Worldco Do I really have to put up money?

In just the past few months we've cut about 300 traders. Some will never see their capital contribution. Luckily I'm up right now, however I have a feeling they will ask me for some $$$ to keep the lights running. Regardless if Worldco does go under I will hold a memorial service and place a rose on Wall St. I hope you will all join me, (free drinks will be served).

:D BMW
 
BMW, you don't seem too worried about Worldco folding like a card table. Aren't you worried about your dough? How do you continue to work at a place if your not sure they'll even open the doors tomorrow?

:confused:
 
MACD,

I don't have that much with them, under 5 g's. My freind has about 25 g's with them, I can't decide for other people, all up to them. I can just sit by and watch. My freind is going to Andover so I will look into them, heard they have good software. And they are backed by a stable NYSE corporation.

:cool: BMW
 
Quote from bmwstox:

worldco needs to fill seats w/people that have capital to put up. they need their commissions. that's why they are constantly hiring and then firing. u figure there's always some moron out there who was no idea how Wall St. operates, it's kinda like a boiler room, except it's for traders.

It's all about churning.
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The fact is that there are many hard working , smart, gogetters
who are out there having to deal with I believe to be "bad faith" from worldco....
thats what really sucks IMHO
 
Quote from NYNY:



Bro... open book is now considered an entitlement. Put in a request for it. And go talk to "management" and tell them you NEED Belzberg. I am sure most places with hundreds of trader will try to cut the fat in todays evironment. BUT I am sure if you speak up it shouldnt be a problem.

As for having to put up 4,000 when you are "near" flat. I have never head of something like that happening. My first few months they asked me for a hundred bucks once or twice.(I was down a few grand at the time) I finally just told them I can't afford it and they left me alone. There is NO WAY you give them 4,000... Just go to another firm.

If you working your ass off and you are gross positive they will want to keep you around. Make sure you go to the 18th floor and talk to management.
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NO MORE BELZBURG! They're getting rid of it. That's it.

As far as going to another firm, I don't think there are any firms now that are taking new people w/o at LEAST a few grand.
 
Quote from cornholetrading:

Is it really worth speaking to management? Openbook should be part of the tools to do your job not a privilege to be earned. Why would they pull your software from you -- that is weird in itself. So basically every reason to be at Worldco is gone. The only way I would have every gone over there and paid higher rates, crazy bullet rates, using shitty software would be to trade their money. But if that is not on the table anymore there are way too many places that actually give you openbook for free, give you reliable software, and don't cornhole you on the commission rates. I wonder if they still take a split even after you put money making it zero risk to them?
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Virtually every prop firm takes at least a small cut (Echo is the only exception I know of).
 
Quote from YoungNAmbitious:



Yes that was me. it's amazing that you would remember that. Every time I post a question here I am amazed at how great this website is......really incredible.......

Of course I'm planning to shop around I just wanted to know if going in I should consider my tour/interview pure practice or not...........
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BTW, The tests are $150 each (plus study materials).
 
Quote from Maverick74:



Hey, what the hell happened to this great review you gave worldco just a week ago:

I trade at Worldco, I started my career at Schonfeld. I would have to say they have been pretty good to me. Belzburg is ok, since I only trade NYSE I use them. They do offer Redi+ to those trading Nasdaq. The Tech dept. has definately gotten better. I don't particularly like ILX that much, but oh well. Worldco is a good place to learn and if you stick with it you can start earning a living. I've seen guys up $40,000 by noon and consistenly take home checks. I think it's more about the individual trader, a firm can provide you with only so much, when it comes down to it I beleive it's all about how good the trader is or isn't no matter what firm they are at. I would rank Worldco & Schonfeld as the best I've seen. Though I've heard some good things about First NY. Andover looks like they cater more towards Nasdaq traders. Worldco has a higher payout than Schonfeld or ETG. Overall I don't see any reason for leaving and the guys here are a good group. Wish we had more good looking females though, but no firm has it all!

Change your mind did you?
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$40g by noon? When was that? There's only 1 guy who can do that nowadays (are you in FL?). Those days are over for all but a super, super, super duper elite (and even then there are some big losses).
 
Quote from MondoTrader:

the problem with worldco is the same as the problem with prop trading in general, which is simply the low success rate. People have unrealistic expectations going in. Most newbies will quit or get "fired" ( not really fired because your not an employee ) within 6 months.
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Although there may be some legit gripes actually, I agree that the above is probably the reason for much of the hostility.
 
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