I'm currently a Junior, studying economics at McGill University. I'm a bit of a screw-up, GPA wise, which prevents me from getting into institutional S&T...at least out of undergrad. Will working for a craphole place like swifttrade benefit me at all? I know 80% fail to make it at Swifttrade, but I'm guessing most are morons. Most people give into all sorts of heuristic biases, including confirmation biases, overcofidence, honoring sunk costs, etc. If I have the "mind" of a trader, so to speak, are my odds better? Or does a shop like Swifttrade just thrive on randomness and generating commisions from gullible folks?
bottom line is that many people don't understand what trading is about and they expect to make lots in a short amount of time which is close to impossible or just pure luck! if you are determined and can control your emotions and don't rush, chances are you can work up the ladder and make a consistent salary out of this and work with bigger lines of credit. My advice is to give it a try, but be prepared for a tough career at least for the first two years or so.
I can tell you already you'll fail. Your post is filled with loads of negativity and preconceived perceptions. Swift is like the bunny hill of trading firms, the slope for beginners with indications of how well you'll fare. FYI, maybe things have changed in recent years, but in my training days my class was not filled with morons but quite well-educated and smart guys.
You spend all that time and money to go to University and you blow the whole purpose for going there Trading has nothing to do with being book smart, it has everything to do with being street smart !
^I am street smart. I genuinely love free markets. A lot of my friends growing up are/were hustlers. I have done well with long only investments on a risk adjusted basis. I just get told in class that trading is for superstitious folks that don't understand statistics. I just want to make sure I know what I'm signing up for. Also, I was being self-depricating. I'm not that much of a screw up. I take hard classes at a hard school and I'm a ~3.0 range student.
I am in Montreal and I wonder if working at Swifttrade for a while would be worth it for the CV ? Even though I love trading, I don't want to go there if it means nothing for future employers. What do you think ?
i'm with GGSAE, you're wasting your time if you go into it with an attitude like that, you aren't going to end up anything but humbled. this is aside from the fact that all of those things you mention are totally irrelevant somewhere like swift i've hired more than a few traders, and i can tell you as an absolute certainty that there's no correlations between brains and scalping. it takes alot more than that. it takes things like motivation under overwhelming odds of failure. if you go in biased that it's a joke, you're just going to blame it for your own inabilities
Mate if you had read any of the 100's of swifttrade post you would realise they dont earn on Comms profits only which from your post above I imagine to to negative as you sound like a know it all and the market LOVES you guys
Well, at least I'm not some delusional retard who thinks that scalping is a fool proof get rich quick scheme, or that swift chose me because of my "drive and motivation" .... There's a senior trader at my spot who makes a lot....like, 100k/week. So it can be done. What do I do to succeed? How can help my odds? I think it's better that I'm going in knowing the odds of failure...What do you advise now that I have been fully humbled?