Why Canadian Swifttrade prospers while American firms go bankrupt?
- Thread starter AXIS
- Start date
Actually you make 35% on every dollar you make and once you make over 10k it goes to 40% and climbs like that untill 30k and then you take 50%. Still a shitty payout, but for 21 taking home 5k usd is good. I don't trade rebates and not many guys do and they could make money anywheres they choose. I'm looking to switch to another firm to trade remote due to family reasons, but to let you know our top guy takes home 80k.
Quote from AXIS:
I wonder how come not a single US firm has copied their business model yet - zero comission, liquidity rebates, use of firm capital and 30% payout to traders. They hire 20 y.o. kids who have no idea about market whatsoever and within 3 months those kids make 5-10K for themselves a month on average. Not too bad, huh? They don't even have to get a licence to trade. Each trades 1 mil shares a day at least. A break even trade could be profitable because of ECN's credits. How can US prop. firms with 0.05 - 0.1 comissions compete with this canadian monster? Am I missing something?
Why has everyone just accepted these numbers as FACT?
They are not believable. It's just not that easy.
Even if "20 year old kids" off the street were grossing anything like this kind of money...
Swiftrade would not letting interchangeable mooks keep it.
Also, if you do the math...
60K / .30 = 200K net profit / 253 days = $790 profit/day on 1M shares/day?
For entry level "traders". Just not believable.
I got news for everyone, trading is moving to a zero commission model for everyone. It's still a few years off, but it's coming.
No, not profit splits, payment for order flow. Citadel is already doing this. You can trade for free with them already. Most people on ET just don't know it yet.
You guys are so clueless about swift these days its so funny.
Lots of guys are making 100k+ a month for the company, and earning as high as 64% split (top level, 300k month). I would bet there are 30-50 people making over 100k/month, and tons over the 10-20k mark a month. Payouts range from 35% (in canada, much lower in other countries where they can exploit like 10-20% in China) to 65% on the top bracket. The average payout for these superstars is 50-60%, regular people 35-40%.
How are they doing it? Not rebate trading. I wont say just cause i dont want to piss people off and ruin their earnings, but its not providing liquidity, and it wont last forever...(shockingly to most people its already lasted 16 or so months).
Lots of guys are making 100k+ a month for the company, and earning as high as 64% split (top level, 300k month). I would bet there are 30-50 people making over 100k/month, and tons over the 10-20k mark a month. Payouts range from 35% (in canada, much lower in other countries where they can exploit like 10-20% in China) to 65% on the top bracket. The average payout for these superstars is 50-60%, regular people 35-40%.
How are they doing it? Not rebate trading. I wont say just cause i dont want to piss people off and ruin their earnings, but its not providing liquidity, and it wont last forever...(shockingly to most people its already lasted 16 or so months).
Also, i should add the swifttrades whole model is based on risk management. They probably are the best in the industry at controlling risk with absolute dont fuck with us rules. Between auto stop outs, overnight policy, student ramp up, branch mangers etc, each branch individually doesnt normally have negative days from what ive seen.
Perhaps that is the problem with american firms, they over expose themselves and end up getting bit by poor market conditions where they experience drawndowns firm wide?
Perhaps that is the problem with american firms, they over expose themselves and end up getting bit by poor market conditions where they experience drawndowns firm wide?
Does that really amaze you? The pikers get cut off at a $100 loss, and the good traders put up 2000 or 5000 or 20000, they should never have a losing day, ever!
The fact that their software goes down during market hours, could cause disaster down the road.
As I understand it, swift has a regulatory edge over us firms, and that is a tremendous edge. (That's why swift doesn't have any US offices)
The fact that their software goes down during market hours, could cause disaster down the road.
As I understand it, swift has a regulatory edge over us firms, and that is a tremendous edge. (That's why swift doesn't have any US offices)