Professional forex trading account

Elective professional clients with Saxo Bank have leverage available up to on major forex pairs with the exception of traders from Singapore with a leverage up to and in Australia is up to Professional traders are still protected with a Guarantee Fund with Saxo Bank. Negative Balance Protection is not in place for professionals at Saxo Bank. As a Professional client, you can use a percentage of your shareholdings as collateral for margin trading with Saxo Bank.

Certain products and risk-management features are only available to Professional Investors and you may be invited to give feedback to Saxo Bank on new products. Using ESMA for EU regulations as an example, you must meet two of the following requirements: Have working experience in the field of forex or CFD or related fields of at least 1 year Opened at least ten significantly sized transactions per quarter during the past year Have a financial portfolio exceeding , EUR in value How long does it take to become a professional forex trader?

An average forex trader takes at least 2 years of continuous practice to become a professional forex trader. It takes time and dedication. Most U. At-home forex traders can also use this guide to examine their current progress in creating their dream jobs within the worldwide flow of currency exchanges.

Of particular interest, this article will cover workflows that traders can use for morning preparation and end-of-day examination, attitudes, and strategies during the trading day that can impact performance, and lifestyle choices that either assist or undermine profitability. In addition, this is a biological, as well as logistical, imperative. Forex trades hours a day, from Sunday evening to Friday afternoon in U. This around-the-clock action makes it impossible to watch continuously in real time , encouraging a razor-like focus on specific time frames and forex pairs.

This often includes other euro and yen crosses, as well as Australian and Canadian dollar crosses. They choose wisely, often swapping out closely-watched pairs over time because they understand that tracking too many markets will dilute the reliability of their strategies. Euro price action picks up between a. Eastern Standard Time. As a result, local professionals may get up earlier than equity or futures traders.

This timing takes many of these folks out of the game after the New York lunch hour, triggering a noticeable drop in forex volume and volatility during U. This lifestyle works perfectly in conjunction with the timing of key economic reports in Europe and the United States, but it fails to capture Asian developments, which can move world currency markets for months at a time.

In general, this leaves two other specialization choices. Traders can match market hours with other U. Alternatively, they may decide to bend the sleep cycles further, awakening for the Asian session and completing the market days early after the U.

In all specialties, professionals focus their efforts on currency pairs that provide the most profit potential for their strategies. This inevitably changes over time, forcing them to adjust market and sleep hours to manage profitability. Trading Day Trading screens are turned on soon after waking because currency markets are open and prices have been driven higher or lower during sleep hours.

They keep a detailed calendar of economic releases and central bank meetings that will impact their strategies, often foregoing sleep when a key meeting is set outside of their normal market viewing hours. Professional forex traders become lifetime students of worldwide economic and central bank policy, understanding that currency trends can turn on a dime when central banks shift direction, as they have many times since the economic collapse.

They examine the latest economic releases while having their first cup of coffee, adjusting stops, and exiting positions if needed. Time frame now comes into play because many professionals hold a large core of smaller-sized positions for longer holding periods.

This allows them to keep stops loose and away from predatory algorithms , which dominate modern markets. These efficient robot-traders predict price zones where retail stops are clustered and hit those levels during less active trading hours or in response to economic releases.

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Account managers are responsible for large amounts of money, and their professional reputations and those of their employers are reliant on how well they handle those funds. They are expected to meet profit targets while working with an appropriate level of risk. These jobs may require experience with specific trading platforms , work experience in finance, and a bachelor's degree in finance, economics, or business.

Institutional traders may not only need to be effective traders in forex, but also in commodities, options, derivatives , and other financial instruments. Forex Industry Regulator Regulators attempt to prevent fraud in the forex industry and can hold multiple roles. Regulatory bodies hire many different types of professionals and have a presence in numerous countries.

They also operate in both the public and private sectors. Auditors ensure compliance with CFTC regulations and must have at least a bachelor's degree in accounting, though a master's and Certified Public Accountant CPA designation are preferred. Economists analyze the economic impacts of CFTC rules and must have at least a bachelor's degree in economics. The CFTC also provides consumer education and fraud alerts to the public.

The NFA is similar to the CFTC and also oversees the broader futures and commodities markets, but instead of being a government agency, it is a private-sector self-regulatory organization authorized by Congress. Its mission is to maintain market integrity, fight fraud and abuse and resolve disputes through arbitration.

It also protects and educates investors and enables them to research brokers including forex brokers online. Forex Exchange Operations, Trade Audit Associate and Exchange Operations Manager Forex brokerages need individuals to service accounts, and they offer a number of positions that are basically high-level customer service positions requiring FX knowledge. These positions can lead to more advanced forex jobs. The job of an exchange operations associate includes processing new customer accounts, verifying customer identities as required by federal regulations, processing customer withdrawals, transfers and deposits, and providing customer service.

The job usually requires a bachelor's degree in finance, accounting or business, problem-solving and analytical skills, and an understanding of financial markets and instruments, especially forex. It may also require previous brokerage experience. A related position is a trade audit associate, which involves working with customers to resolve trade-related disputes.

Trade audit associates must be good with people, and able to work quickly and think on their feet to solve problems. Unsurprisingly, they must also thoroughly understand forex trading and the company's trading platform in order to help customers.

An exchange operations manager has more experience and greater responsibilities than an exchange operations associate. These professionals execute, fund, settle, and reconcile forex transactions. Forex Software Developer Software developers work for brokerages to create proprietary trading platforms that allow users to access currency pricing data, use charting and indicators to analyze potential trades, and trade forex online.

Software developers may not be required to have financial, trading, or forex knowledge to work for a forex brokerage, but knowledge in this area will be a major advantage. If you have forex trading experience, chances are you'll have a much better idea of what customers are looking for in forex software.

Software quality is a major differentiator for forex brokerages and a key to the company's success. For instance, a brokerage faces serious problems if its clients can't execute trades when they want or trades are not executed on time because the software doesn't work properly. A brokerage also needs to attract customers with unique software features and practice trade platforms. Other positions in forex that require computer-driven experience include user-experience designers, web developers, network and systems administrators, and support technicians.

In addition to the specialized, highly technical careers described above, forex companies need to fill typical human resources and accounting positions. If you're interested in a career in forex, but don't yet have the required background or experience for a technical position, consider getting your feet wet in a general business position and for college undergraduates, many forex companies offer internships.

Is Forex Trading a Good Career? Forex trading can be a good career if you are able to have realistic expectations when trading and have a system in place that prevents catastrophic losses. There are many careers in forex that are not just for traders, some of which are covered in this article.

Successful competition of the online exam will result in your Mini MBA certification. Your understanding of the Forex Market will be head and shoulders above the average trader. We encourage practicing your trading skills and abilities on a demo account before real trading. Some of the key topics and learning objectives covered are as follows: Trade Idea Generation — Generating high-quality Trade Ideas is essential for the long-term success of your trading career. This program will teach you the professional approach to the Trade Idea generation process.

Fundamental Analysis — Macroeconomics is at the heart of professional forex trading, and macroeconomic data drives the forex market. In this Mini MBA program, you will learn how to interpret the vast amount of economic data that is regularly released and analyse the data to create an overview of the relative strength of any given currency and use this to predict future prices.

Technical Analysis — The thousands of Technical Analysis tools and indicators available to traders make trading confusing for new traders. Our Mini MBA program teaches you the most effective Technical Analysis tools to use to avoid getting lost in the maze of technical indicators as most traders do. Our systematic approach to Technical Analysis will transform your trading forever. Risk Management — Managing risk is very important in trading.

The number one reason most forex traders fail is that they ignore Risk Management and over-expose their portfolios on any one or few given currencies with high correlations. Our Mini MBA program teaches you how to avoid this concentrated risk and manage the risk of any given trade and the risk in your overall portfolio. Trade Psychology — Managing your emotions whilst you are trading is paramount as it enables you to make rational decisions in high-stress situations, a skill in trading that is often overlooked.

We teach you how you manage this. Former University Academic turned Professional Trader, Sachin Kotecha excels in training traders to be independent thinkers that can generate their own high-quality trade ideas and execute them with perfection.

The key to successful trading is to have a proven systematic process that you can consistently use for every trade, allowing you to be very methodical and disciplined in your approach to trading the Forex Market. To achieve this, you need to have a very in-depth knowledge of Macroeconomics and what drives currency exchange rates.

Upon completion of this program you should be able to: Understand currency exchange rates. Identify exchange rate regimes used for various currencies. Understand the advantages and disadvantages of fixed and floating exchange rate regimes.

Understand and identify the conflicts of interest that exist in the forex market. Understand the workings of the international forex market and its infrastructure. Categorise currency pairs according to their tradeable opportunities based on volatility. Understand who the participants of the forex market are and their involvement.

Understand macroeconomics and how it drives the international forex market. Use macroeconomic data in excel to generate high quality fundamentally driven trade ideas. Use a charting platform to conduct technical analysis Use advanced technical analysis to identify entry and exits points into trades.

Understand and implement risk management strategies that can be applied to trading. Create a trading plan based on individual strengths and weaknesses. Understand how trading psychology can affect trading results.