So why live there, when you can come to Vegas and have a 5 bedroom house with pool for $2,000...??? (Just teasing my NYC friends)... Don
You're correct. How foolish of me to forget my one year in NY living with 4 of us in a 1 bedroom paying $2,200 per.
Volume, I adjusted. At an average of $7,000 per month for 40 offices and three years it is $10,000,000 in obligations. Is that about right Don? I guess I am moving to Vegas. Beats the weather in the midwest anyway....
I think Walter is doing the right thing. They had 8 floors before, now they cut 5th, 6th and 21st floors of 110 Wall street, and have 5 floors left with all good traders (from 820 to 501 traders). Let go of those traders with negative gross is the right thing to do in this business. One of our team member has $500 net in his account and he is never asked to contribute.
absolutely... its business not personal. But 110 Wall is a sweet office. I personally have been negative in my account a few times and haven't been asked for a dime in 2 years. But I make money gross and pay a fair amount of commissions. I find it hard to believe that they would ask a trader who has money in his account for more money, unless he wanted to hold overnight positions. I have NEVER heard of such a thing and find it hard to believe. In fact Worldco GIVES money to traders who are down net but making money gross, to keep them "alive" and on their feet. If a trader is making money gross he is most likely making the firm money. Thus they want him around for cash flow...purely business. You should never point the finger at others if you are failing at trading. I personally am going through a rough time. I am envious of others who make a "good" living...But at the same time happy for them. Look at Silk. I know he aint lyin". I have a friend in his office. He is truely and awesome story. Worldco is not an evil empire. It is the only firm I have ever traded at. It is the firm with one of the best payouts on the street. I do not think Worldco is the best place either. In fact I believe most firms are like "commodities" and can be replaced. If you can make money then you can make money...just go to the place with the best deal. If BMW stox is making money, like he says then WHO GIVES A SHIT. DON'T TAKE IT PERSONAL. SAY HAVE A NICE DAY GO TO ANOTHER FIRM AND MAKE MONEY THERE. Just tell them to rush your U-4 so their is no down time. But I find it hard to believe that they would ask you for money and I KNOW they would not get rid of you if you are net positive. No offense I just find it hard to believe. BUT whether you are making money or not...I wish you the best. my .02
if any traders at the "W" empire trade ETF 's or futures on occasion ? I once met mr "W" and did not feel comfortable working there under him I will say in his favor that WORLDCO LLC is still in business and some other firms have gone the way of Enron
Question: If a prop firm LLC goes bankcruptcy, what happen to the traders' money in the firm? Perhaps Don could answer it? Thank you
I definately learned to trade at Worldco. I can honestly say that I've been able to consistently take money out of the market trading 1000 share lots, even in this sideways market. It took a good eight months of off/on trading but it finnally paid off. Even though Worldco technology might suck, it does make you better b/c once begin using a real platform b/c you find things are so much easier. Kind of like in Major League Baseball when the batter on deck is swinging 2 bats. The problem I find with prop. firms is that if they are true prop. then they would not require money, that is called retail. True prop. is where you are splitting your profits and putting nothing down. If you are putting something down, that's retail; a trader can get great commissions along with 100% payout. You can't pretend to be prop. but be retail. I like being a prop. trader and I will continue doing so, my manager offered to slash my rates again if I stay @ Worldco, stay tuned. I think the sideways market you see will continue like this for quite some time. Institutions are afraid to do anything as are retail investors. Once again the SEC is hiking fares, we find politicians screwing with our markets by continuing with this Iraq nonsense. To the person who was interested in Brokerage America, they are still around, in fact there was a cover story on them in this month's edition of www.tradersmagazine.com What can I say, I like the whole trading business and I beleive the strong will survive as with anything else. My advice to anyone starting out is do your homework, if you're looking for leverage and 100% payout you can open a retail trading account, if your looking for straight prop. then you can find that as well, just make sure you can distinguish between the two and you know which is which when looking for that trading job. I can say that I've received price improvement from the specialist, but many times he will sit on the order and if I wanted out fast I'd have to go market. All depends on the Specialist and the stock being traded. It would be nice to see the NYSE turn into one giant ECN w/out the specialist and his bag of tricks. Let's make the markets fair for everyone and I beleive that day will come. Nasdaq is already trading some listed securities. This is a great industry to be in and to anyone who is thinking of throwing in the towel, I say don't. If you have to get a 2nd job, do it. Trading is a great career and I beleive people can learn to be good traders, it isn't all natural ability. I'm always amazed at how people think they can make easy money in this business while spending no time at all. I doubt I would be able to defend a person as a lawyer or be able to fly an 747 airplane, so how can any of those people expect to pick up trading in a few short weeks or months? You must invest in yourself. Thank you for your time. BMW