$5000 a month? That's $60K a year. I could make more selling cars, selling insurance, or working on the assembly line in Canada. And to become a successful Swifttrade trader and only make $120,000 CDN per year? I could barely live off of that.
outside of the debate about Swifttrade, I think that with this market, more traders would be much more profitable if the firms and traders were on the same side, meaning there are no commissions and percentage payout. I think a lot of firms push traders to trade too much to earn their commission. I completely disagree with that strategy. In terms of companies going bankrupt, they are allowing traders WAY too much leverage and having a few big traders blow out the whole firm. If firms had tight stop losses for traders and less capital per trader, you wouldn't have one firm go under. There is money to be made, but not like 98-2000 where you load up shares to your eyeballs and ride everything out for 6 point gains.
If you want to make $60-100K a year get a job selling something like real estate, cars, etc. If you want to really take up trading as a vocation then learn to really trade and learn a strategy that you can build and improve in the long-term.
60K -120KU$ a year is 90K - 180K CAD. Not too bad for 20-25 y.o. kid, huh? Besides, it's average. I heard their best traders make U$10K - 20 K a month for themselves. Can you live on CAD 180 - 360K a year?
Correct me if I am wrong, but if they are keeping that much with a 30% payout would they not want to leave and get the 100% payout once they are successful, and triple their income? I know I would not trade for any less than 100% since I know how to trade.
No they would not want to leave and if they would they'll blow their accounts within a month or earlier. There's no comissions and almost every trade they make can be profitable. Most of them make 1mil + shares to make 1-1.5 K and get 30% of it or even more if they get liquidity rebates. Good ones make 2000 - 4000 a day. Do the math how much comissions would you pay on 1 mil + shares. Even if it's the lowest rate you can find.
The kids who work there are reminded that they cannot trade like that anywhere else....they can't trade 1 mil + shares a day AND pay commission and make money on there own. They are stuck trading there, and probably don't have the know- how/skill/strategies to trade their own. I also heard they were starting a hedge fund...... anyone else hear this?
you are bang on! The traders at Swift could never trade anywhere else, they would be bust in a month. Once that rebate strategy drys up, which my guess is with the beginning of Super Montage, most of those guys will be making $10/hour again.
by the way, most of their better traders are only making 5-6K US a month, and that is only the top 25%! Some of the rest are struggling to making anything because if you don't make atleast $5K in the month you get ZERO!