TOP TRADERS FXTM: What about your new
Money Management program: how is it going to be structured?
JS: Tanks for mentioning that.
One of the things we know is that we have a pool of talents that is deeper than anyone in the industry. We’ve got a lot of traders who are showing promise but need capital to trade. We are also being
constantly
bombarded by
people asking us to manage money for them. So we’ve decided to form a private equity fund that will operate much like a hedge fund. We can then recruit the best traders from our pool and give them the opportunity to fulfill the dream of trading full time.
FXTM: Who
are you going to target with this Ma n a g em en t Program? Retail
or “People who think institutional
clients? JS: We really haven’t decided.
This will be a completely separate venture from our education company. There will be no direct connection between the two other than the filtering and sourcing of traders through our unique training programs. I’ll know a lot more in
they
a few months when the lawyers are done talking.
FXTM: How are you going to
select the best traders from your training school?
JS: We have a process for evaluating
traders that involves training, testing and mentorship. A lot of companies
FX JS: Well that’s a shiſt I’m making
now. First, I will not be trading fund money. I will leave that to the fund and the traders we hire. My job is to ensure the traders coming through our programs are well trained and ready to confront the market each day. We only look for Top 20% traders. And for the past 2 years that’s who I’ve been training. But I’m starting to turn the day-to- day education over to other traders who know our process and our systems. I’m now working on finding 1% traders. Tose traders who are going to make millions, and helping them succeed.
FXTM: What is your advice to newcomers in the forex trading world?
don’t need help always fail, both in business and in trading.”
use the allure of trading fund money to sell education programs. Tat’s not what we’re doing. We don’t need to. What we want is to provide traders who show promise, the opportunity to trade with us full time.
FXTM: How are you going to
cope with the pressure of managing client money, trade your account and continue teaching?
JS: Don’t focus
on huge returns. Most traders take a look at their 10
or 20 thousand dollar account and think, “I’m going to have to make 20% a week to start trading full time”. Tat’s just stupid. Spend your time on consistency. If you can make 3-8% a month people will literally throw money at you. Tey will beg you to trade for them. Ten you can build a trading empire. But it starts with consistency.
FX TRADER MAGAZINE April - June 2012 21
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