Ya actually i write all my own material on this site I believe that more of the Swifttrade managers are businessmen who actually dont trade and cant trade. This doesnt necessarily mean worse, as training traders is different than trading itself, and im sure some of the managers are very good at grooming people into becoming successful traders. But, as an individual coming into trading with a huge passion, you want to give yourself the highest chance of success. When thinking on those terms, I would choose to work at a place that had real strategy that you could learn, pushing your success rate up from around 5-10% that i observed at my old job, to possibly 20-25%.
Most trading offices, that I've seen, (where one can get started/training) the managers/businessmen were trading and although not making a killing their focus was on their trainees and operations which is important for a smooth running office. Ya, I know lots of guys who I thought could have done well, given enough time, but with 35% payout(swift) - had to quit. If I started again with the choices available now, I would go with a larger office, run by a businessman, with a trainer, and the best payout. 1 Diverse trading styles around you, 2 Easier to develop your style when you have a proper/formal base 3 More likely to learn to trade opposed to copy a trader(like some small offices) 4 Highest possible payout - you want to give yourself as much time as you can - gotta eat 5 Work with people invested in your success 6 Don't be someone's sideline( If I made 30k per month trading for myself a trainee or group would be distracting) imho happy trading V2k
I have to rebut a few of these points: 1 Diverse trading styles around you As long as its not gimmick crap, it doesnt make a difference. If your talking about everyone being a credit, trader or a fake size/millenium trader, then I completely agree. But, if you start at an office where people make money learning to buy and sell profitably, it doesnt matter what they are trading. I would only worry about when rule changes or some other odd market property will wipe out your edge that you need to be concerned about 1 trading style IMO. 2 Easier to develop your style when you have a proper/formal base You need to be careful about this. Keep in mind @ swift the mentality is to take what one trader develops and throw 1000 monkeys on the strategy and totally crowd out and destroy the original office/trader who developed the strategy. 3 More likely to learn to trade opposed to copy a trader(like some small offices) If you learn the reasons why a trader trades thats not copying, because you can transfer that to new stocks/situations (if its a viable proper/formal base like you mention) 4 Highest possible payout - you want to give yourself as much time as you can - gotta eat 100% of 0 is still 0. Be reasonable and weigh your options. 5 Work with people invested in your success agree. It would be almost impossible to learn putting up 5-10k at a pro firm remote. 6 Don't be someone's sideline( If I made 30k per month trading for myself a trainee or group would be distracting) I dont agree at all with this. I believe it is known on this board that i train trainees. The good ones figure it out. After I tell them about what the strategy is, the keys, and a few mins a day to go over things (the first few weeks i have to spend a lot of time with them answering questions etc), a talk and strategy session here and there is all they need. Trainees and students have to face the facts that the success rate is not 100%. You have to have a knack for it or you have no chance. If a monkey could trade, I would just us computers to automate everything. I dont know what it was like for you when you started, but i dont remember being taught anything. Trainees should be happy they are around people that make several K a day, nothing like working at a place that is dead with no one making money, even if its 110% pay. Businessman offices just aren't my thing. Theres no flexibility or understanding. And when theres no value in the office manager, people just shop for the best deal and quit after they get good.
can someone explain if title trade and worldtrade use sterling what is the advantage of trading with title , i looked at world payout and title payout and i heard WTS is way higher are they the same company with different schedules? does anyone trade with world and can you comment? thank you
There are some good points by Szeven, get the best training you can then go where the best payout is. The trader market is very liquid, and a profitable trader now, opposed to couple yrs ago, can write their own ticket. I think traders should train with any place that'll have em. There has never been a better, easier, cheaper time to get started, lots of small companies out there to train you. If they can also train, or are trained with Sterling software all the better. Then move once they learn working strategies, for the much greater payout. It's easy to move between prop. firms now. They are not the same company. I'm trading with WTS(2nd month) and use Sterling. No complaints. Software good, payout great. cheers V2k
V2K you just outline EXACTLY how the prop industry is going right now. Traders have a couple good months now and think they are superstars, quitting for the best payout possible. Then their current strategy they milked off their trainer stops working and uh oh! Canadian prop industry is getting scary IMO, it would seem that with all the rate shaving going on, someone is going to get burned soon. Time will tell.
Szeven Your trading is impecable and your manerisms are as well. Gotta a lot of respect for your work. Nevertheless there seems to be a theme prevailing that certain groups only like certain firms after having moved, criticized and condemmed others - without much evidence. This industry of yours is being radically altered by the need to upstage and earn more through payouts, and aggressive tactics. It seems to me that if it were not for the businessmen creating brokerages and prop firms, the idealists would not be arround to critizise businessmen for being businessmen. Seemingly the splinter effects will continue...