worldco going out of business??
- Thread starter st0ckman
- Start date
- Status
actually it is 100% payout...for info pm me and i will be happy to go over any questions you guys may have.
Apparently what they are doing is they froze all accounts, anyone trader who is net negative cannot trade. Only those with capital in their account. And they are going to trade for 2 weeks. This sounds really really illegal if some of the previous posts are correct. In 2 weeks time most of that money could be offshore. Is anyone thinking of a class action lawsuit here?
I thought that doing that is what gets prop firms in trouble?? giving 500k of bp for someone who only puts up 10k.
My question is what makes worldco so different from any other major prop firm? They all have the same basic business plan and I assume many of the prop traders at different firms use the same nyse strategies.
So if worldco is going bankrupt, I wonder how bad business is at some of the other prop firms.
So if worldco is going bankrupt, I wonder how bad business is at some of the other prop firms.
As for myself, this thread will continue, I will continue to write weekly report on it. Although Worldco's demise was arguably the bullet that put an ill and miserable trader out of his misery. I knew my career was going nowhere, and I needed a restart, instead of waiting and praying, now I have to do something about it.
At the moment I have no desire to get back into trading as a day trader. I have been taking a lot of risk to make very little money. I am in a key stretch of my life in which I can not afford to waste a year or two with no progress. Rather than fixing it, I will tear it down and start from scratch. I can not afford to put up 5K at some other firm and churn it away at this point.
With tuition, rent, food and utilies, I have a $1800-$2000 a month expense (even with roommate), fortunately it is somewhat watered down thanks to tax deductability of mortgage, maintenance, and tuition. Still, I will need approximately 30K a year income to break even, which is no easy task when you need to go to school at night and New York Time's job section was so thin that I thought I was missing some pages when I bought it yesterday.
Beggars are not choosers, and I will aggressively pursue any sort of job I can get while rushing to finish a bachelor's in 3 years (I will be taking classes 12 months a year and 18 credits a semester). Administrative Assistant? 3rd Shift Word Processing? Book Keeper? Technical Support? You name it, I will do it, $10 a hour is better than stay home and decay with my bank account. I must defend every dime of the 50K capital I have, losing a significant portion of that would ruin my post graduation plans.
So if anyone has job leads, bring them on
I would even go back to my old boss and shine her shoes and beg her to hire me for half of what I was making (57K at the time, of course I don't think she even works there anymore). When you are in the rebuilding stage, you take anything. I need to stay active, stay sharp, and fight for survival, the same mentality I had when I had nothing 3 years ago.
In nearly every success story, there is usually one devastating blow, and I hope I don't end up with Michael Chang syndrome (the youngest player to ever win a grand slam, which turned out to be his only title). I need to accept the defeat and move on, rise from the ashses.
Perhaps someday I will get back into trading again, but I will not be the rat running around tables trying to catch some bread crumbs, instead of leaning on BIDs and ASKs I would like to actually be those BIDs and ASKs. Yes, I am talking about getting into institutions. Yes, I know it is a very long and hard road. But I think I have learned last a few years that successes from shortcuts don't last.
Last week, I told the princess that unable to win her heart was the single greatest disappointment in my life, and I have to make sure that it stays that way. Only thing worse than being a winner without her, is being a loser without her. I expect to get into the early stage of my next leg up (hopefully) before the year is over. She told me she will wait for my graduation to possibly work on a business venture together. I was so excited that day I grabbed her arm and some of that old fighting spirit came back to me.
Strength and honor, my mission statement:
MAKE SURE MY BANK ACCOUNT STAYS WHERE IT IS TODAY AND FINISH A BACHELOR'S DEGREE IN NEXT THREE YEARS.
And I don't care if I have to sell hot dogs to make the ends meet.
BTW:
The 26 years old Malaysian girl will likely move in Nov 1. I will most likely get settled a week before that.
Got a 36" TV SONY XBR HDTV + Stand for $700 + $50 moving fee (2 years old). The owner is moving to Europe and he lives in a beautiful bi-level apartment in Greenwich Village. He told me once he moves back to Europe he will likely buy a used plasma like the way I did it since he bought that TV for $2500 2 years ago and it is still worth $1700 brand new.
I told my friend that one day, I will be the one selling the TV, not the one fishing for bargains off craiglist. I may have fallen, but I will get back up.
http://moneycentral.communities.msn...LastModified=4675420286026290118&all_topics=1
At the moment I have no desire to get back into trading as a day trader. I have been taking a lot of risk to make very little money. I am in a key stretch of my life in which I can not afford to waste a year or two with no progress. Rather than fixing it, I will tear it down and start from scratch. I can not afford to put up 5K at some other firm and churn it away at this point.
With tuition, rent, food and utilies, I have a $1800-$2000 a month expense (even with roommate), fortunately it is somewhat watered down thanks to tax deductability of mortgage, maintenance, and tuition. Still, I will need approximately 30K a year income to break even, which is no easy task when you need to go to school at night and New York Time's job section was so thin that I thought I was missing some pages when I bought it yesterday.
Beggars are not choosers, and I will aggressively pursue any sort of job I can get while rushing to finish a bachelor's in 3 years (I will be taking classes 12 months a year and 18 credits a semester). Administrative Assistant? 3rd Shift Word Processing? Book Keeper? Technical Support? You name it, I will do it, $10 a hour is better than stay home and decay with my bank account. I must defend every dime of the 50K capital I have, losing a significant portion of that would ruin my post graduation plans.
So if anyone has job leads, bring them on
I would even go back to my old boss and shine her shoes and beg her to hire me for half of what I was making (57K at the time, of course I don't think she even works there anymore). When you are in the rebuilding stage, you take anything. I need to stay active, stay sharp, and fight for survival, the same mentality I had when I had nothing 3 years ago.In nearly every success story, there is usually one devastating blow, and I hope I don't end up with Michael Chang syndrome (the youngest player to ever win a grand slam, which turned out to be his only title). I need to accept the defeat and move on, rise from the ashses.
Perhaps someday I will get back into trading again, but I will not be the rat running around tables trying to catch some bread crumbs, instead of leaning on BIDs and ASKs I would like to actually be those BIDs and ASKs. Yes, I am talking about getting into institutions. Yes, I know it is a very long and hard road. But I think I have learned last a few years that successes from shortcuts don't last.
Last week, I told the princess that unable to win her heart was the single greatest disappointment in my life, and I have to make sure that it stays that way. Only thing worse than being a winner without her, is being a loser without her. I expect to get into the early stage of my next leg up (hopefully) before the year is over. She told me she will wait for my graduation to possibly work on a business venture together. I was so excited that day I grabbed her arm and some of that old fighting spirit came back to me.
Strength and honor, my mission statement:
MAKE SURE MY BANK ACCOUNT STAYS WHERE IT IS TODAY AND FINISH A BACHELOR'S DEGREE IN NEXT THREE YEARS.
And I don't care if I have to sell hot dogs to make the ends meet.
BTW:
The 26 years old Malaysian girl will likely move in Nov 1. I will most likely get settled a week before that.
Got a 36" TV SONY XBR HDTV + Stand for $700 + $50 moving fee (2 years old). The owner is moving to Europe and he lives in a beautiful bi-level apartment in Greenwich Village. He told me once he moves back to Europe he will likely buy a used plasma like the way I did it since he bought that TV for $2500 2 years ago and it is still worth $1700 brand new.
I told my friend that one day, I will be the one selling the TV, not the one fishing for bargains off craiglist. I may have fallen, but I will get back up.
http://moneycentral.communities.msn...LastModified=4675420286026290118&all_topics=1
- Status