>>Do you have to come in 5 days a week? And is it required to stick around after market close for your training in the beginning? I have other work to do after 5 pm, so that could be a problem if it takes too much time. Also, once you start with them, are you committed to continuing for a certain period of time, or can you quit whenever you want? You don't sign any contract with them for training, essentially, you can leave anytime you want. Of course, would you go against your manager's "order"? That's another issue... you might be required to stay after 4:00pm just to learn what you've done for the day. How long will it take, you don't know, and you have no control. Would you be able to leave before 5:00pm, yes, but would you be able to get to the other place before 5:00pm... that I don't know... Good luck!
i say go for it. if you don't you'll probably regret it later. like you said, you don't have much to lose other than time. I'm in my second month at swift, really enjoying it... mnx
pt-> there's no harm in seeing if it's right for you or not...BUT.....if you've noticed on elitetrader success in day-trading on the NASDAQ is few and far between the glory days of the past. Swift Trade is ideal for someone to start to learn the basics, but since you say you're not a newbie, why waste your time. I was there, my time spent was productive, but until i hit the mark that i knew i wouldn't learn anymore i left. The company is in very bleak times, and with the recent cancelling of credits (which is basically holding the firm above water) - i don't know how much time swift trade has left.
Here's how I see it: even if I spent a couple of weeks there and they shut down and/or I quit after that, at least I get some exposure to the tools (software) of daytrading. Plus I learn a little about prop firms, and can use that in the future to help in my search for a better one, if I choose to do that. I have no illusions about SwiftTrade or the money that can be made scalping these days, but I figure that within 2 months a reasonably experienced swing trader should learn enough to be able to pull about $2k/month from this position, which would be enough for me until I decided to move on. If I can't even reach that level, then it's clear that I don't know what I'm doing or that this style of trading is not for me. My last question: what type of qualifications do they look for in deciding to hire you on, and how long does the process normally take? Thanks...
Well the software the prop firms is unique their environment and will be of no use when u quit. have u ever thought of making 1% daily with 5K. People have done it .
True, but I'm sure that there are various similarities... it should still help. Yep... but unfortunately you can't trade $5k effectively in a retail account when you consider commissions up here in Canada. $30/trade minimum commission does not work with that amount of money very well. Besides, I would rather not risk my own capital right now - why not do it with someone else's, if it doesn't cost me anything?
I have been to Toronto and have freinds there. The public library system is the best in the world. You need to read more. There is lot of stuff on same topic already discussed on this forum. do a search on the Prop Trading. the 30$ commission is too high check with IB. they have best commision. and with 5K u will be mostly scalping, swinging. and never think of penny stocks ( my stubborn friends do that and lose)
Here are some threads you should check out: http://www.elitetrader.com/vb/showthread.php?s=&threadid=28523&highlight=ib+canada http://www.elitetrader.com/vb/showthread.php?s=&threadid=20584&highlight=toronto+prop+firm http://www.elitetrader.com/vb/showthread.php?s=&threadid=27298&highlight=toronto+prop+firm http://www.elitetrader.com/vb/showthread.php?s=&threadid=25044&highlight=Canada
Credits have been canceled? are you talking about this? http://www.elitetrader.com/vb/showthread.php?s=&threadid=28449&highlight=ecn+fee+cap mnx
day trading has changed in that last 5 year, before everyone was making money, lots of dumb money out there, anyways times have changed now the market is flooded with prop traders, computer arbitrage, market makers, failure rate is up to 90% now,