Here are some reasons why people stay... -- first job out of college/university, they've got some residual debt and as such can't afford (or THINK they can't afford) the time and money to switch jobs or look for a new prop firm. -- commitment to certain trading styles they don't think they can duplicate elsewhere, and they don't want to rock the boat -- many Swift traders have been fired when managers discover they have been looking at other prop firms... and since Swift guys are paid one month behind, the fired trader is out one month's pay -- one guy is actually staying because he "thinks learning how to run his own sole proprietorship will be good for him." There are barriers in front of young Canadian traders looking to enter a US prop firm, too: ties to friends and family, no money saved for the 5-10k startup, too short of a track record, no series 7... admittedly with a little work these barriers are easily overcome though...
Yeah, those sound like a bunch of excuses that somebody who doesn't have what it takes to be a trader would use. Can a current swift trader with a shred of business accumen, a grasp of basic math and some drive to succeed explain why they are still there? If you are still learning and are unprofitable, then you have a valid excuse, because you aren't losing your own money. Sounds like they'll can your ass in a month or two though if you're in that situation, in which case you should still get a clue about what other options you have.
I still think Swift is a good option for people interested in trying their hands at daytrading in a relatively risk-free environment. (There was less risk when the traders had employment benefits, but I digress.) For those who've been there awhile and proven to themselves that they have what it takes to trade for a living, I think moving to another firm with a better deal is the obvious course of action. Swift management effected this new contract, among other reasons, to weed out the money-draining traders who had low or negative months but still had to be paid employment benefits. This will likely happen. However... I have time and again seen my branch's best traders leave for better opportunities...
Newswift, just so you know, there is no trading 'style' at swift..U do what u wanna do..If it works, then great, if not, then try something else I used to work there.
Thats true, but its not a company 'style'..It's a individual style that many people seem to employ. The company doesn't tell you "go out and make credits", or "go out and be a momentum trader"..You basically do whatever you want.
Did you get payed yet? I heard they don't pay their traders at golden? If I moved there I would ask to get paid everyweek just to be sure for the first 3 months.. then I don't care I guess. I would trust them. Where is the golden office? Can you work from home?
They have actually helped a lot of Swift Trade guys to look out for new options out there. There is so much free, good advice being offered. Thanks for all the help. Mike
Swiftmike, I haven't moved anywhere. I'll be a remote trader from home. Im not worrying about not getting paid, I've talked to the manager and he's a great guy.
Can someone also provide me with some info on Golden Trade ie where are they located and what are their payouts like? I too am with Swift, but looking for some other options. Thx