A great feature of the Forex market is that it runs 24 hours a day during the week. This means that Forex traders are able to chase profits at their convenience. The flip side of this is that it means that long hours are common. Being a Forex trader takes hard work, commitment and a desire to succeed.
If you have ever wondered what the average day in the life of a Forex trader looks like, read on…
Traders need razor-sharp focus throughout the day so starting the day right is imperative. Having the best possible start to the day is a key way to do this, whether that means a good breakfast or a quick workout, getting the mind in the right place is the most important thing for any trader.
Checking the news is also a common practice for traders. Geopolitical issues can affect markets in a variety of ways, often ways that don’t seem apparent at first, so being aware of any major issues is crucial.
Getting to work
When arriving at work, the first thing traders need to do is plan their day. The nature of international trade means that markets are open at different times of the day so working out when they will need plan their trades is an important step to be productive!
The average day for a trader London heavily depends on which currency they are specialised in. A trader who is more associated with the Asian markets will have a busier (and earlier morning), whereas a trader who trades in US dollars will have a busier afternoon. Those who specialise in pounds and euros will have a reasonably steady day.
After a busy day at work, there is most definitely a need to switch off. Crucial skills a trader needs to have are focus and stamina (link to 5 skills blog). Switching off and relaxing at night is the best way for a trader to wake up feeling refreshed with clarity and judgement the next day. Before bed traders may choose to check the markets again, just to be aware of any trends that may affect their day tomorrow.
If this is the kind of routine you’d like to have and you’re thinking about becoming a trader, our New 2 Trading™ course is a great way learn the basics and start managing your portfolio today.