Worldco R.I.P. 1993-2003 ?

Quote from swinger:

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

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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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Ah, I should've just copied and pasted this!
 
* Paul Marcontel is a good guy and a professional. Cutting him was a mistake.

* Belzberg has always sucked and getting rid of it is like getting rid of an alcoholic spouse. ISI is solid as a rock -- no frills, and therefore no whizbang to lock up your machine. Slow to manipulate, but dependable.

* WLDC is one of the biggest, if not the biggest, firm of its kind. It's been controversial at times. Being as big and aggressive as it is, it's no wonder it attracts a lot of attention when it scales back in what some people still fail to recognize as a paradigm shift in this industry.

* these various diatribes against worldco are assinine. people who whine about not being pampered really don't have the character that makes one successful -- at trading or at anything else. They may have a great talent, like a gifted athlete, but talent and character are by no means synonymous. Fortunately for the rest of us, character (even character in development) can outwit talent, and almost always outlasts it.
 
Quote from bmwstox:

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.
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I think that's BS what you're claiming about your "friend." I'll know for sure if its BS soon enough!! As far as Hitman's trading, sometimes he may trade too small, but sometimes it may be the sign of an intelligent guy holding back. After all, any idiot down in his account can trade big size!! What does that prove?? BTW, Elite banned him for hyping Worldco while being essentially a member of management (a head trader), despite the fact Worldco doesn't sponsor Elite (otherwise it would be OK, as Bright is allowed to do this).
 
Quote from bmwstox:

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
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Hitman, like many head traders in this environment at many companies, actually didn't even make money on his team until a few months ago, and probably no longer (so it took over a year for him to collect a check, and now he probably won't be getting one again for a long time, if ever).
 
Well,

I had the chance the work with a hedgefund manager that grossed over 35 million in 2001.

He started at Worldco, then switched to PTJP, then went independent


But he was also married to the owners wife.


For those who work there, you know who I'm talking about. He's a legend and a legend in his own mind :)


So for those who are still there, you still got a chance.



:D :D
 
Quote from Omartrading:

Well,

I had the chance the work with a hedgefund manager that grossed over 35 million in 2001.

He started at Worldco, then switched to PTJP, then went independent


But he was also married to the owners wife.


For those who work there, you know who I'm talking about. He's a legend and a legend in his own mind :)


So for those who are still there, you still got a chance.



:D :D
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Who you talking about? no the guy who got smoke for 6 MIL in one day and got fired.
 
Quote from MondoTrader:

wow, just the depressing office environment should be enough to scare people away, why not trade remote or get a job.
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i think all prop firms have the atmosphere of funeral parlors these days. it's bear market <i>sentiment</i>.
 
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