Forex trading or currency pairs trading jobs are posted all over the internet, and you would probably have come across some of these forex trading job ads. Are these jobs even genuine or just a scam?
Do they really pay? Is Forex Trading a source of income as a Beginner?
Well, careers in forex trading are legitimate. Yes, you will be paid for your work, and they are authentic. Additionally, forex trading is a source of income, and you can easily run your livelihood with forex trading.
However, there are a few points you should be aware of before working for any company as a forex trader. Additionally, consider your earning potential and whether these positions are long-term viable. Let’s have a look!
What is Forex Trader Recruitment?
Forex Trader recruitment is a process of hiring other traders or getting trading services from other traders. The Forex Traders recruitment or foreign exchange trading recruitment process includes the hiring of other professional traders and new members and giving them various trading tasks in their own trading system.
The task can include the promotion of affiliate programs, teaching foreign exchange trading as a mentor, and promoting other brokerages. Forex traders hire other traders to increase their revenue and profit for extra money. They pay their employee’s salaries or commissions based on the contract.
Due to the growing popularity of trading, new recruits for trading jobs have seen a rise in recent times. You might have even seen some ads regarding trading jobs and job advertisements related to remote forex trading.
6 Reasons Why do Forex Traders Recruit so much
There can be various different reasons why forex traders are recruiting other traders. The best thing and most common reason why forex traders recruit another trader is to promote the affiliate or trading programs. Below we have elaborated on the top 6 reasons why forex traders recruit so much.
1. Promoting Affiliate Programs
The most common reason why forex traders recruit other traders is the promotion of affiliate programs. The forex traders promote different business and trading programs for which they get some amount of commission, so they recruit other traders.
Promoting affiliate programs in the forex trading business is like promoting other third-party affiliate schemes, due to which they earn some commission from a particular broker or company. However, there is no scam in this.
The affiliate program business in the forex business is 100% legitimate, and it is one of the ways to earn quick money in this industry. That’s why forex traders prefer promoting affiliate programs over other money-earning ways.
In contrast to other methods, when payment is not guaranteed, forex traders are assured that they will receive some money this way.
2. Promotion of Trading Products & Services
The second most important reason why forex traders recruit so much is that they do promotion of several trading products and services related to the trading market. They promote third-party as well as their own trading products and services in the market.
When you are hired by forex traders, you will be asked to promote the trading products and services to other new traders who are their potential clients.
The promotion of trading services and foreign exchange market products can be good as well as bad for you. This is because some forex trader gives you a particular target to sell their services to newbie traders, for which you will be paid some commission, which is not as good as getting a lumpsum salary without any target.
However, you need to know that you may be asked to complete a soft target which won’t be as difficult as completing a fixed target.
3. To Trade for Them
Another common reason why forex traders hire other traders is that they want you to do currency trading for them. Forex traders hire other hard work traders as they want to allocate their money in a wider way, which allows them to make much more profit.
If you are being hired by some other forex traders and if you have a chance of winning a 60% sale, then you will be getting a good profit for your company or firm.
Hiring additional forex traders to increase their currency trading profits because any fund manager who invests in both, rather than just one, will benefit financially.
4. Promotion of Brokerage
The promotion of brokerage is another common reason why forex traders recruit so much. Promoting brokerages is pretty popular in forex, so traders recruit other forex traders.
Moreover, the promotion of brokerage is also done by many new traders because new traders want to establish themselves in the forex.
When it comes to promoting the brokerage, then the new employees have to promote a specific brokerage on different social media. Also, you might require to run advertisement campaigns that will ask other new traders to join the specific broker.
When are successfully invite new forex traders to the specific brokerage through social media and ad campaigns, you get a commission from the broker, and the commission can vary depending upon various circumstances.
5. Copy Trading
Copy trading is a method in which forex traders copy other traders’ strategies to make a profit. Forex traders hire so much as they want to make as much profit as possible by copy trading.
In copy trading, you will probably be hired as a lead trader, and when you earn profit for a third party, it will be distributed among various other entities like the broker and investor, and you will also get some profit from it.
With copy trading, forex traders not only earn for themself, but there is a small chunk that goes between the investor, the traders, and, if involved, any third party.
6. To Teach As a Forex Mentor
Apart from everything else, you can be hired as a teacher or mentor by other forex traders. You need to have a good experience or track record so you can teach beginners how to trade in forex.
Many forex traders arrange online meetings, webinars, and mentorship programs in which they also promote their forex affiliate programs, services, and products.
Most of the forex mentorship programs and webinars are free, while some are also paid, as they run as forex education programs.
After the mentorship is finished, you have to choose bright students for forex trading, and the student can be offered a full-time job as well by the broker or any third-party firm.
Criteria for Forex Recruitment
If you are willing to get a job as a Forex trader, then there is a certain standard that you have to fulfill to get a job in this field. Only the traders with good experience and consistent result get the job. Below, there are some points to keep in mind while applying for a forex trader position in any firm.
1. Strong Mathematics
The first requirement is that you have a good background in mathematics. Since you will need to compute numbers the majority of the time while working, you must be quick with numbers.
For this position, you must be familiar with statistics, probability, and other common knowledge. A greater understanding of mathematics will enable you to predict how the numbers or data will behave over time.
2. Confident Personality
A great and confident personality is often preferred by forex traders. Apart from confidence, you also need to have good communication skills as a trader.
You will have to satisfy clients during the job, so better communication skills and a confident personality will give you a boost over others.
Experience or track record is another important consideration to take into account for this job. In order to succeed, you need a track record of success.
While it is not necessary to have a perfect track record, a good experience and track record will make it easy to grab the opportunity. Most forex traders prefer those with at least a 50% win ratio.
4. Culture Knowledge and Experience
You should know the local culture and should have a good experience of it, so you know how the numbers will be performing over time.
A better knowledge of the culture will get you the job, as you will be able to predict and guess correctly during ups and downs. A well-connected cultural trader is preferred over a non-social trader in the forex trading job.
Advantages and Disadvantages of Forex Trading
There are a few advantages and disadvantages of every job in the world, and the same goes for a forex trading job as well. Working as a forex trader is a better opportunity to have than a lot of other jobs, but you should also consider the disadvantages as well.
|Begin with low investment||High risk and leverage|
|High liquidity||Stressful occupation|
|Work flexibility||Highly volatile|
|Highly transparent||More possibilities of making mistakes|
|Wide range of trading options|
|Low transaction cost|
|Up to 30x more leverage than other jobs|
So, there is everything to know about Why Do Forex Traders Recruit so much. Hopefully, you now have an idea of why forex traders recruit and what are the advantages and disadvantages of this profession.
The numbers of foreign trading have gone all-time high. However, a lot of retail traders are also quitting their jobs or forex careers due to loss of money or forex robot scams. If you don’t have experience, money, and time, then this profession may not be for you.
However, with a good track record and experience, and if you have more than 60% win chances as a individual trader, then you should definitely grab the opportunity of working as a forex trader.