Excellent verbal and written communication skills. Ability to speak at least one foreign language highly desired. Ability to travel internationally to increase knowledge of current global economic situations. Thorough understanding of trading software and brokerages.
Excellent organizational and management skills. Ability to study markets to identify patterns and indicators. Education and Experience: Bachelors degree in Economics or Finance required; Masters degree preferred. At least five years of experience as a licensed broker trading in international markets.
Physical Requirements: Prolonged periods sitting at a desk and working on a computer. Must be able to lift up to 15 pounds at times. Being a forex trader can be a risky venture and requires a high degree of skill, discipline, and training. For non-traders, you can still get involved in the forex markets through other channels.
Market research; account management; regulation; and software development are just a few forex careers that do not directly involve trading. There is no formal training or degree required to be a forex trader. Forex Markets Forex markets are open 24 hours a day, five total days a week, which means jobs are fast-paced and involve long days and strange work hours.
They require knowledge of and compliance with laws and regulations governing financial accounts and transactions. Some jobs require candidates to have passed one or more exams, such as the Series 3 , Series7 , Series 34 , or Series 63 exams. If you are eligible to work in a foreign country, a career in forex can bring the added excitement of living abroad. No matter where you work, knowing a foreign language, particularly German, French, Arabic, Russian, Spanish, Korean, Mandarin, Cantonese, Portuguese, or Japanese, is helpful and might be required for some positions.
This article will provide an overview of five major career areas in forex. Please keep in mind that specific positions tend to have different names at different companies. These professionals use technical, fundamental, and quantitative analysis to inform their opinions and must be able to produce high-quality content very quickly to keep up with the fast pace of the forex market. Both individual and institutional traders use this news and analysis to inform their trading decisions. An analyst might also provide educational seminars and webinars to help clients and potential clients get more comfortable with forex trading.
Analysts also try to establish a media presence in order to become a trusted source of forex information and promote their employers. Thus, there is a large marketing component to being a forex analyst. An analyst should have a bachelor's degree in economics, finance, or a similar area. Communication and presentation skills are desirable in any job but are particularly important for an analyst. Analysts should also be well-versed in economics, international finance , and international politics.
Currency mutual funds and hedge funds that deal in forex trading need account managers and professional forex traders to make buy and sell decisions. Institutional investors such as banks, multinational corporations, and central banks that need to hedge against foreign currency value fluctuations also hire forex traders.
Some account managers even manage individual accounts, making trade decisions and executing trades based on their clients' goals and risk tolerance. It's important to note that these positions have very high stakes. Account managers are responsible for large amounts of money, and their professional reputations and those of their employers are reliant on how well they handle those funds.
They are expected to meet profit targets while working with an appropriate level of risk. These jobs may require experience with specific trading platforms , work experience in finance, and a bachelor's degree in finance, economics, or business.
Institutional traders may not only need to be effective traders in forex, but also in commodities, options, derivatives , and other financial instruments. Forex Industry Regulator Regulators attempt to prevent fraud in the forex industry and can hold multiple roles. Regulatory bodies hire many different types of professionals and have a presence in numerous countries. They also operate in both the public and private sectors. Auditors ensure compliance with CFTC regulations and must have at least a bachelor's degree in accounting, though a master's and Certified Public Accountant CPA designation are preferred.
Economists analyze the economic impacts of CFTC rules and must have at least a bachelor's degree in economics. The CFTC also provides consumer education and fraud alerts to the public. The NFA is similar to the CFTC and also oversees the broader futures and commodities markets, but instead of being a government agency, it is a private-sector self-regulatory organization authorized by Congress.
Its mission is to maintain market integrity, fight fraud and abuse and resolve disputes through arbitration.
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