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What is a currency trader,xforex review,foreign currency market hours,mt4 brokers - Good Point>

Something that I find funny is that a lot of people are currency traders and don’t even know it. If you don’t know what a currency trader is, then allow me the opportunity to explain. A currency trader, also known as a foreign exchange trader and forex trader, is a person who participates currency trading, which is the buying and selling various currency future contracts or physical currency banknotes on the foreign exchange market.
The primary objective of a currency trader is to make a profit based on shifting currency price valuations.
If a currency trader wishes to buy and sell currency banknotes, then one can go to a currency exchange counter (also known as an currency exchange desk) to accomplish physical currency trades. If you sell a product domestically and you want to start selling your product in a country that uses another currency, then you would have to exchange your currency banknotes for the currency banknotes that is used in the country you want to do business in. Now that you have a better understanding of what a currency trader is and it sounds interesting to you, you should look into electronic currency trading.
Before you get too excited about the impressive income you can make as a foreign exchange trader, consider the lifestyle required of those who make their living trading currencies. SalaryCompensation consists of a base salary plus a bonus based on your years of trading at your firm and the trading profits you made during the bonus period.
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Hopefully, after reading this page, you will be part of the relatively small group of people who have an understanding as to what a currency trader is and what one does. However, sometimes currency traders just execute transactions to aid in buy and selling of goods and services internationally (international trade) and isn’t primarily trying to make a profit on the transaction itself.
As the currency that was brought becomes more valuable against the currency that was sold, the currency trader makes a profit. If the currency that was brought by a currency trader starts losing value against the currency that was sold, the currency trader would lose money or experience a deficit.
As I mentioned earlier, currency traders who perform currency exchanges with physical banknotes, usually do so to help them do business internationally. A first-year trader can expect an annual base of slightly more than $64,000 with a bonus that brings total compensation to approximately $85,000. Currency trading centers include New York, Hong Kong and London, with major trading firms located in other cities and significant futures trading taking place in Chicago.
Then there is a chance that you’ve participated in similar activities that currency traders regularly participate in. Whenever an electronic transaction takes place, usually no currency banknotes are purchased and sold, but rather currency future contracts. If you sell goods and services and you are considering selling your goods and services to a country that uses a different currency, you should research an over the counter currency exchange desk.

If you don't have the educational credentials but can point to years of experience and a verifiable record of outstanding trading performance, you are also qualified.
Those contracts are maintained by the broker used by the currency trader to execute the transaction and usually are never seen by the currency trader. Friday evening, New York time, and every trading desk you are likely to work on has work shifts trading constantly. Although currency trading doesn't require securities licenses, many firms require that you pass the Series 3 National Commodity Futures Examination, 7 General Securities Representative and 63 Uniform Securities Agent State Law Examination given by the Financial Industry Regulatory Authority.
Experienced traders at a major trading house can make base salaries of approximately $100,000 to $120,000, with bonuses bringing them to $150,000 to $250,000 or higher in total compensation. One constant about work hours in this field is that 12 hours on the trading desk is not unusual.

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08.08.2014 | Author: admin

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