He didn't go independent, he was fired. He lost about 30 million in one trade. Walter told him to get the f*ck out. This guy then sued Walter. He filed suit against Walter and Worldco claiming that risk management forced him out of the position too early and had he been able to hold it he would have had a much smaller loss. I don't think he won the suit and I don't believe that he and Walter, his new brother in law, are on speaking terms. It's a very ugly situation. But trust me, you do not want to inspire to be this guy. This guy was the king of averaging down. I believe the trade that got him was a california energy company that he kept buying. Then news came out that they were going bankrupt and he was done. Of course he refused to sell the stock, in fact he kept buying more. Getting rid of this guy was probably the best thing Worldco ever did.
to bmwstox, from hitman. sound like he'll post your numbers if he has to; Again, SOMEONE PLEASE POST THIS RESPONSE ON ET BOARD. Ok, you really are stupid. Do you really want me to embarrass you in front of this entire board? Most people that followed my work on those boards at least know that of all things, integrity is one thing that I always had. I DO NOT make up stories. "I'd say about 70% of Hitman's gross comes from the commissions generated by those still left on his team. No slight to him, he's a decent guy, but be honest about where the money is coming from." [had to edit numbers he posted.LTD Override, looks like it's cumulative, by month, with latest month first]; 2,134 3,034 3,034 3,034 1,907 1,907 1,907 -1,613 -1,613 -1,613 -840 -840 -840 -422 0 Directly copied and pasted from Worldco's account manager. This is what I have made from my team during the past 15 months. Do you really think I made 70% of my gross from the team when I have morons such as yourself working against the overall account? I was on Hitman's team but no I was never down 8K in fees You have an unique ability to forget the crap you did while you were here, an even greater talent for taking smack when you can't do anything to back it up. Do you really think I didn't see through your lies and pathetic excuses while you were on my team? In the beginning, you took exactly 5 trades a day, then you closed shop early, nothing wrong with that, except you had a hard time UP GROSS, that's correct, YOU LEFT MY TEAM DOWN GROSS. The firm LOST money because of your inability to produce. I have the god damn account statements of yours to PROVE IT. I will scan and post that shit if I have to. Right before you left, like everyone else who did, you got into a nasty losing streak and you were down approximately 1000 gross before you left. Anyone in this business can do the math themselve how much a trader will be down net given that gross number. Throw in the desk fees (you know, even the piece of shit DOT/ILX/Open Book/Computer System COST MONEY, and to say the firm blew 8K on a loser such as yourself is a conservative measurement). Last July the firm and everyone for that matter had a mega month, that's when Walter opened the flood gate to bring in more people. Our firm hit a record number of 850 traders fourth quarter, all time high, and we clearly did not expect the sudden death market after what was the best summer ever. We over expanded, so FOR THE SAKE OF STABILITY, it is precisely why we are getting rid of LOSERS such as yourself. Why do you care about the stability of this firm? YOU GOT CANNED BECAUSE YOU CAN NOT PRODUCE! My freind is one of the best traders there and they are asking to withold money from his check so they can cover some of their expenses. Where did you pull this crap from? You know the firm CAN PERMANENTLY DISABLE YOUR LICENSE AND TAKE LEGAL ACTION (even tho a loser like you won't even have enough to cover legal fees) for making such rediculous slants? I took some time off then came back. When you take multiple months off FROM a losing streak AND NEVER send me a note UNTIL you were in another state, it is called QUITTING. And when those time earned you a 0 account balance, it is called a FRESH START. And when the firm took a big chance and gave you a fresh start, it is called APPRECIATION, or at least DO NOT stab the firm in the back when you did get canned because of YOUR OWN INABILITY to produce. Does Worldco have problems? Absolutely, so does every other firm. If I didn't know who you were I wouldn't have said anything, but I know your story TOO GOD DAMN WELL to let this slip. Last but not least: Hitman trades the same size I does and I've only been back 3 months There is a VERY VERY VERY VERY BIG DIFFERENCE between us, that 3 years won't make a difference. I make money NET, you lose money GROSS. You are a disgrace to those who call themselve traders. If I blow out my account and lose everything I ever made tommorrow. Or if Worldco closes its doors tommorrow I lose the 20 something grand I have left in it. Will I be disappointed? Absolutely. Will I talk smack about the firm? How can I possibly do that when the only thing I ever put into this firm was $1200 (and I did it in year 2000, when the firm was killing it, when I was a total newbie) and last year I made close to six figures? That's right, you see when people ARE serious, they do show it by putting a little bit money in. It is losers who hop from firm to firm that complains about a $3000 capital contribution because they know they are going to lose, why not lose firm's money? Do I really have to expose your lies like how you came up to me with a straight face and brag about your success in some business venture during those a few months you were away? If you really made money during those months why the hell would you come back to something you can never ever make money in? You left Schonfeld, the biggest firm on the street, for similar reasons, I knew it but at the time I would not say no to anyone who could breathe, because at the time I was in the same mentality of Walter, quantity over quality. Now you just burnt your bridge at Worldco, who is next?
what is scary is that the risk manager let him risk 30 million like that on one position in the first place. In theory a prop firm would never lose money on P/L if they have good risk control. It takes a whole lot of commissions to make back $30 million.
True, he may have lost all that money at Worldco. True he's married to walter's daughter He started with nothing and still making millions in this mkt, that I can attest. But he's still a freak. Not saying Worldco can do wonders for you but if you marry into the biz, you can get a chance to lose 30 million before you make a 100 million. The prize of the week is a pen I got from Bright Trading at the expo.
Just for the record, not "every" firm is having problems. But, in all fairness to WorldCo and others, the "price wars" were bound to catch up with many of the NYC firms. To Hitman: I'll try to get to your other board as well......and, I appreciate where you're coming from (loyalty, etc.), for whatever my sanction is worth to you. We never know who is going to be working where, and for (with) whom. Let's not burn bridges within this very (very) small industry. I can understand your rage, and I wish that everyone could just post facts when appropriate..... Don
speaking of facts... whats your sense on the liquidity quote deal with the nyse and its efforts to squeeze the price improvment away from all of us???
Hitman is the leading Worldco indicator while he is there the company is still alive. One who is that devoted who does not accept any criticism of the company will be the last to close the door of his office if it ever happens. May the Worldco and other companies prosper and flower. I personally do not like such unhealthy unconditional devotions.
I really wish Hitman would come back. Since he left , this board is lackluster. Who's with me? (putting my shields up) Happy Trading. geez, more snow up here. WTF...I want spring weather. Almost forgot to add, I met Hitman back in 2001. He invited me to his office, he showed me his P/L's etc. My personal belief is that he does tell the truth. I'm sure he wouldn't try to recruit openly, especially since Wldco isn't in that hiring mode anymore. And yes, I do think that whole Princess thing is bad. In a way I wish he would get over it...but reading the posts was like watching a horror movie. Someone's opening a door, you know some guy with a chainsaw is waiting, you scream "No, dude, don't open the door!" But he does anyway. Geez, why doesn't he just run away?
cutting the wasteland of negative cap balances and traders who don't cover their costs. Simply good business. As for this hitman guy posting override numbers on a board he has been ousted from. If you are such a good trader where do you get all the time to sneak your rebuttles on this board from? As for posting confidential info - i bet WLDC could toss you and your licence for that. So how about trading - shutting the hell up - and keeping confidential info confidential. I am sure management knows who you are or can find out easily. The reason I came to this board was to see about Andover being taken over by SDS. Anyone know any info?