The financial capital of the United States, New York, is one of the most important economic centers of the world. With Wall Street being headquartered there, it's no wonder that this city is synonymous with business and finance. This is part of our Forex Trader City Guide - next stop: let's take a tour of New York City!
Forex Trader’s Guide to New York
What is New York like for forex trading?
New York was originally a Dutch settlement called New Amsterdam. The British renamed it New York in 1664, after James, Duke of York, and brother of Charles II.
New York City is the most populous city in the United States, and it's an economic powerhouse. It is home to some of the world's most important financial institutions and exchanges, including NASDAQ, CME Group, and NYSE Euronext (New York Stock Exchange).
The city's reputation as a global financial center dates back to the early days of the American Revolution, when it served as an essential hub for foreign exchange trade between Europe and North America. This led to its nickname "The Big Apple."
Today, New York City is still one of the biggest centers for foreign exchange trading globally, with around $2 trillion worth of transactions taking place every day (compared to London's $5 trillion). You can find dozens of banks, brokerages, and other institutions offering forex trading services. There are over 150 listed on Forex Magnates alone!
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What is the major currency for forex here?
The primary currency for forex here is USD. It's also the most traded currency globally, so you will likely be dealing with it when trading forex. The US dollar is also known as the greenback and is often used as a base currency for other pairs. This means that you can buy or sell any other currency against the USD.
With so much money being traded, you can choose many different pairs. The most popular pair is EUR/USD because it's such a large market. However, USD/JPY is also very popular for traders looking to take advantage of Japanese interest rates and economic growth. The USD/JPY pair has a relatively low spread (the difference between the bid and ask prices) and high volatility. It also tends to move in line with stocks and commodities such as gold or oil.
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Where are three of the best places to trade while traveling in New York?
We'll assume that you don't want to trade from your hotel room, and you want to be able to get some work done while you're here. There are so many excellent options for traders in New York, but we're going to focus on these three:
WeWork is the biggest co-working space in New York City and probably the best-known one. It has locations all over Manhattan as well as Brooklyn and Queens. They have spaces starting from $250 per month up to $2000+ per month for large teams or private offices where you can have as much space as you need for your trading desk setup and team meetings.
- The New York Public Library at Bryant Park
The New York Public Library at Bryant Park is a magical place to visit. It is a beautiful building, but it also has a fantastic view of Bryant Park and Midtown Manhattan. If you're looking for a place with comfortable seats, plenty of outlets, and a fast internet connection, this is the place for you. It also has an outdoor terrace where you can sit outside while trading on your laptop or tablet device. This is perfect for those who don't want to be cooped up inside all day working on their trades while traveling in New York City during the summer months when it can get quite hot outside!
The Flatiron Building
The Flatiron Building is one of the most iconic buildings in New York City. It's located right next to Times Square and offers excellent views of the city. This is another place where you can find a lot of seats, outlets, and a fast internet connection to get down to business without worrying about anything else.
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Where should I visit for forex trading inspiration?
The city that never sleeps is also the city that never stops, and this is because of its financial industry. New York has always been a hub for international finance and business, with Wall Street being one of the primary reasons. If you're looking for inspiration or want to learn more about this fascinating city, then here are some places to visit:
- Wall Street
The New York Stock Exchange (NYSE) is located here, and many other offices and buildings house financial institutions such as banks and investment funds. Today, most major banks have their headquarters located on Wall Street, including JP Morgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc., and Bank of America Corp. Many tourists come here to see the famous bull statue!
- The Museum of American Finance
The Museum of American Finance was founded by Theodore Grunewald in 1935 and contained many artifacts from the past 100 years. The collection includes original manuscripts, photographs, paintings, and even a letter written in 1790 by Alexander Hamilton! It's a great place to learn about how America became such an essential part of global finance over time.
- Federal Hall National Memorial
Federal Hall National Memorial is one of the most important buildings in New York's history—it was where George Washington took his oath of office as the first president. It later became the meeting place for America's first Congress, convening in 1789. Today, it's an impressive monument to American democracy and one of the best places in New York City for forex traders looking to reflect on their careers.
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When is the New York forex trading session?
The New York forex trading session runs from 8:00 am EST to 5:00 pm EST (23:00 GMT). It is the second-largest forex market globally, after London Exchange. This is the high concentration of financial institutions and banks in the city. These institutions are responsible for a large proportion of the volume traded daily.
The first few hours of trading are quiet, but things start picking up after 11:00 am ET when Asian traders arrive. There is also a lot of activity when European traders come online at 2:00 pm ET. The busiest time for trading is between 4:00 pm ET and 5:00 pm ET due to the overlap between Europe and Asia.
What are some good forex trading jobs in New York?
If you're looking to work in the US, New York is one of the best places. The city is home to many of the world's most famous banks and financial institutions, including Goldman Sachs, JP Morgan Chase, and Citigroup. There are also plenty of opportunities for those with a background in forex trading.
The average trader salary of a forex trader in New York City is $136,000 per year. The cost of living here is pretty high, so you'll want to make sure you're getting paid enough to cover your expenses (as well as save up some money).
There are several different options for training programs or internships if you want to get started in this field. Some companies offer them internally, while others offer them through universities like Columbia University or NYU Stern School of Business. If you're interested in finding out more about these programs, we recommend checking out their websites or contacting them directly.