I'll echo what was said before - better to start off somewhere where there is no risk to your personal capital. Swift does have its issues, including the $50 stop to start with, but it is the easiest place to get into. Nothing wrong with putting in 6 months there and then jumping to a better firm - there are some others in Toronto. Don't worry too much about the pnl split to start. I know everyone needs to make a living, but focusing on 'making enough' is as problematic as greed and screws up the learning process. Focus on learning. Building some solid risk management skills and discipline is far more important (cliche, but true). Contrary to what is often said on ET, there is no timeline to profitability. Some people take months to make a basic living, others years and years. Take a pt job, but try not to work too much, it gets in the way. Couple notes about the ones that I've seen make it quickly (pretty generic, but could be useful): - They found a percieved edge and patiently focused on the basic strategy before complicating it. - They didn't worry about how much they made that day, definately not about how much people around them made, but how effective they were and what they learned. - They focus on steady progress and not swinging for the fences (which also helps keep them from blowing up). - They tend to do the most research and prep work in their firms and have the most discipline. Trading is a fantastic career, if it is right for you. You'll know pretty quickly whether it is or not once you've started.
Ya, don't worry about that 50 dollar stop. When I was a trainee (not at swift but similar) rarely would I ever hit my stop trading with 100 shares. Now I trade on average 2000 shares per clip (20x as much) and have only a few times this year been over -500 (10x) at any point in a day. When you're scalping like the way they teach you shouldn't have large intraday drawdowns anyways. Just cut the losers and let the winners run. Easier said than done though....
There are some people who think trading is about buying a stock and selling it when the price goes higher. What some do not understand is that great thought must go into said trade before it is entered into. STOCK TRADING: I'm in it to win it Baby!!!!!!!!!!!!!
im not trying to hijack this thread but when your a trainee do you have to be in their office or can you be a trainee and also be remote?
Swift does not have remote that I'm aware of, pretty sure title does. I know there is an appeal to remote trading, but there is a lot to be gained by being in an office, especially early in the career. Why not learn from bigger traders if the opportunity is there? 'Friendly' competition and idea generation are incubated on successful desks and help traders keep driving forward.
i couldn't agree with you more, sadly I live in tennesee and moving isn't exactly an option so all i can do is learn by my mistakes and read everything i can. i will check out "title" though.