wealth management firm as an equity research assistant.

In addition to the experience gained at the firm, I have also enjoyed trading equities, ETF's and options in my personal account during the last year. I had my greatest success with an ETF arbitrage model I ran off of Reuters Plus linked to Microsoft Excel which outlined the disparity between the NAV of the fund and the underlying assets, from which I could detect ineffeciencies and capitalize on them. My trading account however, had to be depleted in order to pay for school.

I got from the interview that they were going to try to "teach" me trading methods which would probably not work for me anyway. I would love to learn more risk management (which is the name of the game) but I feel highly confident in my methods and just need the capital and opportunity to implement them in a disciplined environment.

Should I expect the same type of experience from every manager?

Thanks, for your attention and input, the rant made me feel better.


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It concerns me that you want to go work for this type of firm, yet state that you cannot afford to go without compensation for even one month. I think it is critical that you have some form of backup plan and some form of financial cushion or supplementary income, this would hold true for any sort of job that is entirely performance based.

I certainly respect your desire to pursue your interest in the financial markets, now you also need a plan to make that happen, which could take months/years to pull together.
 
Quote from Wazlov:

..Also, I got some kind of interview questions like "where do you see yourself in 5 years?" and other cliche's I didn't know how to respond to. ..

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I see myself gaining lots of experience from working in an environment like this, a generic question deserves a generic answer. :D
 
"...Don't say doing his wife.....Don't say doing his wife..."

Once I saw that episode of Family guy I would have never expected that question to come up anywhere..lol.



Quote from nkhoi:

I see myself gaining lots of experience from working in an environment like this, a generic question deserves a generic answer. :D
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