They're the same as Swift, only in FX. Pay is all commisions based. I think Swift is a very good place to learn to trade. If you spend 3 months there you'll learn more about how the markets work than trading by yourself in 3 years.
Can you really take a firm seriously who says in their online ad........ "Additional Skills: -Strong history of video game play -Strong history of poker play" Sounds like a recruitment for casino/circus. I've said it before and I'll say it yet again., Swift is a great place to learn (provided they don't hit you up for $2,000 to start) Learn what you can and when you're reasonably profitable, run and run fast for a better deal.
It depends on the trading strategy you use. If you're comfortable with rebate trading, then staying with swift is the only way to make money with that strategy. I know millenium traders making average 7K a day who will never leave swift because they need the low transaction costs and the scanner. There's a reason Swift is big on rebate trading and millenium, they know traders who make money using these can't make it anywhere else if they leave.
I think that is a dated opinion. You can make money doing rebate trading and miln trading at other firms. The main reasons in my opinion are never having traded anywhere else, and being too comfortable and scared to leave (which is reasonable to a point dont get me wrong), and having progressed to a reasonable payout. If you actually made it to guru, the damage has been done already. Sure they took 100k+ more than other firms would have, but now your making 50-65%. If you still are making 50k+ a month, i dont see any reason to leave in the numbers, it would have to be for personal reasons, or software reliability.
Did i read that right....some BMs charge you a fee to plunk down as a trainee? Jesus i hope this is at a successful branch where you'll be actually mentored somewhat. Another point i'd like to make is that the top swift traders probably think there isn't anywhere further up to go, considering they've seen so many come and go beneath them. If these elite traders became so good at swift, i only wonder to think how good they'd be at a professional firm.
Actually i can take a firm seriously who advertises for the qualities found in video game players and poker players.... lets see...if you play video games regularily you will have developed hand eye coordination which improves keystroke speed (when doing 500+ trades a day keystroke speed is a necessary skill). Video game players also have a better ability to view patterns or better predict what a stock is going to do from their years of trying to predict what is going to happen next in their video games and how best to procede. As for poker....the ability to extract the most chips from your opponents when you have a good hand and the ability to minimize losses when you have a bad hand are both essential skills for day trading. So ya...a good video game player and poker player is a prime candidate to have the necessary skills needed to become a profitable day-trader. Seems like a pretty intelligent way to recruit traders to me....find the ones who already possess skills that you know are essential to trading success.
i think one of the main reasons people dont leave swift is because we dont need to put money down as a deposit. I have looked into a number of different firms to trade with and have found a couple with all the necessary requirements i personally need to continue making money.......however....there is not one of them that is willing to give me 5+ million in buying power with $0 down......in fact i think the best i have come across is one firm would possibly give me 20:1 after a couple months of provin trading ability. So yes if i left swift to trade with this other company i would get paid a higher percentage of my profits (between 5-10% more after all fees are accounted for), however, i would have to place 100k in my account with them of my own money just to get 2 million in BP....and for the first couple months i would only have 1 million in BP. So earning even an extra 10% is not worth the extra risks attached with placing 100k in an account with some company......i would much rather have a lower % payout with zero risk to my own money. Now many traders at swifttrade dont have even 10k of their own money to place in an account with a different trading firm and so that aspect of swiftrades structure is a huge bonus over that of its competition.
Wow you need to do some better research. I have unlimited intraday buying power and usually hold about 20-1 in overnight positions and keep 100% of my profits. But then again this isn't a churn-factory outlet.
so your saying at your firm if you place 25k in your account you can hold a position worth 3 million intraday? i know of companies that will give me unlimited BP in regards to placing orders.....say 10 orders of 3k each for a $30 stock....but i wouldnt be able to get filled on all of those orders.....one i hit my ratio (be it 10:1 or 20:1 or what ever) i would not be able to take on more shares.