I started at 1.5 cent commission and $5 ticket. The offer you have is extremely reasonable, and is better than the typical starting deal at Worldco.
Offer from Wordco
- Thread starter jisoosun
- Start date
I think it is important that you look at the big picture. Worldco is essentially willing to eat your losses while you are learning how to trade (after you go through your 5k contribution). This will take a lot of pressure off of you while you are trading. Try bringing 25k to Echo or Bright and see it dwindle while you are trading. This is really going to screw you up. People may bitch about paying for the background check and other misc fees, but that is being penny wise and pound foolish. Try to negotiate on those fees, if they don't agree to waive them I would just pay up. 100% payouts are more important to more experienced, profitable traders. Newer traders should concentrate on learning a style which makes sense to them while at the same time learning it on someone else's dime than worrying about payouts. A 100% payout wouldn't do any good if you're not making any money!
Hitman received a deal just like yours when he was starting out and that did not prevent him from being consistently profitable. Make sure though that they continue to support you after you burn through your 5k. Don't let them cut you off after you reach 0 in your account balance.
I was in the same situation as you are until a few weeks ago when I decided to take the plunge and went with a no capital contribution firm.
Good luck (to both of us).
Hitman received a deal just like yours when he was starting out and that did not prevent him from being consistently profitable. Make sure though that they continue to support you after you burn through your 5k. Don't let them cut you off after you reach 0 in your account balance.
I was in the same situation as you are until a few weeks ago when I decided to take the plunge and went with a no capital contribution firm.
Good luck (to both of us).
don't worry about those rates, the commission rates will go down. use the rest of the 20k to live on for the next 6-9 months while you are losing money. do not trade with it. if you were experienced, then going to echo or birght would be the choice, but since your not, take the deal - after trying futily to get it lower.
The fact is, it is very tough now to find a deal where you don't put money down. A couple years ago, not only was it common, but many firms gave out stipends or draws. That is virtually non-existent now.
Originally posted by trader88
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I was in the same situation as you are until a few weeks ago when I decided to take the plunge and went with a no capital contribution firm.
Good luck (to both of us).
Trader88,
do you mind telling which firm this is that gave you a "no capital contribution" deal?
How do you like it there so far?
Thanks.
hey how about an update on what is happening?
I've decided not to take the Worldco's offer.
And after I talk to Lynx Capital guys, I realized that Worldco's offer was pretty shitty offer.
This is what Lynx capital offered:
1. I still have to put down $5000.
2. 1.1 cents per share with no ticket charge.
3. $20 bullet for 500 shares.
4. 85% payout. (straight pay out not like Wordco, Worldco will hold some percentage of 80% payout until it gets to $25,000).
5. $500 for background check and Series 7 exam.
I singed my paper last week and I will start working with them as soon as I pass the exam.
And after I talk to Lynx Capital guys, I realized that Worldco's offer was pretty shitty offer.
This is what Lynx capital offered:
1. I still have to put down $5000.
2. 1.1 cents per share with no ticket charge.
3. $20 bullet for 500 shares.
4. 85% payout. (straight pay out not like Wordco, Worldco will hold some percentage of 80% payout until it gets to $25,000).
5. $500 for background check and Series 7 exam.
I singed my paper last week and I will start working with them as soon as I pass the exam.