Kind of funny. I'm a worldco trader and nobody told me that. I guess i will be the last to know what is happening. If worldco is losing money, its because their overhead is too high and trading environment got more crappy than anyone could possibly imagine. Most traders i know are trading 30% of 2002 volume and are paying drasticly lower commission rates as well. I used to trade 400 to 500k shares a day at 1 cent/share commission. This year i trade around 190k shares and my commission rate is 40% less. So right there worldco is making 70% less on me than last year. Take any company in america and reduce revenue by 70% and they will be losing money.
Just curious... was anything mentioned on CNBC about Worldco today? If so, I'm sure those fuckers said it with a smirk on the news that a large daytrading firm was going under.
Only if they didn't plan properly. Other firms dealt with the same changes and many of them have and will survive and possibly thrive.
Yes, that's right. You got to make more than $1k to $1.5k to be on the top 30 list. So, if you make $500, you won't make the top 30 list. There is also a percentage number that is posted daily. This number shows how many traders at Worldco are profitable for the day. Almost every day, it was between 55% and 75% (the percentage of traders that were profitable for the day).
I hope Silk & the others succeed in getting all your money out. Money sitting in my Echo account is safe though, right?
I just want to say, poor traders!!!!!! The firm is crap but the some of the guys are good traders and dont deserve what had occured. Good luck to you guys and hope you find a better firm!