Worldco Do I really have to put up money?

from the Bloomberg article- "In 1999, PTJP's traders included the Teseo brothers along with Dominick Flora, 45, and Steven Rosenblueth, 31. The Teseos were accused of inflating the prices of IPOs of small companies while they were with Duke & Co."

Its was the Dukes! It was the Dukes!
 
Worldco pulled my NYSE open book, pulled the belzberg sytem on me and gave me the piece of shit DOT. I am near net flat and they just asked me to put in $4,000. I beleive they just fired another 150 traders and support staff. I think if you have to put up a few grand your better off going to ETG or Etrade. At least there you'll get better software and rates.
 
Quote from tjuggler:

These jokers are the slimiest of the slime. They will first try to take advantage of your naivete when negotiating and then will nickel and dime you on everything conceivable. Then, if you ever get near being net flat (not gross), you will be asked to contribute more capital. These guys are real sports. Enjoy!:mad:
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salty?
 
Quote from bmwstox:

Worldco pulled my NYSE open book, pulled the belzberg sytem on me and gave me the piece of shit DOT. I am near net flat and they just asked me to put in $4,000. I beleive they just fired another 150 traders and support staff. I think if you have to put up a few grand your better off going to ETG or Etrade. At least there you'll get better software and rates.
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bmwstox,

you will be fine going forward, as soon as you get out of that dump, you will be soooooooo much better off,, just on principle, id do anything I can for you.
 
Quote from bmwstox:

Worldco pulled my NYSE open book, pulled the belzberg sytem on me and gave me the piece of shit DOT. I am near net flat and they just asked me to put in $4,000. I beleive they just fired another 150 traders and support staff. I think if you have to put up a few grand your better off going to ETG or Etrade. At least there you'll get better software and rates.
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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.
 
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?
 
Quote from Avalanche:

If your that guy that was really good at Chess....definitely talk that up. Those of us that know would consider that a lot more important that your GPA or whatever junk you took in college.

Cheers.
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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...........
 
Quote from bmwstox:

Worldco pulled my NYSE open book, pulled the belzberg sytem on me and gave me the piece of shit DOT. I am near net flat and they just asked me to put in $4,000. I beleive they just fired another 150 traders and support staff. I think if you have to put up a few grand your better off going to ETG or Etrade. At least there you'll get better software and rates.
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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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