Success in the world of trading is not a game of luck or gambling. Indeed, it results from years of experience supported by financial literacy and an ongoing commitment to personal development.
If you've set up your mind to start a career in Forex trading, the following steps may become quite helpful at the beginning:
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Get a degree in Economics or Finance
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Have a good theoretical ground of trading, including the knowledge of the leaders' paths and experience
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Have a deep understanding of the specifics of the Forex market
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Start trading at least at a demo Forex account
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Stay on top of the news and market developments
Now when you have the essentials for starting a career in trading, let me share five possible career paths you can undertake to join the world of Forex professionals.
1. Forex analyst
A good Forex analyst is a seasoned professional who understands fundamental, technical, and quantitative analyses. It means that they should always keep abreast of the political and economic events that influence the market apart from theoretical knowledge.
This knowledge allows them to share their commentary about the Forex market and create informative content for traders.
The key work areas for a financial analyst include:
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Trading consultancy
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Investment analysis - implies researching and evaluating financial assets
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Money management and risk management strategies assessment
2. Institutional and professional traders
For those traders who have been successful in individual trading for a significant period of time, becoming a trader for a company or an institution may be a logical step forward in a career.
An institutional trader is a person who works for financial institutions such as banks, insurance companies, brokerage and multinational corporations. They act in the best interest of such organisations and their clients.
On the contrary, a professional trader is an individual who trades for his interest and addresses brokers and dealers to access trading platforms. Some experienced traders use their expertise and background to manage individual accounts and help individuals make the right trading decisions.
3. Working for a Forex Regulator
The goal of the regulators in the Forex industry is to prevent scams and fraudulent activities. Regulating institutions require multiple experts, from economists and auditors to investigators and analysts.
A true professional who works for a Forex regulator should have a deep knowledge of compliance regulations, rules and economic violations of the specific country or region, and at least a bachelor's degree in Accounting or Economics.
4. Software developer
Information technology jobs have never been so popular before. This assumption is valid for the Forex world too.
Trading platforms need experts in computing, engineering, coding and even design. If you know one of the common programming languages such as Javascript, Python, or on the contrary, some uncommon language with great potentials such as Ruby, or, let's say, you are great at UX or web design, you will probably be popular among brokerage firms who are willing to make their user experience smooth and pleasing.
One of the cons of such a profession is that you don't need to have experience in trading or knowledge of financial markets. However, it may become your competitive advantage among others.
5. Forex exchange operations manager
This profession requires higher education in Finance and familiarity with regulations and rules, as well as an understanding of the Forex markets. The knowledge is used to onboard new customers, verify customer accounts according to the state regulations, provide customer service, and process customer transactions.
Apart from theoretical knowledge, a person in this position should have great communication skills and be able to find common ground with various clients to resolve any issues.
