Update on my experiences with WorldCo
- Thread starter Treykool
- Start date
Wasn't this thread about Worldco and not about IVY colleges ?
So what if Trey exagerated. Maybe he's like me and can only make money ib his dreams. Or maybe he is making some great money. Either way, I hope he enjoys it.
I will probably sign on to Worldco this week (especially since I was told to be positive about it). Some of what Trey said sounds real to me. I will be starting at 95-97% and I was told they will even pay me 100%. I will start under a penny a share (no ticket or desk charges) and was told the lowest I can go is 1/2 cent a share. Share size starts (for me) under a thousand, but if succesful will be reviewed and changed weekly.
Am I stupid to think this is real ? The leader I will go to is an honest and decent person. Other people in the group (one of which I am aquainted with) have verified the honesty. What else can one ask for but the chance to earn a living (and an ulcer) ? And all on the other guys dime.
I still keep hearing the upper management rumors, but nothing from the actual people that are working there. And besides, from the looks of it, I don't think I will much to do with the upper management. Maybe this changes as you stay for a while, but it looks like a nice decent place to work.
Since the thrust of the thread has turned to schools, I am not an IVY leaguer. I only traded (to my knowledge) with one IVY guy and he was arrogant, thick headed and looked at everyone else like they were idiots (and maybe we were). It was impossible for him to be wrong about anything. So, after his 5th month of trading and being a "size" trader of about 1000 shares, when he blew 200,000......I guess he was still right. And he was right with his picks, but he forgot it is called daytrading not hold a few weeks untill something happens. All this and I don't have a negative outlook at IVY people. Just one person that let it get to his head. I graduated from the Jethro school of medicine and surgery.
I would like to thank RS7, even if his math skills aren't the best. Good luck to you and I hope we can talk soon about how things have turned around for us. Oh, and the welfare, food stamp and medicaid applications are in the mail.
So what if Trey exagerated. Maybe he's like me and can only make money ib his dreams. Or maybe he is making some great money. Either way, I hope he enjoys it.
I will probably sign on to Worldco this week (especially since I was told to be positive about it). Some of what Trey said sounds real to me. I will be starting at 95-97% and I was told they will even pay me 100%. I will start under a penny a share (no ticket or desk charges) and was told the lowest I can go is 1/2 cent a share. Share size starts (for me) under a thousand, but if succesful will be reviewed and changed weekly.
Am I stupid to think this is real ? The leader I will go to is an honest and decent person. Other people in the group (one of which I am aquainted with) have verified the honesty. What else can one ask for but the chance to earn a living (and an ulcer) ? And all on the other guys dime.
I still keep hearing the upper management rumors, but nothing from the actual people that are working there. And besides, from the looks of it, I don't think I will much to do with the upper management. Maybe this changes as you stay for a while, but it looks like a nice decent place to work.
Since the thrust of the thread has turned to schools, I am not an IVY leaguer. I only traded (to my knowledge) with one IVY guy and he was arrogant, thick headed and looked at everyone else like they were idiots (and maybe we were). It was impossible for him to be wrong about anything. So, after his 5th month of trading and being a "size" trader of about 1000 shares, when he blew 200,000......I guess he was still right. And he was right with his picks, but he forgot it is called daytrading not hold a few weeks untill something happens. All this and I don't have a negative outlook at IVY people. Just one person that let it get to his head. I graduated from the Jethro school of medicine and surgery.
I would like to thank RS7, even if his math skills aren't the best. Good luck to you and I hope we can talk soon about how things have turned around for us. Oh, and the welfare, food stamp and medicaid applications are in the mail.
Even though "Trey" and I have exchanged a few negatives in the past, I am glad to see that he is doing well.
He had his costs lowered to a point, but he admits that having someone help him out with his trading was very important, much more than the costs. This is valuable to all of you to know. He may have saved a couple thousand a month at our NYC rate (considering his volume, or at least what I think his volume is...it was a little confusing).....but he didn't mind paying a little extra to get some help from another trader, which we find extremely valuable at BT.
Anyway, glad to see you are doing well, keep up the good trading!
Don
He had his costs lowered to a point, but he admits that having someone help him out with his trading was very important, much more than the costs. This is valuable to all of you to know. He may have saved a couple thousand a month at our NYC rate (considering his volume, or at least what I think his volume is...it was a little confusing).....but he didn't mind paying a little extra to get some help from another trader, which we find extremely valuable at BT.
Anyway, glad to see you are doing well, keep up the good trading!
Don
StockRock1, where did you trade before. How successful were you? Cause you can't get a deal at WLDCO like the one you described above unless you are a seriously proven trader. No way, no how!!
Holy cow...I had no idea Wldc was giving such great deals to new traders. Ive been ther for over 3 years and they only give me 98% payout. Im gonna have to have a long chat with the upper management....
As for Try's numbers...I find it incrediblly hard to believe. He started around January/Feb of this year.. He must be one of those "chosen few" who was gifted with the "trading genes". If it's true what he says....more power to him. I only know that I talk with many of the "group leaders" and I can't find a new trader who started at beginning of this year with those kinds of numbers.
And - no - Wldc does NOT have a 401K for prop traders. They have something called Stock Option plan. I dont know what he is talking about. Im gonna ask head of our risk dept about Trey's size/position limits......Will post the answer sometime in the future.
As for Try's numbers...I find it incrediblly hard to believe. He started around January/Feb of this year.. He must be one of those "chosen few" who was gifted with the "trading genes". If it's true what he says....more power to him. I only know that I talk with many of the "group leaders" and I can't find a new trader who started at beginning of this year with those kinds of numbers.
And - no - Wldc does NOT have a 401K for prop traders. They have something called Stock Option plan. I dont know what he is talking about. Im gonna ask head of our risk dept about Trey's size/position limits......Will post the answer sometime in the future.
keep us up to date daytrader, I'm curious. It all sounds like B.S. to me. To the best of my knowlege you cannot enroll in a 401K unless you are a W2 employee.
Originally posted by rs7
I don't mean to berate a superior education. But anyone who thinks that an Ivy League education is going to be of any benefit to a trader (not a fund manager.....I mean guys like us) is badly misled at best. I would feel more confident if I needed surgery and my doctor went to Harved Med. If I was in deep legal trouble, I would probably want a Yale lawyer... but if I were to start a trading firm, I would go to a poker room and look to recruit the strongest players. I can't think of any better place to start. At the risk of repeating myself, the best qualities for a trader (other than experience) are attitude, discipline, and the ability to get a good read on your opponents. To adapt to your adversaries. And believe me, the market is an adversary. The specialists in particular are adversaries that will deal from the bottom of the deck whenever they get the chance. I don't think they teach stuff like this at those eight schools. They don't even have good enough sports teams to interest anyone in looking for an edge in the spreads. Well at least not since the days of Bill Bradley. And old as I am, he was before even my time! Did love him on the Knicks though
Again, sorry for the rant. I promise to be a good boy and never do this again
Generally, I agree very much with rs7. Never has anyone HAD to go to college to successfully open up a business or trade (Even one of the greatest traders of all time-REMINISCENCES OF A STOCK OPERATOR-didn't go to college). However, for other fields, it not only helps, but is normally necessary (especially to be good at the field). In addition, college can improve anyone's skills, including further refining said person's thinking skills, IF such a person WANTS to improve. For this reason, I am glad I went to college, not only for a credential or for the knowledge gained, but also because I improved my skills (personal and professional) and further sharpened what I'd like to think were already decent thinking skills. Even if your skills are great, one can still improve in college, IF he or she wants to. However, a person can also slide by, learning nothing and gaining little. And grades are not always a reflection. I did in fact earn very good grades, but I saw people who finished with 3.6s and 3.8s who were lazy idiots (they cheated, took the easiest professors, dropped classes left and right, etc etc). I also saw people with 2.8s who took the toughest professors in, say, philosophy and many of these students were extremely bright and well educated. It's all about what you put into it. No, I didn't go to an IVY league school, but I believe that I received at least as good an education at the university I did go to BECAUSE OF WHAT I PUT INTO IT!!
In Summary, you don't need to go to school to be a successful businessman, and you don't need to go to college to be an intelligent person. But college can help anyone to improve their professional and thinking skills. I only hope that I will continue to progress (using the various skills I learned or refined)!
I wouldn't totally discount Treykool's numbers. My numbers are just a little lower than his, although I've been trading for over 2 years. His style is probably similar to mine which is momentum scalping. My trading is more like Seanote's, although he's MUCH more consistent.
Give Treykool the benefit of the doubt. Maybe he is that good. I've seen some people at Momentum who learned how to trade like that after 5 or 6 months. It IS possible. Scalpers can still put up those kinds of numbers if they are very selective and trade stocks that move (CYMI, KLAC, NVDA) for decent size (2000-3000 shares). If his numbers are that good, I could see Worldco making exceptions for him. Anyone can negotiate his deal depending on his performance you know.
Give Treykool the benefit of the doubt. Maybe he is that good. I've seen some people at Momentum who learned how to trade like that after 5 or 6 months. It IS possible. Scalpers can still put up those kinds of numbers if they are very selective and trade stocks that move (CYMI, KLAC, NVDA) for decent size (2000-3000 shares). If his numbers are that good, I could see Worldco making exceptions for him. Anyone can negotiate his deal depending on his performance you know.
Goldenarm,
The problem is as follows:
1) If Worldco doesn't give deals like that (commission and payout) for traders who are much more profitable, head groups and have much more time in, then they won't give it to this guy, especially since many people at WLDCO (and everywhere else) have had big starts and then blown out or struggled for a very long time.
2) There is no 401 K at WLDCO
3) That gross to net ratio is very suspicious for a NYSE scalper (BTW, the stocks you mentioned are Nasdaq, and you can't trade Nasdaq at WLDCO unless you are a proven Nasdaq trader-and proven doesn't just mean experienced).
4) I know for a fact that he doesn't trade in at least some of the groups headed by the very elite traders. Therefore, I am not absolutely sure he doesn't trade with one of the best, but I am suspicious. Either way, he wouldn't get a deal better than his head trader, at least not this quickly. The deal he described would almost have to top any head trader other than the ones I KNOW he doesn't trade with.
Bottom line, I don't believe this guy. There are so many people that talk so big on this site, and while some I'm sure are as successful as they purport to be, it is obvious that some people are just blowing smoke. I am not a good trader (I make money, but not much), but I know enough to talk the talk. In fact, it doesn't take much for someone to be able to "sound like he knows what he's talking about." Is Treycool a good trader? I don't know. Does Treycool trade at Worldco (or anywhere else)? I don't know. But does Treycool peform as he described and has he received the deal he claims? No!
The problem is as follows:
1) If Worldco doesn't give deals like that (commission and payout) for traders who are much more profitable, head groups and have much more time in, then they won't give it to this guy, especially since many people at WLDCO (and everywhere else) have had big starts and then blown out or struggled for a very long time.
2) There is no 401 K at WLDCO
3) That gross to net ratio is very suspicious for a NYSE scalper (BTW, the stocks you mentioned are Nasdaq, and you can't trade Nasdaq at WLDCO unless you are a proven Nasdaq trader-and proven doesn't just mean experienced).
4) I know for a fact that he doesn't trade in at least some of the groups headed by the very elite traders. Therefore, I am not absolutely sure he doesn't trade with one of the best, but I am suspicious. Either way, he wouldn't get a deal better than his head trader, at least not this quickly. The deal he described would almost have to top any head trader other than the ones I KNOW he doesn't trade with.
Bottom line, I don't believe this guy. There are so many people that talk so big on this site, and while some I'm sure are as successful as they purport to be, it is obvious that some people are just blowing smoke. I am not a good trader (I make money, but not much), but I know enough to talk the talk. In fact, it doesn't take much for someone to be able to "sound like he knows what he's talking about." Is Treycool a good trader? I don't know. Does Treycool trade at Worldco (or anywhere else)? I don't know. But does Treycool peform as he described and has he received the deal he claims? No!