ok...obviously im wrong on this one.....but i also know its illegal to withhold an emplyees check in any company to force them to repay anything.....if for what ever reason the branch was to hold a trader liable you would think they would use the court system as a proper course of action..... but clearly im wrong on this practise not happening so i shall shut up now!
okay..so everyone done with this zero liability thing?!! Personally I think holding a month of paid-cheque is the best the branch manager can do (assuming that it is not zero liability), the BM can still take a large loss if trader decides it is the last month and screw around with his buying power on some low liquid stocks. Some stupid trader even turned off the screen with a position and walked out. Fortunately trainer realized it from the riskware and closed the trade. But I think from an investor point of view, Branch manager's money is largely at risk if traders decide to go crazy. The system at Swift just gives too much flexibility to traders. Can someone answer my question about the training at Swift and the other prop. shop?? as I am trying to trade better.
Madmunny, you don't have any employees in your branch, they are all contractors. They do not have the regular rights that employees do under the Employment Standards Act and Swift knows this. Red
madmunny: Thanks for clearing that up. I kinda see how the hierarchy works now...or the payout structure. Seems like it all makes sense if at least everyone is trading the same style. at only 16 somethings cents per trade, thats amazing! If you could put out an order for 1000 shares and only pay 16 cents, thats ridiculous. And I thought 2 bucks roundtrip was absurd. I think the whole payout structure then makes some sense. I don't know the specifics, but in principle it all makes sense. After all, why should some newb get the same commish rate as someone senior when the newb isn't doing any volume? Seems like the payout and commish thing creates a kind of team atmosphere...because the only way i can think of commish being that low for a newb, or anyone, is if everyone in the office is pushing high volume which (i guess) means low rates for everyone. Well, cheers buddy, and thanks for the explanation. What an eyeopener.
and i mean, how often does someone at swift end up "gross positive" but net negative? LOL. I mean that happens at other places some times when new guys churn themselves to death. You know, places where you have 5 cent stops but your commish is 2 cents roundtrip on 100 shares. It would seem like if you can't be profitable at swift, as a newb, it might be hard to be profitable anywhere (given the same strategy.....)
I cant believe you are so naive, were you always that stupid? Ah well a fool and his money are invited everywhere.
i would respond to that.....but i deserved it so i am just going to sit here and continue to clean this egg off my face........
I am missing something here. How does a prop shop work? Are the traders employees? I looked up Swift's website. This is quite a large operation. The web mention "agents". What is the difference between traders and agents? They are also asking for money? Do I read it correctly that you have to pay upfront to be a trader there? i.e. if you lose money, it is your money? someone mention lu/nt. Is that why there are such large volume in those stocks: the prop shops are slushing them around? Looks like there is a huge "underground" economy out there that does nothing but scalping a bit here and there.