for all you traders out there I hear Worldco in Santa Monica is offereing commissons at .005 cents per share w/ 95% payout and getting paid up to 40 % of your gross.... I heard they were pretty tight with there rates but my good friend was hired recently for a deal like this and he has been getting some big checks already...
Does anyone know if this is true ?? What are the nasdaq trading costs ?? Are they requiring money down and how much ?? How is their new software ?? Thanks
I don't know if it is true, but the sounds like a good deal. I know they recently lost about 10 traders from that office so I am surprised they would have left with a deal like that on the table. There should be several ex-Schonfeld traders looking for a home out there with the closing of their LA office. Now is this deal being offered with prop money or with the trader bringing risk money to the table?
To all those that don't know WorldCo, they are the scum of the earth. They change their standards and deals every day, literally. I had one deal with them one day, the next day i came in they told me different commisions and payout. They lie to you and try to cheat you left and right. Also, they treat you like a customer, not a business owner. You are a trader, not some employee, you work for yourself, and they treat you like nothing. Horrible, never liked them, never will.
As far as that Worldco deal I happen to know for sure that it exsists!! I have been at the firm for almost 1 year and I Love it here. I have notice that worldco gets bashed on this site. However, I have also noticed that those experiences are those of traders who have not succecced here. Which is unfortunate because it is a great place to work. I'm not supposed to discuss my rates but I can tell you that I pay Lower then .005 ( not much much, but it's lower) with a 98% pay-out and an option to get 40% of my gross. I have made more money here then I ever thought I could possibly make.And I'm grateful to Worldco for that. Yes, it is true that when I started my rates were much higher but those who know the business know that it was a different market back then.. As far as putting up money, I never had to, but I know that the manager here will work with you anyway he can if he wants you... As far as NASDAQ, I know lots of Schonfield traders are going to be starting here soon so I guess we offer that (I just do NY)...
Steve, yes Worldco does get bashed on this site, beyond the fact that it has all to do with us pikers and mookies, Lets explore a few other reasons why somone might not like...... their FIRST WEEK THERE. From the first day when your asked to pay for your own background check, It should be obvious whats in store. Ok so although it calls itself a prop shop, you have to put up your own risk capital. Ok now great, I can trade and get a % of my net after they withhold another % in a deferred account. Time to trade, download rediplus, have a few problems....ok ill call redi for help.... wow these people were less than helpful, sure didnt seem to like my firm much.. HMMMMM I wonder why. Ok now I need charts, looks like I have to ask for them, also looks like it will take a few days. Oh my Managing Director cant just get em, no I have to practicly apply for them because they are apparantly special because they call them an entitlement. oK, lets try the software on testb security, next day $600 is missing from my account because I had 4 ssviolations while setting my keys, but IT WAS A TEST SECURITY, ok, why does my net not seem right, I had .625 all in? ohhh I have to pay for sec fees, but you said it was all in. Steve, this is only the tip of the iceberg IMO, Worldco wasted 4 weeks of my time In this business, deception and or lying has a 1 strike out policy
????????????? am i the only one that doesn't get this statement? i would have thought that 98% was taken out of the "gross minus commission". what is this option to get 40% of your gross. how much capital did you put up?
how does a gross payout work with commissions? If you get paid off of gross what good does a rate do? Is NY Worldco offering gross deals as well?