Forex currency trading started in Amsterdam 500 years ago. Since then, the forex market has grown to be the biggest financial market in the world.
Currency trading has come a long way to where investors and forex brokers can conduct transactions online. Globex was the first company in 1992 to offer online brokerage services.
If you like to help crunch the numbers, anticipate market trends, and have the personality traits suited for the job, you may want to become a currency trader.
What Are the Job Tasks For a Currency Trader?
A currency trader is a broker zeroes in on the trends in the foreign exchange market. You will help investors to convert their current currency into another and manage a portfolio of different currencies and positions at any given time.
Typically, a currency trading firm will handle accounts for multiple clients, both retail and institutional.
Your daily job tasks will include:
- Reassuring that the trader gets the most profitable currency conversion.
- Follow trading regulations so it’s done legally and soundly for the firm and more importantly for the client.
- Continually watching and reading the news so you know how the market is affecting the foreign currency exchange market; this is the key to professionally discussing options with your clients, especially when they meet you with many questions as to why value changed on a currency conversion.
- Keep a close relationship with other brokers.
- Meet your transaction quotas.
You can choose to be a full-time or part-time trader at a currency trading firm depending on your income desires and how interested you are in the industry.
Personality Traits To Have
The top 3 personality traits to have as a currency trader is:
- Precision: Each transaction has to be conducted precisely so that it’s done correctly the first time.
- Always willing to seek information: Knowing about market trends will help you to better serve your clients.
- Data analyst: If you can crunch the numbers and understand data, analyzing it will enhance your success as a currency trader.
What Is A Normal Work Day Like As A Currency Trader?
You can work any time of the day as a currency trader. Since currency trading is open 24 hours per day, five days a week, you could work a morning, afternoon, evening, or graveyard shift depending upon how your firm schedules your work hours and what availability you give them.
For more flexibility, your firm could allow you to work as a home-based trader, especially if the main physical areas of currency trading activity, often capital cities, are far away from your residence.
Final Thoughts About Currency Trading as a Career
Most of your days will be spent keeping up with nationwide and world news while analyzing the foreign exchange markets in order to achieve a career in currency trading. If you like to keep up with the news and find joy in anticipating market trades, becoming a currency trader could be the right career for you.