How I am not suprised. Simon Libelati is lying that he has BD just so he can appear trustworthy. Once you sign up and deposit your money he locks it for 12 months so once you realize the World Trade Securities is a shit place to work at and you can't trust simon you will be reluctant to loose your deposit and keep trading with them. (Kinda like a wife that keeps getting beat up but comes back for more because of the kids and "love"). Then he has a bunch of IDs on this website that go on everytime WTS appears and post how much they love them, and how nice their office is and how good the traders are. Don't worry simon you are going to be the next Tuco. But for you it wont matter this is your 4 or 5 trading company anyways. What happened to the others? You tryed scaming your partners but they were smart enough to leave you.
swiftmike99 very well said . I looked at their contract and read right through Simon's bullshit. With all their traders you would have figured someone would read the fine print. WTS what a firm they offered to pay me 10% of their so called profits as a partner. Proplem is their 200 traders also have that deal (200 traders x 10% each = 2000% to payout) you do the math. THERE IS NO ONE WITH A WORSE REPUTATION THEN SIMON. K thats not true Madoff may be bigger but like Madoff investors Simons cant be far behind. There are other firms who offer a comparible deal and guess what you will be paid and if you leave you will be paid your deposit right away. Traders will always go for the highest payout so beware the few extra points will bite you in the ass...YOU NOW HAVE BEEN WARNED
I am from canada, I have a very hard time finding a prop firm other than Swift trade. Does anyone work at TITLE? I've tried contacting them several times, but doesnt seem like anyones listening, plus their website hasnt been updated since 2007. I dont mind giving an initial deposit if i can trade remotely from home, im not too picky, my main concern is to get buying power and lost trading costs.
Are you kidding? Just call them, there is aways someone can answer you. Phone: (514)-278-1727 btw, I don't think Title has remote traders.
The 10% of the profits is to sucker in traders who are young and might not understand some things. So they think they are getting a payout higher by 10% what they are actually given. The other part of that is if the company makes 1 million Simon can choose to pay himself as a CEO 1 million therefore leaving nothing for the split.
I got 60%-70% as a first offer after the initial contact and quite more after some negotiations. Can't imagine they offer 10% to anyone.
WTS has a new office in manhattan (11 broadway) and I had talked to one of the guys there about joining their firm as a new trader. I have very little experience in this but I've heard similar deals for prop firms. From what I was told so far, it seems like a pretty fair deal. So as a newbie, here's what the deal is: 3 weeks of training - (reserve your opinions about this as this is the most subjective per trader) No initial deposit required Sterling software - $200/month in fees 50/50 payout every month on net gain $0.2/100 shares (i think this is right) $200 daily stop-loss $100k capital no overnight trading Here are some other things I was told: There's also one mentor on the floor at all times (available for the newbs) if I wanted to increase my share of profits to 90/10, I would have to put down $10k. $25k for 95/5 (i think - I wasn't too concerned with that yet) They plan on going live this coming Monday (computers still seemed like they were getting installed the past Wednesday) The person I spoke with seemed like a reasonable guy who didn't seem like he was selling me anything. Naturally, he wanted people to join to get the place up and running. My question is.. if all the negative things I'm hearing is true about WTS, where would they be able to take advantage of me in this deal they were offering? The only risk I see is that I may be making little or no money in the next few months. From what I see, their risk is not so great either.. considering there are approx 20 trading days in a month, the max loss they could take in a month is $4k. I'm not sure if losses for the month are rolled over to the next (most likely, right?) but risk management would definitely cut you off if you were terrible. Let me know what you guys think (please hold the a-hole-ish comments). I'm relatively new to this so bear with me if I don't see some things that are pretty clear or commonplace to you.
$200 a day stop out for a newbie is crazy. if they hire say, 20 or 30 traders and they all lose money at first, how long could they survive giving out thousands a day in losses. Unless they have a specific strategy (which makes no sense cause if it wasnt gut based they would automate it) that will change very very soon. Swift started people at $50, but a few stop outs of $50 in a row and you were gonzo. I laugh at giving newbs $200 stop outs.
That makes sense - I'm not sure how many newbs they plan on getting - but apparently they have people coming over who are going to be putting up their own stake as well. I'm sure that's what the training is for an time in between before going live. I suppose $200 does sound more reckless that I first believed but again, coming from my point of view, do you see any angle here where they can take advantage of me financially? Thanks for the comment.