Career in Forex: Sharp Analytical mind required
If you choose to take it up, career in Forex exchange market- might well prove to be a rewarding profession for you. There are many peoples who want to play in forex market a little, with their own funds. Becoming a career making forex trader in earnest takes a different sort of talent.
Forex trader considers the factors that influence rates of exchange and foreign economics before making his trade, and takes advantages of any miscalculations in the current rates of currencies by purchasing and selling in different markets. Making rapid decision is also necessary, greatest perception and best contacts are in a better position certainly but only that is not enough sometimes. Forex trader is involved in work often riskier and of a greater magnitude than most traders in analogous positions in other markets, forex trader have to manage an account, have to look financial reports, newspaper reports and press releases from different countries in the world. As much as 80% of trader’s working day, he spends time on his phone and computer, building up contacts and exploiting them to make rapid decisions involving significant amount of money. One thing a forex trader needs in abundance is confidence that millions of dollars often depends on the decision made in a second, if you hesitate, might miss chance to take a great profit. Also have to keep in mind that, a hasty decision can also lose you millions of dollars. You can earn unimaginable amounts of money, but you also can lose everything you chanced.
Forex trader requires a sharply analytic mind even more than confidence, those split second decisions can only be made on the basis of a lifetime’s training. So degrees in various fields are useful for the forex market, those with training or background in scientific or technical analysis will find they have an edge over those not similarly equipped. An accounting degree is also useful after all; the forex trader has to keep track of profit and losses throughout the day, and must maintain a running tally of what cash he has on hand, and what he has invested. Forex traders often specialize early in their careers, keeping close watch on the economic condition of any one country or related group of countries and following the fate of a single currency. This is perhaps a smart move for a beginner, since keeping track of several currencies, and the fate of the nations using them, can often take too great a toll on even the most efficient forex trader. For nations that are politically unstable, keeping tabs on news of unrest and war is also wise, since a sudden plunge in the price of the currency can result due to these complications.
The work of the forex trader is often grueling, and can take a large portion of the day. Managers in office often keep their trading centers open throughout the day, since the trading markets in various countries open and close at different times. While individual traders usually work in shifts, staying in the office inly while the market they are interested is open, a sudden emergency might haul them back into the office long after their shifts are over.
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Last edited by 5starsfxltd; 12-06-2015 at 05:34 AM.
Well I think I tried your stuff with Hotforex, it works but later I moved on fundamental trading cuz "guess rate" is higher there if you can interpret news correctly.
I would say and this is only a personal opinion, a sharp analytic mind is an added plus, that may result to better profit, but a basic analytic mind does have its own uses, meaning even if one only knows the basic it can suffice as a jump start to do better in the future in this field.
Yeah you need to be very sharp in making decisions as there are many aspects of trading that has to be considered for placing trades.
I think those who are willing to build career in forex trading should note that trading is an art and it could be learn through practice with the passage of time, so traders with normal minds also become good at calculations and analysis after joining forex trading.
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That is very true. In forex trading you honestly don't know where the market will go next but the good thing about this is you can learn to anticipate what direction the market will go. You can learn how to use the tools of forex like the Fibonacci and the trend lines. learning from only the best like the Chief himself. This is truly a God send.
Yea its true you have to be very active and look for different aspects that influence the market at the same time.
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