So I'm looking for the scoop on Worldco NY. I've read everything posted here and contained in the archives. I found Hitman's many postings helpful but he seems to have disappeared several months ago - what happened to him??? Anyway - I'm interested in perspectives on Worldco as a place to get a start as a professional trader, and am particularly interested in hearing from those that got their successful start there and have gone on to other firms - what is the perception of Worldco among firms outside of the daytrading sector - is it possible to move to hedge fund or a trading group at one of the big firms? Any insight greatly appreciated, and please no flames for yet another Worldco thread. Thanks.
http://groups.msn.com/EliteTraderUncensored/home.htm Hitman went here. I trade at Worldco. All I can say is that they have been very fair to me. I traded at Broadway previously.
The commissions are high when you first start but that's everywhere. Once you become positive you can negotiate on anything. The rates are definitely fair over there. The only thing I disliked was that their systems were down a lot. Hope this helps and good luck.
I have been at wldc since 7/1999. They have been more than fair with me ever since the start. When I was down in my account and couldn't pay my bills, they allowed me to train new traders on how to use our systems and paid me $100 an hour!! Of course, this was possible because I also traded at the same time and was generating enough commission to warrant such an arrangement (I dont think they have that program anymore) but the fact is, they did give me enough money to survive when the going was tough. Things have changed alot everywhere since 1999. All I know is, you will have a tough time as a new trader just to break even. You will be one of the few if you are even at end of 6 months. I think Wldc is as bad or as good as anywhere else. I know traders who have reutrned back to Wldc SEVERAL times after having left. The key is to just do whatever it takes to become a successful trader and you can negotiate everything. EVEYRTHING can be negotiated. I have since moved out to my own home to trade remote for Wldc..and Im moving out to Lake Tahoe at end of August...Only being a remote daytrader at a firm that will allow such things can you do that. All in all, I would recommend Wldc as any other firms...I think they can go lowest in commission rtaes just cause they are self-clearing. Everything else, re-negotiate after putting ina little time.
What was your experience like at the beginning - any help or training - how much trading experience did you have going in, how much capital did you put up if any?
Worldco requires anywhere between nothing and a few thousand deposit to get started (plus a few hundred for your licensing exam tests and materials). They are fair with commissions (except when you start), although there are other firms that do as well or better. Trading size is not done by "purchasing power," but rather share size. You can trade 100 shares on two positions when you start, and any increases depend on the improvement you show over time. The firm dumps maybe 50 traders every 6 months it seems, but that is usually due to a lack of committment as well as poor performance. With few exceptions, traders are only allowed to trade NYSE (the exceptions are the top traders and those who have proven to have exceptional skills in trading NAS previously). The systems do have problems often, and that is very annoying. I know of people who have left and come back. I also know of people who have left and have no intentions of coming back. The training generally stinks badly, but it can depend on what group you are placed into or the person(s) you end up trading next to (even many of the firm's best won't tell you more than "buy low and sell high bs). Daytrading anywhere, as far as I know, will not prepare you for hedge fund trading, and Worldco is no exception. Their deferred account is bs as well. Overall, Worldco has its advantages, disadvantages and pushes (as you have probably gathered). Hope this helps. Good luck!
i justed wanted to point out to some of the newbies that might be thinking about getting into the business that the above post, imho, is about as honest as one can get. it appears that this individual has no ax to grind and also is not hyping his firm like some on this board! just my 2 cents!!!
Someone posted in the reviews section that at Worldco, everyone trades in one account. The LIMIT NX, as it's called in REDI, therefore cannot be used by the traders in the same stock within 30 seconds. So if two traders trade 1 stock, they can't both hit the NX key within 30 seconds. What can anyone comment about that.