As someon who has money in a prop capital account, I can answer that. You get in line like all other creditors! Plenty of traders lost tens of thousands when the chop shop companies were closing day in and day out in '01 or '02.
Worldco R.I.P. 1993-2003 ?
- Thread starter bmwstox
- Start date
As someon who has money in a prop capital account, I can answer that. You get in line like all other creditors! Plenty of traders lost tens of thousands when the chop shop companies were closing day in and day out in '01 or '02.
Quote from bmwstox:
This is a great industry to be in and to anyone who is thinking of throwing in the towel, I say don't. If you have to get a 2nd job, do it. Trading is a great career and I beleive people can learn to be good traders, it isn't all natural ability. I'm always amazed at how people think they can make easy money in this business while spending no time at all. I doubt I would be able to defend a person as a lawyer or be able to fly an 747 airplane, so how can any of those people expect to pick up trading in a few short weeks or months? You must invest in yourself.
BMW
This is true, except there are many, many people who have put in years and tons of time and hard work and still have made almost nothing.
I havent been on ET for months now...and found this thread interesting. Ive been with Wldc for 4 years now and I honestly dont know what will happen to Wldc in the future. Just to get the facts straight.... (1) Yes, they did fire P. Marcontell. (2) That "freak" people are speaking of is Billy Horn - who is at AB Watley currently. (3) He lost $10M on that trade. (4) He is married to Walter B's sister - Sloan. (5) PTJP makes money mainly through (1) flow trading and (2) IPO's (used to). Obviously, IPO's are no longer profitable... especailly after they turned on the hands that fed them over the SEC investigations last couple years.
As for the firm asking for capital contribution...damn - that would be scary if they asked someone to withhold a payout check because they needed capital. Im thinking that there had to be some special circumstance. If they asked me to do that , I'd be gone yesterday. To be honest, I have been negatvie this whole year and they havent asked me for anything. In fact, they've given a couple of small checks based on my gross and commish generated... just to pay my bills. That has been more difficult to get lately because I have slashed my trading down to almost nothing last couple of months. Im almost at the point of quitting..but that's another story.
As for Belzberg, believe it or not, I have not had Belberg crash on me in over a year. (I'm a remote trader). I can not remember the last time Belzberg crashed. The new Worldco Trading Platform, however,...sucks big time. And they need to work on it 24/7 to get it right since they are shoving that system down our throats.
Re: Silk - If it is the guy down in Boca, I thought he made more like $4M since he's been at Worldco. I have seen the top trader's numbers for last few years (except 2002). And I know for a fact that top 5 traders ( and if Silk is the guy Im thinking of, he was top 2 or 3 in 2000 and 2001...maybe even #1) made over $1M each (net) in 2000 and 2001. Their payouts are over 98%. Im not sure how they did in 2002.
As for the rest of the BS here...well... What can I say? If you are a good trader, you can work anywhere. As for me, and why I saty at Wldc.... comes down to loyalty, overcoming new inertia at a new firm, capital required at new firms... etc etc.
Worldco is getting really tight on everything. I guess its the times we're in. And they have implemented some new compliance rules that are driving me nuts. But I guess it's all for the better...I dont know. All I know is, Im stayng put until they fire me. He he he... I have no downside risk since I have zero capital!
As for the firm asking for capital contribution...damn - that would be scary if they asked someone to withhold a payout check because they needed capital. Im thinking that there had to be some special circumstance. If they asked me to do that , I'd be gone yesterday. To be honest, I have been negatvie this whole year and they havent asked me for anything. In fact, they've given a couple of small checks based on my gross and commish generated... just to pay my bills. That has been more difficult to get lately because I have slashed my trading down to almost nothing last couple of months. Im almost at the point of quitting..but that's another story.
As for Belzberg, believe it or not, I have not had Belberg crash on me in over a year. (I'm a remote trader). I can not remember the last time Belzberg crashed. The new Worldco Trading Platform, however,...sucks big time. And they need to work on it 24/7 to get it right since they are shoving that system down our throats.
Re: Silk - If it is the guy down in Boca, I thought he made more like $4M since he's been at Worldco. I have seen the top trader's numbers for last few years (except 2002). And I know for a fact that top 5 traders ( and if Silk is the guy Im thinking of, he was top 2 or 3 in 2000 and 2001...maybe even #1) made over $1M each (net) in 2000 and 2001. Their payouts are over 98%. Im not sure how they did in 2002.
As for the rest of the BS here...well... What can I say? If you are a good trader, you can work anywhere. As for me, and why I saty at Wldc.... comes down to loyalty, overcoming new inertia at a new firm, capital required at new firms... etc etc.
Worldco is getting really tight on everything. I guess its the times we're in. And they have implemented some new compliance rules that are driving me nuts. But I guess it's all for the better...I dont know. All I know is, Im stayng put until they fire me. He he he... I have no downside risk since I have zero capital!
First time on ET and thought this thread is very interesting. Amazing how much misinformation is out there. I trade at Worldco. It probably isn't the best place for new traders right now. The firm is strong and has over two hundred extremely consistent traders that are even making in this market-small though. Everything is straight forward, but if you want to get some type of different deal you have to earn it. Management s quick to change and they can be a pain to work with. But I have seen them give alot of their profits on individuals away to keep the individual in the game. Thats impressive. Their new trading platform looks extremely promising,-its being custom made for the worldco traders-but they aren't done yet. In Worldco you need to be tough and persistent(not for everyone) and if you are good trader you'll get the best deal on the street.
Nice thread.. Looks like the only ones making any $$ at Worldco are the guys getting a cut of the commissions, which appears to start at the team leaders and go up to the firm's owners from there.
Sounds familiar - like a classic pyramid scheme. They are cutting traders left and right and then are going to tell you what great "training" they have. The losers are complaining that it's a tough market! Well, here's the good news - it will not get any better! Stop whining there's plenty of money out there for anyone that can avg .01/share profit. If you can't hit that target, get out of the business.
What this industry needs is a new prop firm with guys that can really make money, instead of guys that make their money off sucker newbies paying .012/share!
Sounds familiar - like a classic pyramid scheme. They are cutting traders left and right and then are going to tell you what great "training" they have. The losers are complaining that it's a tough market! Well, here's the good news - it will not get any better! Stop whining there's plenty of money out there for anyone that can avg .01/share profit. If you can't hit that target, get out of the business.
What this industry needs is a new prop firm with guys that can really make money, instead of guys that make their money off sucker newbies paying .012/share!