Swift changing the deal

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

  1. No, Swift has become a blight on the Canadian brokerage industry in my opinion.

    It has turned into a churn shop (both in terms of employee turn over and high volume share churning). No real trading going on, mainly it's like a cool video game for those who want to take a few months off with no pay and try it.

    Their standing ad even says:

    "Video game play history "


    Here is an ad for a REAL trading position, for example:

    #31     May 29, 2005
  2. marubozu


    #32     May 30, 2005
  3. ur wrong Szeven,

    depending on the office, their rent is around 3k per month..this is correct. but not all offices have fibre, most offices have 5 year old computers(paid for already), they had to buy all the furnitures when they opened up years ago... managers clean the office, or its included with the rent. they use internet phones, so it's cheap..and not all offices have employees..
    so office managers don't do jack all day, and make a decent living..

    #33     May 31, 2005
  4. u forget that beck is making 3-8$ million/year on the system access fee...(20 cents per trade)

    #34     May 31, 2005
  5. Dont look at me, those arent my numbers. Im the idiot who cant make a point remember.....
    #35     May 31, 2005
  6. seems all firms are NOW offering a per trade(50 CENTS per order unlimited)for vol guys and higher payouts(60+).the traders here are the winners for sure.
    #36     Jun 1, 2005
  7. I was just going over some of the interesting posts on here and thought I would add me two cents. I will admit to working for Swift currently. The best way to learn how to trade is to actually do it, bottom line, so I believe Swift gives a good opportunity to find out if you will be good at it. Yes they have stict guidelines to follow but that is because we hire people who have no experience and we can not have people loosing tons of money. You will notice posts on here from ex traders or other firms bashing it. First thing to remember, trading is hard very hard, and not everyone one can do it, so as must people know some people need to differ the blame to something or someone else for not being able to achieve their goals. Again this job is not for everyone and only 2 out of 10 can make living on it, so take some comfort in that. As for different companies, you need to do you research and find out which company is the "best fit" for you.
    #37     Jun 2, 2005
  8. Pocket>>the word is teaching what do they really teach>>we had a month of training learming to momo trade and take small losses and ride big gians.we use the tiki<prem<and sps.I would bet 1% of the swifters know the prem or tiki.the difference is guys at the firm mading huge P/L moves daily.low risk high gains. Its how they teach you that will determine what you make going forward\
    #38     Jun 2, 2005
  9. a correction to what you are saying.
    swift is not giving you 'an opportunity'. they're just using you. swift doesn't care if you're gonna be good or not... of course they will give you a chance. they will give anybody a chance as long as you have a university degree. soon they would have gone through all unemployed university graduates, and will eventually lower their minimun requirements to college grads. and then high school grads.

    all they care about is to make the 20 cent system access fee, and to have you at their own branches, so that they don't lose you to another branch. since, these days, good candidates are hard to find with the great reputation the company has.

    beck doesn't give a shit about his traders, just like the branch owners. the best way to find out about what beck thinks is by going in to talk to him and pretending that you are going to open up your own branch in asia somewhere. he will tell you straight out. he doesn't f#$%ing care!!

    #39     Jun 2, 2005
  10. Singer


    I just got a call yesterday from one of the guys at my old Swift branch. He told me about a bunch more people who quit, and that the only thing keeping him there (among most others) is the search to figure out the Millennium arb method the Hamilton guys have... the situation is so bleak.

    I asked about this new deal, to put up $5k and get a 60% payout, and NO, there aren't any details about per-trade costs. I'd go back in a heartbeat if they kept the per trade costs the same as normal Swift props get, but I'm pretty sure Beck will come up with quite a ridiculously high commission rate for this deal. He'll plan this deal for a year plus and then nobody will take it, just like what happened with futures trading.

    Upshot: I'm staying at home with my 100% payout, my stable system, my sick low commissions, and my gourmet coffee. 8)

    ...so glad I left.
    #40     Jun 2, 2005