Hitman and Trader58, I am ready to run to a pro firm...I don't want to walk....I have been trading for about two years on my own with limited funds...I can literaly do this stuff twenty four hours a day and not come up for air! I love it ....there is no need to work hard for me, it just happens; its all I want to do. I agree with you as regards to having enough capital to enable you to be a winner. I do not have any license or pro qualifications and have learned what I have learned the hard way. I don't think I know as much as you guys do...but I am willing to learn and have a strong, strong desire to do this for a living successfully. I only have about $5000.00 bucks....trade with IB...use medvedquotetraker and this year I am down $1500.00. The new SEC rule has all but pushed me out. The down market has made it quite difficult...but I still have my nose above water. It was nice of you to post where to go to find out the needed information....but somehow I just can't seem to be able to pull the trigger....worried about how much money I might have to have or what qualifications I need...or someone on the other end turning me down and laughing ( he thinks he wants to be a trader)...If you don't have a lot of experience and a bunch of money and certain qualifications, will they let you come in and show them you know what to do? If not, what can the two of you recommend having before you knock on the door. I don't want to fail!!!!! Please and thanks
I don't know your situation. How old are you? Do you have a degree? If so what school and what type of grades? What are you currently doing? Do you have another source of income? I started at Worldco right out of college. I thought it would be a piece of cake...I actually made money my first month, then it went downhill from there. It took me months to get profitable. I had to work weekends and nights to pay my bills(Worldco does not pay salary). I basically worked about 80 hours a week for about 9 months (Not to mention the commuting 3 hours a day). But I knew I could do it...it was just a matter of time. Worldco will probably accept you..its just a question of how much capital they ask you to bring in. If you have a high GPA or went to a "prestigious" school they might not ask for anything. Plus you will have to pass the Series 7 and 55. Anyway whatever you decide to do ...Good Luck.
Trader58, Thanks for the reply...I do have have a college degree and I did ok in school...but that was years ago .... I've raised four kids and their grown and gone...I would like to go to Boca Raton Florida...currently live in central NY ...and me and the misses are sick and tired of the snow plow taking out the mail box every year .... I currently work in a factory third shift seven days a week...easily average 56 hrs. a week at that job....and daytrade stocks during the day for another 50 hrs a week avg...at least the second 50 hrs. is enjoyable ...I know what your talking about...I have lost more money than won...at this point I feel most of it is because of a lack of adequate capital (as both you and hitman have pointed out) So I am attempting to take your guys advise and trying to find out about pro daytrading firms. Yes I am willing to put up some capital to start with if they require it, but I don't have much! Yes I will take the series 7 and 55...I don't know anything about them...but you could help me and tell me what they are....where do I go to take the test? Can I work hard ...you bet...whatever it takes...I'll find out...I'll study my brains out if I have to...Anything you can do to help...I would be very grateful...just point me in the right direction...what was your experience? Do you know the name of the Senior Trader at Boca Raton so I can go down there and see him and try to convince him to give me a shot at trading....Please and Thanks
His name is Gene. I think they have just finished a new trading floor down there so there may be room. But send your resume in quick. From what I hear they have had a lot of applications down there. Good Luck.
I felt compelled to add my two cents to this chat. First, if anyone is considering trading on their own, I can say from experience that this is a mistake. I decided to day trade Nasdaq stocks from my office, overestimating my abilities. Suffice to say, I lost a significant amount of money. While I try to chalk up every thing I do as a learning experience, it was one of the stupidest things I ever did. Not as dumb as getting married to someone I knew I shouldnt, but I digress...... If you are serious about trading, this must, in my opinion, be a full time job and be undertaken within a firm. Second, as far as specific comments about WLCO, my experience has been extremely positive. Responsive to some things I read, someone I sit near is from another country; I was a lawyer before I started; and, most importantly, when I had a concern about something, management was easily accessible and the problem was resolved. Otherwise, my friend who introduced me to the firm has been there almost two years and is very happy. Finally, it is my understanding from speaking to people that Walter is a super person who has and will be there for his traders. I chose to post this not as a recommendation that someone come to WLCO. Indeed, I have not been there long enough to make such a suggestion. But, because of my experiences, I felt compelled to try to dissuade those who consider trading on their own. I do believe, however, that certain items should not be discussed, such as capital requirements and fees, etc. As stated by senior members of the firm, this is something that depends on various circumstances. Since every individuals arrangement is different, I would not feel comfortable discussing mine with anyone (and I do not know if it is better or worse). Hope I have been helpful.
>First, if anyone is considering trading on their >own, I can say from experience that this is a >mistake. Well, certainly you have determined that it was a mistake for you -- but your experience can't say that it is a mistake for all. There is plenty of evidence out there suggesting that each trader must find the system that is right for them -- some pro, some prop, and some private. New traders or those considering it, please consider all options and whatever you do, don't burn bridges or bury yourself after having selected your first option. As this trader found out, if you can survive round one (even if it is a mistake) you can live for another attempt. JB
I've read much of what you've posted. I like worldco.. my personal finances are holding me back, cause from what everyone says around here is that I probably won't make money for at least a few months. So I want to stay cool for now an save $$, but I'm positive that I want to be a prop trader. I have no problem making no money for a while, (I went in to retail brokerage right out of college. Needless to say I didn't like cold calling and the sales aspect just wasn't my cup-o-tea. Man did I wreck my finances going for the Bud Fox dream! does this sound familiar to anyone?), anyway I figured out quickly that trading, managing money, markets, etc. was what I really wanted and this is still the case today. So now I pose to you (and anyone else) my dilemma; A) go for broke and get on a desk because its the right thing to do ASAP if I want to be a successful trader. or B) hold off save $$ and trade later when I got the bills prepaid, etc. Also can you elaborate on swing/ or short-term position trading at WLDC? margin, capital, Does the firm let traders use a non-daytrading style? b/c low commisions? Thanks for any input.
Swing trading is only if you have your own capital on the line, 10-to-1 margin is given as well as whatever you already pay for intraday commission rate. Intraday trading is the focus here. Save up as you typically won't be paid until 6 months into the game.
How hard is it to get into Worldco? My resume is decent and I've got a decent GPA (3.4) but what's the competition like? Do I have a better chance of getting in if I put up capital and show that I'm serious? Any info is appreciated. Thanks.