The word "trader" appeared as early as 1863 in a universal dictionary as "trading man."Verlagsbuchhandlung Pierer (Hrsg.), Pierer's Universal Lexikon der Vergangenheit und Gegenwart, Band 17, 1863, S. 740 Traders work for financial institutions as foreign exchange or securities dealers in the cash market and in the futures market, or for their own account as proprietary traders.Ulrich Becker, Lexikon Terminhandel: Finanz- und Rohstoff-Futures, 1994, S. 612 f. They also include stock exchange traders, but not stockbrokers or lead brokers.
