Swift changing the deal

Discussion in 'Prop Firms' started by momo trader99, May 26, 2005.

  1. So the time has come when a company in trouble is changing their deal. You put up 5000 and get 60% payout and fees are going up a well. I guess the genesis's ,golden markets and refcos of the world finally rubbed of on beck. The way i see it the managers where making nothing on the 35% deal so how will the company survive now????? looks like pig is finally getting slaughtered.
  2. HA HA :D
  3. giannos


    REALLY?....is that effective immediatley momo?...I still have some friends there and Im wondering how they will be affected...I have told them to jump over to Golden, but i cant help but laugh if anybody would put up a $5000 bank to use prosper pro, have a system crash every week, and be a "junkie"?.
  4. When does this take effect? And what are they doing about existing traders?
  5. You called this back in the day.
    I remember reading the Swift thread like almost a year ago and it was sooo reminiscent of WorldoCo's fiascos.
  6. mnx


    gee momo you're posting stuff I haven't even heard about yet and I actually trade here...

    BTW from what I have heard, they are re-introducing retail trading where you put money down and get a higher payout... fees associated with retail trading would also be higher.

    As for the current prop deal I believe it will stay in place.

    have a great day.

  7. Obviously that deal is gonna stay in place because it is the crappiest deal out there for the traders while the branch makes a third, SWFT makes a third and the trader makes the scraps that are left. Oh and not to mention Peter makes .20 off all your 100 share trades on Millenium. You guys are his favorite. They can bring out any system/payout they want, bottom line is that when traders figure out how to "really" make money in the market they leave. That will always continue.
  8. mnx


    for the way I usually trade it's the best deal for me. I'll take my 50% any day at swift over getting 100% at .002/share somewhere else. no, it's not for everyone. but it is the best fit for me and the way I'm trading right now.

    An execution fee cap would be really nice though!! When you make 26000 trades in a month, 20 cents really adds up.

    happy trading to all.

  9. Hey MAMISE,

    I understand where you are coming from, you gotta do what is best for you and I know how you trade, and you are correct a deal for you is hard to do. We all know about SWFT's "PLAN B that they have been promising for months. You make good cash at your game and you should be able to do better than what they offer you, try and set it up so you can do all your scanning crap on there PROP account then to really take adavntage of the liquidity, load up and keep 60% in PLAN B.

    Even with 26000 trades a better deal can be done that I know for sure. and as long as you make it over 30k 50% is not that bad I guess but dont forget 98% of SWFT traders make well under 10k net and keeping 35% of $6000 is stupid.
  10. First Swift is no longer a broker dealer in canada so retail is out the door .we now go back to prop, they are chasing all the other firms. MNX to think swifts deals is the best is insane as 70-90 % payout and 50 cents to a 1.25 PER TRADE is way better then 20 cents per trade and and 8 cents per thousand. As well the swift rate will be going up with the new deal . This is exactly what woolco did before they went bust . Now i doubt Swift will go bust but do the math. The managers pay 100% of the cost for the offices and will be making less with this deal. What may happen is all the 5k will be used to finance the offices which as you know is a house of cards. I used to work at swift so I know all their ways. Just be careful and rest assure there are current traders with better deals and it should be that way.now you know what i know

    #10     May 27, 2005