Who are you trading through for those commissions? Sounds like it's an investment account with RBC or TD, if that's the case you're just looking for a swing-trading type setup. There's a number of prop firms that might be a better setup for you than the swift model if you're putting your own money and looking to capture bigger moves. Generally those swift model firms aren't too keen on guys that plan on trading a few days here and there; IB, Questrade, ect. perhaps?
I know many people who have gone to many different firms and gone through their training programs and very few people at these companies (Equity shops) are making money while paying a lot in execution costs, just trying to help people out. And yes I am a cheerleader for futures markets you can make a lot more money with better leverage. The only equity traders that do as well as futures traders are ones with a hell of a lot of capital. Buying a 1000 shares of Google and watching it go up 10 points makes you 10 grand but shorting 20 Spooz futures with let's say 50K in your account and watching it drop 10 points nets you the same 10 grand. Its all about leverage and low commissions and transparent markets with no specialists. That being said if you are a good trader in Equities you can accomplish anything with the proper leverage structure and commission structure in place. Many reputable Futures prop shops will also give you a draw/salary so you can live while attempting to learn the business; which was one of the OP's questions.
Hi invertedCurve- would you care to provide some names in the Chicago area? that are " reputable Futures prop shops that will also give you a draw/salary" really would appreciate it.
I have used Royal, TD and Tradefreedom. They all rape you in fees. I dont understand why they want you to make a million trades a day. I mean if your making money for them it shouldnt matter right? I find its better not to overtrade. I might trade 0 times or 50 times in a day depending on the opportunities but im not into the 0.00001% scalping..that will just fuck you eventutally. I look for stocks set for 1% minimum moves and set an appropriate stop loss. I dont mind doing some rebate crap too if it makes money but in general il be looking for better trades than that.
looks for firms that trade Cash, (yield curve) the groups are hard to get into but if you do - you will have the potential to learn from some of the best traders in Chicago...understanding how the yield curve changes and why is a great macroeconomic tool that can be used to understand equity flows because you are trading and analyzing markets that are not some dude moving a couple hundred thousand shares for a hedge fund but rather how big government paper players (Goldman, Lehman, Greenwich, etc...) which are the ones who run sh$t to be completely honest with you (!) are doing and positioning themselves. That is something that is important to understand where money is flowing.
Strongly inverted yield curves have historically preceded economic depressions. The market's anticipation of falling interest rates causes such incidents. Negative liquidity premiums can exist if long-term investors dominate the market, but the prevailing view is that a positive liquidity premium dominates, so only the anticipation of falling interest rates will cause an inverted yield curve. Strongly inverted yield curves have historically preceded economic depressions. (Wiki) (flatter to Inverted Curve from 05-late 07) The curve steepened (which has been called by some as an "unhealthy" steepening) in August look what has happened to the markets. Keep what happens to Ambac on your radar!
Sounds like you're looking for larger intraday moves, catching breakouts or going with overall market direction. Swift isn't that good of a place for that, if you could make money trading doing that strategy using a TD account you can do the same using a no frills IB or Questrade style broker trading at your own discretion, getting some leverage with low costs/transactions and total control over your trading methodology.
Okay but there are equity shops trading using lots of leverage and using more advanced strategies than just plain directional momentum plays. And this is kinda what you're getting at, highlighting the positives of the broader economic perspective but also mentioning hurdles (coming to chicago and meeting some of the best traders) that isn't realistic for the OP. I just want to make a point that there's equity traders that do very well for a style that probably benefits them. Conversely there's a trader in my group that hasn't grasped the style of trading like I have but trades the emini successfully - to each his own.
Right on man, making $ is making $ no matter how you do it! I just don't want some of these kids out there to get fleeced by someone, doing your research about a firm and talking to traders at that firm "off the record" might be key to finding a right fit for someone.
InfiniumCM GHCO Gelber Transmarket DRW Marquette Breakwater (Peak6) -those are reputable ones -a salary/draw is different everywhere call and email them do your research.