I just have some questions regarding this firm, as far as their profesionalism and their willingnes to help new traders that they hire. What type of a training do they provide if any? And what the expected payout might be for a new trader. Particulary the one in Boca Raton Florida. Any comments would be greatly appreciated. Thnx guys/gals
I work at Worldco, and I believe Hitman does also. The Boca Raton office is relatively new (maybe 6 months), but it is run by a very good trader. As far as training..you will learn by sitting next to an experienced trader. But most of all the best way to learn is to trade. You will start trading as soon as you are licensed. They also offer weekly lectures by top traders. If you are a new trader you should not even be thinking about making money for a few months. But Worldco is very flexible. The management there will take care of you if you work hard. They will probably start you off with a low payout (50%) and raise it every few months. If you trade respectable size, after 6-10 months you may be able to get a payout of 88-98%. As far as commissions go, it is the same thing. They may start you off "around" 1.5 cents per share and eventually lower it to below a penny per share. They have one time ticket charges. Which means that you pay to ticket charges pers stock for the day. So lets say your ticket charge is $1 and you trade 10 stocks. Your ticket charges will be $20 for the day. ***The best thing about WORLDCO is that is a self-clearing firm, which means that they can charge less than most firms.
Trader58, How much of her own capital is a new trader joining the firm expected to contribute initially? Thanks. L Meyers
It is a case by case basis. If you have a good resume or the boss likes you, maybe nothing. From the people I know it is usually between 1,000 and 7,000. But it really depends on you. I know one kid from Yale who didn't have to bring anything in. I also know a guy who started when he was 30 after being an accountant who had to bring in 7,000. The firm is made up of people from all walks of life. Worldco traders are al races. They even have reps from all countries(US, Russia, China)and all religions. We have men, women, doctors, lawyers, recent grads and the firm even has people with no degrees. You have to realize that the firm only hires you if they think you are going to succeed. THEY DO NOT NEED YOUR CAPITAL CONTRIBUTION. This money is so they know you give a shit. You WILL probably lose this money within a few weeks anyway. Most people do. But the firm is behind as long as you work hard.
here is my dilemma, i am licensed, worka at a brokerage but basically i'm not a real broker, you could call it customer serivece that once in awhile places an order. anyways, i am stuck between two things - should i move and go work for worldco, i already went down for an interview and pretty much the offer was on the table, but then i'm thinking about maybe raising the cash myself and trade on my own from home without having to move. What should i do? i know it ultimately comes down do me but i'm just curious to see what others think. Oh yeah it would be kinda dificult for me to come up with 25k to start trading, i'm thinking more like several k's and work myself up, trading through ib. any thoughts? greatly appreciated/.
If worldco offered you a prop position, you should work for them. If you have no experience, I do not recommend raising your own money, only to lose it. And you will lose it. 98% of traders lose money for a few months. Why not lose Worldco's money. Plus you can NOT trade without some serious cash behind you. Don't even try to trade with only 25,000. Within two months at WORLDCO I was taking multiple 1000 share positions. I could not do that on my own. Even big traders at WOrldco stay there for one reason--serious leverage. These big trader have a few million in the bank, BUT are in BIG positions (hundreds of thousands of shares) that they could not be in if they traded for themselves. Not to mention Worldco has many things you can not provide for yourself. Like MIS support, an agency desk for putting up "bullets" and a risk-management team which will keep you from "blowing up." Workdco is also set up as a partnership, which means you get a K-1 for you taxes instead of compiling 100 pages of trades. I also believe you trade better when you have better traders around you. It takes money to make money. I say what do you have to lose at Worldco except for your time.
I believe if you want to succeed you should go to a professional firm, be it Worldco or another that is up to you. Around New York and New Jersey there are literally 100's of professioanl firms. One distinction Worldco has is that it is self clearing. Whether you will get to benefit from this or not is unknown. The most important thing right now is to be around people who trade full time for a living, not people who trade on their ameritrade or etrade account. There is probably very few people left like that. Also there are many other huge benefits to being with a professional firm, like leverage, different software programs that are really expensive to bring in to your house due to high communication costs, etc.... But my advice is not to stop shopping on Worldco, eventhough they might turn out to be perfect for you, just look around and ask around that's all. Good luck
No there is no volume requirement, but obviously if you don't do sufficient shares you will have trouble getting the best of the best commissions (say 0.75 cent per share). In order to swing trade with WorldCo you gotta have capital in your own account, you will get 4x margin plus interest on unused capital. The commission rate for swing trading is the same as your day trading commission rate. You get a second Blotter (our software keeping track of positions / P&L) and anything you put into it will be counted toward your swing trading account. If you prove to be EXCEPTIONAL, there is a hedge fund division if you are interested, but you have to be TOP TOP TIER for that to happen. For anyone of you who have further questions, just call the damn office http://www.worldcollc.com and ask away. To be blunt, if you are not making a living day trading full time (this probably covers 90% of the posters on this board, no offense) and you REALLY REALLY want to succeed in this business, run, don't walk, to a prop. firm and make a serious commitment. On some other threads people mentioned how stupid it is to have a 25K requirement for day traders, hello? 25K with double margin will get you 1000 shares of a $50 stock, that's not much room to work with. I know there are stories about people starting their careers with 10K at IB and "work it up", for 99.9999999% of the people out there, doing so will lead to nothing but frustration, pain, and defeat. The number one reason for this business to have such a low survival rate is the lack of capital, because of the lack of capital you compromise on your tools, equipment, software, etc . . . because of the lack of capital you have trouble paying bills and losing your shirt at same time. You put up 25K and boom you are down 5K (trust me, that can happen even if you trade 100-200 shares, the initial learning curve is a lot steeper than you can imagine), your size is severely limited and you are not going to make it. BE SERIOUS, WORK FOR A FIRM, YOUR OWN MONEY IS NOT ON THE LINE, THAT TAKES ENORMOUS PRESSURE OFF YOUR BACK, THIS IS NOT AN ALTERNATIVE, IT IS THE ONLY WAY TO GO! And I am NOT biased, I am just telling you the cold hard truth, I would be looking for a new career now had I stayed home and traded with my 15K account, I am very very sure of it. At WorldCo, less than 6 months into the game, I hit a $5000 day, and I only consider myself average . . .
Hitman, as you are working already at worlco had a few questions: I am living in Germany, have graduated from university in finance and marketing, have enough capital to trade and i am trading already 5 years in germany and usa with good success. I was already in USA for one year after school and i am planning to move to USA and work there. So, what tips could you give me for an application and how is the chance for somebody outside USA? I am referring to series7 exam, greencard etc. What are the possibilities for me? Perhaps you could help me a little. tia Patrick