Worldco, Santa Monica..Bait and Switch

Discussion in 'Prop Firms' started by rossmedia, Jun 21, 2003.

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  1. nitro



    The guy said that they DID NOT require the $3G up front then pulled a fast one on him by changing their tune at the last minute. Although I have always thought that no money down places were ridiculous at best, that is, at least from my parsing, not what he is saying/complaining about.

    In fact, EVEN $3G is also absurdly low.

    #11     Jun 22, 2003
  2. reg


    Well, I do know that Worldco changed their policy from no cash upfront to requiring a small deposit about 6 - 8 months ago. Is it possible that this happend in between the time of his first interview and the time he passed his S7 & 55?
    Just a thought.
    #12     Jun 22, 2003
  3. Big Mike, please read more carefully next time. “If you want a handout, apply for welfare”, that was funny man I like that. Anyway, The point concerning Worldco was bait and switch. The 3k was peripheral to the point. They lied. If the first thing a firm does is lie to get me in the door I’m not staying around to see what the second thing is. If they said 3k to join this firm from the outset, so be it.

    Propt, the joke is I never discussed my experience yet you assumed I was a “new trader.” I traded years before moving to LA.

    Daydreaming, the sentiment of my comments, although negative, are not vindictive or mean-spirited. Just factual. Sorry if the facts bother you. Also, there are numerous traders with the exact same experience from the exact same office so these comments are, to put it mathematically, an aggregate. No I will not name the firm I’m working with now because I was asked not to. They need no advertising, traders from all over LA are already trying to get seats.

    #13     Jun 22, 2003
  4. Worldco in Santa Monica called me a couple times after I moved to Chicago. I still haven't seen a legit prop firm in Los Angeles. The second biggest city in this country doesn't have a legit prop????

    Maybe I should open one in the future!!

    Good Luck.

    trend :D
    #14     Jun 22, 2003
  5. Sunfair


    <quote>Worldco in Santa Monica called me a couple times after I moved to Chicago. I still haven't seen a legit prop firm in Los Angeles. The second biggest city in this country doesn't have a legit prop????

    Maybe I should open one in the future!!</quote>

    Maybe you should.
    #15     Jun 22, 2003
  6. cuda


    This is kind of surprising. I know the guy that runs the Santa Monica office and he's a really good guy. He goes out of his way to help people and does much more for you than anyone I've come across at Worldco. I don't think he would intentionally try to mislead anyone. I'm sure it was forced upon him to stop hiring traders with no money down. But hey, I could be wrong.
    #16     Jun 22, 2003
  7. That is exactly what happened. I know the trader that runs the office.
    #17     Jun 22, 2003
  8. Question for Ross:

    Were you trading already at the office and then they asked you for the 3k? Often times firsm will start off without a deposit but then as they watch the trader progress, they make them put up some risk capital...

    truthfully, i would never let any one trade just my money...You have to have some of your own $$ on the line if for no other reason, then for discipline....Soooo many prop firms bit the dust becuase a 'big' trader held on to a loss for a long time and it got bigger and bigger...if you knew that you had 3-5k on the line, wouldn't you cut your losses quicker?
    #18     Jun 23, 2003
  9. The same thing happen to friends I have in Colorado. I think it was a firm wide policy change, because about three of them were set to start and then the first day they went in they were suddenly told that they need to put money up to trade. Unfortunately they were out all the money for background checks and licenses that they had to pay for.
    #19     Jun 23, 2003
  10. buyhigh


    Dear rossmedia,
    i believe you have been misinformed...i am sorry that you never got the experience to work with the worldco santa monica owner...i have traded for over four years some of which with him in NYC... this owner has a track record for being one of the best traders at wordlco and maybe wall street. that is why he has opened an office in Santa Monica. i attribute a lot of the money i make and success as manager and person to him. Lets forget about the millions he has made trading but talk about his track record for teaching. Not just in santa monica, but in NYC he has given up his techniques and secrets of trading for the advancement of others around him (which is in the hundreds traders by now)... In NYC, when he gave a seminar not only traders in his group would be in attendence but traders from the rest of the firm and even other firms would come. It is very hard to find people in this business who care about anything but themselves... this person has taught me that there is a high degree of satisfaction in teaching people how to succeed in this business and not just for yourself... i think his biggest fault is he becomes friends with the traders who work for him in the office...he takes the outside the office problems to heart and wants to help the traders on a personal level as well...

    FOR EXAMPLE.... i met this guy he spoke highly of when i was visiting...we will call him "TODD C", some of u might know him...Todd was hired by wordlco money up! todd being the bright guy and smooth talker could not trade himself or talk himself out of a 100 shares of Lucent...i know he that he lost more then $40,000 of worldco and the mangers money....the manger instead of firing him, liked him so much that he told him to take some time off trading as the market was really tough in the late part of 2002 and early 2003....todd needing to pay bills asked if there is anything else he could do in the office...the manager had use his smooth talking ability to help recruiting and adminisstrating jobs...the manager not only paid him on the side out of his pocket several thousands, he helped pay his rent, feed him and even gave him clothes all when he was not only not a revenue source but a negative capital expense! All while he was doing this for Todd C, Todd was going behind his back and working for another firm (we will call "andover") to steal traders and giving false info about worldco and his manager....

    money up, no money up...the requirements change as the market his good or bad...too bad for you Ross, they asked for 3k i put up 10k when istarted and it was the best thing i did cause that money i traded was real important...i am sure after the first few thousand Todd C lost it really did not efect him, i have been to all of the firms and i have seen all the rates, all of the deals, and all of the systems, and none have impressed me any more then woldco. i am know i could work for any of them some might do some things better but the most important thing for me is the people around me...If i found some one like the manager of Santa Monica to work for i would give up rates, systems and P&L for the education and the personal caring that he provides his traders...
    #20     Jun 23, 2003
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