The Lifestyle Of A Professional Forex Trader
At one point I thought that professional currency traders had the one of the best jobs in the world. They get to wake up around the same time other businessmen do, but when they wake up they grab a cup of coffee and head to their computers. They spend a couple hours trading the forex market, and then around lunch time they call it a day. They also seem to make more money than most people do, so it sounds like a pretty neat job doesn’t it? Well it’s not as sugar coated as all of us forex trading newbies think.
What professional forex traders actually do is get up around 5 in the morning, depending on where you live, and that is when the workday starts. What happens then is they spend the next 8 hours sitting in front of their computer closely monitoring the market. They can leave at certain points, but most of the time they must be on the watch for trades that might come into play. Also one of the big things is financial news. There seems to be financial news that is coming out at all hours of the day, and forex traders must be aware of what is being released, at what time it’s being released, the expected data of the release, how it will affect their trade either way, and how they should react to it in the events of different scenarios. As you can see, the life of a professional forex trader is not all fun and games.
There are also some other downfalls that these professionals have. One of these is that they must always be monitoring their open trades. For example, most of them check up on their trading accounts at night before they go to bed. If they are out of the house then they must check their accounts from their phones.
With all of this said, we must also bare in mind that it is not quite as bad as I made it out to be. If they decide that they want to take a day off from work one day, than they can. Since they are pretty much their own boss, they can take off an entire unexpected week and not have to answer to anyone about it. They can also end their work day early without any trouble too.
One thing some of these professionals do is they have a forex robot trade for them in a separate account. A forex robot is not something that you could easily make a full time income off of, but they allow many traders some extra money week after week. If you don’t know what a forex robot is, then some good articles to check out are the auto forex trader, best forex automated software, and automated forex trading review