Swift Trade Manila Branch, a few questions...

Discussion in 'Prop Firms' started by Tleilaxu Mentat, Feb 18, 2007.

  1. Lastly, I'd include here the text of the ad they were running here in the
    local papers:


    U.S. Stock Market Traders
    Entry Level Positions

    Must be between 18 and 28 years old
    Extensive training provided on proven day trading methods.

    Join the fastest growing Day Trading firm in the world.

    Unlimited Income based on performance
    Guaranteed 10K/Month during training

    [Company Email & website URL]

    I know that the "unlimited income based on performance" line would be
    unrealistic for those starting out, and 10K/month translates to around US
    $200/mo so I know it's not much, but it's better than getting nothing while
    being trained right? Are there any hidden charges that I have to ask them
    about, like desk fees, software use, training fees? I know the training
    should be completely free and there is no buy-in, correct?

    Thanks in advance to anyone who can enlighten me.
  2. GGSAE


    Get the hell out of here.
  3. hey these guys have started branch in india too,though they give out no fixed salaries her pretty decent detup in india, got a couple of friends over there however their tradin strategies are a bit wiered,they try to scalp on spreads so not much opp/ to mint its ur call though:D
  4. They are gonna give you a fractional payout of what is given in Canada since costs of living vary so much. That's all.

    Yes, there will be hidden fees, yes, I'm sure they will be quite shady, but it won't matter because whatever amount you make, they will be taking most of one way or another. Otherwise they wouldn't be in Manilla.

    No it's not a scam, but it is a form of currency & labor cost arbitrage. Offshoring traders, nothing more.

    Man, I gotta give it up to Swift, some very clever, opportunistic & openminded thinking. Manilla? I would have never thought up of that one. If only the NYC firms had even a fraction of Swift's entrepenerial skills.
  5. palomnas


    I have stated the student internship at my local branch and so far I am satisfied. I don't think the system is inherently bad or evil but your experience varies with the type of people you're working with and the reasons why you joined. if you are a newbie to the stock market as I am, Do not expect to make millions right away as the learning curve is steep. the way I saw it is it is the cheapest way for me to learn without investing my own money. One suggestion, if you have full time position there, you may want to consider working a second job at night while you get better.
  6. Im work for swift so Im biased... That's why Im rather not tell how great they are and how much everyone else sucks... or any other BS like that...

    I'll just give you the perspective I had when I started at Swift... in the Costa Rica branch [at the time it was a room with two guys and a bunch of computers, most of them still in the box...]

    If you're hungry for knowledge about the markets you'll get it there... plenty of it, you'll get the chance to play in the market with real money in real time... you'll get the chance to do hundredths of trades [in one day]... and gain a lot of experience that otherwise wouldn't have been accessible to you. Even if you end up realizing that high frequency day trading is not for you, you'll have learned a lot... and there's always a good chance that you are cut for it, you make a lot of money and you set up your own branch someday...

    keep us posted... :D
  7. Uh, why? What's wrong with that? That's 10K in the local currency, not in dollars :p.
  8. could you care to translate the amount to dollars, yen, euros, or another mayo currency?

  9. Yes, we all know that, that's the reason for all the outsourcing in BPO & the call center industries right? Heck, if they can set up multiple branches in China, Taiwan & other places in Asia, why not in the Philippines? It's no worse & may be even better than most of the other sites in the region. Just ask the BPO companies who always rate the country at the top or near the top in surveys about labor quality (English-speaking skills, no obvious regional accents--for call-centers, high technical skills in software, Western cultural compatibility, etc.)
  10. I already mentioned that near the end of my first post. It's around US $200 (around the same as what was mentioned for other branches in Asia & Eastern Europe). My point was, if it was normal to be paid a certain amount while you were still in training, because from what I've read in other threads it was more like only a low % of what you would net, which would increase when you "graduate". So which is it, a fixed amount or a certain percentage?

    Like I've said, I'm not too bothered with the initial amount, since there is still no comparable prop trading company here that would offer the same terms for those just starting out and eager to learn (i.e., no buy-in, no charge for "training", and so forth).
    #10     Feb 19, 2007