A currency trader spends a great deal of time online and on the telephone making trades.
A currency trader (also called a foreign exchange trader or, more colloquially, a forex trader) analyzes the rates of various currencies around the globe and buys or sells depending on misevaluations he detects. He seeks to buy a currency undervalued in comparison to another and sell it when its rate improves. He must analyze and synthesize a lot of data daily. His salary depends on a number of factors.
Average Salary
According to figures released by the salary comparison website PayScale.com in January 2011, the yearly average salary for a currency exchange trader is $67,696 to $140,018, dependent upon the exact level of bonus, profit sharing and commission he is liable for. This is the equivalent of a monthly income of between $5,641 and $11,668.
Salary by Experience
The accrual of experience tends to raise a currency trader's salary incrementally. As of January 2011, PayScale.com reported that the average salary for a trader just starting out, with less than 12 months in the industry was between $40,500 and $75,000. An individual with between five and nine years experience could expect $66,000 to $99,995, while someone who had worked as a currency trader for between 10 and 19 years received an average of $62,500 to $142,456.
Salary by Employer
The nature of a currency trader's employer also influences the contents of their pay packet. PayScale.com lists the average salary for an individual working for a private practice or firm as $54,308 to $101,736. A currency trader who was self-employed could expect to earn between $37,500 and $76,373 per year.
Salary by Location
The state in which a currency trader is located can also impact upon his salary expectations. In January 2011, PayScale.com analyzed wage data from four states and discovered that New York and Illinois offered the highest wage levels--$60,000 to $92,500 and $45,000 to $92,500 respectively. California had a wage of between $47,017 and $87,429, while Massachusetts was listed at $47,166 to $82,407.
Salary by Gender
It is worth noting that a salary disparity exists for currency traders dependent upon their gender. PayScale.com lists the average salary for a male foreign exchange trader in January 2011 as $60,145 to $102,091. The salary level for his female equivalent is $36,174 to $75,000.
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