I've got an interview coming up..I've read a ton of postings on this forum but nothing that is very current (ie. 2005)...Any new thoughts?
hope you like flipping big blocks for pennies in low vol stocks and giving away over 50% of your profits. Total chop shop, high failure rate, plus credit trading will be dead soon.
Haha credit trading was supposed to be dead 8 years ago. As to swift threads, there is lots from less than a month ago. Do a better search. Happy Trading SwiftMike
DON'T GO TO THE INTERVIEW....YOU'LL JUST WASTE YOUR TIME.... THEY'RE PROBABLY THE WORST TRADING SHOP ROUND...
basically they take in unsuspecting newbies with little experience, sell them on the dream of making millions doing mindless trades for a few pennies here and there on large blocks, which is a stupid way to trade. then they take most of your profits if you do make money, their splits are atrocious. Most of their guys get their ass handed to them and quit.
BUT - as many people have said - it is a good place to get started is it not? The potential to make good money is there if you put in the time and effort and have what it takes... Or should I keep my boring but secure and decent paying government job and give up on the dream?
hey all I'm saying is check out all of your options. If I were you, considering a career change, I would do a lot of research. If you don't have a backtested plan or an edge, or the necessary capital + living expense $$$, then it's not worth it. Think of what is happening here. You are talking to a prop shop owner. He wants to make commissions off of you. He doesn't CARE if you make money for yourself. Swift teaches you to churn lots of volume. Think about why. Some traders do ok, most burn out and leave. Like musical chairs every few months in those type shops. Think if you want to piss away your $$ quickly or really learn to understad the intricacies and mechanics of trading. Short term trading generates income but creates headaches. Long term plays are easier, commission is less of a factor and generates wealth. Very broad I know. Personally, I employ both approaches, you can not depend on scalping day in and day out, esp in low vol markets. Check a bunch of shops using a variety of styles, spend the time to interview the veteran traders there, find out their "training" program. Determine which style of trading suits your personality and skill set. You can equate trading to Hollywood. Sure, thousands chase the dream, make shit money in the hopes of one day hitting it big, but very few make it. Those that do are disciplined and talented and are the exception to the rule. To attain greatness in this biz, you need intense desire, coupled with balls and brains. good luck
This is the key part of the post... Swift offers buying power that a lot of new trader's cannot even dream of. You also don't have to trade for pennies or credits at Swift, the only limitation is not being able to hold positions overnight (company policy). If you have a good intraday strategy, I'd say go for it if you have enough money to cover living expenses for about 6 months.
I'm not sure what you consider low volume, but I work for Swift and trade MSFT, INTC, ORCL, etc. Last time I checked they're all volume leaders Although I agree the failure rate can be high (only 3 of us left out of 7 that started in June and only 2 of us are making money) it's a good place to start and great for buying power as Pete mentioned. Credit trading will be around for a while yet as: 1) The SEC has deemed that the credit system is necessary to the existence of ECNs so they see no reason to regulate/do away with it 2) ECNs make a boatload of money off of it. I echo what Pete says also about having enough money to live on for 4-6 months and having a "back-up" plan in case it doesn't work out. Good luck and don't let others' negativity here discourage you.