Hold Brothers

atlastrading · Feb 25, 2004

mecro and i missed the boat both definately have a point. worldco had many issues and hold has good traders. a trader has to ask themselves what they want out of a firm. the problem with a skeleton back office is you don't get as much support. what if your system goes down and you have positions. things like that.

the main problem in the prop business is that the average trader can't make it so they need to keep getting lower and lower rates. they were never good traders to start and now they need lower rates to make 2-4k per month. when they could make 20-100k a month who really cared about commissions. as long as you weren't getting raped.

so hold brothers is the place for some traders. depends on your needs.

good luck

Copernicus · Feb 25, 2004

Quote from Mecro:

See I heard from many reliable sources and even some of their good (not top) traders that some of the rates Worldco was giving at the beginning of their demise were simply ridiculous. They were starting to come down to .003-.004 like over a year ago. Even if you are self clearing, that's not much profit to be made considering the costs of having office space.
giladbi:

none of the top traders were below .4
wldc closed down because of the long term lease contracts and flawed all out expansion plans.

zdreg · Mar 1, 2004

Quote from Copernicus:

none of the top traders were below .4
wldc closed down because of the long term lease contracts and flawed all out expansion plans.

a few traders were below.35 at very end and were marginally profitable to firm.
it was flawed out expansion in information technology which was to be sold to the street. i.e. salaries for 40 programmers

I Missed Boat · Mar 1, 2004

Quote from zdreg:

a few traders were below.0035 at very end and were marginally profitable to firm.
it was flawed out expansion in information technology which was to be sold to the street. i.e. salaries for 40 programmers

That would explain why they came out with a proprietary trading system, which was improving pretty rapidly, only right before they closed down. Talk about bad timing.

gam1111 · Mar 1, 2004

Atlasttrading mentioned that a lot of the traders are making $2-$4 k per month.

What percentage of traders there are making that amount?

What percentage of traders there are doing over $10k or $20k per month?

VOLUME · Mar 1, 2004

2-4 thousand a month....why even stay in the business?

Even worse, why would any firm tout numbers that are so low?

brokerboy · Mar 1, 2004

Quote from gam1111:

Atlasttrading mentioned that a lot of the traders are making $2-$4 k per month.

What percentage of traders there are making that amount?

What percentage of traders there are doing over $10k or $20k per month?

whats your point? is that good to made 2000 a month.

Mecro · Mar 1, 2004

Quote from VOLUME:

2-4 thousand a month....why even stay in the business?

Even worse, why would any firm tout numbers that are so low?

LOL I think they were trying to focus on the profitable part. Whether you can actually live on the money is another story.

4k a month is like the bare minimum in my opinion.

alanm · Mar 2, 2004

Depends on where you live. There are parts of the US (and the world), where you can live modestly on $40K. Not to mention the potential upside as you get better at it.

Sure beats the heck out of flipping burgers for $10K a year.

zdreg · Mar 2, 2004

Quote from alanm:

Depends on where you live. There are parts of the US (and the world), where you can live modestly on $40K. Not to mention the potential upside as you get better at it.

Sure beats the heck out of flipping burgers for $10K a year.

a family with childern can live modestly if not comfortably in new york city on 40 K/yr.
Nickel and Dimed: On (Not) Getting By in America by Barbara Ehrenreich good book on flipping burgers etc. at 10 k yr.