stupid "worldco recruiting process"

Discussion in 'Prop Firms' started by roumeo, May 20, 2002.

  1. roumeo

    roumeo

    Today I just finished the interview with worldco... So unpleasant experience.

    A guy who looked like knowing nothing about trading interviewed me today... Just after a few words talking, he let me know that I have to put 25,000 dollars first into the account. I was shocked. He had thought that I did not know anything about trading. I got the offer from another good trading firm a couple of months ago, who doesnot need me to contribute money and pay for the loss. SO I just felt that it was crazy to me. And then I told him about this situation, he began to realize that i knew something about this. He asked his boss to get some better deal for me. When he came back, he told me that I did not have to put capital, but I have to pay for the loss plus no check get for the first 6 months even though I can get huge profit. And the commission is crazily high. I just felt that I was treated so unfair. If they need person to come to their company to take interview, IMO, at least someone who knows trading plus knows how to recruit trader would interview me. And the offer can be changed from time to time. I don't care how famous this company is, but I am so frustrated of their stupid recruiting policy.

    And in my mind, academic background of trader is not important, instead, the personality is much more important. (although I have two master degree)

    roumeo
     
  2. Pabst

    Pabst

    Obviously neither of which is in English Lit.
     
  3. man, you got a good deal for the fact that they are going to give you capital in this market. The fact you have to pay for losses makes sense.

    Look the daytrading of yesterday is over, In fact i made the decision to go to the floor, trading futures and Arbing the back and front months.

    Of course four years ago, the computer daytrader was the man and the floor trader look like he/she was on their way out. Well, i have found out diffrent. Off the floor traders are paying anywhere from 3.50 to 5.00 round trip for futures, mini. I will be paying under 10cents. Off the floor traders have to pay for TT or GLOBEX, TT charges 600 a month.

    SO, 600 a month for Trading Technology or say Globx, 3.50 to 5.50 round trip. A floor set is leased at 3500. do the math, the daytrading firms are casino's. They are raping you on commisions. The books you see on the screen, open orders, you cant get the same edge with seeing the order flow. I have spent the last few days between off the floor and on the floor operations. I know of one person that may have a good edge off the floor. Besides him, the floor is where these guys are making serious money, even into days markets.

    I was at a prop house, i had it made. However, those opportunities are gone. Schonfeld was the best there was out there. Be careful, if you have access to the pits, go for it. Or trade out of your house on your own. If u cant afford it, go to a retail divison and trade......if you cant get hired.....do something else......trading is not easy and it takes money to make money.
     
  4. roumeo

    roumeo

    It is so hard to get the chance as a floor trader. You know this. Sinceyou had experience, it will be easier for you to get this chance. But for me, a new guy in this field, day trading seems to be a ok way to enter thsi field. Now a trading firm doesnot want me to contribute money and pay for the loss, although the pay out is low and the commission is high, but as a new guy, it is not a bad deal. But now it is time to see whether I am qualified for this field. Personality is the most important element for those people who want to enter this field. I am trying to evaluate myself to see whether I can do this.

    Any suggestion?

    Roumeo
     
  5. roumeo

    roumeo

    to tell the truth, I don't blame the offer package the person gave to me at the beginning, but later, he just changed it. It means that the decision they made is not depending on your qualification. It seems that they can pick up a person from street and then let this person to trade. Doesnot matter whether he is qualified or not. If that person doesnot know trading, the company just squeezed as much as they can at the beginning. What a company! This kind of company canbe called good company?

    Ijust speak out my thoughts.
     
  6. GO for it, find yourself. I did the daytrading thing for 4 years....i made good money the first half, and very little the second. The markets are far more efficent now. The dumb money is not flowing, its pros against institutions.

    It will not be easy, and making small amounts of money will be the play. But test your psyc. I was lucky to trade the size i did on somebody elses dime. I was luck to have a mentor who made millions.

    However, i was unlucky in the fact that i missed the easy money game every known to man, i came in at the top missing the whole monkey trading 99/00 erra.

    It is hard, pennies have killed the spreads. Don't come into the game thinking your gona be a millionair. Take this firm, learn on their dime, learn what not to do, how to come back from losses , how to take the psyc of the game. Then, when the time is right, break off.
     
  7. roumeo

    roumeo

    Hi, Ertrader,

    Can you give me some clear suggestion. You mean go to worldco or another firm who offer me better package. It is true that it is bloody in this industry. I have to know myself enough before I go for it. It is challenging, but also scaring. ... to tell the truth, after school, I don't have enough money to pay for the loss, that is why I cannot accept that offer. If I cannot make profit ASAP, I cannot make a living...

    Can you give me more ideas?

    Roumeo
     
  8. Get a real job and save up six months living expenses before you start trading full time. It's probably going to be at least that long before you start drawing a regular income if you are good.

    And with high commissions and a low payout, you will have to be very good to net enough to make your living expenses, especially if you live in NYC.

    If you put in no capital and rack up big losses, how are they going to make you pay? They'll just wait for you to leave or fire you.
     
  9. If you need to make a profit ASAP to make a living, daytrading is definitely not the way to go. You have to expect to lose money for probably a year before you begin making consistent gains. In today's market, consistent gains will probably net you about $2000-3000 a month after expenses which is pretty low. In other words, use your graduate degrees to find a stable job and trade on the side if you want. Don't think about immersing yourself full time into daytrading unless you have enough savings to live off of for awhile. If the market starts taking off, then I'd go into trading full time since it will be alot easier to make money. Right now, market conditions aren't good.
     
  10. liltrdr

    liltrdr

    Who the hell did you talk to? I got in w/ a 0 capital deposit or a 5K to get a better deal. The woman was pleasant and honest. She insisted that she didn't want me to put more so I wouldn't lose all my money. And she assured me that if I'm net profitable early on, commissions drop and tickets go away. What they do works. That's why they're still around. Go to
    hitmantb.tripod.com
    Talk to this guy. He's a head trader at Worldco. He'll beat that deal hands down! This firm is by far the best shot for someone just starting out. I would go so far as to say it equals Wall Street and Chicago in terms of earnings POTENTIAL. Ask hitman about Worldco's PTJP hedge fund.
     
    #10     May 21, 2002