Swift generates relatively little revenue from commissions and takes such a large cut of traders profits. What makes you think it's not in their best interest that their traders make money?
maybe I am wrong in my assumptions, just going off of what others on these boards have said. anyways, like someone else noted, it probably varies by branch and I don't claim to have all the answers. check it out and decide for yourself. all I am saying is that credit trading is a very tough way to make money. also, how are you going to make tons of money if you are giving away over 50% to the house??
Thanks for all the responses everyone. This forum is great. I've decided to put off making the move for a few more months while I save enough money to give it a shot.. Do you think I should still go to the interview or see if I can postpone it? Cheers
For a place to start off and 'learn' (in quotations, very subjective) go and find out what trading is like and if this is something you may find yourself doing. You can always go back to the government. For me personally, swift didn't teach me anything except the basics, but getting my feet wet was the initial step to developing a system two years in the making. To each his own.
swift is a pure churn shop they want you doing alot of trades a day because they charge every trader .20 per trade and I thought traders only got paid 35% unless it changed within the month. They teach you nothing in terms of trading except for "if the futures go red sell and if they go green buy" they do teach you about ecn's and trading fees. I would not recommend trading there all they want you to do is trade alot and for a couple of pennies(there are guys that work there who dont trade like that, but very few). It will posion your mind in terms of risk tolerance, you will be crapping your pants if your down $10 on a trade working there. I know because I was one of there top traders and jumped shipped to go to another firm to get a way higher payout 75% with a $3500 depo.
Would someone with a lack of experience be able to go to another firm to get a way higher payout 75% with a $3500 depo? Or is it because you were at ST and experienced success that you were able to move forward to a better situation?
I strongly wouldn't recommend going to a prop shop/retail firm and laying down your own cash if you have no idea what you're doing.
No I don't think I would do that I'm going to postpone the interview and save some money..in a few months I'll go work at ST...see how it goes...worst case scenario I leave with some new experiences and knowledge...and move on...