0:00:02 > 0:00:05This programme contains some strong language
0:00:05 > 0:00:09For more than 160 years, the floor of the Chicago Board of Trade,
0:00:09 > 0:00:12the world's biggest commodities market,
0:00:12 > 0:00:16has set the scene for traders to win or lose a fortune in an instant.
0:00:17 > 0:00:22'What I can make on a good day could be tens of thousands of dollars.
0:00:22 > 0:00:26'I could also lose tens of thousands of dollars and I've done both.'
0:00:26 > 0:00:28TRADERS SHOUT
0:00:28 > 0:00:31'The market has a way of testing your limits.
0:00:31 > 0:00:33'In the middle of June I've lost my year,'
0:00:33 > 0:00:37I've literally lost my year, what I'd worked six months for, in a day.
0:00:37 > 0:00:41- What?! They're ten bid. - Shit, not any more!
0:00:41 > 0:00:44But the traders' world is changing.
0:00:44 > 0:00:47Now, the vast majority of global transactions are electronic and
0:00:47 > 0:00:52the markets have grown far bigger and more complex than ever before.
0:00:52 > 0:00:57We do over 100 billion of business a day across the whole world.
0:00:57 > 0:01:00We will be sending out, at any point in time,
0:01:00 > 0:01:02more than a million quotes.
0:01:02 > 0:01:04One to two billion!
0:01:04 > 0:01:07There is no way that a human being can process that.
0:01:07 > 0:01:10But whether traders are competing face-to-face or against the screens,
0:01:10 > 0:01:13to succeed in one of the best-paid professions in the world,
0:01:13 > 0:01:16the psychological battles remain the same.
0:01:16 > 0:01:17There's no other job like it.
0:01:17 > 0:01:21You don't have a builder build half a wall on Monday and then
0:01:21 > 0:01:24knock it down on Tuesday and then build it again on Wednesday.
0:01:24 > 0:01:26It would drive them insane.
0:01:26 > 0:01:28Anything can happen at any time
0:01:28 > 0:01:32and how well you adapt to it is going to determine your performance.
0:01:32 > 0:01:34It's a competition.
0:01:34 > 0:01:37From the unforgiving lows to the spectacular highs,
0:01:37 > 0:01:39meet the men and women who have chosen
0:01:39 > 0:01:42a life inside the ultimate risk-and-reward business.
0:01:47 > 0:01:50Golf gives me a chance to get away from all the numbers
0:01:50 > 0:01:52and clear my mind a little.
0:01:52 > 0:01:55Virginia McGathey often risks hundreds of thousands of dollars
0:01:55 > 0:01:59a day to do her job as a broker and trader.
0:01:59 > 0:02:02Imagine you having to be at your peak performance,
0:02:02 > 0:02:06being able to jostle numbers around for four hours straight.
0:02:06 > 0:02:08Taking it downtown!
0:02:08 > 0:02:11Focusing and staying sharp mentally and physically,
0:02:11 > 0:02:15really requires an enormous amount of energy and effort.
0:02:17 > 0:02:19We've had a few people with heart attacks.
0:02:19 > 0:02:22The stress of it can really take you down.
0:02:24 > 0:02:25Despite the pressures of the job,
0:02:25 > 0:02:29Virginia has worked at the Chicago Board of Trade ever
0:02:29 > 0:02:32since she started as a runner at the age of 17.
0:02:32 > 0:02:36Now she runs her own company dealing in commodities like wheat,
0:02:36 > 0:02:39corn and soya beans on the grain futures market.
0:02:39 > 0:02:42TRADERS SHOUT
0:02:42 > 0:02:46The concept of futures started in Chicago in 1848 as a way to
0:02:46 > 0:02:50protect grain farmers and their customers from risk.
0:02:50 > 0:02:52Back in the day, they had sampling bags of the seeds
0:02:52 > 0:02:57and of the grains themselves, with the actual product from the farms.
0:02:57 > 0:03:00A market for buying and selling contracts for the delivery of
0:03:00 > 0:03:04grain in the future, meant farmers could protect or "hedge" against
0:03:04 > 0:03:09extreme price swings for their crops after droughts or bumper harvests.
0:03:09 > 0:03:12And merchants could lock in a purchasing price.
0:03:12 > 0:03:16To create a marketplace that allows you to actually leverage
0:03:16 > 0:03:18any crop, and to sell your crop
0:03:18 > 0:03:20before you've even put it in the ground -
0:03:20 > 0:03:25it was a brilliant discovery and that's economics at its height.
0:03:25 > 0:03:27TRADERS SHOUT
0:03:27 > 0:03:31The concept evolved into today's futures and options trading,
0:03:31 > 0:03:34and turned Chicago into the risk management capital of the world.
0:03:36 > 0:03:39Now, almost anything can be traded in futures -
0:03:39 > 0:03:42energy, metals and currency included.
0:03:42 > 0:03:46The value of contracts traded in Chicago alone each year equates
0:03:46 > 0:03:51to a whopping quadrillion dollars - that's 1,000 million million.
0:03:51 > 0:03:53Seven add nine, minus 15.
0:03:53 > 0:03:56But today's traders no longer need to
0:03:56 > 0:04:00shout loud and fight for position to make their millions.
0:04:02 > 0:04:04FINANCIAL RADIO REPORTS
0:04:06 > 0:04:09Now, almost all trading floors are computerised.
0:04:10 > 0:04:13So, whether they're dealing with currencies, futures, shares,
0:04:13 > 0:04:15or complicated financial instruments,
0:04:15 > 0:04:20most of the world's traders buy and sell via their screens.
0:04:20 > 0:04:23Piers Curran has been trading like this for 12 years.
0:04:23 > 0:04:27I would not be a trader if I was ten years older.
0:04:27 > 0:04:31The markets I trade used to be floor-based trading in the pit -
0:04:31 > 0:04:33you need a physical presence.
0:04:33 > 0:04:37I don't have that, so I think it's a much more level playing field,
0:04:37 > 0:04:40and I think markets have become more competitive.
0:04:40 > 0:04:42Piers works in the City of London,
0:04:42 > 0:04:46one of the world's biggest financial centres, where thousands
0:04:46 > 0:04:50trade the markets hoping to reap the potentially enormous rewards.
0:04:50 > 0:04:53It's like playing an important football match every day.
0:04:53 > 0:04:57You get these butterflies - am I going to win 5-0
0:04:57 > 0:04:59and score a hat trick today,
0:04:59 > 0:05:02or are we going to get thumped 7-1?
0:05:02 > 0:05:06We don't know. This is the beauty of my job.
0:05:06 > 0:05:07Morning, guys.
0:05:07 > 0:05:09How you doing?
0:05:09 > 0:05:10Piers runs his own business,
0:05:10 > 0:05:14Amplify Trading, along with partner Will De Lucy.
0:05:14 > 0:05:16- So, today...- Amongst other assets,
0:05:16 > 0:05:19Will and Piers trade the global foreign exchange market,
0:05:19 > 0:05:21trying to profit from the change in
0:05:21 > 0:05:23value of one currency in relation to another.
0:05:25 > 0:05:28Today, news from the European Central Bank could affect
0:05:28 > 0:05:30the value of the euro.
0:05:30 > 0:05:32It's a perfect opportunity for day traders
0:05:32 > 0:05:35like Will and Piers to make money.
0:05:35 > 0:05:37Ladies and gentlemen, very pleased
0:05:37 > 0:05:40to welcome you to our press conference...
0:05:40 > 0:05:42This is a global event.
0:05:42 > 0:05:46There's people all over the world trying to trade this.
0:05:46 > 0:05:49The big question is whether the Central Bank's going to cut
0:05:49 > 0:05:53interest rates to help the Eurozone out of recession.
0:05:53 > 0:05:57We decided to keep the key ECB interest rates unchanged.
0:05:57 > 0:05:58As expected...
0:05:58 > 0:06:00In terms of significance, the most significant thing
0:06:00 > 0:06:05that has been said is that nothing significant has been said.
0:06:05 > 0:06:07It may seem little has changed,
0:06:07 > 0:06:10but a smart trader will be reading between the lines.
0:06:10 > 0:06:15Central bankers are very good at speaking without saying anything.
0:06:15 > 0:06:17Traders and investors are analysing their every word,
0:06:17 > 0:06:20to compare his statement this time,
0:06:20 > 0:06:23to what he said last month and this is what moves markets.
0:06:23 > 0:06:25This is one of the elements which
0:06:25 > 0:06:29received a good deal of attention during today's discussion.
0:06:31 > 0:06:35Piers has spotted something that he thinks will cause the euro to drop.
0:06:35 > 0:06:40He said, "The discussion we had on cutting rates in today's
0:06:40 > 0:06:43"meeting received a good deal of attention."
0:06:43 > 0:06:46He didn't say that last month.
0:06:46 > 0:06:48So that's him telling us, we haven't cut rates
0:06:48 > 0:06:52but we're moving closer towards cutting rates.
0:06:52 > 0:06:56So I'm really just putting the trade on because of four words.
0:06:56 > 0:06:58I'm just going to go short.
0:06:58 > 0:07:00More than 5.3 trillion
0:07:00 > 0:07:04moves around in the foreign exchange every day through trades like this -
0:07:04 > 0:07:08more money than physically exists in the world.
0:07:08 > 0:07:11OK. So I'm out of my trade now - yeah, pleased with that -
0:07:11 > 0:07:13that was a good trade.
0:07:13 > 0:07:17Piers sold the euro and bought more back at a cheaper price,
0:07:17 > 0:07:18just two minutes later.
0:07:18 > 0:07:20I'm 8,000 in profit.
0:07:20 > 0:07:24I wouldn't normally make that kind of return in such a tiny time frame,
0:07:24 > 0:07:29it would normally take several hours but it was a high-risk trade.
0:07:29 > 0:07:33So that's always the trade-off - risk and reward.
0:07:33 > 0:07:37FINANCIAL RADIO REPORTS
0:07:37 > 0:07:40While London's traders have already been at their screens for hours,
0:07:40 > 0:07:44New York City, America's financial heartland and its stock trading
0:07:44 > 0:07:49capital, is just waking up for a new trading day.
0:07:49 > 0:07:51At the southern tip of Manhattan, a block from Wall Street,
0:07:51 > 0:07:55is T3 Trading Group, a registered broker dealer.
0:07:55 > 0:07:58What I love about my job is you can come in every day
0:07:58 > 0:08:00and there are opportunities.
0:08:00 > 0:08:04Not every day is a great day but there's always ways to make money.
0:08:04 > 0:08:07If you do your job well, the sky's the limit.
0:08:07 > 0:08:09It is what you make of it.
0:08:09 > 0:08:12Scott Redler is one of the company's top traders
0:08:12 > 0:08:14and its chief strategic officer.
0:08:15 > 0:08:17He's in at 6.30 every morning,
0:08:17 > 0:08:21scouring the market for opportunities in big-name stocks.
0:08:22 > 0:08:25Apple, Google, Amazon, Netflix,
0:08:25 > 0:08:27LinkedIn, Facebook, Twitter, Blackberry -
0:08:27 > 0:08:29all household names.
0:08:30 > 0:08:34The challenge for day traders like Scott is to spot any short-term
0:08:34 > 0:08:36volatility in the value of a share,
0:08:36 > 0:08:39and profit from these rapid rises and falls -
0:08:39 > 0:08:42often all within just a few seconds.
0:08:43 > 0:08:46We're in a fast-moving, real-time market,
0:08:46 > 0:08:48so 15 guys could have the exact same idea,
0:08:48 > 0:08:52five people might make money, five people might lose money,
0:08:52 > 0:08:54and five people might be too scared to get in.
0:08:54 > 0:08:55So the more preparation you have,
0:08:55 > 0:08:58hopefully we're erasing that fine line.
0:08:58 > 0:09:00The rewards are potentially enormous.
0:09:00 > 0:09:03Some traders here make several million dollars a year,
0:09:03 > 0:09:05but no-one's paid a salary.
0:09:05 > 0:09:09What are your top two plays?
0:09:09 > 0:09:12That one's in talks with Safeway about taking over Safeway...
0:09:12 > 0:09:14Trading with the company's money,
0:09:14 > 0:09:18they take home only a percentage of any profit they make for the firm.
0:09:18 > 0:09:20- Thanks, Grossman.- Yes, sure.
0:09:20 > 0:09:22If you don't trade well you don't earn.
0:09:22 > 0:09:28So, for me, if I can make 1,000-3,000 a day and have it add up
0:09:28 > 0:09:30that's my most likely typical month.
0:09:30 > 0:09:32I'm guaranteed absolutely
0:09:32 > 0:09:37nothing but I've made usually on average 250 to 500 a year.
0:09:41 > 0:09:45A few miles uptown, Karen Finerman manages money for the super-rich.
0:09:46 > 0:09:47Good morning.
0:09:52 > 0:09:54As a hedge fund manager,
0:09:54 > 0:09:55she's part of a global industry that
0:09:55 > 0:10:00puts a staggering 2.5 trillion to work in the markets.
0:10:00 > 0:10:02Good morning, William. We didn't win, huh?
0:10:02 > 0:10:04We didn't win, ma'am. Maybe tomorrow I'll have a ticket for you.
0:10:04 > 0:10:07- All right. We'll split it. - Have a great day.
0:10:09 > 0:10:12I'm one of five kids, four girls, and my mother,
0:10:12 > 0:10:14who didn't make her own money,
0:10:14 > 0:10:18pounded this lesson that you have to be financially independent.
0:10:18 > 0:10:22To me, money is power. It gives you some degree of control.
0:10:22 > 0:10:27It was absolutely important for me to make money and it's fun.
0:10:27 > 0:10:29How are you? Good.
0:10:29 > 0:10:34I think it's seen as more pure to not want to make money,
0:10:34 > 0:10:36and I think nobody looks at that
0:10:36 > 0:10:41ambition in a man as a negative thing.
0:10:41 > 0:10:43- Metropolitan. - Karen started her hedge fund,
0:10:43 > 0:10:47Metropolitan Capital Advisors, in 1992.
0:10:47 > 0:10:51Now the firm manages more than 200 million.
0:10:53 > 0:10:55Whether markets are rising or falling,
0:10:55 > 0:10:58hedge fund managers like Karen try to outsmart them,
0:10:58 > 0:11:01to generate high returns for their investors.
0:11:01 > 0:11:03Tracy. How we looking?
0:11:04 > 0:11:07She's what's known as a value investor.
0:11:07 > 0:11:08Often going against the herd,
0:11:08 > 0:11:12her strategy is to scout for shares in companies she believes
0:11:12 > 0:11:16are undervalued, in the hope of profiting over the longer term.
0:11:16 > 0:11:20We're looking to make a long bet - that's our bias.
0:11:20 > 0:11:23I'm an optimist by nature, so I always think if we pick right,
0:11:23 > 0:11:26things will go up.
0:11:26 > 0:11:28So I find it very difficult to react
0:11:28 > 0:11:31to market moves on any particular day.
0:11:31 > 0:11:33The idea that I'm going to get it right
0:11:33 > 0:11:35and sell at the top and buy at the bottom -
0:11:35 > 0:11:39I can almost guarantee you that I will not be able to do that.
0:11:41 > 0:11:44At T3 Trading Group, Scott doesn't play the long game.
0:11:44 > 0:11:46The market just opened.
0:11:46 > 0:11:47He's looking for instant profit -
0:11:47 > 0:11:50getting in and out of several trades on the same day.
0:11:52 > 0:11:53There goes Apple.
0:11:53 > 0:11:55Facebook's negative.
0:11:55 > 0:11:57LinkedIn's not doing much.
0:11:57 > 0:12:00Twitter seems like it has a little volume, but it's early.
0:12:00 > 0:12:02Scott's already got to grips with the latest news.
0:12:02 > 0:12:05As a trader, you have to know about what's going on
0:12:05 > 0:12:09and then see how it's going to affect your day-to-day.
0:12:09 > 0:12:12His analysis is telling him Twitter is about to go up -
0:12:12 > 0:12:15so he's just bought more shares.
0:12:15 > 0:12:18I added to Twitter through this price that I've been looking at -
0:12:18 > 0:12:19this 56 over here.
0:12:19 > 0:12:25But the market doesn't behave as expected - the price is going down.
0:12:26 > 0:12:28Twitter just fell 55 cents.
0:12:28 > 0:12:29That hurt.
0:12:31 > 0:12:32Within 60 seconds,
0:12:32 > 0:12:36Scott's trade in Twitter has cost him his average daily earnings -
0:12:36 > 0:12:382,000.
0:12:38 > 0:12:39That was horrendous.
0:12:39 > 0:12:42Oh, my goodness, Twitter's going to hurt.
0:12:42 > 0:12:44Sometimes everyone blames the market
0:12:44 > 0:12:47but if you have a bad day or a bad trade, it tells you right away.
0:12:47 > 0:12:50There's no-one to blame except yourself.
0:12:50 > 0:12:53There are some traders out there who punch a screen, break a keyboard
0:12:53 > 0:12:55and we have some of them in the firm.
0:12:55 > 0:12:59It's a process, everyone works on it.
0:12:59 > 0:13:0135 minutes after the market opened,
0:13:01 > 0:13:03Scott's looking to recoup his losses.
0:13:04 > 0:13:07Baidu's strong. Let's see if I can make another move there.
0:13:07 > 0:13:09He's just bought some shares in Baidu,
0:13:09 > 0:13:12the Chinese equivalent of Google.
0:13:12 > 0:13:14This one had good earnings and it seems like
0:13:14 > 0:13:16it's something that could go.
0:13:16 > 0:13:19Scott's right. Baidu's price is rising.
0:13:19 > 0:13:23Eager to make a profit, he quickly sells the shares he's just bought.
0:13:24 > 0:13:29That was a 500 trade in a three-minute time period,
0:13:29 > 0:13:33and with the way my day is shaping up,
0:13:33 > 0:13:36I just wanted to take some trades and let the day add up.
0:13:36 > 0:13:39That was a nice little tactic.
0:13:39 > 0:13:43But Baidu's price continues to rise and 20 minutes later,
0:13:43 > 0:13:47Scott's realises he could have made much more profit if he'd waited.
0:13:47 > 0:13:51Baidu's a monster. I got out of that too early. That was strong,
0:13:51 > 0:13:55I should have kept that one and that right there is frustrating.
0:13:55 > 0:13:56Little things hurt,
0:13:56 > 0:13:59so you got to make sure you stay positive
0:13:59 > 0:14:04so that those little things don't continue to cut you up.
0:14:04 > 0:14:06- PHONE RINGS - Metropolitan.
0:14:06 > 0:14:09- What did we buy 182?- 183.- 183?
0:14:09 > 0:14:12Although she keeps a close eye on the day-to-day value of shares
0:14:12 > 0:14:16she's invested in, with many millions of dollars at stake,
0:14:16 > 0:14:19Karen often has to hold her nerve.
0:14:19 > 0:14:21For her, it's all about the bigger picture.
0:14:21 > 0:14:23Ukraine is in upheaval right now.
0:14:23 > 0:14:27The US market is down 230 now, which is a meaningful move -
0:14:27 > 0:14:29fear in the marketplace.
0:14:29 > 0:14:33Our job is to determine is this really relevant to our companies,
0:14:33 > 0:14:35or is this noise?
0:14:35 > 0:14:40And we tend to think it's the latter, so it's difficult to lose money,
0:14:40 > 0:14:42which we will do, on a day like today.
0:14:42 > 0:14:45Yet, I don't think that the fundamental stories of
0:14:45 > 0:14:50any of our businesses have changed at all.
0:14:50 > 0:14:52FINANCIAL RADIO REPORT
0:14:52 > 0:14:55The rich rewards that come with successful trading make it
0:14:55 > 0:14:57an attractive prospect for many.
0:14:57 > 0:15:00In London, experienced traders
0:15:00 > 0:15:04Will and Piers use their knowledge to train other people.
0:15:04 > 0:15:07Today, ten new trainees are about to discover
0:15:07 > 0:15:10if they have what it takes to become traders.
0:15:10 > 0:15:11I set up a couple of companies.
0:15:11 > 0:15:13Got far too much money far too quickly
0:15:13 > 0:15:15and got involved in some rather stupid things
0:15:15 > 0:15:18and losing it all in spectacular fashion.
0:15:18 > 0:15:21Ben Marsh has paid to come on Amplify's four-month course
0:15:21 > 0:15:24to learn to trade with his own funds.
0:15:24 > 0:15:26Personal circumstances are also a reason I'm here
0:15:26 > 0:15:28because I've got married.
0:15:28 > 0:15:31And I've been able to live a pretty good life as a single guy,
0:15:31 > 0:15:34but suddenly if you're going to have a wife, family, kids,
0:15:34 > 0:15:37this will hopefully be an avenue for me
0:15:37 > 0:15:40to build a good environment for my family.
0:15:40 > 0:15:44Don't try and kid yourself that this isn't very difficult. It is.
0:15:44 > 0:15:50Can you be OK with the fact that losing money is part of the job?
0:15:50 > 0:15:52Will and Piers believe that most people find it far harder to
0:15:52 > 0:15:55acquire the psychological and emotional skills
0:15:55 > 0:15:58than to master the technicalities of trading.
0:15:58 > 0:16:02Sports psychology and trading psychology both need the
0:16:02 > 0:16:07individual to perform at the best of their ability,
0:16:07 > 0:16:09at the time that it matters.
0:16:09 > 0:16:14You can't retake a penalty against Germany in the World Cup.
0:16:14 > 0:16:18What makes a good trader is somebody who can manage risk
0:16:18 > 0:16:23and who can control their emotional state,
0:16:23 > 0:16:28so that their decision-making process remains clear and logical.
0:16:28 > 0:16:31Ade Maradesa has just finished a master's degree in business
0:16:31 > 0:16:34and wants a career in investment banking.
0:16:34 > 0:16:37When people say money's not important or money doesn't count,
0:16:37 > 0:16:39it's because you have loads of it.
0:16:39 > 0:16:42Making money and being able to do the things
0:16:42 > 0:16:45you want to do in life is very, very important for me.
0:16:48 > 0:16:52The journey the trainees are about to embark is something
0:16:52 > 0:16:55Will and Piers understand only too well.
0:16:55 > 0:16:57They cut their teeth as young traders in the boom years
0:16:57 > 0:17:02of the mid-noughties working on a large trading floor in Canary Wharf.
0:17:02 > 0:17:05Canary Wharf has great memories for us.
0:17:05 > 0:17:07That period of time was almost too good to be true.
0:17:07 > 0:17:12In January 2005, Piers made his best-ever trade when rumours
0:17:12 > 0:17:16about an earthquake in America set off a huge market reaction.
0:17:16 > 0:17:20The German bond markets began pricing this in very, very rapidly
0:17:20 > 0:17:23as a major situation.
0:17:23 > 0:17:26We were able to take advantage of the short-term inefficiency
0:17:26 > 0:17:28in the market's behaviour.
0:17:28 > 0:17:30The profit was 120,000 euros
0:17:30 > 0:17:33and I think I finished work that day at 9am.
0:17:33 > 0:17:36But I guess once you have a big trade like that,
0:17:36 > 0:17:38it's very important, psychologically,
0:17:38 > 0:17:40to perhaps just sit back.
0:17:40 > 0:17:44You're so euphoric that if you try and carry on you'll tend to
0:17:44 > 0:17:48give back a lot of the profit that you've already generated.
0:17:48 > 0:17:51They may have made big profits, but they also made big losses.
0:17:51 > 0:17:54We started at the same time - I was doing very well
0:17:54 > 0:17:55so I was allowed to risk a lot.
0:17:55 > 0:17:58However, this was after a number of months of stellar performance,
0:17:58 > 0:18:01then two days poor performance, and so mentally,
0:18:01 > 0:18:03I was in a situation where I wanted to make back,
0:18:03 > 0:18:06which is exactly what you shouldn't do.
0:18:06 > 0:18:09I kept on trying the same strategy which wasn't working -
0:18:09 > 0:18:12it wasn't working and I kept on trying it.
0:18:12 > 0:18:14So the risk manager came over to my desk,
0:18:14 > 0:18:17turned everything off, "Come into my office."
0:18:17 > 0:18:19- BOTH:- The walk of shame.
0:18:19 > 0:18:22He sits me down and he goes,
0:18:22 > 0:18:26"Disappointing doesn't cover it. Get out."
0:18:26 > 0:18:29I tell you what, your ego takes a big, big hit.
0:18:29 > 0:18:35And probably rightly so, actually, cos as soon as you start thinking,
0:18:35 > 0:18:38"Right, I can just make this back and push this market around,"
0:18:38 > 0:18:41then you learn a lesson every now and then.
0:18:41 > 0:18:44Back at Amplify's offices, the trainees are about to
0:18:44 > 0:18:47experience those high and lows of trading for the first time.
0:18:47 > 0:18:50OK, guys. Some important economic data coming.
0:18:50 > 0:18:53They're trading real markets, in real-time,
0:18:53 > 0:18:55the only thing that's not real is the money.
0:18:55 > 0:19:00You have one number to listen to - I want to see you reacting,
0:19:00 > 0:19:03OK? That's the job.
0:19:03 > 0:19:07'215,000, that's higher than expected.'
0:19:07 > 0:19:11We can't tell before someone starts how their inner character is going
0:19:11 > 0:19:13to display themselves on the market
0:19:13 > 0:19:16in a period of total uncertainty and risk.
0:19:16 > 0:19:19There's nothing more uncertain than the markets.
0:19:19 > 0:19:21Will is able to monitor the trainees' every move
0:19:21 > 0:19:24and can assess how well or badly they've traded.
0:19:25 > 0:19:26First up is Ben.
0:19:26 > 0:19:29For a new trader, this can be quite common.
0:19:29 > 0:19:31Every time there's movement, they're selling,
0:19:31 > 0:19:33buying, selling buying, and that's something
0:19:33 > 0:19:36you get out of with the more experience you get.
0:19:36 > 0:19:40When you first sit in front of the screen it's a bewildering
0:19:40 > 0:19:43series of charts, and arrows and things flashing at you,
0:19:43 > 0:19:46telling you stuff. At the moment it's almost all luck.
0:19:46 > 0:19:48It's very, very demanding.
0:19:48 > 0:19:51This is the first time I'm trading and I'm just beginning to
0:19:51 > 0:19:54get to know the concept.
0:19:54 > 0:19:57But right now this is all foreign to me.
0:19:57 > 0:19:59It's definitely been a difficult day for Ade.
0:19:59 > 0:20:02He's been buying whilst the market's been moving lower.
0:20:02 > 0:20:04He's just been the wrong way round all day.
0:20:04 > 0:20:07When they get halfway through the course, any of the trainees
0:20:07 > 0:20:12who are doing well will move up to trading with Amplify's real money.
0:20:12 > 0:20:13I'm really pleased that you got to
0:20:13 > 0:20:16see how the market can change so violently.
0:20:16 > 0:20:19It makes you realise that anything can happen at any time.
0:20:19 > 0:20:20OK, good.
0:20:22 > 0:20:25They'll go through cycles of confidence,
0:20:25 > 0:20:28a feeling of ability and then they'll have a bad experience
0:20:28 > 0:20:31and that's when the real test of the mettle comes.
0:20:36 > 0:20:40- PHONE RINGS - Metropolitan.
0:20:40 > 0:20:43For Karen, the performance of a hedge fund is personal.
0:20:43 > 0:20:48Like many managers in the industry, she's staked her own money on it.
0:20:48 > 0:20:49I'm a big investor here,
0:20:49 > 0:20:53so I know what it feels like to lose money and that's bad.
0:20:53 > 0:20:57But the feeling of losing money for someone else is far worse.
0:20:58 > 0:21:02There's something about failing them, something about not being
0:21:02 > 0:21:09able to deliver, even in the short term, that's very painful, stressful.
0:21:09 > 0:21:12But work's certainly not the only stress in Karen's life.
0:21:12 > 0:21:15DOG BARKS
0:21:15 > 0:21:16Oh, you're big and strong!
0:21:16 > 0:21:18'I don't know how we ended up with a dog.'
0:21:18 > 0:21:21My kids were just begging and begging me and I really held
0:21:21 > 0:21:26the line for a long time and then we just we just caved.
0:21:26 > 0:21:27I mean, he's adorable, we love him,
0:21:27 > 0:21:30but, oh, my God, what a pain in the ass, you know.
0:21:32 > 0:21:36'Just scheduling Jessie alone is really a lot.'
0:21:36 > 0:21:38I think he needs a haircut, Kate.
0:21:38 > 0:21:39To help run life at home,
0:21:39 > 0:21:43Karen has a dog walker and a housekeeper.
0:21:43 > 0:21:45Having not one but two sets of twins,
0:21:45 > 0:21:50she also has an assistant who helps manage the children's schedules.
0:21:50 > 0:21:55So this is the motherboard. Each child has a different colour coding.
0:21:55 > 0:21:59It's a bit of complicated life, but I can't imagine any other way.
0:21:59 > 0:22:03I don't know what it's like to have one child at a time, that's something
0:22:03 > 0:22:08I've never experienced, so I just feel this is how people have kids.
0:22:08 > 0:22:09Jessie, come here!
0:22:09 > 0:22:11Karen's Park Avenue apartment is also
0:22:11 > 0:22:15a haven from the pressures of a demanding career and family life.
0:22:15 > 0:22:20So this is the living room. This space really right here,
0:22:20 > 0:22:21the gallery and this room,
0:22:21 > 0:22:25this is why I fell in love with the apartment, this is why I bought it.
0:22:25 > 0:22:31I'm happy to just sit and read, it's very calming.
0:22:31 > 0:22:34Often in New York it's very cramped and you don't have the feeling
0:22:34 > 0:22:35of a lot of space.
0:22:35 > 0:22:39That's why we love this apartment - it has the feeling of a lot of space.
0:22:39 > 0:22:42Despite the luxury her success affords her family,
0:22:42 > 0:22:46Karen likes to keep her children firmly grounded.
0:22:46 > 0:22:51My husband likes to tell them, "Mommy and I have enough money,
0:22:51 > 0:22:55"you guys have to go out in the world and make your own."
0:22:55 > 0:23:00The idea that they can do nothing, that's absolutely not allowed.
0:23:03 > 0:23:06Hey! Look who it is!
0:23:06 > 0:23:08What kind of medal did you get?
0:23:08 > 0:23:11Scott's also very aware of the impact trading can
0:23:11 > 0:23:13have on family life.
0:23:13 > 0:23:16- I lost by one point. - That's OK. Did you hustle?
0:23:16 > 0:23:17Yes, I did.
0:23:17 > 0:23:20I try and switch off from the markets when I get home,
0:23:20 > 0:23:22but you always have a thought in the back of your head,
0:23:22 > 0:23:24"What's going on in the markets?
0:23:24 > 0:23:26"How are my positions going to do the next day?"
0:23:26 > 0:23:33So it's easy to get caught up in that so I try not to...but it's hard.
0:23:33 > 0:23:35Scott is convinced his discipline as a trader is
0:23:35 > 0:23:38boosted by his passion for endurance sports.
0:23:38 > 0:23:39He's done more than 30 triathlons
0:23:39 > 0:23:43and two Ironman contests - one of the toughest races on the planet.
0:23:45 > 0:23:47I think there's a lot of similarities between
0:23:47 > 0:23:48high-performance sports and trading.
0:23:48 > 0:23:51When you're out in the race, it's you versus you -
0:23:51 > 0:23:53your system, your process.
0:23:53 > 0:23:56And the same way in trading, you're in control of your day.
0:23:56 > 0:23:58It's really all about you putting yourself
0:23:58 > 0:24:00in a position to succeed on your game plan.
0:24:00 > 0:24:04FINANCIAL RADIO REPORTS
0:24:08 > 0:24:11The trainees in London are nearly a month into their course,
0:24:11 > 0:24:13and Piers is assessing their performance.
0:24:13 > 0:24:16Ben's managed to make a profit.
0:24:16 > 0:24:21So far, so good, really. Could be beginner's luck.
0:24:21 > 0:24:23I mean, the amount I've made is tiny.
0:24:23 > 0:24:26Like yesterday, I struggled very hard all day to make princely
0:24:26 > 0:24:28sum of 12.50,
0:24:28 > 0:24:32but it had taken such determination to get to that point.
0:24:32 > 0:24:35Carlos Matos, a digital consultant looking for a career change,
0:24:35 > 0:24:37has caught Piers' eye.
0:24:37 > 0:24:40He's been particularly active in the markets
0:24:40 > 0:24:42and could be getting into risky habits.
0:24:42 > 0:24:46So, Carlos, the trading machine,
0:24:46 > 0:24:52who must have repetitive strain injury in his right index finger.
0:24:52 > 0:24:56So this is his big problem - severe overtrading.
0:24:56 > 0:25:00Ade appears to have the opposite problem.
0:25:00 > 0:25:04Last week, Ade made one trade in the whole week.
0:25:04 > 0:25:06One single trade,
0:25:06 > 0:25:10and, therefore, isn't learning.
0:25:10 > 0:25:13But it's hard for these guys to take risk that naturally they're
0:25:13 > 0:25:15uncomfortable with.
0:25:16 > 0:25:19But it's only going to get harder.
0:25:19 > 0:25:20Today, the trainees will have to
0:25:20 > 0:25:23react to news from the Federal Reserve -
0:25:23 > 0:25:25one of the biggest announcements of the month.
0:25:25 > 0:25:28Good afternoon...
0:25:28 > 0:25:32Let's review the upcoming big event.
0:25:32 > 0:25:36The big question is whether the Fed will reduce, or taper, the billions
0:25:36 > 0:25:41of dollars it's spending each month on stimulating the American economy.
0:25:41 > 0:25:43No matter what happens today,
0:25:43 > 0:25:46you're going to get some decent market reaction.
0:25:46 > 0:25:48The market thinks no taper today.
0:25:48 > 0:25:50Ten seconds...
0:25:50 > 0:25:53Don't feel you have to jump in and you have to trade,
0:25:53 > 0:25:55it might be quite chaotic.
0:25:55 > 0:26:01If you lose control of your risk you will be chewed up and spat out.
0:26:01 > 0:26:04Good luck.
0:26:04 > 0:26:07'The Fed has tapered a 10 billion taper...'
0:26:07 > 0:26:09OK, guys, that was a 10 billion taper.
0:26:09 > 0:26:12This is more tapering than the market has expected,
0:26:12 > 0:26:14so just be careful, you can see how much noise there is.
0:26:14 > 0:26:16This is crazy.
0:26:17 > 0:26:19A second announcement,
0:26:19 > 0:26:23saying that interest rates will stay low, is causing even more confusion.
0:26:23 > 0:26:25Bottom line, the Fed have surprised us,
0:26:25 > 0:26:28They're saying that the economy's very strong,
0:26:28 > 0:26:31but on the other hand they're saying we're still concerned
0:26:31 > 0:26:34about the fragility of that recovery,
0:26:34 > 0:26:37so we're going to keep interest rates very low for longer -
0:26:37 > 0:26:40two contradictory things happening at the same time.
0:26:40 > 0:26:44And what you get with that is market chaos.
0:26:44 > 0:26:47And it's very hard to trade chaos.
0:26:47 > 0:26:50But "trading machine" Carlos hasn't been able to resist jumping in.
0:26:50 > 0:26:55I did a quick one, like a sell/buy, five seconds.
0:26:55 > 0:26:58Well, pretty dangerous on the risk/reward
0:26:58 > 0:27:01because if you didn't get the buy after the sell,
0:27:01 > 0:27:04you could have got hit by quite a large amount.
0:27:04 > 0:27:06Will has been monitoring the trainees
0:27:06 > 0:27:08and their progress is a pleasant surprise.
0:27:09 > 0:27:11No-one's had a car crash.
0:27:11 > 0:27:13The fact that you keep on being taught dogma -
0:27:13 > 0:27:15discipline, discipline, discipline -
0:27:15 > 0:27:17has done you well.
0:27:17 > 0:27:22I was up 625 and very quickly lost 287 in the euro
0:27:22 > 0:27:24but luckily, the S&P was much better
0:27:24 > 0:27:26than the euro was bad, so a good day.
0:27:26 > 0:27:29I did something I'll probably never do again.
0:27:29 > 0:27:32I just sold and bought again after a few seconds
0:27:32 > 0:27:36and I made a profit of 275.
0:27:36 > 0:27:39It's a very risky move and I just did it today
0:27:39 > 0:27:41because it's the end of the month
0:27:41 > 0:27:43and I just wanted to have this thrill.
0:27:45 > 0:27:47Although the trainees have had a good day
0:27:47 > 0:27:49with their simulated money,
0:27:49 > 0:27:52Amplify's professional traders haven't fared so well.
0:27:52 > 0:27:53The more experienced guys
0:27:53 > 0:27:57had actually lost their discipline more than you.
0:27:57 > 0:28:00The more experienced guys had traded with too much confidence
0:28:00 > 0:28:02when the market was uncertain.
0:28:02 > 0:28:04In the end, we lost money as a firm.
0:28:04 > 0:28:07Some of our guys had their worst day for months,
0:28:07 > 0:28:09Some have lost profit they've been building
0:28:09 > 0:28:11over the course of the last week
0:28:11 > 0:28:13that has gone in 30 minutes.
0:28:13 > 0:28:17But the trainees had their best day of the training course so far,
0:28:17 > 0:28:20so...go figure.
0:28:24 > 0:28:26At the end of his first month,
0:28:26 > 0:28:29Ben's feeling chipper about his progress.
0:28:29 > 0:28:31So far, I've loved every moment of it.
0:28:31 > 0:28:35You know, I've found something that you can earn a living from.
0:28:35 > 0:28:39It's a challenge cos it's so bloody difficult to nail it.
0:28:39 > 0:28:41Ben has recently got married to Francoise,
0:28:41 > 0:28:44who's been on the receiving end of his venture into trading.
0:28:45 > 0:28:47He always talks about the same.
0:28:47 > 0:28:51He has become grumpier, but since I told him,
0:28:51 > 0:28:54he's put some effort into not being too grumpy.
0:28:54 > 0:28:56It's very much an internal process
0:28:56 > 0:29:00and it's not particularly easy to explain.
0:29:00 > 0:29:03When you do it at home, I will understand better, I guess.
0:29:03 > 0:29:07Yes, the strangled sounds of shouting coming from the study.
0:29:07 > 0:29:08SHE LAUGHS
0:29:10 > 0:29:12With the prospect of starting a family,
0:29:12 > 0:29:13after finishing the course,
0:29:13 > 0:29:16Ben hopes to trade his own money from home.
0:29:16 > 0:29:19Until you find something that really motivates you,
0:29:19 > 0:29:21you're not going to fully engage.
0:29:21 > 0:29:23This is something I can fully engage in,
0:29:23 > 0:29:28partly because it's so difficult, partly because it never lets up.
0:29:28 > 0:29:30You have to be on your game all the time.
0:29:33 > 0:29:35Usually the first thing in the morning,
0:29:35 > 0:29:38I will grab my phone and kind of take a look at where the market is.
0:29:38 > 0:29:40As a commodities broker,
0:29:40 > 0:29:43Virginia McGathey is always plugged into the markets
0:29:43 > 0:29:46and the news that influences them 24/7.
0:29:46 > 0:29:47The problems happening in the Ukraine,
0:29:47 > 0:29:51the weather issues in South America, Australia, China...
0:29:51 > 0:29:53All of these markets are open round the clock
0:29:53 > 0:29:55so when we wake up in the morning,
0:29:55 > 0:29:58all that information just comes flooding over.
0:29:58 > 0:30:01So wheat's down seven cents, corn's down one and a half,
0:30:01 > 0:30:03soybeans down two...
0:30:03 > 0:30:04I need to buy four.
0:30:04 > 0:30:05As well as acting for clients,
0:30:05 > 0:30:08Virginia sometimes trades for herself.
0:30:08 > 0:30:10Thanks, Randy. OK, bye.
0:30:10 > 0:30:12Yay!
0:30:12 > 0:30:13That's good.
0:30:13 > 0:30:17She's just made a profit on wheat before she's even left for work.
0:30:17 > 0:30:21That's about 1,700 - that's a good morning.
0:30:21 > 0:30:25The true currency of the world is number one, water,
0:30:25 > 0:30:27number two, food and number three, energy.
0:30:27 > 0:30:29Being in the commodity market,
0:30:29 > 0:30:32I really have my thumb on the pulse of the world.
0:30:32 > 0:30:36Today, the grain market could be particularly volatile.
0:30:36 > 0:30:39The US government is due to release its monthly crop report,
0:30:39 > 0:30:43which will reveal the total supply of staples like wheat.
0:30:43 > 0:30:46This is really important to all the investors, farmers,
0:30:46 > 0:30:49anybody that has anything to do with the grain market.
0:30:49 > 0:30:51If the crops are hurting
0:30:51 > 0:30:54or if the drought weather is really affecting the market,
0:30:54 > 0:30:57that's really what's going to dictate what's going to happen.
0:30:57 > 0:30:59It's a true supply and demand situation
0:30:59 > 0:31:01and that will dictate the prices
0:31:01 > 0:31:03and believe me, there's going to be a number of people
0:31:03 > 0:31:07that are going to be betting whether the market's going to go up or down.
0:31:13 > 0:31:17Bob Lassandrello has worked at the Board of Trade for 35 years.
0:31:17 > 0:31:20You go to the place, you make something out of nothing every day,
0:31:20 > 0:31:25it's, er...you know, it's a dynamic, really challenging place to be.
0:31:27 > 0:31:30He trades futures in cattle.
0:31:30 > 0:31:34There's so much ego and so much personal identity involved
0:31:34 > 0:31:35in being a trader -
0:31:35 > 0:31:38it's about money, but it's about everything else too.
0:31:40 > 0:31:42Bob's what's known as a "market maker" -
0:31:42 > 0:31:43taking the other side of a trade
0:31:43 > 0:31:47when buyers and sellers want to get in or out of the market.
0:31:47 > 0:31:52He does this with his own money - a high-risk strategy.
0:31:52 > 0:31:54When you're right and the market's going your way,
0:31:54 > 0:31:55you get a real buzz.
0:31:55 > 0:31:57It's an excellent feeling.
0:31:57 > 0:31:59Hey, Kevin, did you get the 4-45?
0:31:59 > 0:32:01Is it addictive? Oh, hell, yes.
0:32:01 > 0:32:04Oh, yeah - anybody that tells you that it's not
0:32:04 > 0:32:06would be...not being truthful.
0:32:06 > 0:32:08What, want me to come down and fill them out for you, too?
0:32:08 > 0:32:10'I did trade a lot for better for worse.'
0:32:10 > 0:32:12It was...I had a little bit of a trading problem.
0:32:12 > 0:32:14- INTERVIEWER:- A trading problem?
0:32:14 > 0:32:16I'm kidding - it's...like, an addiction,
0:32:16 > 0:32:18I traded...I traded a lot of contracts.
0:32:18 > 0:32:20But as a young person coming up in this industry,
0:32:20 > 0:32:22it was definitely a problem.
0:32:22 > 0:32:27You have to transition from the super-high energy thing
0:32:27 > 0:32:29to just, "OK, now go home
0:32:29 > 0:32:31"and...change the baby diapers", or whatever.
0:32:31 > 0:32:33Caused some issues throughout my life -
0:32:33 > 0:32:35thankfully, I'm still married to the same woman after 36 years
0:32:35 > 0:32:37so that's, er...a good thing.
0:32:37 > 0:32:39I don't know how common that is.
0:32:39 > 0:32:44I want to sell the May 15 950 calls and buy the 650 puts.
0:32:44 > 0:32:46CLAMOUR AND SHOUTING
0:32:46 > 0:32:49At 11 o'clock, the Government crop report numbers
0:32:49 > 0:32:51will reveal whether there's a surplus or shortage
0:32:51 > 0:32:54of wheat, corn and soya beans.
0:32:55 > 0:32:56This report is going to go out,
0:32:56 > 0:32:59all the trading desks are going to be taking a look
0:32:59 > 0:33:00at what their position is.
0:33:00 > 0:33:02Hi, this is Randy over in wheat.
0:33:06 > 0:33:08There's less wheat than expected.
0:33:09 > 0:33:11Being scarcer, the price should rise.
0:33:11 > 0:33:13But there seem to be more sellers than buyers,
0:33:13 > 0:33:15so it's actually falling.
0:33:16 > 0:33:19Trading for herself, Virginia spots an opportunity.
0:33:19 > 0:33:22Buy four wheat, buy four wheat.
0:33:22 > 0:33:25Betting that the price will rise due to the shortfall,
0:33:25 > 0:33:26she buys wheat.
0:33:27 > 0:33:29But with other positions she has open,
0:33:29 > 0:33:32there's confusion about what she's sold, or is short,
0:33:32 > 0:33:34and what she's bought, or is long.
0:33:34 > 0:33:36How many am I long?
0:33:36 > 0:33:38CLAMOUR AND SHOUTING
0:33:38 > 0:33:40Just look on the book, look on the book.
0:33:40 > 0:33:42It's not coming up, Ginny, that's what I'm telling you.
0:33:42 > 0:33:45'It's very easy to make a mistake and when market's moving very fast,
0:33:45 > 0:33:48'there's big risk on the table,
0:33:48 > 0:33:51'the mistake could be tens of thousands of dollars.'
0:33:51 > 0:33:55Oh, you couldn't see the average, I see, I see. That's OK.
0:33:55 > 0:33:59It's now been 15 minutes since Virginia bought.
0:33:59 > 0:34:00- 28 a quarter.- Sell four.
0:34:02 > 0:34:04As she predicted, the wheat price has rallied
0:34:04 > 0:34:06and she's sold at a profit.
0:34:06 > 0:34:09So, look where we bought, and sold those up there.
0:34:09 > 0:34:10Nice job.
0:34:10 > 0:34:11Spectacular work.
0:34:11 > 0:34:13Thank you.
0:34:13 > 0:34:15'I had a very good day today.'
0:34:15 > 0:34:184,200 - so, it's not too bad,
0:34:18 > 0:34:22I mean, I know the value of a dollar, I can appreciate it.
0:34:22 > 0:34:25That helps towards a nice dinner tonight, for sure.
0:34:26 > 0:34:30'You've been listening to morning reports on 5 Live, it's 5.30.'
0:34:30 > 0:34:33'There's been panic on the stock markets this morning...'
0:34:33 > 0:34:36It's the start of month two for the Amplify trainees.
0:34:36 > 0:34:39Ben, who was doing well until now,
0:34:39 > 0:34:42has seen his profits take a sudden dip.
0:34:42 > 0:34:44When it's at its best, it's a bit like playing tennis
0:34:44 > 0:34:47or playing piano - you don't notice you're doing it.
0:34:47 > 0:34:50It's when it's going crap that you have to think about it a lot
0:34:50 > 0:34:52and you're aware of everything you're doing.
0:34:52 > 0:34:55It's almost as if you're operating through a filter of incompetence
0:34:55 > 0:34:56and mishap.
0:34:56 > 0:34:59Although they're still not trading with real money, this month,
0:34:59 > 0:35:03the trainees will be assessed on their profits at every stage.
0:35:03 > 0:35:07Those who do well will move up to trading with the company's funds.
0:35:07 > 0:35:11The most important factor of this next step is psychological
0:35:11 > 0:35:16and the feeling of being incorrect or losing money is exaggerated,
0:35:16 > 0:35:20it's much higher than when it was just in the training room.
0:35:20 > 0:35:23There's a chance for Ben to improve his performance this morning
0:35:23 > 0:35:25with the release of American oil figures.
0:35:26 > 0:35:28The market's just dropped by 50 cents.
0:35:28 > 0:35:31The price of crude oil is plummeting.
0:35:31 > 0:35:33It's a great opportunity to short it -
0:35:33 > 0:35:36to sell it and then buy it back at a lower price.
0:35:36 > 0:35:39But the trainees need to react quickly.
0:35:39 > 0:35:42A lot of them are going short now, which is too late.
0:35:42 > 0:35:44They've seen the market react,
0:35:44 > 0:35:46but weren't able to commit to the trade,
0:35:46 > 0:35:47they weren't confident enough.
0:35:47 > 0:35:50That's Ben, selling right at the very bottom.
0:35:50 > 0:35:54So Ben's lost 100 simulated dollars.
0:35:54 > 0:35:58He will know what he's done wrong but it didn't stop him doing it.
0:35:58 > 0:36:00The other trainees are struggling too.
0:36:00 > 0:36:02Kieran, an accountancy graduate,
0:36:02 > 0:36:05hasn't reacted quickly enough either.
0:36:05 > 0:36:07It's a little bit of a slow reaction.
0:36:07 > 0:36:11That's about ten seconds, which isn't particularly fast.
0:36:11 > 0:36:14- INTERVIEWER:- That's not fast? - No, that's not fast.
0:36:14 > 0:36:18You're competing against everyone else in the world that's hearing this news.
0:36:18 > 0:36:19And, actually, in these markets now,
0:36:19 > 0:36:22you're also competing against machines and algorithms.
0:36:22 > 0:36:24So, yeah, you do need to be fast.
0:36:24 > 0:36:26It's the end of the trading session
0:36:26 > 0:36:30and Ben's kicking himself over his earlier mistake.
0:36:30 > 0:36:33I went in very aggressively, but I got caught -
0:36:33 > 0:36:36lost 100 bucks very quickly, which is a painful thing.
0:36:39 > 0:36:44It is brutal, how financial markets can grind you down.
0:36:44 > 0:36:46It's quite a vicious circle -
0:36:46 > 0:36:48once you're in that confidence crisis,
0:36:48 > 0:36:54it's very difficult to reverse it and come out positively.
0:36:54 > 0:36:56It does test you all the time -
0:36:56 > 0:36:58you are just there before whatever the market throws at you.
0:36:58 > 0:37:01And if you make a mistake, you cannot hide from it.
0:37:01 > 0:37:04Nearly 25 years ago, while in his 20s,
0:37:04 > 0:37:07Ben made the biggest mistake of his life
0:37:07 > 0:37:09and paid for it with a prison sentence.
0:37:09 > 0:37:12- REPORTER:- Two clever young men from the finest backgrounds...
0:37:12 > 0:37:14After graduating, Ben went into business
0:37:14 > 0:37:17with old Etonian Darius Guppy.
0:37:17 > 0:37:20Guppy was best man at the wedding of the Princess of Wales' brother,
0:37:20 > 0:37:22now Earl Spencer.
0:37:22 > 0:37:24Marsh and Guppy had it all - social status,
0:37:24 > 0:37:26brilliant academic careers at Oxford,
0:37:26 > 0:37:28the directorships of a gem dealing company
0:37:28 > 0:37:29in London's Jermyn Street.
0:37:29 > 0:37:32When their business ran into trouble,
0:37:32 > 0:37:34they embarked on a reckless plan.
0:37:34 > 0:37:37In New York, they nearly pulled off the perfect crime.
0:37:37 > 0:37:39They told police they'd been robbed of their collection
0:37:39 > 0:37:42of sapphires, emeralds and rubies at gunpoint.
0:37:42 > 0:37:45Insurers paid out £1.8 million.
0:37:45 > 0:37:48But the fraud was later uncovered.
0:37:48 > 0:37:51Of course it was the wrong thing to do - wrong, stupid,
0:37:51 > 0:37:53when you're squatting on a bucket in Brixton,
0:37:53 > 0:37:55and you've had a good start in life
0:37:55 > 0:37:58and you've ended up, you know, minus your freedom,
0:37:58 > 0:38:02you think, "Maybe I've made some fairly moronic life choices here."
0:38:02 > 0:38:06And it's only by looking at yourself and seeing what you've done wrong
0:38:06 > 0:38:08that you can actually then move forward
0:38:08 > 0:38:10and learn lessons in life.
0:38:10 > 0:38:13Luckily, I've had 20 years of making the right choices
0:38:13 > 0:38:16and I have a very clear idea of what a risk-reward is.
0:38:16 > 0:38:19And that, for what I'm doing now, is a useful lesson
0:38:19 > 0:38:23because every decision I make is my choice
0:38:23 > 0:38:25and I stand or fall by it in the markets.
0:38:30 > 0:38:33In New York, hedge fund manager Karen Finerman
0:38:33 > 0:38:35also manages to squeeze in twice weekly appearances
0:38:35 > 0:38:38on one of America's most-watched business programmes.
0:38:40 > 0:38:43So can you see the transformation taking place? It's magic.
0:38:43 > 0:38:45SHE LAUGHS
0:38:45 > 0:38:47When we first started the show,
0:38:47 > 0:38:50I would have to leave before 4 o'clock
0:38:50 > 0:38:54and I found that to be an unacceptable trade off -
0:38:54 > 0:38:58I manage money, I want to be here and doing that
0:38:58 > 0:38:59until the market's closed.
0:38:59 > 0:39:02286...
0:39:02 > 0:39:04Straight after the 4pm close,
0:39:04 > 0:39:06Karen dashes to the studio in Times Square
0:39:06 > 0:39:08to record Fast Money,
0:39:08 > 0:39:11joining a panel of savvy professional traders.
0:39:11 > 0:39:13- Look at you. - And look at you!
0:39:13 > 0:39:14SHE LAUGHS
0:39:14 > 0:39:17Fast Money starts right now, live from Nasdaq Market Side
0:39:17 > 0:39:18in New York City's Times Square.
0:39:18 > 0:39:21I'm Melissa Lee. Our traders tonight are Tim Seymour, Brian Kelly,
0:39:21 > 0:39:23Karen Finerman and Guy Adami.
0:39:23 > 0:39:25Fears that the crisis in Ukraine
0:39:25 > 0:39:26is weighing heavily on US investors
0:39:26 > 0:39:28as Russian troops go into Crimea...
0:39:28 > 0:39:31And Karen, you're taking a look at potential nat-gas disruptions.
0:39:31 > 0:39:34Right - really, the one trade we made on Ukraine getting worse
0:39:34 > 0:39:37is if there was disruption to natural gas...
0:39:37 > 0:39:42'You really can never fully be away from the weight'
0:39:42 > 0:39:47of performance and how the portfolio is positioned.
0:39:47 > 0:39:48There is always a measurement.
0:39:48 > 0:39:51There's always somebody way smarter than you out there,
0:39:51 > 0:39:52way better.
0:39:52 > 0:39:55But trading performance isn't always about smart instincts
0:39:55 > 0:39:58and well-informed opinions -
0:39:58 > 0:40:01sometimes, it's about speed.
0:40:01 > 0:40:04One of the fastest and most prolific traders on the planet
0:40:04 > 0:40:06is Remco Lenterman.
0:40:07 > 0:40:10Trading at the speed of light, his company, based in Amsterdam,
0:40:10 > 0:40:15does more than 100 billion worth of business every day.
0:40:15 > 0:40:19Maybe five years ago, our markets were measured in the milliseconds,
0:40:19 > 0:40:21that's a thousandth of a second.
0:40:21 > 0:40:25Today, most of the large exchanges in the world are transacting
0:40:25 > 0:40:28in matters of microseconds
0:40:28 > 0:40:31and microseconds is one millionth of a second.
0:40:33 > 0:40:36He's part of a controversial and highly secretive industry
0:40:36 > 0:40:38usually closed to the outside world.
0:40:38 > 0:40:41But convinced of the value he brings to markets,
0:40:41 > 0:40:43Remco's prepared to open his doors.
0:40:45 > 0:40:51IMC Financial Markets trades on more than 100 exchanges around the world.
0:40:53 > 0:40:55But it's not the humans doing the trading here -
0:40:55 > 0:40:56it's the machines.
0:40:56 > 0:40:571-2 billion.
0:40:57 > 0:40:59That's aggressive.
0:40:59 > 0:41:03High frequency trading uses sophisticated algorithms
0:41:03 > 0:41:05and ultra-high speed networks
0:41:05 > 0:41:08to buy and sell millions of times a day.
0:41:11 > 0:41:13Remco's traders are a new breed -
0:41:13 > 0:41:17more likely to be science, engineering or maths graduates.
0:41:17 > 0:41:24Just like a pilot will do in a plane, our traders manage the autopilot.
0:41:24 > 0:41:26So they manage the algorithms,
0:41:26 > 0:41:29they tweak the settings continuously,
0:41:29 > 0:41:32they'll check if there is something happening
0:41:32 > 0:41:36that the algorithm may not be able to deal with in a correct manner,
0:41:36 > 0:41:37but they manage the process.
0:41:39 > 0:41:43IMC uses these algorithms to make markets,
0:41:43 > 0:41:46offering a buy or sell price on millions of trades,
0:41:46 > 0:41:49from each of which it takes a tiny sliver of profit.
0:41:51 > 0:41:53This ensures liquidity,
0:41:53 > 0:41:56so that buyers and sellers can get in or out of the market at any time
0:41:56 > 0:42:00because there's always someone to complete the other side of a trade.
0:42:01 > 0:42:04If I'm making a market on ten different exchanges,
0:42:04 > 0:42:07I'm sending out 40,000 prices.
0:42:07 > 0:42:09And each time there is a change in the market,
0:42:09 > 0:42:14all these prices need to change and they need to change very quickly.
0:42:14 > 0:42:16There's no way a human being can do that.
0:42:16 > 0:42:20The Dutch are always very early adopters of technologies
0:42:20 > 0:42:23and they also have a healthy appreciation
0:42:23 > 0:42:26that when there is a paradigm shift in a market,
0:42:26 > 0:42:28you need to adapt yourself to it.
0:42:30 > 0:42:33After more than 35 years of trading futures in the pit,
0:42:33 > 0:42:35Bob's considering his own future.
0:42:37 > 0:42:4295% of all trade coming through Chicago is now done electronically,
0:42:42 > 0:42:45which has drastically reduced business on the floor.
0:42:45 > 0:42:50I trade today, on a busy day, maybe 400-500 contracts a day.
0:42:50 > 0:42:54When I was busy during the old days, I would trade 5,000 contracts a day.
0:42:54 > 0:42:59So now I make 10% of what I made five years or ago or whatever.
0:42:59 > 0:43:02Bob now spends most of his time in front of the computer.
0:43:02 > 0:43:05Even when the market moves a lot it's just pretty frigging boring,
0:43:05 > 0:43:07I'm just not that interested.
0:43:07 > 0:43:10It doesn't play well into what my strengths are as a trader
0:43:10 > 0:43:12and that's kind of reading people, I guess, fundamentally,
0:43:12 > 0:43:14when it comes down to it.
0:43:14 > 0:43:16Did you know that there's a high correlation
0:43:16 > 0:43:17between consumption of cheese
0:43:17 > 0:43:21and the number of people who die after getting tangled in bed sheets?
0:43:21 > 0:43:23For us old pit guys, this is kind of funny.
0:43:23 > 0:43:25ALL SHOUT
0:43:25 > 0:43:27'In the pit, it is kind of like a giant poker game.
0:43:27 > 0:43:29'You can see the fear in that guy's eyes,
0:43:29 > 0:43:31'or you can hear the change in that guy's voice.'
0:43:31 > 0:43:33Hang on, I'll be right there...
0:43:33 > 0:43:37'You sort of knew which brokers or traders were representing themselves,
0:43:37 > 0:43:40'which ones were representing speculators or funds,
0:43:40 > 0:43:43'so as a result you kind of knew what they might be doing.'
0:43:45 > 0:43:48Traders now need very different skills.
0:43:48 > 0:43:50Electronic markets are bigger and faster,
0:43:50 > 0:43:52and the ever-accelerating speed of transactions
0:43:52 > 0:43:55has attracted the attention of regulators
0:43:55 > 0:43:59concerned about transparency and instability in financial markets.
0:44:00 > 0:44:04In this facility we'll have about 200 or so servers,
0:44:04 > 0:44:08and you'll see that they all have names,
0:44:08 > 0:44:12just like a farmer will give their cows names
0:44:12 > 0:44:15so that we know that when Smaak fails,
0:44:15 > 0:44:17we know that's the one we need to replace.
0:44:17 > 0:44:20I think that there is an industry of critics
0:44:20 > 0:44:22that want to believe that there's a whole bunch of people
0:44:22 > 0:44:25in the financial industry that are providing zero value.
0:44:25 > 0:44:28We do millions of transactions every day.
0:44:28 > 0:44:31If I switch my machines off tomorrow
0:44:31 > 0:44:34then everybody that did business with me today
0:44:34 > 0:44:38will get, potentially, a worse price
0:44:38 > 0:44:40than they would have otherwise gotten.
0:44:42 > 0:44:445 on 50!
0:44:44 > 0:44:4690 on 20!
0:44:46 > 0:44:49Having placed his trades for the day on the computer,
0:44:49 > 0:44:52Bob now ventures into the pit for the last half hour of trading.
0:44:52 > 0:44:55It's the only time when there's still enough business
0:44:55 > 0:44:56to make it worth his while.
0:44:56 > 0:44:5810 on 200, in case you want to get out of them.
0:44:58 > 0:45:0010 on 300!
0:45:00 > 0:45:01HE CHUCKLES
0:45:01 > 0:45:04Most trades are done in the final minute,
0:45:04 > 0:45:06as traders try to get in and out of positions
0:45:06 > 0:45:09before the closing price is set for the day.
0:45:09 > 0:45:11Buy 'em, buy 'em, buy 'em...
0:45:11 > 0:45:13ALL SHOUT
0:45:16 > 0:45:20Buy 'em! Buy 'em! What the fuck?!
0:45:20 > 0:45:2290 bid!
0:45:26 > 0:45:29Bob thinks he's just missed out on a profitable trade
0:45:29 > 0:45:31because of a misunderstanding about price.
0:45:31 > 0:45:34No, no, no.
0:45:34 > 0:45:3780 bid! 80 bid!
0:45:40 > 0:45:41- Geoff, what did we do?- Just hang on.
0:45:41 > 0:45:45'When there was more trade in the pit it didn't feel quite as significant.
0:45:45 > 0:45:49'But people are really scrambling, and there is an element of panic
0:45:49 > 0:45:52'because if you miss this trade that's it.'
0:45:52 > 0:45:54- Did I get anything over there? - It goes back to Steve.
0:45:54 > 0:45:56Having lost out in the pit,
0:45:56 > 0:45:58Bob now checks the closing price
0:45:58 > 0:46:01to see how the trades he placed in the office have done.
0:46:01 > 0:46:04Where did it settle at, 27?
0:46:04 > 0:46:0532, it settled at?
0:46:05 > 0:46:06Fuck, we should have been selling these...
0:46:06 > 0:46:09Bob's strategy for the day has been wrong.
0:46:09 > 0:46:11The market has moved in the opposite direction
0:46:11 > 0:46:14and he's bought when he should have sold.
0:46:14 > 0:46:18I'm a fucking idiot. It's fucking brutal, pardon my...
0:46:18 > 0:46:20So, what you going to do?
0:46:20 > 0:46:21There's always tomorrow.
0:46:23 > 0:46:27Bob's computer trades have cost him an entire week's earnings.
0:46:27 > 0:46:31All the profits I had up to this point were gone after today's close.
0:46:31 > 0:46:33I'm not happy, but it's not going to ruin my day.
0:46:33 > 0:46:36If you can't deal with it then you're in the wrong business.
0:46:36 > 0:46:39I had this little thing when I was trading a lot,
0:46:39 > 0:46:41and I would have, like, a relatively bad day,
0:46:41 > 0:46:42I would go buy something.
0:46:42 > 0:46:45Just something that was not super extravagant,
0:46:45 > 0:46:47but at least it kind of reminded me that I wasn't broke
0:46:47 > 0:46:50and I wasn't as big of an idiot as I felt like
0:46:50 > 0:46:51after I walked off the trading floor.
0:46:51 > 0:46:53For me, bad days were very emotional,
0:46:53 > 0:46:56I assume they are for other guys too, and I'm not really sure why.
0:46:56 > 0:46:58It feels very personal when you lose money.
0:47:00 > 0:47:03It's crunch time for the Amplify trainees.
0:47:03 > 0:47:06Today they will be told who gets the opportunity
0:47:06 > 0:47:09to trade with the company's money.
0:47:09 > 0:47:10Ade's still not trading enough
0:47:10 > 0:47:13for Piers and Will to assess him properly.
0:47:13 > 0:47:15They think he's still scared of risk
0:47:15 > 0:47:18and they're trying an exercise to force him to confront his fear.
0:47:18 > 0:47:20Ade, when you have traded it's been good.
0:47:20 > 0:47:23But it's still only one trade a day.
0:47:23 > 0:47:25You've got seven different assets to choose from -
0:47:25 > 0:47:27if I haven't seen you get in a position,
0:47:27 > 0:47:30then I'm going to come over and get you in a position,
0:47:30 > 0:47:32and in a larger size.
0:47:36 > 0:47:40Will and Piers now have to apply their own risk management skills
0:47:40 > 0:47:44in deciding who to back on the live market with their own money.
0:47:44 > 0:47:46# Catch a falling star... #
0:47:46 > 0:47:48- OK.- Yeah.- So...
0:47:48 > 0:47:51If you speak to Ben he will say to you with a very straight face,
0:47:51 > 0:47:54"I am not an emotional trader, it doesn't affect me,
0:47:54 > 0:47:56"I have a very calm approach to my decisions,"
0:47:56 > 0:48:00when actually he is one of the most emotional traders I know,
0:48:00 > 0:48:02- because he's so competitive.- Yeah.
0:48:02 > 0:48:04He's going to find that a struggle.
0:48:04 > 0:48:06- Let's move on to...- Ade.
0:48:06 > 0:48:09Still with a very good attitude, but painfully cautious.
0:48:09 > 0:48:12We had a good chat, and he said, "I understand things now,
0:48:12 > 0:48:15"I'm really going to start to push it out". He hasn't.
0:48:15 > 0:48:19Ade has been forced into a large trade on the German share index,
0:48:19 > 0:48:23the DAX - the most unpredictable and tricky to trade.
0:48:23 > 0:48:26He's sitting on his biggest ever loss.
0:48:26 > 0:48:293,587.
0:48:29 > 0:48:33It's been really, really, really emotionally draining.
0:48:33 > 0:48:35OK, Carlos.
0:48:35 > 0:48:38He's trading nine markets at the same time, there.
0:48:38 > 0:48:40- Yeah.- I mean, that's impossible.
0:48:40 > 0:48:42I couldn't do that.
0:48:42 > 0:48:46- He has no fear.- But I think in the long run he's benefitted
0:48:46 > 0:48:49from the fact that he's been very active, in that he's learnt a lot.
0:48:50 > 0:48:53While Will and Piers have been deciding who to back
0:48:53 > 0:48:57with their money, Ade's spent nearly five hours in his losing DAX trade.
0:48:58 > 0:49:02We forced him into this to really open his eyes a little bit.
0:49:02 > 0:49:04He's recovering some of the loss now -
0:49:04 > 0:49:08he's 2,500 euros down now rather than 3.
0:49:08 > 0:49:09But he's not enjoying it.
0:49:09 > 0:49:12What happened today with that DAX position -
0:49:12 > 0:49:15do you think that has opened your eyes a little bit,
0:49:15 > 0:49:21or do you think that's made you more fearful of having trades on
0:49:21 > 0:49:23in volatile markets?
0:49:23 > 0:49:24It goes either way.
0:49:24 > 0:49:26Yeah, well, this is what I'm worried about,
0:49:26 > 0:49:30cos at the moment - like, last week you traded once all week.
0:49:30 > 0:49:34It's not enough for us to put you on the live market.
0:49:34 > 0:49:38- You need more exposure to trades. - Yeah, definitely.
0:49:38 > 0:49:40- Yeah?- Mm.- OK.
0:49:42 > 0:49:45So, here's what's going to happen. Next week you're going live.
0:49:45 > 0:49:47- Right!- OK?- OK.
0:49:48 > 0:49:51But...
0:49:51 > 0:49:53narrow down the markets you're looking at.
0:49:55 > 0:49:58Very good month one, bit of a dip in month two,
0:49:58 > 0:50:00but you've come back, and I think...
0:50:00 > 0:50:03I think you're ready for the live market.
0:50:03 > 0:50:06- Lovely. - And we will kick on from here.
0:50:06 > 0:50:08I shall make us both some money.
0:50:08 > 0:50:10- There we are.- Deal.- Good plan.
0:50:10 > 0:50:12- All right. Good stuff. - Thank you very much indeed.
0:50:14 > 0:50:16The successful trainees are a step closer
0:50:16 > 0:50:18to joining the ranks
0:50:18 > 0:50:21of one of the most financially rewarding professions in the world.
0:50:25 > 0:50:27As well as her many other commitments,
0:50:27 > 0:50:30Karen's also on the board of a major charitable foundation.
0:50:30 > 0:50:3136?
0:50:33 > 0:50:36She's on her way to one of its biggest fund raising nights,
0:50:36 > 0:50:39which attracts plenty of Wall Street movers and shakers.
0:50:39 > 0:50:44So tonight is the Michael J Fox poker event.
0:50:44 > 0:50:46Not really understanding the game well enough,
0:50:46 > 0:50:49I don't know how to play, and I don't want to lose money.
0:50:49 > 0:50:50If it's for charity, OK, I'll lose money.
0:50:53 > 0:50:56After he was diagnosed with Parkinson's at the age of 30,
0:50:56 > 0:50:59actor Michael J Fox set up a foundation
0:50:59 > 0:51:01to find a cure for the disease.
0:51:01 > 0:51:06So far it has funded 450 million worth of research.
0:51:06 > 0:51:10You get much more satisfaction out of philanthropy
0:51:10 > 0:51:15than buying something, and the Michael Fox Foundation,
0:51:15 > 0:51:17I think, does it in a very smart way.
0:51:17 > 0:51:21It is very businesslike, it's very scientific.
0:51:21 > 0:51:24They want to find a cure and go out of business.
0:51:24 > 0:51:27Like any good gamblers, we hedge our bets by plying you with alcohol,
0:51:27 > 0:51:28- so... - LAUGHTER
0:51:28 > 0:51:31Have fun everybody, good luck, let's deal...
0:51:31 > 0:51:32All right, here we go!
0:51:33 > 0:51:35Definitely a big Wall Street crowd.
0:51:35 > 0:51:38You know, there's sort of an intellectual element to poker
0:51:38 > 0:51:41that I think is appealing to a lot of Wall Streeters,
0:51:41 > 0:51:43mostly hedge fund guys.
0:51:43 > 0:51:45Oh, wow.
0:51:45 > 0:51:47Just like trading,
0:51:47 > 0:51:50poker is a contest of skill, risk and reward.
0:51:50 > 0:51:54Reading the odds and your opponent are crucial to success.
0:51:54 > 0:51:56- He has an ace.- He has what? - He has an ace.
0:51:56 > 0:51:58And you know that why?
0:51:58 > 0:52:00This guy has...
0:52:00 > 0:52:03'The guy who is sitting to my left...'
0:52:03 > 0:52:05he's actually been fairly helpful.
0:52:05 > 0:52:08But I got him snowed - he thinks I don't know what I'm doing.
0:52:08 > 0:52:10Didn't I fold already?
0:52:10 > 0:52:12- Fold in two.- OK.
0:52:12 > 0:52:15The tournament winner was Karen's poker buddy,
0:52:15 > 0:52:17hedge funder Justin Lepone.
0:52:19 > 0:52:22The night raised more than half a million dollars.
0:52:26 > 0:52:28VIDEO PLAYS
0:52:28 > 0:52:33At Amplify, six of the ten trainees have been launched onto the markets
0:52:33 > 0:52:34with real money.
0:52:34 > 0:52:36I feel more relaxed with it being real money.
0:52:36 > 0:52:39I actually found the idea of getting uptight about a concept
0:52:39 > 0:52:43curiously uptight-making - which sounds bizarre.
0:52:43 > 0:52:47I'm happier to have something concrete and real.
0:52:48 > 0:52:52Ben has performed so well that the size of his trades has been doubled.
0:52:54 > 0:52:59Still uncomfortable with risk, Ade has not progressed to trading live.
0:52:59 > 0:53:04He's decided to call it a day, and that his career lies elsewhere.
0:53:04 > 0:53:07The trading in itself was becoming very, very difficult,
0:53:07 > 0:53:12and I just thought, "You know what? I've had enough, I should move on."
0:53:12 > 0:53:15It gets pretty tough pretty quickly.
0:53:15 > 0:53:17Financial markets don't take any prisoners,
0:53:17 > 0:53:21so if you're not 100% ready then there's no point.
0:53:24 > 0:53:28- Can I get a black Americano, please? - Of course you can, young man.
0:53:28 > 0:53:31There was concern that an overactive Carlos might be a risk
0:53:31 > 0:53:33when trading with Amplify's funds.
0:53:33 > 0:53:36But instead, he froze.
0:53:36 > 0:53:40He morphed into a completely different individual.
0:53:40 > 0:53:44Carlos, as many do, fell over
0:53:44 > 0:53:48just purely for the psychological pressures of dealing with real risk
0:53:48 > 0:53:50rather than simulated risk.
0:53:50 > 0:53:54- Thank you very much, Maria. - You're welcome.- Cheers.
0:53:54 > 0:53:57I lost the first trade I did with their cash.
0:53:57 > 0:53:59I lost 40, and it hurt me like it was like 40,000.
0:53:59 > 0:54:01I was really struggling
0:54:01 > 0:54:04with the thought of trading with someone else's cash.
0:54:04 > 0:54:07Preferring to take the risk on himself,
0:54:07 > 0:54:10Carlos has now switched to trading his own funds,
0:54:10 > 0:54:13which has brought about a further transformation.
0:54:13 > 0:54:18The first day of this change Carlos had his best ever day.
0:54:18 > 0:54:23He made well over 500 - in fact, that week was his best ever week,
0:54:23 > 0:54:26so it's amazing what that can do.
0:54:26 > 0:54:30I feel more empowered by using my own funds.
0:54:32 > 0:54:35I think I can do it - but you cannot just come to the office
0:54:35 > 0:54:38and just click on a button. This is a long-term game.
0:54:46 > 0:54:49DRILL WHIRS
0:54:49 > 0:54:52Monday night, you should have these stairs completely framed.
0:54:52 > 0:54:55During his 35 years as a Chicago pit trader,
0:54:55 > 0:54:59Bob has had to adapt to massive changes in the markets.
0:55:00 > 0:55:03Now he's planning a future away from the floor.
0:55:03 > 0:55:07He's investing 2.5 million into turning a former car workshop
0:55:07 > 0:55:08into a microbrewery.
0:55:09 > 0:55:12Starting as a trader at such an early age,
0:55:12 > 0:55:17you end up really depending on your ability see problems and solve them,
0:55:17 > 0:55:20so the idea that this as a project would be beyond me
0:55:20 > 0:55:21never occurred to me,
0:55:21 > 0:55:25and I also think that once you get to a position
0:55:25 > 0:55:28where you are a little more comfortable with risk
0:55:28 > 0:55:30on a personal level,
0:55:30 > 0:55:34the idea of risks aren't as scary.
0:55:34 > 0:55:36I've traded for so long,
0:55:36 > 0:55:40I've reached a point in my life where I think I'm ready to stop.
0:55:40 > 0:55:44I sound like a heroin addict, but I do have a lot riding on this.
0:55:44 > 0:55:48I have a lot of money bet on this and I hope this is busy enough
0:55:48 > 0:55:51and successful enough that I won't have the time or energy to trade.
0:55:55 > 0:55:58Everyone, take a spot. You can come on in.
0:55:58 > 0:56:00Everyone, you can take a seat and eat inside.
0:56:00 > 0:56:02After 30 years on the floor,
0:56:02 > 0:56:05Virginia too is thinking about moving on.
0:56:05 > 0:56:07So there are four generations here today
0:56:07 > 0:56:09to honour my mother on Mother's Day.
0:56:09 > 0:56:14We're here at the yacht club trying to enjoy a nice afternoon lunch.
0:56:14 > 0:56:17No fewer than 12 McGatheys have worked for the family firm,
0:56:17 > 0:56:20including many of Virginia's nieces and nephews.
0:56:20 > 0:56:24What we've learned most in my family is we know how to make things happen
0:56:24 > 0:56:26because of being there.
0:56:26 > 0:56:28My grandma calls it shifting - you have to shift,
0:56:28 > 0:56:33and it's the Board of Trade culture, it has shaped us all.
0:56:35 > 0:56:38With trade moving away from the floor,
0:56:38 > 0:56:40Virginia's planning to use her skills
0:56:40 > 0:56:43to start a new family business in renewable energy.
0:56:45 > 0:56:50Energy is a commodity, it's a consumable good and I know that,
0:56:50 > 0:56:52I know that business, I know that industry
0:56:52 > 0:56:55and everyone, I think, in the end
0:56:55 > 0:56:57looks to find a way to be significant.
0:56:57 > 0:56:59McGathey, whoo!
0:56:59 > 0:57:02NEWS REPORTERS: 'New figures show Britain's services sector...'
0:57:02 > 0:57:04'There's been panic on the stock markets this morning,
0:57:04 > 0:57:07- 'with shares dropping...' - After four months of training,
0:57:07 > 0:57:10Ben finally feels ready to trade with his own money from home.
0:57:10 > 0:57:12BELL RINGS
0:57:12 > 0:57:16- Today, his new equipment is arriving.- Hello?
0:57:16 > 0:57:19All right, brilliant, coming down. Thanks a lot. Cheers.
0:57:21 > 0:57:24'Very excited, yeah. This has always been the end goal.
0:57:24 > 0:57:28'Today, a gleaming four-screen system will be arriving.'
0:57:28 > 0:57:29Hi, there, how are you doing?
0:57:29 > 0:57:31'I am looking forward to it
0:57:31 > 0:57:34'and now it's with my own money, so it's even more important.'
0:57:34 > 0:57:36He has been dreaming of it
0:57:36 > 0:57:39and I'm glad he finally found the right thing to do.
0:57:39 > 0:57:42Fairly straightforward-looking diagram.
0:57:42 > 0:57:46'I always expected myself to do well and then you allow yourself
0:57:46 > 0:57:50'to get a bit cocky and that's when you get bitten.
0:57:50 > 0:57:51'It's a game of emotion
0:57:51 > 0:57:55'and it's going to take me a long time to get really good at it.'
0:57:57 > 0:57:58And voila.
0:57:58 > 0:58:02- The wings of financial opportunity. - Ah, it's funny, huh?
0:58:02 > 0:58:04- Cool.- Yeah, that's exciting.
0:58:05 > 0:58:07And hopefully it's going to be fruitful.
0:58:07 > 0:58:12There, in front of me on the desk, is my future, and I can't wait.
0:58:12 > 0:58:14MUSIC: I Need A Dollar by Aloe Blacc
0:58:17 > 0:58:21Next time, the digital revolution that has enabled anyone
0:58:21 > 0:58:22to join the trading elite,
0:58:22 > 0:58:24by playing the markets from home.
0:58:24 > 0:58:28You can either look like a trader or actually be one.
0:58:28 > 0:58:31But can they really beat the pros at their own game?
0:58:31 > 0:58:34My account value is 1.6 million.
0:58:34 > 0:58:37I can't believe how easy it is to make money
0:58:38 > 0:58:40# I need a dollar, dollar
0:58:40 > 0:58:43# Dollar, that's what I need, hey, hey
0:58:43 > 0:58:45# Well, I need a dollar, dollar
0:58:45 > 0:58:48# Dollar, that's what I need, hey, hey
0:58:48 > 0:58:50# Said I need a dollar, dollar
0:58:50 > 0:58:52# Dollar, that's what I need
0:58:52 > 0:58:55# And if I share with you my story
0:58:55 > 0:58:58# Would you share your dollar with me?
0:58:58 > 0:59:00# Bad times are coming
0:59:00 > 0:59:04# And I reap what I don't sow, hey, hey
0:59:04 > 0:59:07# Well, let me tell you something - all that glitters ain't gold... #