Worldco R.I.P. 1993-2003 ?

ghostrider · Mar 5, 2003

Quote from swinger:

the following message I found on hitman's "Elite Trader Uncensored". He asked for it to be posted in this thread.

Now let's be realistic here, day trading the industry as a whole will likely go through some serious shake-up.
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If this business is not already going through a major shake up, it will be truely ugly when it happens

qdz2 · Mar 5, 2003

Please keep us posed. Inform all abnormal events with any brokers. This gives us indication when we should trigger our contingency measures.

bmwstox · Mar 5, 2003

Yes it was Paul and he's a good guy. I wish him the best of luck. Worldco is done in my opinion.

bmwstox · Mar 5, 2003

I was on Hitman's team but no I was never down 8K in fees, that's straight bullshit and he knows it, no wonder Elite banned him from the boards. I took some time off then came back. Why would I put more money into something which I know is unstable?

Hitman trades the same size I does and I've only been back 3 months, he's been there years. Iif worldco is doing fine, why would they continually ask positive traders to put more money in? My freind is one of the best traders there and they are asking to withold money from his check so they can cover some of their expenses.

bmwstox · Mar 5, 2003

btw,

I'd say about 70% of Hitman's gross comes from the commissions generated by those still left on his team. No slight to him, he's a decent guy, but be honest about where the money is coming from.

BMW

NYNY · Mar 6, 2003

Quote from bmwstox:

Yes it was Paul and he's a good guy. I wish him the best of luck. Worldco is done in my opinion.

I think Paul was making 6 figures and was expendable. I just wonder if they offered him a paycut and he declined.

So now he gets unemployment which is half of what you made.(I think)

He was a corky lil guy but was funny as long as he was not on your ass. I wish him luck.

I Missed Boat · Mar 6, 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

They have multiple risk mngmt people, so they fired the one with the highest salary. simple!

I Missed Boat · Mar 6, 2003

Quote from bmwstox:

I'm pulling out my capital before this place goes under. They fired the head of risk who was with the company for 5 years! No explanation either, they just let him go unceremoniously.

The times have changed. Even some people with positive capital accounts are being asked to contribute more. I saw a team leader who had 3 of his guys axed yesterday, they were just hired 3 weeks ago! lol. Why would you hire people and then fire them? My guess is to charge them high commission rates and take their money. They also let go a bunch of tech guys, they now have phone people as techies. Anyone with a single monitor was also fired.

I wish the industry would get better, but it's on life support right now. I'm getting the hell outta there! I would not advise anyone who is looking to join a prop firm join this one as per recent events. If you're gonna join a firm look for one that is a NYSE member or affiliated with a NYSE member. The one exception being Bright, he seems legit. Even if you've been at Worldco for years and have made them coin, they will slip the shaft up your ass real fast if it suits them. If they keep axing at this rate they will have nobody left to fire! The place has turned into a joke. My freind had 10 g's in his capital account, that dude Al demanded another 5 g's, claiming "we need our rent money." My freind said no, signed his U-4 and left.

I'm gonna check out Andover, my freind is gonna manage one of their branches. I want my capital in a place I know will be here in the next few months. I still see the ad on monster! Stay tuned!

BMW

I heard you don't have any capital in your account. I heard you were at WLDCO twice (first time in Hitman's group) and never made any money, just complained. Is this true? If so, you aren't gonna make it in this market anywhere else!

I Missed Boat · Mar 6, 2003

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.

Hard to believe. There is so much BS flying around, by people ripping WLDCO unfairly and people going overboard the other direction!

I Missed Boat · Mar 6, 2003

Quote from NYNY:

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.

That would explain why some of their guys were starting a fight with some of the regular traders the X-Mas party yr and a half back. They must be low class!