Worldco R.I.P. 1993-2003 ?

USAtrader · Mar 31, 2003

Yes. Once you get positive in your acct. above a few thou. (not sure exactly how much) then you begin to get checks. I believe that at that point you get half of whatever your payout is until your acct. is "capitalized" and then after that point you get the full payout. capitalized is a different number for different people. anywhere from 15k to 40k I think.

MondoTrader · Mar 31, 2003

and if they "fire" you or you quit before you are "capitalized" then you just worked for nothing the whole time ?

USAtrader · Mar 31, 2003

no. You can always request your capital from your account.

nitro · Mar 31, 2003

USATrader,

Your explanations on the inner workings of Worldco is the first straight answer I have ever seen on these boards on the subject.

Thanks for continuing to educate us.

nitro

Mecro · Mar 31, 2003

Quote from I Missed Boat:

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 did not have to put money, not for the prop LLC. What happened is that once Sunguard acquired the firm, they required a 10K risk capital. The managing partners put up that money for all the new guys that just started.

Mecro · Mar 31, 2003

I would still advise new traders to stay away from WorldCo unless you personally know & trust the team leader and the team you would join. I would have gotten screwed big time, had I not taken the initiative to go somewhere else.

As someone new, you need attention from a smaller firm. Not many left where you would get good training and support unfortunately.

Mecro · Mar 31, 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.

You know I would actually believe this modern rags to riches cinderella story if silk was a bit more upfront about who he was and had more details. When you post outrageous stuff like this, anyone who is truthful would supply a little more detail to show that he/she is not full of BS. I have no problems that many traders at WorldCo made great money, I know they have but not when it is stated in such a simpleminded hard to believe post. All top WorldCo traders can recognize what the numerous problems with WorldCo are.

My personal guesses:

1) silk is full BS (most likely)

2) silk simply got very lucky and realistically does not really know what he is doing. For all anyone knows, silk is losing big right now.

I invite silk to let everyone know how exactly he became a millionaire being able to work at WorldCo, who does not pay salary. Please explain how with 3k and a car you were even able to stay at WorldCo

Sardo_Numspa · Mar 31, 2003

Quote from nitro:

Finally, my one of my questions was not answered - has the payout ratio gone up in relation to those times when there was no "down payment" required?

nitro

Honestly can't say for sure but the payouts were always higher if you put up initial capital, say 70% if you put nothing down versus 80-85% if you put something down. Worldco seems to be changing their policies quite a bit so I wouldn't venture a guess as to what the norm is currently.

Sardo_Numspa · Mar 31, 2003

Quote from Mecro:

My personal guesses:

1) silk is full BS (most likely)

2) silk simply got very lucky and realistically does not really know what he is doing. For all anyone knows, silk is losing big right now.

I invite silk to let everyone know how exactly he became a millionaire being able to work at WorldCo, who does not pay salary. Please explain how with 3k and a car you were even able to stay at WorldCo

Silk is the real deal. Search for posts under his user ID. He's posted exactly how he's made money. I've personally seen the top 30 posting on the company intranet when he's had six figure days.

Mecro · Mar 31, 2003

Quote from Sardo_Numspa:

Silk is the real deal. Search for posts under his user ID. He's posted exactly how he's made money. I've personally seen the top 30 posting on the company intranet when he's had six figure days.

I did search.

He is full of BS. Whatever money he has made at WorldCo is obviously luck. His strategy is hysterical. I have never heard a great trader describe any strategy like that.

It's not right to post these BS rags to riches stories because you may screw up others lives thinking that the bashers of WorldCo have no point. There is nothing wrong about being realistic about WorldCo and the fact that they are more of a retail operation than a prop one.. If anything, the profitable guys at WorldCo should point out which groups care about their traders and which do not.