Worldco Going Out of Business

burnin · Oct 19, 2003

Quote from par5:

i agree with larrybf, why are so many so called professional traders unable to come up with risk capital in order to cut a better deal for themselves, if i was offered a higher payout and lower commissions for putting up some capital i would be a fool not to do it.
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there is no doubt they are professional
but after getting deceived and ripped off they are probably in no hurry to drop coin elsewhere considering the lame market environment

GATrader · Oct 19, 2003

There are prop shops that have retail arms which have 4:1 intraday reg T. Problem is you can't have one (risk) w/o the other (20:1 leverge)

axehawk · Oct 19, 2003

Quote from SethArb:

that provide separate customer seg accts fully insured and protected against default by the prop shop?

hmmm ... I did not think so ....
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I think there are some shops that have SIPC protected customer accounts. Can't remember which ones though...

zdreg · Oct 19, 2003

is cease and desist order against ny post by worldco in effect or is it simply hearsay?

axehawk · Oct 19, 2003

Quote from larrybf:

EXCUSE MY IGNORANCE BUT...... how good or viable is prop trading for a full time living if veteran traders cannot come up with $10k to $15k to trade at another firm. i been reading this thread since the beginning and i have come to the conclusion that prop trading is almost as big of a scam as multilevel marketing!!!!!
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I'll excuse your ignorance...this time. Larry, I used to think the same way but now realize that this is a bullshit arguement. I know plenty of people that have "regular" salaried jobs that make 200K or even 500K and don't have a pot to piss in. The blow every frickin dime they earn. Do I agree with them? NO. Do I think they're idiots? YES. So, just because a successful trader doesn't have any money, doesn't mean he is not a good trader. It just means he is not as fiscally responsible as you or I outside the trading arena.

zdreg · Oct 19, 2003

Quote from par5:

i agree with larrybf, why are so many so called professional traders unable to come up with risk capital in order to cut a better deal for themselves, if i was offered a higher payout and lower commissions for putting up some capital i would be a fool not to do it. [/QUOT

alot of prop traders have inflated egos. too many of them are crybabies because they can't handle decimialization. one guest on fox business said that exchanges are going back to fractions.
amazing how far people will go to protect their turf and avoid a level playing field.
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I Missed Boat · Oct 19, 2003

Quote from axehawk:

I think there are some shops that have SIPC protected customer accounts. Can't remember which ones though...
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NOT for prop shops. only retail.

Ebo · Oct 19, 2003

You can trade RETAIL and be SIPC protected with 4:1 BP @ a prop shop. They get commission revenue and you get to use their office and machines.

shneed · Oct 19, 2003

http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=19412704

Pabst · Oct 19, 2003

Quote from axehawk:

I'll excuse your ignorance...this time. Larry, I used to think the same way but now realize that this is a bullshit arguement. I know plenty of people that have "regular" salaried jobs that make 200K or even 500K and don't have a pot to piss in. The blow every frickin dime they earn. Do I agree with them? NO. Do I think they're idiots? YES. So, just because a successful trader doesn't have any money, doesn't mean he is not a good trader. It just means he is not as fiscally responsible as you or I outside the trading arena.
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Not that I disagree with your point Axe that many good traders are cash poor, BUT other high wage earners, (dentist's, salesmen, entertainers) are not liquid capital dependent in order to earn their livelihood. For a trader to be in trouble because he over spends is like a restaurateur losing his place by overeating.