The Wolf of Wall Street is an award-winning film based on a true story in which a trader earns millions of dollars and lives an extravagant life. Contrastingly, more common real-life statistics, typical in the trading circle, say otherwise. These statistics, for instance, tell us that day traders may earn very little, and often even lose their wealth. So what do forex traders actually earn? Forex online trading is popular with traders, so they must earn a lot, right? Let’s find out if this is indeed the case.
If you choose to be a trader full-time, you may engage in online forex trading and be working from your residence. In this capacity, you may work for a corporation, like a bank or a hedge fund. Your designation may be that of a day trader, a quant trader or you may be one of the many hedge fund traders. In case you do work for a company, your remuneration will take the form of a base salary for a trader and a commission that is dependent on your performance. If you do become a salaried trader, you gain a world of benefits. You can, not only make the most of the company’s tools to trade, but learn on the job as well. Company traders are often exposed to a world of wealth, not only in the form of actual cash, but in terms of company perks and training sessions.
Working independently has its advantages. For one thing, you are not bound by any time restrictions, and whether you are involved in day trading or any other, your profits are dependent on you alone. Hence, you earn the whole profit, and don’t have to share it with a company. You can also work at your own pace, and this gives you flexibility. This flexibility extends to the fact that you can trade from anywhere on earth. Since the Forex market is open all hours of the day and everyday of the week, your trading time is decided by you.
According to Indeed, a reputable employment site, a Forex trader in India may earn an average basic salary of approximately Rs. 7,71,710 annually. This is just a near-evaluation of salary and you may earn more or less, depending on your role, the city you are located in and the company you work for. Furthermore, for a more experienced trader, whether involved in hedge fund trading or day trading, the salary may exceed the basic pay. According to Indeed, the payscale for a Forex trader may be anywhere from Rs. 4,87,483 lakhs annually (Chennai) to Rs. 7,71,710 lakhs annually (Pune).
If you wish to be a professional Forex trader, you would be wise to make the use of research for your learning purposes. You can also start by independent trading on reputed brokerage platforms like Motilal Oswal to find out if trading is for you.
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