Swift Trade day trader

Hi guys,
Just wondering if anyone else here is a current day trader at Swift Trade?I want to exchange some information and opinion on the way the trading systems works here. Especially the way graduation (making 2000 US in one month) is fulfilled in other offices. I am currently at Swift Trade in Sofia, Bulgaria.

Thanks in advance for any info you might have.

Cheers

 

I am a swifttrade trade..

 

Thanks for writing andrewtang!
As I said, I am at Swift Trade office in Bulgaria - I am trading 3 months now and still not able to graduate (equals to - not making any money yet) Our system of graduation is as follows: You start off with a 100 shares. Your P/L (profit/loss) record is tracked every day and the systems takes your last 7 trading days, subtracts the 2 worst days out of the 7 and then whatever that number is (in US dollars - we are trading only NYSE stock now) is multiplied by 4 and that is your monthly projected net (MPP). If your MPP is between 0 and 100 - you trade with a 100 shares only. Once your MPP goes over 100- you trade with 200 shares, if it is 200, you trade with 300 shares and so on. The problem is that the system works in your favor if you really have 5 good days out of every 7 (a good day you have to make at least 5 dollars for every 100 shares, to be able to keep the number of shares you trade with). If you start making few negative days or low positive days, the system turn your shares down to 200 or 100 shares and you start all over.
It may seem funny to you that I am talking about such a small amount of net gains after the trading day, but that is the reality in our office here. For a more than a yea now of day trading, there is no one who has graduated at the office yet!!! That is why I am asking around to see how are the other offices dealing with that problem, are there people really making money? How long it normally takes to graduate?
We are currently trading mostly BAC, WFC, T and GE.
The other office rule we have is that once the position you hold goes to -4 pennies, you exit the position, no matter what. Sometimes it is hard to position your trade in the best spot and adhering to that -4 rule makes you exit at the very bottom or top of the move and that makes you turn winners into losers easily.
So these are my main questions, and I would be happy if you share some of your (or your co-workers) practices and trading success)

I forgot to ask you where is your office at?

Thanks again for your time and help.

 

we have a number of share schedule for student.

first level is 100 shares to 200 shares.
to pass is that your net need to be positive successive three day. and traded number need to up 50 times one day.

second level is 200 to 400 shares.
to pass is that your net need to be >10 successive three day. and traded number need to up 50 times one day.

three level is 400 to 800 shares
to pass is that your net need to be >50successive three day. and traded number need to up 50 times one day.
we has no limit on the shares after you pass the three level.

we has absolute freedom about how to trade. my office don't intervene how we trade. everybody has a Netloss that
calculate by MPP.
My office is located in china!

 

Swift is an excellent place to learn as they have the lowest fees imaginable, however once you are profitable if you stay there you are an idiot they have by far the lowest payout structure in the industry, i even know of hedgefunds that get a higher percentage of profits than swift does.

 

can i get a swift/title affiliate's contact details.want remote trading connectivity against deposit.my email:gauravghosh@hotmail.com

 

Thanks for your explanations Andrewtang. Looks like I have to change something in our scoring system here to be able to perform better - I have t talk to the boss, I guess.
Good luck to you during this year and I'll ask more questions if I come up to

Regards,

George

 

George,

To make 2000 isn't hard once your MPP and buying power build up. Just focus on getting more shares with greater shut down. It usually takes at least half a year to be a full time trader.

 

4 cents stop on these stocks.

You have to be a freakin' sniper to get the entry right.

 

Depends on the volatility during the day, 4 cent is little low sometimes.
Perhaps they want to train sniper actually.