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Worldco LLC
- Thread starter Hitman
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It is funny how sharks all take a bite when they smell blood. Jesus, in a business as personal and intense as this, how can you possibly please everyone?
The Bloomberg news, even if you take the article for face value, OMG, PTJP played IPO's in 1999, let's face it, everybody who had access to those IPO's took advantage of it. Instead of go after the big firms like GS, MER, LEH, MWD, SEC had to look for scapegoats and they found us. Nothing new here, public want someone to blame for their stupidity and again, I consider whatever Bloomberg wrote about us free advertisement.
Besides, PTJP is a totally separate division, the traders there are NOT a part of Worldco's operations, they run a hedge fund and what make you think the hedge fund managers don't take advantage of institutional connections? A big part of the game at that level is networking and the end justifies the means, whatever it takes, if a stock goes up to $300 from $10 first day WOULD YOU HOLD IT?
BOW, that thing has a daily range of 50 cents, maybe less, why the hell would I want to put a bullet on that? There are minor oddities every now and then but I can tell you I have never had trouble putting up bullets, ever.
Have you looked around other places and checked out their daily top 30's, wait a second I guess most of those firms don't show you the numbers, and if they do you will be surprised. What hell do you expect, the market got tougher and I dare you show me a top 30 that significantly smokes us on a daily basis.
Audited account statement, I actually have a copy for one of the seven digit guys but I can not afford to post it, if you come to my office I will show it to you. I am a big fan of several top performers since I was trading 100 shares 2 positions, and last time I checked they are all here, where did all the profitable traders go? They are still here because the Bruan's offer the lowest commission rate on Wall Street, PERIOD. Nobody EVER left us because they got a better commission deal at some other place (assuming they talked to our management before they quit, as our management will beat any deal, any firm, anywhere, any time).
As for the revolving door issue, every single trading firm has it installed. You will be lying to yourself if trading is not a high turnover, high casualty business. I don't care what does Don Bright say, but 50% of the brand new recruits will not make it through their first year. 15% will not survive the first two years. Throw in an extra 5% for potential blow-up's a few years into the game (obsolete strategy's, career ending trade's). That leaves about 30% of the people have been at my firm significantly longer (more than one year) than I do. I would estimate another 20% have been here around the same time plus/minus a couple of months. The rest are pretty much all fresh faces.
BTW, which firm are you with now and what makes it better than us? I just want to make sure that you are still in the game to make this a fair exchange, as I don't think it is fair for someone who tapped out to flame us. I have disclosed everything and I hope you can do the same.
The Bloomberg news, even if you take the article for face value, OMG, PTJP played IPO's in 1999, let's face it, everybody who had access to those IPO's took advantage of it. Instead of go after the big firms like GS, MER, LEH, MWD, SEC had to look for scapegoats and they found us. Nothing new here, public want someone to blame for their stupidity and again, I consider whatever Bloomberg wrote about us free advertisement.
Besides, PTJP is a totally separate division, the traders there are NOT a part of Worldco's operations, they run a hedge fund and what make you think the hedge fund managers don't take advantage of institutional connections? A big part of the game at that level is networking and the end justifies the means, whatever it takes, if a stock goes up to $300 from $10 first day WOULD YOU HOLD IT?
BOW, that thing has a daily range of 50 cents, maybe less, why the hell would I want to put a bullet on that? There are minor oddities every now and then but I can tell you I have never had trouble putting up bullets, ever.
Have you looked around other places and checked out their daily top 30's, wait a second I guess most of those firms don't show you the numbers, and if they do you will be surprised. What hell do you expect, the market got tougher and I dare you show me a top 30 that significantly smokes us on a daily basis.
Audited account statement, I actually have a copy for one of the seven digit guys but I can not afford to post it, if you come to my office I will show it to you. I am a big fan of several top performers since I was trading 100 shares 2 positions, and last time I checked they are all here, where did all the profitable traders go? They are still here because the Bruan's offer the lowest commission rate on Wall Street, PERIOD. Nobody EVER left us because they got a better commission deal at some other place (assuming they talked to our management before they quit, as our management will beat any deal, any firm, anywhere, any time).
As for the revolving door issue, every single trading firm has it installed. You will be lying to yourself if trading is not a high turnover, high casualty business. I don't care what does Don Bright say, but 50% of the brand new recruits will not make it through their first year. 15% will not survive the first two years. Throw in an extra 5% for potential blow-up's a few years into the game (obsolete strategy's, career ending trade's). That leaves about 30% of the people have been at my firm significantly longer (more than one year) than I do. I would estimate another 20% have been here around the same time plus/minus a couple of months. The rest are pretty much all fresh faces.
BTW, which firm are you with now and what makes it better than us? I just want to make sure that you are still in the game to make this a fair exchange, as I don't think it is fair for someone who tapped out to flame us. I have disclosed everything and I hope you can do the same.
Hitman, thanks for the information you've provided on worldco. I'm interested in trading at a prop firm, and was wondering how often paychecks are distributed.
I am assuming that since you said traders start with little or no capital, but after profitablility, they have something like 30,000 in their accounts, does this mean that the firm withholds your profits during trading periods?
If I net 10,000 in January, and say I'm at 80% payout, how much of that will I actually see in the form of a paycheck.
Does this withholding end at a certain point once you reach a certain capital balance?
Thanks
stone roses
I am assuming that since you said traders start with little or no capital, but after profitablility, they have something like 30,000 in their accounts, does this mean that the firm withholds your profits during trading periods?
If I net 10,000 in January, and say I'm at 80% payout, how much of that will I actually see in the form of a paycheck.
Does this withholding end at a certain point once you reach a certain capital balance?
Thanks
stone roses
Pay checks are distributed every two weeks, like most other jobs.
If you score 10K in January and have a 80% payout, assuming your account had less than 30K, you will get 4K as a check, the other 4K goes into your account.
Everything is flexible however, if your family has some sort of emergency needs we can always allow you to withdraw whatever is in your capital account on a case-by-case basis. Obviously you can't do that every single pay period, but we are a lot more flexible than most other firms.
If you score 10K in January and have a 80% payout, assuming your account had less than 30K, you will get 4K as a check, the other 4K goes into your account.
Everything is flexible however, if your family has some sort of emergency needs we can always allow you to withdraw whatever is in your capital account on a case-by-case basis. Obviously you can't do that every single pay period, but we are a lot more flexible than most other firms.
Originally posted by Hitman
Pay checks are distributed every two weeks, like most other jobs.
If you score 10K in January and have a 80% payout, assuming your account had less than 30K, you will get 4K as a check, the other 4K goes into your account.
Everything is flexible however, if your family has some sort of emergency needs we can always allow you to withdraw whatever is in your capital account on a case-by-case basis. Obviously you can't do that every single pay period, but we are a lot more flexible than most other firms.
And if you had more than 30K in your acct, then do get a higher %
or does the firm continue to withhold half.
Thanks
stone roses
I'm sorry to see Hitman get such a hard time on a personal basis (been there!). I do have one question that was not answered the last two times I asked it. Regarding the NY Firm hiring traders. I asked if you are actually hiring traders, since we get so many that want to be "hired" as opposed to working independently, that I thought perhaps I could send them to WorldCo. Do you actually hire traders as employees?
Regarding "paychecks" - since our traders are independent, they can draw out 100% of their profits daily if they choose to.
Just making a distinction between "employees" and independent traders. For those of you who are in the process of making a decision, you should consider the benefits of not working for someone other than yourself.
Oh yeah, and since our traders are completely independent, we can not, and will not post their p&l on a personal basis. If you want to speak directly to 7 figure income earners, I can ask them to share if they like, but most of these people prefer to keep their anonymity.
Regarding "paychecks" - since our traders are independent, they can draw out 100% of their profits daily if they choose to.
Just making a distinction between "employees" and independent traders. For those of you who are in the process of making a decision, you should consider the benefits of not working for someone other than yourself.
Oh yeah, and since our traders are completely independent, we can not, and will not post their p&l on a personal basis. If you want to speak directly to 7 figure income earners, I can ask them to share if they like, but most of these people prefer to keep their anonymity.
Don:
We do not "hire" traders, I mean, salary make people lazy and those that need steady income to support their family shouldn't be starting out in this business to begin with. It really CAN ruin your life.
It is just too much risk to eat the initial losses AND give out a salary, very few firms do it any longer.
Aries:
If you did not make money at our firm then I feel it is unfair for you to throw rocks against us. As I said before it is a very personal business and we can not please everyone. If you provide a comparative review of your experience at our firm AND your experience at your new firm then it is a lot more fair to us. If you already tapped out then everything you say should be taken with a grain of salt.
We do not "hire" traders, I mean, salary make people lazy and those that need steady income to support their family shouldn't be starting out in this business to begin with. It really CAN ruin your life.
It is just too much risk to eat the initial losses AND give out a salary, very few firms do it any longer.
Aries:
If you did not make money at our firm then I feel it is unfair for you to throw rocks against us. As I said before it is a very personal business and we can not please everyone. If you provide a comparative review of your experience at our firm AND your experience at your new firm then it is a lot more fair to us. If you already tapped out then everything you say should be taken with a grain of salt.
Aries:
People like me are out there shopping for a firm. Please do put this in perspective for us. Do you trade pro/prop, if so where? and how are things better? what comparisons can you make?
hitman/wldc are more than willing to put up their side. Everyone on this board has an interest vested or otherwise, but we all know this. For the most part it's not a Propoganda board.
Thanks,
Quote
People like me are out there shopping for a firm. Please do put this in perspective for us. Do you trade pro/prop, if so where? and how are things better? what comparisons can you make?
hitman/wldc are more than willing to put up their side. Everyone on this board has an interest vested or otherwise, but we all know this. For the most part it's not a Propoganda board.
Thanks,
Quote
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