Pump and Dump, According to his ex-team leader who posts on a different board, BMW was ultimately unprofitable (ie..never made a cent). Aside from entertainment purposes, BMW's opinions are absolutely worthless....an example of yet another disgruntled mook who blames everyone except for himself for not succeeding. Listen only to the guys who actually make money in this field for accurate information...not these "wannabe size players" who don't have what it takes to succeed. It's so sad watching these guys move from firm to firm...getting smoked...yet refusing to realize that maybe it's THEM who are flawed as traders...not the firm they work at. But then again, we need "mooks" like them to make the easy bux off of. -Rich
this thread was started by someone who has been discredited by one or more persons.. worldco is not "toast" and will not be anytime sooner than Andover, Bright, Schonfeld, etc. i have been trading with WLDC since spring of '02 and have seen the transformation take place since. Its nothing to be alarmed about.. what took place over the last few months was a much needed downsizing and cleaning up as a response to current market conditions.. adaptability being a key component to a trader's success also applies to the firm. i came into worldco as a newbie trader.. first job out of college. I can attest to a previous poster's statement about the lack of training at worldco and things have not improved in that arena. I was shocked myself the first day I showed up. I was required to participate in a 2 hr. risk mgmt lecture and soon afterwards I was escorted to my workstation and was encouraged to trade ASAP. I held off for one day getting my charting apps setup, but by the second day, I was looking at the 'tape' for the first time in my life and was making newbie trades, getting excited by 5K or 10K bids that most likely got lifted. YTD I am down NET 4 digits and have not been asked for any money.. my account has been NET negative every month so far this yr. but have still been granted some petty cash to help me stay afloat. Worldco in a nutshell.. if you are profitable for the firm, you will be kept around, if you are profitable for the firm and yourself(meaning you have built up capital), you will get things you ask for.. hardware/rates/etc. I'd say that's fair, wouldn't you? You need to have 3K minimum in your account to receive paychecks. Those paychecks will be 50% of your payout %age until you are fully capped, which can be anywhere between 15K-50K. Its not too bad since you are still building your cap with the other 50%, because your ultimate goal is to be fully capped and receive your 95%-98% payout. There is a deferred cap system but that also can be negotiated down. The simplest way to do that would be to start your own group, which will be granted to any trader that is fully capped, eliminating that deferred account and getting one big fat check for that amount that had been witheld from you until then.
Hey man, Nice post. So how the hell did you learn your first few months? I'm happy I never started with WorldCo. It would have sucked to be a newbie trader in that environment.