Month: December 2017

A Day in a Forex Trader’s Life

Who is a Forex trader?

A Forex trader is someone who has a job in a financial institution, who gets paid for managing the investments and funds of others and add to the profits of his/ her respective clients. The Forex traders receive professional Forex trading salaries and are fundamentally ‘hired’ traders. So, a successful Forex trader is one who has learned to trade profitably, thereby increase the earnings of his financial clients and is able to satisfy them consistently.

Types of Forex traders:

A professional Forex trader is someone who knows his/ her trading and these hired professional traders are known by the timeframes they trade. They can be classified as

  • Position traders who deal with long-term trading and do not get really affected by the short-term swings in the market.
  • Swing traders whose timeframes range from a few days to few weeks. The daily timeframe and the market swings in the short-term are something that they keenly analyse and plan their trading accordingly.
  • Day traders as the name suggest, take one single trading session at a time and are known for an hourly analysis of the day’s trading trends and market fluctuations.
  • Scalpers, their timeframe is very limited and are known to trade within the lowest timeframe possible, sometimes as low as 10-15minutes.

A typical trading day:

Forex trades 24-hours a day and it is essential that a Forex trader is classified as per the timeframes due to the enormous complexity of the market. A trading day begins with turning on the trading screens in one’s system and observe the currency markets. There is always a change overnight, because bookings happen even after the trading day closes.

The day revolves around placing trade orders, and a keen observing of the central bank policies, and major/ minor industrial announcements etc., They also have a financial calendar of the economic releases and the impact that it may have on trading.

Forex professionals watch out for the important indicators which predict and guide them to make a good trading decision. There are the repainting and no repaint indicator which affect the Forex trades distinctly and are again used cautiously.

And the trading ends with a performance review session, on the many ‘hits and misses’ of the trading day.

Overall, it is a high-pressure, tedious work life and demands a lot of self-discipline and focus.

 

UNEXPECTED CIRCUMSTANCES: EMPLOYERS WILL TRY TO TAKE YOUR LAST PENNY

The companies have a leave policy which makes it mandatory for them to allow employees to take leave from work as and when required for various reasons. The leave benefits could be paid, unpaid, or partially paid. This depends on the employer. The employer in accordance with the state government’s laws will sign an agreement with the employee or the employees union regarding the various leave policies and the pay for each type of leave granted.

In California, employers have to comply with many acts which allow the employees to take leave of any kind for medical and health reasons. In addition the employee must meet the required criteria to be eligible for the medical leave benefits. My father went on medical leave, thanks to these California laws.

My father was employed with the same employer for a very long span ranging for years. He has devoted maximum work hours in his company. So he was eligible to avail the leave benefits in his company. He had paid leave even during his medical illness and was reinstated back into his company because of the California laws safeguarding the employees.

The California rules are eligible for the employees who have worked for a minimum of at least 12 months. Even after working for a long period, if the employee terminates the contract then medical leave is not granted upon rejoining till he completes 12 months of service again. The California family and medical leave act grants 12 weeks of paid leave on medical grounds to the employee as well as for the members of the employee’s family. But the chances of paid leave being substituted by unpaid leave are much more.

Therefore it is essential to know the company’s leave policy.