Soon enough America will be trading your market because its like 1990 swings <object width="425" height="350"><param name="movie" value="http://www.youtube.com/v/ixLjhs5bn4Q"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/ixLjhs5bn4Q" type="application/x-shockwave-flash" wmode="transparent" width="425" height="350"></embed></object>
Well maybe it was an extreme statement by brandon, but it was right on point. Prop firms in China or [input 3rd world country] is labor cost/cost of living arbitrage tactic. Just like the China & India offshoring. That resulted in loss of US jobs and wage depression, as well as loss of quality. All at the expense of the US consumer and worker. Of course, with daytrading, there is no consumer or quality factor, the result is simply that it is tougher to make the same depreciating dollar. So welcoming this trend as a trader is like saying that you prefer the trading environment of 2006 over 1999. The last thing you want is a more efficient market and more competition, especially from those with cost of living 1/10th of yours. It was meant to happen, however, and unlike the Indian offshoring scam, I do not see anything wrong with it. You either move to China and negotiate a superior deal to what the natives get, hence capitalizing on the cheaper cost of living, OR you welcome the challenge and the fact that it will only get tougher OR you recognize that NYSE and Naz are played out. Can't really complain about it cause if you did not see it coming or try to capitalize on it, you only have yourself to blame. I am surprised it did not happen sooner and that there are not more countries involved in it. China is old news for this strategy, better places out there for it. I was looking into this 4 years ago, within 2 months of starting daytrading. Just wish I met the right people to actually get it off the ground.
I want to ask when trader quit, do they bear the losing of thier trade account balance and then pay back to Swift trade?
hehe what race did you play? i got 300 APM with zerg when i was good almost 7 years ago.. we should start a starcraft trading clan here on ET LOL
As a native Chinese trader in Shanghai, I am always curious why some overseas firms try to recruit local to trade their market. Believe me, a successful trader anywhere would not bother to stay up at night to trade a market 13 hours later than his timezone. It's not a healthy life style. Unless prop firms can provide trading of some instruments of this time zone( NIKKEI, HSI, KOSPI ,etc), I don't think they will have much fun in China.
Hi can you please provide more detail on what you trade and types of strategy you use on the shanghai market. I am very curious, assuming when you say trader, you mean a real full time trader not investor... Correct me if i am wrong, but i am pretty certain the shanghai market is completely controlled by the government and large market maker players. In addition, rules are in place that make any type of day / short term trading impossble. ie: max gain/loss per day is 10% for all stocks, you cannot buy/sell on the same day for any 1 trade, any stock that drops x% consectively for a few days are frozen and cannot be traded, no shorting allowed, etc...
He didn't suggest that you trade the Shangai market, but and Japan, Korean... You can daytrade on those markets, as well as Singapur, India, Australia and New Zeland.