Then why bother even going to Shoney? Good traders will recoup more of their lost capital trading with better software and commissions at another firm....instead of wasting time and missed opportunities at a second rate shop.
Worldco has the money to pay attorney's to go after newspapers, but they don't have any money to give traders back their OWN money? I think they knew they were going down a long time ago, so they planned an escape route. And as usual the average hard working man gets the Johnson right up their behind w/no vaseline, just a match and u know the rest. It's unfortunate that people cannot be upfront about things. An honest hard working man/woman doesn't deserve to be screwed over like that. I guess in the end people have to live with themselves. However like the old saying goes, what goes around comes around.
what is it? their software is like so 1995 it's not even funny. and you get more information and better quotes from well anyone. i am shocked that they have any trader left given the software they use. no level two, give me a break, their trader are sacrificing at least a penny and some times more in slippage (on every trade). Don't use the word schonfeld and technology together...please
No Level II??? You've got to be fucking kidding me. You're better off phoning in your orders with a rotary phone and being placed on hold with an Ameritrade phone jockey!
I hear what you are saying but it still doesn't make sense and let me tell you why. Let's say Trader A lost 30k with Worldco right. So he goes to Schony who tells Trader A that for every 10k in commissions or profits, whatever, he makes, they will contribute 1k towards the lost capital right. Ok so fine, after generating either 300k in profits or commissions, Trader A has now made back his 30k that he lost at Worldco. This is so stupid, why not just cut Trader A's commissions by 10%. That way after each 10k he generates in commissions he essentially keeps 1k from the commission cut does he not? So after generating 300k in commissions he will have saved 30k in commissions thus equaling his loss in capital at Worldco. Do you see what I am saying. Why disguise it as yeah we are going to help pay back your loss from Worldco? Just give them lower commissions or even a higher payout on their net, either way it's the same thing. What am I missing here? Do you understand why I am so suspicious of the language they are using and how they are making this look. This just looks really suspicious. If my logic is flawed please show me where.
Why is everyone so negative about Schoney taking the Worldco guys in? I am sure after losing money with one prop firm, they would be loathe to put money up with another. Of course Shoney isn't doing it out kindness, they are still firing non-producers like crazy, he is a businessman, looking to get a few profitable traders out of worldco, broadway, hartland, etc. As far as Shoney equipment, yeah...they are still set up like it is 1999, but the worldco traders like hartland, etc, will end up using their systems I am sure.
well it does make sense.. if the top 50 worldco guys went to this schonfeld branch, they'd probably do triple the existing volume that the 100 guys do there.