A message from Jarratt, the founder of Global Trader Training.
Welcome to my trader training website!
As a thank you for visiting us and considering joining our training programme, I’d like to share my own trading story with you.
This will give you a better insight into who I am and why what we do here is so different to anything else you have experienced in the past.
My personal story is also pivotal to how and why this trader training business was created in the first place and how it continues to flourish.
Before we begin, I think it’s important to say that a lot of successful people make it look easy. It can sometimes seem as though traders just skip straight to making a fortune with almost no effort. This is rarely the case and definitely not true with me.
My journey into trading began in 2005, just after I sold my previous business and was looking for a new opportunity. I was looking for a way to make money online without any overheads or the hassle of employing people.
Trading FX was not my first port of call. In fact, I tried pretty much everything from affiliate marketing to high yield investing programmes. But after a few months of struggling (and basically getting ripped off and scammed!), I decided to give up and just go travelling for a while.
It was while using a currency conversion website (to work out how much money I’d need to save up and take) that I found an advert about trading currencies. This seemed like an interesting idea, so I clicked the ad and downloaded a free demo account from a broker.
By the end of that day I was trading away on the demo and asking questions such as, “How can I sell something I didn’t even buy in the first place?” and “What the hell is a pip?!”
I was instantly hooked.
I decided that if I took some time to make money from trading, then I could go travelling later. My worldly voyage could also last much longer, because I could earn my money as I went, from wherever I was.
I dedicated myself to learning as much as I possibly could.
I started studying online; using free resources and buying the occasional video course. But I quickly began to get frustrated.
I was learning more and more about trading every week, but this seemed to make almost no impact on my actual trading performance.
The cycle was always the same. I’d find a great looking system, spend a day or two back-testing it and then get very excited over how many pips I’d soon be making by trading it. Then I’d trade it and after a few losses, completely lose all confidence in it and start searching for the next system.
I felt like I was banging my head against a brick wall.
In the midst of my exasperation, I met a trader on an online Forum. He started sending me his daily statements from his trading account and they looked incredible! He told me that if I helped him find clients to trade for, we could split the profits he made 50/50 each month.
His statements told me that he was making 30% per month. And I was naïve.
I quickly told all of my friends and family about this amazing trader and how much money he could make us all. I encouraged everyone to invest $50,000 into a brokerage account that he would manage.
In my mind, once the money started pouring in, I could use it to find more clients and build it up exponentially. My vision of making millions while sipping cocktails on the beach was starting to become a reality. (I told you I was naïve!)
After about a week of him trading the account it became very clear that nobody would be sipping cocktails.
He lost about 20% and was taking positions way bigger than we agreed. We terminated the trading and took out the money we had left.
I later realised that he simply had a deal with the broker where he got paid based on how much he traded, win or lose. So he just ramped up the leverage and traded away, with no regard for losses or performance. I also realised that the statements he showed me only demonstrated his excellent Photoshop skills, rather than trading proficiency.
I felt like a total idiot in front of all my friends and family. I learned a truly important lesson and I decided two things:
- Making other people’s money grow and taking a share of that growth could seriously increase my own wealth
- If I wanted to do this well then I should figure out trading and just do it myself (properly!)
These two realisations made me determined to keep going until I hit that point of consistent profitability.
I’m the first to admit that my progression has been the result of several key moments that could be interpreted as ‘lucky breaks’. The first of these came when a friend of mine started dating someone new.
This was big news because this guy she was dating was a professional trader. She knew that’s what I did and wanted us to meet and get to know each other.
I immediately knew that this was my opportunity to learn exactly what this guy did that allowed him to have a very nice house and car while taking plenty of holidays.
His story was much simpler than mine. He left university and went to London where he got a job working inside a large firm as a prop trader. He trained for 3 months and was then taken into one of their teams where he was trading company funds.
On his first day, he witnessed a trader make over £250,000.
This was the exact kind of place I’d have given anything to work inside. But they would not have accepted someone like me. I had no relevant academic qualifications. Learning from my new contact was the next best thing.
The surprising thing about his strategy was that he didn’t really have a strategy.
He traded equities rather than currencies and would simply talk about how he liked to trade in line with the fundamentals. At the same time, he barely had any knowledge of the most common technical indicators that I had become so familiar with (things like Fibonacci or Bollinger bands and so on.)
This immediately started ringing alarm bells in my mind. The reason I had failed to get anywhere was because I was using the wrong concepts.
As soon as I grasped what it meant to trade fundamentally, my progress was rapid.
Suddenly, I was making pips and consistently knew which way the markets should be moving in the longer term. I knew exactly what I was looking for each day rather than sitting there with 20 charts waiting for something to turn ‘blue’ on one of them.
I felt in control and completely confident that each day I’d make a profit, however small that was.
Over the following months I started selling my signals online to raise money for my own account. This was traded for a profit and I got my second lucky break…
I was sharing my trades in an online forum where someone told me that he was setting up a new fund in Hong Kong. He asked if I would like to be one of his traders.
Looking back, the ‘fund’ was nothing more than a tiny start up, but at that time it was the biggest opportunity I’d ever had. Another little rung on the ladder.
Within six months I was trading $1 million and was also made head of trading.
Things were going well.
I remember getting my very first payment from trading there. It wasn’t life changing money (around £4000 for the month) but I felt so good! I’d finally reached the point where I was making a legitimate income from my trading and it was more than enough to live off.
My original goal had been to figure trading out so that I could spend as long as I wanted travelling. So the first thing I did was book a flight.
I decided to go and live in the Canary Islands. I stayed there for 3 years, taking lots of trips into Europe. My life consisted of getting up to trade, and then going for a swim in the pool at about 10 am before having breakfast in one of the local cafes. Not bad!
I made friends by joining a local football league and played three times a week. I also had plenty of friends and family from back home, keen to take advantage of a free room in a sunny country.
While I was there I moved away from trading with the start-up and started my own business. This involved managing money for investors that I met inside all of the various forums and websites that I’d used so heavily when I was trying to learn.
In 2011, I received a call from my broker to tell me that unless I became FCA regulated they would no longer allow me to be paid from trading my clients’ accounts. The financial crisis had hit and now regulators were cracking down on any unregulated entities conducting activities that definitely should be regulated (like managing money!).
This was a massive problem. If I couldn’t get paid then the dream was over before it began.
The broker told me that they knew a company based in London that I could potentially work with. This would allow me to offer my clients fully FCA regulated managed accounts, which in turn, would allow me to keep making money for my clients and getting paid in the process.
I flew over and met them. We did a deal and I could now tell new clients that their investment was fully FCA regulated in the UK. This struck me as a great selling point, and something that would allow me to grow my business exponentially.
At this point I had inadvertently learned two more very important lessons:
First of all, online networking and promoting generally got fantastic results and secondly, the more credible I could make my business, the more money I would make.
That year I decided to focus very hard on promoting my investment business in any way that would bring in clients. To do this, I focused my efforts online, as this was the fastest way to reach the most amounts of people, while keeping costs low.
At around that time I got a call from a hedge fund data base that I was registered with, called Barclay Hedge. The reason these things exist is so that investors can access money managers and find the strategies that they like the look of.
They were a brilliant means of promotion and definitely worked for me. I used to get enquiries almost weekly from new potential clients wanting to invest. You simply had to upload your verified returns (this verification was conducted by third party auditors) and then they would track and display it to accredited investors.
Because they are a database for professional investors - and there are rules about where funds and investment companies can display their performance - they were very strict about where I could display my performance. They made me agree that I would only show it behind a closed page to professional investors. (This is actually in line with NFA regulations in the US.)
They then told me that in the category of professional FX fund managers, managing up to $10 million, I was ranked as the second best performing trader in the world. (I was managing $8.2 million at the time.)
They agreed to send me the certificate and update it for me annually as each year’s results were added.
The dream was coming together quite nicely, indeed. I could offer fully regulated managed accounts and was now ranked as one of the top performing FX fund managers in the world (in my category.)
While working inside the firm in London, I witnessed their trader training programme which they ran in house. This taught me a lot about trader development. It also provided me with a very interesting insight into how these firms take new recruits and turn them into money making machines.
All of this involvement and interaction with both the students and the traders gave me a really good foundation on what it takes to be successful in the long run when trading for a living.
At the start of 2014 I was made head of FX and became more involved with actually structuring these training programmes in house; giving me direct experience in helping the firm create profitable traders.
The biggest problem that successful trading firms and investment houses have is something known as ‘brain drain’. This is where the profitable traders reach a point where they have enough money to set up their own firm or fund (or whatever it is they want to do for themselves) with the money they have made.
This creates a solid need to constantly ‘replenish the stock’ of profitable traders by hiring students, fresh out of university, and putting them through their in house training programmes and funding them to trade the firm's (and client's) capital.
The selection and training process is brutal in the city.
A typical graduate will be expected to work for the first few months with no salary. At the end of the training period most will be cut loose. The few that are hired will be forced to work on a pure commission based structure, living off the profits they make.
To add to this intense situation they are also usually required to pay a monthly desk fee to keep their place.
They are incentivised by a sliding scale of profit share. As the balance of their allocated account rises, their share of profits increases with it. This encourages them to trade and re-invest (rather than take money out to live off) in order to hit the big money as quickly as possible.
If they hit their loss limits or break the parameters set by the firm then they are also cut loose.
This experience gave me a close-up view of the type of training that these firms used in order to constantly churn out successful traders.
I also became more involved with the investment teams which gave me even deeper insights into other elements, including how the world of institutional investing worked at the higher levels.
This led to me running multiple strategies within the firm, working with other traders and offering clients a variety of different types of investment. Suddenly, I was now working as an important part of the team, rather than just someone running my own trading strategy in isolation.
I started to meet IBs and capital allocators and began to understand that managed accounts were great, but they were for individual investors.
If I ever wanted to get the big money allocations from institutions then I needed to be running a hedge fund.
Of course, I wanted to grow my business as much as possible, but hedge funds are costly and managed accounts are a much simpler product to promote.
The reason that large institutions didn’t (generally) invest into managed accounts was simply because they viewed them as extremely opaque and hard to verify. For example, I remember one fund manager asking me how I could prove that the returns made on the client’s account had been achieved by me and not him.
He was right. There was no real way to prove that it wasn’t the client himself doing the trading. Trading client accounts individually also made it extremely difficult to prove my AUM.
This is important because institutional investors will allocate based heavily on how much you already manage. If you cannot adequately show how much you manage then they will not allocate.
With a fund there are multiple layers of control which include directors, a fund administrator, an appointed auditor and the investment manager, all of which are completely unrelated and independent to ensure transparency and good practice.
For the sake of verifiable returns, all trading accounts are in the name of the fund and the investors place their money into the fund itself. This means that any returns made on investor's money inside the fund's accounts can legitimately be counted as the fund’s returns and this makes large investors much more comfortable.
Although it was slightly out of reach at the time, my goal now was at least clear:
I wanted to have my own fund, with its own track record that could eventually be used to attract institutional investors and really take my business to the next level.
In the meantime, I promoted my managed account programme as far and wide as possible.
I used everything I could to make myself stand out: my verified track record, the fact my managed accounts were FCA regulated and my ranking as the number 2 trader.
As time unfolded, this marketing and promotion started to generate interest from people that were not in a position to invest but wanted to learn from me and follow the techniques I had applied to become successful.
In 2014, I realised that this could become a lucrative extra revenue stream (given that almost no other educators could demonstrate that they had traded anywhere close to a professional level). I started creating material that educated as well as promoted. I posted videos and blog posts on social media and my main website and I started working with other FX websites to gain an even bigger platform to promote through.
There were no big revelations in my content and I didn’t say anything that was new or ‘secret’. I just focused on simplifying a topic that was famous (among new retail traders) for being extremely complicated and hard to implement.
That topic was fundamental analysis and the goal of all the content I produced was simply to explain how anyone could understand it well enough to trade profitably, no matter how small their account.
All of my experience up until that point had led me to firmly believe with full conviction that the fundamentals drove the price and that every genuine, professional trader in the world was following and applying them to make money. (This is also what finally worked for me.)
The response was incredible! Almost overnight we had created an online trader training business that would go on to generate millions of dollars over its first couple of years.
This response was better than I ever could have expected. And it undoubtedly justified my decision to set up and structure the business as its own independent company with a dedicated team in place to operate it. The timing was perfect and it was a seamless fit based on all the experiences I had so far.
I had traded successfully, managed to build a business offering regulated investments and utilised online marketing to grow it into a multimillion dollar investment programme in just a few years.
On the side of all of this, I’d had some experience of how these firms train people and seen first-hand the process used to create successful traders.
This experience was particularly useful when it came to creating an educational product that retail traders could use online to achieve the same results.
This is how the trader training business was born. It evolved from the marketing and promotion I did for my small investment programme and grew into its own, independent organisation.
As the business grew and developed, we tried various approaches and business models to find something that felt right. But the guiding principle was always to offer the highest quality in terms of training, along with a dedicated, responsive support team that people could trust and rely on.
We also wanted everything to be fully online so that anyone could access it, no matter where in the world they lived.
But there was just one downside.
Barclay Hedge had told me not to use the certificate they gave publicly because it broke the NFA rules that they adhered to.
At the time, I was just so focused on trying to grow my business that I failed to heed their requests and eventually, in 2014, they closed my account, meaning that they would no longer be ranking me going forward.
To be honest, it didn’t really matter anymore. I had a lot of very good contacts in the industry for everything I wanted to do.
I continued to work inside the firm in London until the middle of 2016. I assisted them with building new trading teams and also improving their trader training scheme.
I also began working hard to set up my own fund. After many months of meetings and consultations (traders do work hard!) I was finally able to launch it at the end of 2016.
My fund's track record of performance would begin from the start of 2017.
The success of my managed accounts programme had allowed me to reach this point but the real work had only just begun!
My main focus now is to run the investment fund and ensure that I can replicate the positive performance of my managed account programme inside the new structure.
The whole point of this is to hopefully allow me to be much more attractive to larger, institutional investors (other funds) and significantly grow my AUM over the coming years.
The performance of the fund is now audited annually by Baker Tilly (Cayman) Ltd and tracked via Bloomberg.
This is significant to anyone thinking of taking our training programme.
Although the fund is relatively small in hedge fund terms (anything below $100 million is generally considered small in the industry) it sets me apart from all other companies that sell education without any real proven industry background or credibility behind them.
This is all designed to give you confidence in our premium trader training!