yep, that's why others who've wored there before (e.g., one of the traders at the futures investment firm i worked with before who'd worked there for 4months a long time ago) also say it's basically a piece of shit scam organization, excluding the top 1%.
I'll tell everyone how they're doing it. They are arbing the millenium book on the NYSE. These guys think they're hot shots making all this money. They go home at night and brag to all their friends how they're "big time traders" (I've seen it). It's a freaking joke. These clowns will be so finished once the millenium arb dries up...which it will. It will be very enjoyable for me to watch these "traders" have to take jobs at Mcdonalds again. To all Swift trade "traders" learn a real trading strategy other than these gimmicks you keep coming up with (like arbing the millenium book, credit trading, or arbing the QQQ's/SPY's. Losers..........). I know you think it's great to make all this money now, but when your little gimmick disappears what will you do?? Find another gimmick?? There are only so many ineffeciencies in the market these days and I think you losers have exhausted almost all of them. Good luck guys. Hope you're saving all your money.
what is the millenium book ? is it the way of arbing the "open book" or a proprietary execution system that "arbs" among various ecns and the specialist? by the way ... if one has an edge like this it might be a stupid way to make money and might "run its course" down the road ... but in the meantime
To trade another entity's money, I believe you would need a series 7. Anyone with a series 7 has more brains than to trade for 35%.
If i was one of the guys whos made millions of dollars in the last year i would be laughing in your face knowing that i dont even need to do shit for my entire life because nyfix has allowed me to make so much money i can retire in my early 20's. Granted i am not, but think about it. Who the fuck cares how you made the dough, they made/make millions of dollars. And come on, its not an arb anymore.
I totally agree to your point about Miln arbing just being a gimmick and that someday it may disappear and a lot of monkeys who don't know shit about real trading will be out on their asses. They would have to be retarded if they're not saving money/planning for the day when/if that happens if that's all they're relying on. Also, Miln arbing was pretty much exclusive to a few branches b/c they had a "scanner" program to help them find it. Now Swift-Trade is implementing a scanner program into their software so the wealth could be spread out more over the next year making the "big dogs" not quite so big but raising the average if more people figure it out. However, like rebate trading, since it's beginning everyone says "it'll be dead any day now" but the truth is Dark Books are what institutions are turning towards more and more to minimize market impact. On a side-note, because the markets are always changing, there's nothing that will work forever. Essentially everything is a gimmick until it doesn't work anymore. Those that have the ability to adapt will indeed find another "gimmick" or "inefficiency" to pull money out of the markets. That's what traders do. It's what marks the difference between traders and investors. What gimmick are you currently using megatrader? What makes you so sure it'll be around tomorrow? Next week? Next month? The truth is....you can't know. Carry on.