An Average Day of a Forex Trader
What it's like to live with charts
There are some things that people do as their main source of income that require a much less structured life than otherwise working in a traditional working environment while yielding much higher revenue. Day trading is one such thing. It has become an extremely popular affair all across the world due to technology development and modernization of financial systems across the world. The popularity and accessibility of modern computers in everyday normal households are one of the main reasons why this is such a popular thing to do.
The foreign exchange market has been operational for a very long time. However, during the whole 20th century it was only big financial institutions like banks and their affiliates were able to utilize this system. Not only that but exchanges, in general, were not accessible to average Joes and Janettes like me and you. In 2005 everything changed though. With the development of platforms like MetaTrader 4 and subsequently MetaTrader 5 things became that much easier.
The idea is that now, all you need to start trading is to have a personal computer, tablet, or even a smartphone. The applications are provided by different brokers that give access to these different exchanges. While there is a multitude of different marketplaces like crypto exchanges, stocks, commodities, bonds, the most popular out of all is still a foreign exchange market (FX, Forex). This is due to the fact that the whole process is that much more financially available to most of the people across the world. The trading happens much like everywhere else where the trader just buys a certain asset or currency pair in this case (USD/EUR, EUR/GBP, JPY/USD) and tries to predict if the value is going to be increasing or not during the next couple of minutes, hours, days, or even weeks. It depends. However, day traders are people who open their position and close it at the end of the day trying to gain as much revenue as possible from selling whatever they bought. More than usually they are accompanied by a broker company that helps them make all of these deals. In the IQ Option review, it is well stated that a broker is a companion that keeps with you during both ups and downs of the career. However, obviously it requires you to make a wise choice of this companion since there are a number of scam companies trying to just waste people’s money that they deposit and just get their interest cut from the deposit.
It may seem like a beautiful life is associated with quite a lot of stress but they still provide means to an end for a lot of people. First of all, it is extremely hard to even get even when trading and requires major insight into the strings of the market as well as a dash of luck to make successful trades and most of all make it a full-time job. So let’s see how a day in the life of a forex broker goes on an everyday basis.
Being free from the constraints of an employer is something a lot of us the desire and this is actually one of the ways of truly being a free man. These people sometimes hold day jobs at that but not so demanding ones which allow them to keep track of the situation on the market.
Morning - Rise and Shine Freeman
Funnily enough, a lot of things are dependent on the geographical location of your livelihood. The thing is that trading can be a very early morning adventure or allow a person to sleep as much as they wish before they seal their deals. One way or another FX is open 23 hours, five and a half days a week which gives your schedule that much flexibility. However, the stress of missing out on an important event that translates to making easy money is not going to let you sleep tight.
So when it comes to the mornings what is the first thing that a forex trader does? Not breakfast, not shower, not even going to the bathroom, but checking the news. The most important morning routine for a professional trader is to keep up with the news to make sure that their market analysis is on top of the game as making or breaking the bank is totally reliant on this one aspect. Due to this, a lot of people are subscribed to major news outlets that provide this financial news to stay on top of the game.
Once the information is received there is a need for a buffer time to make all of the correct decisions unless there’s something very pressing happening on the market. This can be done over a cup of coffee while doing the everyday normal chores. A lot of people think that not much thought goes into the process of FX trading and its as easy as looking at a chart and being done with it for the day but unfortunately the reality is far from this beautiful dream.
The news analysis does not stop in the morning though. While doing everything else you always have to keep an eye out for the events unfolding across the countries which use the currency that you’re trading as even a small statement from the president of the US may lead to a drop in the price or a new regulation from the Treasury Department may lead to decrease in value for some other currency across the world.
Midday - Nobody Deserves a Rest Like You
There are some moments of peace that a trader has to get during the day. However, unfortunately, unless you are very adept at managing the market patterns and movements you won’t get this. The idea is that from the day your mind has to always be working and processing the new information making sure that the conclusion you made a bit ago holds up.
Forex is not a market where the same strategy works all the time. This means that you may need to make adjustments to your existing approach many times during the day. Midday is a peaceful time in general due to the fact that there’s not much going on everyone is just sitting tight, thinking, and waiting to enter markets.
Evening
Evenings are the times when the whole market is bustling with activity. This is the time where traders are getting ready to open their positions. However, this is also the time when you can sit back and relax for a bit. The decisions have already been made and set in stone meaning that you’re already in the game and there is no backing off for now.
Midnight
Midnight is around 11 PM for the market. This is the time when everyone is starting to close their deals or pay extra overnight fees to make those small adjustments to their trades if they feel daring. This is a time to close down deals and especially if it’s Friday evening. During the weekends the market is basically stuck in time so there’s not much benefit in having the position open at this point. Therefore, this is approximately the time when a trader is sitting next to the computer trying to figure out which trades to keep and which ones to close.
In conclusion, the life of a trader is not as beautiful and dandy as Hollywood may want to make it out to be. The idea is that these are not people sitting in suits next to their computers answering 100 calls every second to make last moment deals and strike it rich in 5 minutes. These are mostly people in their pajamas basically chained to their devices to not miss a bit of news. Pathetic life for some but a very empowering one for others. Especially those who have mastered the ways of the deal and thus know exactly what to do and when.
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