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Cautions on phone trade

There are some cautions in the phone trade, that is, it is necessary to avoid expressing yourself vaguely. You have to make it clear to the forex brokers, what kind of product you want to trade, how much the amount to be, the side to buy or sell, the time limit of your working order and other conditions. Moreover, please take care of misunderstanding by using the wrong words over the phone.

From my experience

By the influence of sound quality or other noises, the conversation sometimes becomes hard to hear over the phone. It may bring about unexpected misunderstanding. It often occurs from my own experience when I was a bank staff.

It was the time when I entered the dealing room and tried to say "Good morning" to the forex broker via mike one morning. It was so cold that it might tickle my noise. I sneezed toward the mike. Next moment, a big voice was surrounding, "Given" from the speaker. The colleague traders were just laughing. I asked the forex brokers what has happened because I did not know at all. They said "three million US dollar has been sold". I decided hold that position. Because I felt sad and funny, I asked another friend. He said that he also sold US dollar as well in the morning because of his sneezing. Then, we both could not help bursting out for a while. This was a interesting story that we started from the short position on that day, and it indicates a terrible story that sneezing sound hears like "Hit your three" regardless of our intention.

Example of easy misunderstandings

To avoid useless misunderstandings, let us pick up some words to be taken care of from the "Code of Conduct" for the interbank traders. This booklet explains in Japanese. If you have any interest, take a look at this one.

Anyway, take care of sneezing in front of the mike, please!

 

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