If jobs websites send you regular e-mails, you probably periodically receive inducements to sign up for courses supposedly to train you in Forex, or Foreign Exchange, trading. They assure you of the vast earning potential, and how anybody can do it, in the hope that, starry-eyes, you'll whip out your credit card.
Well, freelance traders do exist, and some of them make truly enormous incomes. But that's because they've been working like dogs for years and have an awful lot of experience. An inexperienced freelance trader finds success about as frequently as a rocking horse excretes.
A Forex trader buys and sells currency, usually on behalf of a bank's clients. When you walk into Thomas Cook to change your pounds into Euros or Dollars, Thomas Cook has to obtain those foreign banknotes from somewhere - they're not circulated by the Bank of England, like pound notes are. Those foreign banknotes are bought on the currency markets by a Forex dealer in Thomas Cook's bank.
The key to a successful trade is predicting how the value of the tradable currencies will fluctuate. Observing the currencies' movements throughout the day, and staying abreast of the economic and geo-political events that influence them is crucial. Therefore, an interest in current affairs is a fundamental requirement. Guessing wrongly, and therefore losing huge amounts of money, is a part of the job. It's a test of the dealer's character, and the first big loss is often what makes new traders realise that it's not for them.
The profession appeals strongly to men. Women traders do exist, but are few and far between. Almost all jobs are in London, and are not usually advertised. Apply speculatively to the trading banks, and try to network. It may be a good idea to ask your university careers office if they hold the contact details of former graduates who work in currency trading.
A good business, science or maths-based degree is usually required as a minimum. A foreign language will probably be useful. Some sort of experience gained through holiday work or an internship will do no harm, but a lot of traders were laid off in 2008, so expect strong competition from people with experience and a track record.
Article Source: http://EzineArticles.com
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