Foreign exchange is another word for currencies, and the task of a foreign exchange trader is to buy or sell foreign currencies for their clients. A foreign exchange trader basically works like any other trader on the stock exchange; they monitor fluctuations in interest rates and exchange rates in forex trading and try to achieve the greatest possible profit for their clients. Foreign exchange traders work freelance for their clients, but they can also be employed by a bank. In this position, foreign exchange traders try to make profits for the bank on the stock exchange and secure these profits.
Forex trading – Is there any training?
There is no apprenticeship for a foreign exchange trader; anyone interested in the stock market business or forex trading can work as a foreign exchange trader. However, anyone who wants a permanent position at a bank should be a trained banker or have completed a degree in business administration or finance. In principle, anyone who has completed a solid banking apprenticeship or a successful degree can also earn good money as a foreign exchange trader. A foreign exchange trader should be familiar with the world of the securities market, because they must be able to analyze the market, make recommendations, and decide when a purchase is worthwhile or not at any time.
How much can a foreign exchange trader earn?
The earnings of a foreign exchange trader always depend on whether they work independently or as an employee. Traders in the forex market who work independently usually receive a commission, and it is up to the trader themselves how much they earn. If the trades in forex trading are successful, the commission is high, but if the trader miscalculates, it can happen that they get nothing at all. Foreign exchange traders who are employed earn between 2,700 and 5,400 euros depending on their age and professional experience, with more being earned in large cities like Vienna, Graz, or Salzburg than in smaller towns.
A profession built on trust
Working as a forex trader is always a position of trust, after all it can involve a lot of money. Foreign currencies are often subject to very strong fluctuations. A layperson cannot quickly enough tell which direction an exchange rate is moving, but a forex trader knows when to buy and when to sell. For his clients or for the bank he independently executes transactions and must always follow the instructions of his principals, for example regarding financial limits. Today's forex traders can be found on the internet, and they conduct their transactions either by phone or directly on the exchange.
