Forex Dealer Overview

You believe in taking risks? Do you like playing with big money? Does real life official gambling turn you on? Your blood pressure rises and falls with the ups and downs in the stock and the currency market. Do you like to make decisions in a fraction of a second and don't like to brood over it?

 

Forex literally means dealing with the financial aspects of the currency and stock market. You'll be working either as a Corporate or Currency Dealer. 

 

Corporate dealer quote merchant based rates like one related to export and imports or customer related. As a Forex dealer, you have to workout the rates of various foreign currencies, study the market reports and get a firm view of the market. You have to plan strategies for the day with the Chief Dealer, note down the currency wise opening positions in the daily position sheets.

 

Position sheets are charts stating the exchange rates of various currencies in the markets all over the world in the beginning of a day.As a Forex dealer, your job also includes quoting merchant transactions keeping in mind the profit factor, make transactions over the internet, talk to corporate clients, write inter-bank deals and tally deals with the backup department.

 

Currency traders are involved in speculative deals in the currency markets all over the world. Your job requires you to study market, analyse currency movement in the Asian as well as international market. As a Forex dealer, you will also be involved in technical analysis using graphs and charts like candle chart, line and bar chart. You have to buy and sell currencies in international market quoting your own prices on the basis of New York and Tokyo market review. 

 

You need to have good knowledge of currency and stock market to cater to the clients' needs and profit margins. As a Forex dealer, you will also have to take into consideration the banks' working profit margin before finalising a deal.

 

Generally, there are two-three trading positions that are followed:

• A short term dealing which lasts for a span of 10-15 minutes or an hour 

• Intra deals, wherein the dealer has to follow up the entire transaction and 

• Long term deals where the deal is made over two-three days or couple of weeks, taking into consideration, the market positions and fluctuations.

 

In forex dealing, you will start as a Junior Forex dealer and then graduate to becoming a Senior Forex Dealer. Then, after being promoted as a chief dealer you will have to train your juniors to quote the market proceedings. As a Forex dealer, you have to handle press, corporate brokers, inter bank dealers. It will also be your duty to guide and brief the management about the market happenings and routine dealings. The highest rank you can attain as a Forex dealer, is that of treasury head. 

 

As a Forex dealer, you will be hard pressed at work though the remuneration is high. There are no fixed timings and you would end up working almost 12-13 hours or more a day. Also included are the risks while dealing, which could make or break your career as a Forex dealer, you.

 

As a Forex dealer, you will hardly have anytime to socialise other than with your corporate clients. Performance is what matters most, which includes your speed of quoting and maintaining your customer database. 

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