Worldco R.I.P. 1993-2003 ?

Quote from anacott_steel:

bmwstox,

geez! to be honest, i dont know much about worldco, but i did see their booth at the expo. It was so sad... all they had was a portable screen and a laptop. and the strange thing is that arent they HQ'd in NYC? I would figure that they would have a strong showing.

If they are asking the traders to put in more capital, then that is a sign, as well as the head of risk leaving. If he was fired, I bet its possible that he wasnt willing to bend some rules for them.

Good to see that you are going somewhere that is going to make you more comfortable. keep us posted if you hear anything else!

Best of luck
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Blue Horseshow loves Anacott Steel.

Hey, you might have a point there, perhaps the risk exceeded this guy's risk quotient (RQ) and he accepted or promulgated his departure. That's usually the sign of desperation from the top and the attempt to cause others to take the same line.

There's a case brewing against another firm that did something similar, which was written up on these boards previously. Those crooks are still in business under another name, and are desperate to get new (victims) customers. I think they're at 40 Wall Street.
 
Quote from silk:

I came to worldco with 3k dollars and a small car filled with personal belongings. Less than 2 years later i have made 2 million dollars. Not to mention they have cut my commission rates multiple times without me having to ask.

If only i could find a few more scams like this.
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good for you!

too bad for all the rest of us on the other side of those trades :) :p
 
Quote from silk:

I came to worldco with 3k dollars and a small car filled with personal belongings. Less than 2 years later i have made 2 million dollars. Not to mention they have cut my commission rates multiple times without me having to ask.

If only i could find a few more scams like this.
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.... probably has something to do with ability ... If you are good you can prosper anywhere.....
 
It sounds like the definition of "self-clearing" has taken on a new meaning. With the new definition it could be used in a sentence such as "Worldco is now self-clearing out all their existing traders".

PS - don't take the post too seriously I am just having fun.
 
Quote from silk:

I came to worldco with 3k dollars and a small car filled with personal belongings. Less than 2 years later i have made 2 million dollars. Not to mention they have cut my commission rates multiple times without me having to ask.

If only i could find a few more scams like this.
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Actually...you are a ridiculous trader and any firm should and would kiss your ass. Damn... I am jealous. :)

Awesome performance bro.
 
Quote from felichka:

Only when such a devoted Worldco trader as Hitman leaves the company it would be a death sentence to Worldco.
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Actually Worldco could care less if he left. He is not a size trader. And I personally find him annoying. (no offense :p )
 
Quote from QuoteBoy:

BMW, Is that group still there?
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PTJP is still there but it is only traders with no licenses. They either don't want to take the test(don't know why), can't pass the tests or they have lost their licenses.

PTJP used to be a goldmine with all the IPOs those guys used to make free money...but now I see NO reason to trade for PTJP except you are banned for a license. They have shitty payouts and high commissions.
 
Yo BMW. Good Luck. If they asked me for money I would be outta there.

Are you sure they fired Paul? That guy was a character.
 
the following message I found on hitman's "Elite Trader Uncensored". He asked for it to be posted in this thread.

{
SOMEONE WITH ET ACCESS PLEASE POST THIS ON THE ET BOARD, WORLDCO RIP THREAD.

Just read the post by some idiot on ET about Worldco going under. Now first of all, what equity trading firm, whether it be Goldman Sachs or Silverman Sacks is doing well in those days?

Worldco is doing what other firms have been doing for many months, letting go of dead weights. Regardless of what they tell you, no trader with a positive account balance is let go. Use the brains. Yes, some are let go with very small deficits, but guess what, those are the people trading 100-200 share lots, takes maybe 3 trades a day, the firm can no longer afford to pay the software/data feed/equipment/ maintenance for those that are NOT in the green, I don't think they are alone.

When the market is good, you expand aggressively, take on all who have the guys to get into this game. When the market is bad, you play defense, you let go of the dead weights. Yes, Worldco cut back its staff (non-traders), but is that unique for any firm that got rid of 40% of its production force? Instead of doing it piecemeal Worldco chose to do it in a very short period of time.

Last but not least, I hate to attack anyone I know, but this BMWSTOX guy used to be on my team, he was slightly down gross and down 8K in fees and quit the firm without even saying goodbye. Then a few months ago he came back and the firm gave him a fresh account under another team, and "I am going to withdraw my capital", WHAT CAPITAL DO YOU HAVE TO WITHDRAW? YOU NEVER EVER GOT NET POSITIVE FOR MORE THAN ONE PAY PERIOD.

Now let's be realistic here, day trading the industry as a whole will likely go through some serious shake-up. Worldco DOES have flaws at management level as the climate no longer allows you to give everyone a chance in this game risk-free.

As far as recruiting people WITH capital to blow is concerned, I will be the first to admit that the firm needs work on every level, from recruiting, to sales staff (when you are trying to get someone to put up a few grand you are no longer offering a job, you are offering a service and you need friendly staff to do that), to software as Belzberg is indeed nowhere near say, Andover's Hammer, and Worldco's own trading platform is still months away from being fully finished. Regardless of what people tell you, the fees are not a problem.

In a time like this, it is the survival of the fittest, whether it is the traders, or the firms. I consider myself to be a relatively strong individual, and I consider Worldco to be a relatively strong firm. Can the Hitman quit trading this year, or Worldco shutting down its doors, YES. Stronger individuals and firms have failed, it can happen to anyone, anywhere.

I just want people to understand where this BMWSTOX is coming from. HIS ACCOUNT WAS CLOSED TODAY, AND I AM VERY VERY SURE HE HAS NO CAPITAL TO WITHDRAW FROM.
}
 
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