A trader blaming his firm for his own failure deserves to get canned. I haven't put a single penny yet during my employment at this firm, and yes people get checks at worldco.
going beyond blaming the house for losing.....the place is not a good place to be.... imho its run by smart people who can fool people into thinking its a good place to be.....but its not....its simply a bad place to be
what about getting a draw ? I would never get up and go into an office and work 8 hrs a day without some kind of income stream. First of all, I can't afford to do that, second of all it just seems dumb. Why should anybody work for free ?
Ever heard of unpaid interns? They are fighting for jobs where they can work for free in the "glamourous" industries. If you're looking for a steady 9 to 5 paying gig, then daytrading is not for you. You have to be willing to pay your dues (6 months to a year) without any income until you can consistently take money out of the market to live off of.
God, you guys keep talking about the "18th floor, " "management," and "memos." Is there really such a hierarchical structure at Worldco? Geez, I thought I left that behind in Corporate America. I thought that was one reason we became traders.
true statement goldenarm. As it happens, i choose to swing trade which frees me up to earn regular wages. In my case, the opportunity cost of being a hard core daytrader is simply too high. I also believe that many who are attracted to the prop firms are fresh out of school with econ/finance/management type degrees and having a hard time getting a job. The prop firms take them in anyway even though what they really need is a paycheck. Many of them are overly optimistic and don't realize they won't be getting paid anytime soon.
Worlco just axed another 80 guys today. I don't know how they stay in business. This place will probably be out of business in the next year, I wouldn't put any fresh money into it.
Why did Worldco axe so many guys today? Were these traders under-performing or what were the reasons? How many traders do they have remaining?
worldco needs to fill seats w/people that have capital to put up. they need their commissions. that's why they are constantly hiring and then firing. u figure there's always some moron out there who was no idea how Wall St. operates, it's kinda like a boiler room, except it's for traders. It's all about churning.