Worldco R.I.P. 1993-2003 ?

I Missed Boat · Mar 28, 2003

Quote from Mecro:

I just have to jump in here and post my experience, a different perspective.

I was about to start with WorldCo, after a recommendation from a friend about the place (although he never really made money). I never traded before them.

Met with a Team Leader, this russian guy Vlad (I'm Russian also wheee) at 110 Wall Street. Liked what he had to say, thought he seemed great as a person to teach me. They did try to ask for capital but we agreed that I pay for my exams and thats it.

This was like April 2002. I finish school, I'm still working a full time job which more than pays the bills and start taking my exams. Took me quite a while with a full time job and all, but in Dec-Jan I'm done and I'm ready start. The recruiting bitches tell me that I have to speak to my Senior Trader again regarding putting up capital since the rules have changed.

So I try for days to contact Vlad at work. No luck. I finally find out that he trades out of home now and I cannot have that number.

Bottom line. This was the guy that was supposed to train me? How in the world does this firm actually expect their new traders to make money? I mean, realistically, you gotta give a new trader some instruction.

After doing some research and reading around, I basically started looking for a new firm. I went to the Andover prop firm (Manhattan Trading) although it's just all Andover now. It's great for any new trader or any trader who is fine with being safe and consistently profitable. Not crazy lose 8000, make 10000, lose 20000 like certain prop firms.

Oh and since WorldCo did license me, I had quite a hassle trying to get my U-5 from them so that I can file a U-4 at Andover.

So basically, if you are a new trader, DO NOT GO TO WORLDCO. You do have to put up money and you will be nothing more than a retail client/commission whore. WorldCo is a retail operation, period. Not for new or not very experienced traders. It's mass hirings and firings. I guess they are trying to get the guys that are instantly profitable, as if trading requires no experience. What kind of a strategy is that? They put absolutely no investment in their new traders and this is has been a fact for year. Not just from my experience, but other people outside this forum.

If you are experienced and profitable, WorldCo will treat you very good from what some of the guys at Andover told me (ones that were at WorldCo at some point). But if you are good, does it really matter that much which firm it is? Might as well go to a good retail trading firm and trade from home with high leverage.

I think the guys on here asking what a good prop firm is, obviously are not good enough to just trade wherever and need some kind of an environment or direction (or you're just not good enough). Just know this, WorldCo is not the place to start.

Mecro, I respect your opinion (assuming it is not an ad for Andover), as long as you acknowledge that you put money down at Andover. All firms now, including Andover (yes, I know people at different Andover branches/offices), require money down!!

I Missed Boat · Mar 28, 2003

Quote from cornholetrading:

Nice story there. I have friends who joined Worldco too in a new office that you would think needed to add traders in order to stay open. So he ended up paying for about $500 in licenses, ect. He was in the office a week on demo and then they canned all the traders except for the two that opened it. What I can't figure out is how they can dump someone who has not even hit a key yet. Good times over there. What I can't figure out is that they still advertise trying to entice new traders.

They asked each of these new traders to put money into their capital accounts, otherwise they "dumped" them. Worldco was about the only firm (str8 daytrading, not institutional like First NY), that in recent months didn't require money down. But things changed between the time some people were hired in the middle or latter part of last year, and so some people starting in the last month and a half were given a choice between contributing some money to their capital accounts (and thereby sharing in a small piece of the risk, a smaller amount than about all other firms as a matter of fact) or leaving. Its ugly, but it was probably a necessary business decision.

I Missed Boat · Mar 28, 2003

Quote from cuda:

Completely agree with everything g-man said. I didn't learn anything from anyone for my first 5 months there and I almost quit about 19 times. Then I got moved into a group where the leader actually cared and I completely turned around and started making respectable money. Until recently that is...having a little trouble these days.

My only major problem about the place is the deferral account. I hate that with a passion. Does everywhere have the deferral account or is that just worldco? Whatever. I guess my bullet rates could be a bit lower as well but what are ya gonna do.

bullet rates are coming down soon. Some other firms have deferral accounts for newer traders, while some others no longer do. If you have a lot of money in your account, though, you should have already negotiated your deferral down. this used to bother me a lot too!

I Missed Boat · Mar 28, 2003

Quote from MondoTrader:

this company has been the most consistently bashed by aliases that only exist to bash this company and never post in any of the other forums. therefore it cannot be nearly as bad as they are saying, there is some propaganda going on here. Also I noticed Worldco doesn't pay for advertising even though they are talked about every single day.

Not only that, but Worldco doesn't have people putting posts up that are actually ads (like some other places), nor does it threaten ET like some othe firms, which I agree with you that if nothing else they deserve credit for this.

I Missed Boat · Mar 28, 2003

Quote from OVERtheLINE:

wheres my mother fucking tax stuff
my wife is getting pissed

you suck shit

It went out this week. It definitely was completely absurd that they took this long!!

Pumpanddump · Mar 29, 2003

Anyone know what a new trader has to put down to join the firm now????

How much money to you need to put dowm minimum at Worldco now??

I';ve heard, anywhere from 1,000 - up to 5,000 dollars is their new minimum to get in the firm.

Anyone know the real answer???????

Pabst · Mar 29, 2003

Quote from SIZEUP:

The new system is not working well yet and they let go of the man who was creating the system to save money. Without him things have been going wrong left and right. It seems like they have been making some poor decisions.

Alright admit it Bright, you're SIZEUP!

50nbroke · Mar 29, 2003

I have learned a lot about Worldco from Hitman's "Uncensored" board, but it has been down for the last few days?

Anyone know why?

Pumpanddump · Mar 29, 2003

Anyone know what a new trader has to put down to join the firm now????

How much money to you need to put dowm minimum at Worldco now??

I';ve heard, anywhere from 1,000 - up to 5,000 dollars is their new minimum to get in the firm.

Anyone know the real answer???????

bmwstox · Mar 29, 2003

Quote from 50nbroke:

I have learned a lot about Worldco from Hitman's "Uncensored" board, but it has been down for the last few days?

Anyone know why?

who cares?