The truth about Worldco LA

Discussion in 'Prop Firms' started by trendtrader500, Jun 23, 2003.

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  1. I have been working for Worldco LA since June 2002. The managing Director / Head Trader is one of the nicest and most honest guys you will ever meet. He is one of the best traders on Wall St and an even better teacher.

    When Worldco decided to branch out to LA, all of their office were doing very well in the market as did every trading firm on the street. Worldco LA, had 35 guys trading on their floor until a bunch of traders decided to "fly the coupe" and receive better rates at Andover. When guys leave for better rates, one thing is certain: "They are not good traders. If they were, they could have received just as good if not better rates from Worldco. Traders leave because they escape their losses."

    With that said, the head trader felt unloyalty among the traders he trained. But like any wise business decision, decided to be very competitive and compete with lower rates.

    The one thing Worldco LA has that no other firm on the street has is a guy that can teach like no other. His training program is top notch. He would only hire guys that did not have experience so he can mold them into solid traders. But like I said before, most bad traders are not loyal as they look to run away from their losses and seek a better deal.

    Once the Fall rolled in last year, all trading firms were faced with the same problem, the market turned sour. This didn't mean you couldn't make money, it only meant that you may not make as much money. At this time Worldco NY made a decision to layoff many of their employees and many prop traders. More than half the desk was cut and the head trader could not do anything about this. All new guys that were in the pipeline were faced with a tough choice. Either put up money or find another trading opportunity. So most decided to leave.

    With the flight of many more new traders over to Andover (or now called Assent) Worldco LA was handcuffed and faced with two things; a bad market and high turnover.

    So where are we now? The same place as most other firms except with an edge. We are rapidly hiring. Yes, all traders will have to put up some money. Maybe not $3000 but I am sure their is something that is required. All firms are making their new traders put up money. And yes, even Andover. Now Worldco LA is competing in a way no other firm is. They are offering gross payouts for all traders that go as high as 50%. They are working more efficiently with NY to bring traders aboard in at a quicker pace. In my mind, there is no better place to trade if you want to take home a paycheck. Worldco's LA deal is completely awesome different.

    Here is something else everyone at Andover should know. And this is very important. Todd C., a former assistant to the head trader, left Worldco a few months ago and secretly recruited many of Worldco's traders to go with him. He is in very deep legal issues and was served papers this past week. He has lied to all his new traders and to Andover. I actually feel for these new guys because they have no one good to learn from. When Todd secretly recruited guys for Andover he told them they did not have to put up money. But all along, the head trader wanted Todd to tell all new traders coming in to put up $3000. After these guys past their exams, Todd then told them they had to put up money and said to come with him to Andover in the very near future where they didn't have to put up money. He made Worldco look bad to recruit guys for Andover.

    To top it off, Todd put up the money for all these guys by conning an investor to give him money. Not only that, Todd was Worldco LA's worst trader. He lost more than $40k and was asked to stop trading many many months ago. The head trader kept him on payroll for administrative duties. He actually felt so bad for Todd, he paid for Todd's rent out of his own pocket. But he never encouraged him to go behind his back and steal property of Worldco.

    Well that's the whole story. Please do not respond to me, I am just telling this story once. If you have any questions, please talk to the head trader himself by responding to the thread he created.
  2. CalTrader

    CalTrader Guest

    Dont usually read marketing posts but ... a few points....

    The market did not "turn sour". Good traders should have been doing well over the last couple of years. Things change and smart people watch market conditions and adjust their trading approach accordingly.

    50% payouts are good unless you get 100% percent payout - minus your operating costs - by running your own show. If you know what you are doing and have access to capital then these types of house cuts are extremely large ....
  3. nitro



    Thanks for the info.

  4. Please no responses, everything I said is the truth.

    Yes, up to 50% gross payout if a trader meets the criteria. Most of these guys are falling into the 35-40% right now. of course if they make more net they are getting over 95% of there net.

    Good traders will always make money. i was referring to the rest of the pack. as mkt volitility narrows, so does profit. any trader can adapt to mkt conditions, and what happened at the end of last year was an adaption to mkt conditions. remember we are day traders, we do not hold positions over night.
  5. Magna

    Magna Administrator

    Thank you for your explanation. I will let your post stand even though it obviously provides free advertising for Worldco as you made points necessary to clarify some issues. Other than that there is no need for this thread to continue so it is now closed.
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