The forex trading market is lucrative for many people who have in-depth knowledge of buying or selling currencies. If you would like to delve into this industry, you can make it your career, just like other careers out there.
The forex trading markets are open 24 hours daily for five days. Therefore, the jobs are tedious, and you might work during odd hours. This industry also requires compliance with the laws and regulations that govern financial accounts as well as transactions. More so, some of these jobs require applicants to have passed certain requirement exams.
If you plan to take forex as your career, there are many opportunities for you out there. Knowing one or more foreign languages will be an added advantage for you. The following are the top 5 careers in the forex that you should know about.
1. Currency strategist
A currency strategist is also known as a forex market analyst or currency researcher. This is a person who works for a markets forex brokerage company whose main work is to research and analyze the forex market trades. This professional will then write daily reports about the market as well as the political and economic issues affecting currency values.
These analysts use technical, quantitative, and fundamental analysis for their research. They must be very fast in their research and analysis to keep up with the market’s speedy forex rate. Institutional traders and individuals use this information to make sound trading decisions.
All analysts should establish a media presence to become a reliable source as well as promote their employers. All analysts should also have a bachelor’s degree in finance, economics, or a related field.
2. Institutional trader
If you are a consistent and successful forex trader, you can become an institutional trader and assist other upcoming traders. Both currency mutual funds and hedge funds need experienced account managers.
Several institutional investors like banks, central banks, and multinational organizations usually ire forex traders to hedge against the forex currency value fluctuations. So, you might be lucky to find a long term job from one of these banks and corporations.
You can also become an account manager and manage individual accounts for clients. You can then help your clients to make informed trade decisions and executes trades that will benefit them. You must, however, have a good reputation to become an institutional trader or account manager.
Another career you can delve into is becoming a regulator in the forex industry. As a regulator, your main role is to prevent fraud and ensure trading transparency. The regulatory bodies usually hire many professionals to assist them, and they can be public or private.
For instance, the CFTC is a government regulator based in the U.S., while the NFA is a private sector that sets all regulatory standards and screens brokers. CFTC hires economists, auditors, attorneys, management professionals, and trading specialists that meet all the qualification requirements.
4. Exchange operations manager
All forex brokerage companies need professionals to service their accounts. They, therefore, offer many job opportunities to qualified individuals. For instance, if you become an Exchange Operations Manager, your work will be to process new accounts for customers, verify customers’ identities, process withdrawals, transfers, and deposits and provide excellent customer service.
With a bachelor’s degree in finance, accounting or business, you can become an exchange operations manager.
5. Software developer
If you know your way around software designing using computers, you can become a software developer for a brokerage company. Your job would be creating user-friendly proprietary trading platforms that allow users to use charts and indicators, access currency pricing information, and help them analyze potential trading opportunities.
To become a software developer, you must have a bachelor’s degree in computer engineering, computer science, or a related degree.
The markets forex industry has so many job opportunities that can change your life. The above are only a few options that you should consider if you have the qualifications. You should, however, know this is a high-risk field that needs highly-qualified professionals.