This is not true, this is the first time I've heard of such a "law". But there are immigration laws in place that require aliens to get residency & work permits first (just like in any other country).
Jsyyap, so I take it you work for Swift Trade Manila? I didn't know they were operating here long enough to establish not just 1 but 3 branches already. Exactly when did their Philippine operation start? I assumed they were new here since I just came across their ad recently. Care to share some of your experiences so far? I'm interested in starting out in that prop firm, please read the thread I started out for some questions I would like to have answered. Or PM me if you can share contact details, TIA.
Hey tleilaxu, though I dont trade with swift trade, I'm an independent trader here living in Manila. I do think if you're a newbie, might as well try it out with Swift... you have nothing to lose. 10k is pretty decent for a new grad if that's what you really wanna do. One of the better questions you should ask them is how much do you need to make for THEM to make Php 100k for YOURSELF.
What do you mean by "independent trader"? Do you trade local stocks through BPITrade or COL? How did you start out and where did you learn the ropes? Do you know of any other prop firms similar to Swift operating or planning to operate here? TIA.
no, last time I traded the local market was when I was 17. I swore never to trade the Philippine stock exchange. I trade the US markets and futures market through Interactive Brokers and I have a swing trading account with TD Ameritrade that I barely touch. Never traded for any prop firms before. Did think about doing it with Echo Trade when I was in Chicago. I did look and the only one I know of is Swift. I don't know what you graduated in but you might want to try going to Singapore and work for banks or investment firms as their traders. If your goal is to eventually trade for yourself, then you will need to build up a big capital. I don't think you can build up enough trading in Swift Manila. They know how much people here get paid, they won't pay you a whole lot. That's just my personal opinion.
Hey, thanks for replying, sorry it took so long for me to post again. So you don't trade in the PSE because it's too "small-time" or dominated by "tsupiteros" or rigged by certain cliques, hehe. I'm also interested in doing what you're now doing but I need to build up capital first obviously. I'm curious as to how you started out, could you tell me a bit more. You could PM me if you like.