why would you say that, just because he registered here 10minutes ago and his very first post was a 2000 word essay????
The person that wrote that long message was not the owner of the LA office. He is just a loyal close friend from NY. The reason why Adam created a screen name today was so he can set the record straight. You should send him a message if you have any questions. He is a genuine person. This whole thing started by some guy named ross bashing worldco. its in the Adam's best interest to defend something he worked so hard for.....any of you would do the same.
Well, you've got a huge contradiction because that is the definition of "proprietary". Trading the firms money, not your own. If you are putting up money you are RETAIL and you are getting duped into thinking you have a job. If they advertise "jobs", or being a "prop" trader, and ask you for money, THEY ARE LYING TO YOU. If the firm lies to you before you even sign on, you probably don't want to know what they will do to you later !
you know, come to think of it these firms remind of the "modeling" agencies that make teenage girls into "proffessional models" and they will take absolutely anybody no matter how unattractive or unsuited they are, as long as they have a little "up front money", LOL Maybe they should call it the "Barbazon School of Trading", LOL
Your last two points are actually pretty good and make sense. The only point you miss, is that prop shops have had to change their business model cause the lower rates just don't build in enough margin to take the losses on the losing traders.
I know the branch mangaer as well back when he was in NY. I am pretty confident that management forced him to stop accepting traders with no money upfront. He really is a good guy who cares about his traders and is one of the top traders at Worldco. My guess is that you were hired before the firmwide policy change. Although I agree that it is pretty unfair that you were forced to put up 3K if you were told you didn't have to, I'm pretty confident that all cases of such "bait and switch" are a thing of the past and limited to a small group of traders who were hired before the policy change and started trading after the policy change.
It seems ever so often I must re-insert the pivotal point of this thread. So I state again, It is not the 3k required to start, it was the deception that no such thing existed. All of this other stuff is for the birds. It is very simple. Tell the truth from the word go and you'll never have to remember what you said. The Worldco office in Santa Monica simply didn't do that, Although there are many other problems there on so many levels, I wish only to discuss that which directly affected me. I do find is funny that many of the glorious comments are from members who are 1 day old on this site. Mmmm..I wonder who they could be? rossmedia
Well, FWIW, the comments that were made satisfy me that this was a screw up in the middle of a corporate change in structure. I agree with you that IF the manager of the SM office was not made aware of that change in requirements earlier, look at it this way, I KNEW IT from just reading threads about it here for MONTHS and I don't know anything about WC except what is posted here. So, perhaps it was not made known to him, but either way, it shows some lack of communications breakdown between upper and middle/lower management at best, and perhaps much worse. nitro