Don. I am going to start an andover thread so we don't talk about Andover in the WLDC board. i am very interested in what happens to them.
I will be glad to answer any questions. The impact on the San Diego office has been nothing but positive except for the minor paperwork hassle on the transition.... I will be glad to answer any questions regarding the deal. If anything, it has brought us more traders here in SD because of the reputation of Sunguard. Contrary to any of Bright's beliefs, Andover is stronger than ever.
http://groups.msn.com/EliteTraderUn...nw?action=get_message&mview=1&ID_Message=1593 ***** 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. Quarter Mon Monthly Override Quarterly Override LTD Override 3 -605 -900 2,134 1Q-03 2 -3 -295 3,034 1 -293 -293 3,034 12 -743 1,127 3,034 4Q-02 11 406 1,870 1,907 10 1,464 1,464 1,907 9 468 3,519 1,907 3Q-02 8 1,217 3,051 -1,613 7 1,834 1,834 -1,613 6 -985 -773 -1,613 2Q-02 5 254 212 -840 4 -42 -42 -840 3 -418 -840 -840 1Q-02 2 -422 -422 0 1 0 0 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? *****
For what it's worth..."Bright's beliefs" are simply that there are many changes going on. Our meetings with Sungard have been very informative, and we all hope that the industry will be better off for the takeover (in my personal opinion, the industry will definitely be better off due to the takeover)....it's just that the overall Andover structure may change (probably for the better). As always, best of luck to you and Lynx. Don
Thanks Don, Andover's structure DID change, every trader now is a member of Andover's LLC, no sub LLCs allowed (which was never a problem for us due to the fact all of our (San Diego) traders were already under the Andover LLC and their money was always with Andover, not with us (Lynx). That structure change was no problem for us, it may have been a paperwork issue for any "sub-LLC" that was under Andover. Every trader with Andover is DIRECTLY with Andover/Sunguard. What could be safer than that?
That guy was a freak...but definately a nightmare for risk management. And i think its walters sister hes married to. When he got smoked he tried bottom picking the Utilities in 2001 when they were getting smoked. The kept going down and Risk Management covered his positions at the low. OUCH I remember the guy saying he used to lose hundreds of thousands sometimes. He always averaged down. definately has Balls.
for all the bad mouthing of worldco, it says something that they can absorb a $30 million hit without missing a beat. how many other prop firms would be able to? at a minimum, that should alleviate some paranoia that they out to freeze your 5k or whatever. (i don't work for worldco, andover, or bright).
Onsite Trading LLC absorbed an unknown amount north of $49 million, and those despeate men did some nasty things to their customer base after that. Many traders got robbed blind. They refused to answer the phone, emails, questions, and so forth. Branch Managers lost their promotion credits and productivity credits, Prop Traders lost their grub stakes and their profits, and the Onsite management went away laughing. Somehow they ended up with AB Watley. There was an financial article on the king of shorts and his hedge fund that had named ABWG as a company worthy of shorting. He took massive positions against the firm and came away profitable because the firm was just a shell at the time. Since then, those two shells have reconstituted themselves, and, well, trader beware. Seems that when a crack in the wall ruptures the wall doesn't always fall just right then.