Worldco or Hold Brothers??

Discussion in 'Prop Firms' started by Pumpanddump, Mar 7, 2003.

  1. I don't need BS I need hard core facts and constrcutive feedback, not bashing but the TRUTH about these two companies.

    I'm currently looking at both as options of employment.

    Anyone have any comments about the stability of both. I've heard Worldco is axing people like crazy and their office personel keeps moving around their building.

    I'm looking for bottom line opinions/opinions from good traders on here as to what I should consider about both of these companies at this point in time.
  2. hold brothers offers a draw, are actively hiring, and are not requiring capital down, while worldco is trimming staff and making everyone contribute capital.

    whoever answers this should qualify where they work, especially the andover people.

    (ETG here)
  3. On worldco I don't know if they would hire at this point. I had friend who were hired there and were there maybe 3 weeks or so and then the axe starting swinging over there. So they have already been canned. As far as Hold Brothers I would not really look outside their main offices such as NJ because their technology can be difficult to deal with. Also thru personal experience I know the brothers can be difficult to deal with too. These are just my opinions though, thru some personal experience and people I know. However the other thing to look at is that there are not many true zero money up prop firms anymore so you have to take what you can get. However because of recent developments it does not sound like worldco is still a true zero money up front prop firm at the moment.

    I trade at Andover at the moment, but have traded at Hold Brothers and Protrader at one point.
  4. anywhere in the business for me

  5. I'm at Hold Brothers in Jersey City, NJ. So far, I'm quite happy with their technology and the way I've been treated. Very professional outfit.
  6. If you had 5-10K to put in is it safe at either of these firms??
    I had a good feeling about Hold Brothers when I was there.
    Every company is touchy nowadays and anyone who runs a company will have good and bad days, so I'm still looking for responses of experiences that people have had with both of these companies.

    I'm leaning towards Hold Brothers but I also thought Walter was a decent guy regardless of some of the bashing that people have posted on here. But, then again, I have no reason to dislike him or anyone else at this point, so please provide any feedback that could help me decide which of these is best. But, please spare the bashing becasue it realy doesn't accomplish anything. If you post negative, give me examples to substantiate the assertion.

  7. G-Man


    Worldco is still hiring but only if you put up at least 5k. If you are a profitable trader then you should have nothing to worry about. The firm as I know is pretty solid financially and your money should be safe. The recent firings were only those traders that had a negative capital balance and were not profitable to the firm. Yes, they cut some adminstrative staff as well but why would you need all these extra people when you just cut your total # of traders by 40%. Now if you're a new trader, I don't know if I can recommend trading at Worldco. If you should blow through your capital contribution, there is very little reason for the firm to keep you. (Then again I don't know many firms that would retain you at this point.) At that point they will likely ask you to contribute more capital or resign. Worldco has realized that in these tough market conditions, it is no longer worthwhile to take on these "no cap down" new traders and absorb their losses in hope that they make money some time down the road. It is no longer a profitable business model. The success rate of new traders is much lower than in the past so thus the policy change regarding capital contribution.

    Note- I trade at Worldco
  8. Thanks for the reply-I have to say that I have always tried to be odjective when looking at things. I have met with both Steve Hold and Walter. They both seemed like decent people. They both seemed like typical Wall Street I like people like that. THEY WANT TO MAKE MONEY!!!

    People on this thread forget that theSE guys don't owe their trader shit. People on this threAd act like Worldco or Hold Brothers has an obligation to keep employees. Get real!!
    It's a business people. I'm just happy that I got someone to sponsor me for the exams. No one else on Wall Street would do it and Walter stepped up to the plate and offered me a shot. The guy deserves more credit than most people give him, I think.

    I mean, I'm not on the inside, but it seems that everyone is crying now that the pump and dump days of the late 90's is over.
    Most of it was fraud people, not fundamental, it is over, be happy with 10 percent if you are lucky. Changing times make for changing business strategies. Hence, both of these companies are makiing changes

    If it was your business, you would do the same thing. It's called business, not a hand out.

    I was recently told that my mentor at Worldco would not be able to have me on his team because of the market conditions. He seemd likea decent guy and a very very good trader. As a result, I went to Hold Brothers to see if they had options there.

    If there are any traders that read this from Hold Brothers or Worldco that are intersted in taking me on their team (and aren't cry babies) get in touch with me and it might be the difference between me going to one firm or the other. I ahev 5k that I will intialy put in. (Maybe 10)If you''e only interested in milking the commisions from my account please don't reply. I'M LOOKING FOR A TOP TRADER TO TRADE WITH. If that doesn't happen, then I'll sit on the sidelines for a while. In my opinion, you might as well have no mentor at all unless it is a top guy.

    I have an MBA and I'm no A-Hole beginner trader-My trading days of the late 90 got me up in the 200s from a 5K initial deposit in my e-trade account. Unfortunatley, I lost most of it in the early 2000 meltdown.
    Mainly because I didn't have someone to learn from-I need a good mentor. If anyone has a good suggestion about working with a QUALITY mentor at either of these firms, let me know please. I want to start at either firm in the very enar future.
    I have good insight of the business and a keen knoweldge of the market and trend/fundamental/technical and news making moves.

    To all, good trading, never look back. If you do, don't trade!!!!

  9. WHAT YEAR ARE YOU TALKING ABOUT? Hold Bros does require capital (from proven and experienced traders at that), and no longer gives a draw!
  10. The people who got fired after only a month or so hadn't put money down. WLDCO made a very deliberate decision recently that all new and recent hires needed to contribute a few thousand in order to share a part of the risk. It seems kind of wrong to spring this on people who'd already been hired, but at the same time the market has gotten worse and sometimes tough but practical business decisions must be made.
    #10     Mar 8, 2003