Forex trading is a profession with feet where you jumped your 24 hours daily life day new forex alert around the globe five and one half days per week. The merchant market forex / currency begins from the start is where Tokyo trading Monday around 9am their time is 7 PM on Sunday in New York and ends around 16 pm (est) Friday in New York.
In the past I was an expert forex traders in terms of four major currencies operating in a small shop currency trading company in San Francisco. I still remember the working hours was almost 16 hours per week where you only got few hours of sleep each day. We specialized in private investors' funds and managing those funds were in high pressure and stress are the reasons that the private investors will call you anytime to check their forex trading forex positions and account balances. The payout was high but the working hour was dreadful.
After few years of trading and managing clients' funds, I was promoted to head the marketing department of the company and my function is to draw in new customers' funds for the company. Training and motivating the forex brokers and traders was one part of the job description, the challenging part is to maintain them. Since the job required the individual to be high in stress tolerance, and to be able to commit long working hours, the forex brokers turn over is extremely high even though the payout is good.
Let me clarify the difference between individual forex brokers, forex traders and currency traders. All of these three professions have the same job descriptions except forex brokers spend more time in communicating and dealing with investors whereas forex traders and currency traders spend most of their time monitoring the global foreign exchange market. To be more specify, all of them are individuals who manage clients' funds in the currency market using their expertise and knowledge. A forex broker can share with a client where the forex trader the broker brings in the funds and the trader manages the funds.
As for qualifications, a candidate needs to have a tertiary education preferably majoring in business finance or marketing. Once hire, forex trader has to go through long hours of training where the trainee will be assigned to a senior trader to assist him in daily trading activities. It will take the trainee at least six months to have a good fee l of the market and small funds will be allocated to the trainee to manage. Off course there will be a base salary and bonus which is depending on individual performance. Most companies, banks and financial institutions have their own pay compensation scheme. The negative aspect of forex trader's profession is that he could face penalty deduction in such as bonuses or even get sack if they do not meet the performance standard requirement for the company, which inevitable to keep the treasury department in good performance.
With the current global financial meltdown, this profession may be sluggish as banks and financial institutions are cutting back in hiring. Looking back, it has been more than 17 years since I was once a forex trader and I have no regret to be one as it is my passion to deal with investors as well as the gigantic forex market. Even though I went through sleepness tiring days and nights, the unforgettable experience was wonderful and electrify ing just to add in some spices to my journey of my career life.
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