Forex Trading Jobs
For those individuals with a desire to enter the Forex market, it is important to know the risks associated with the industry.
Included are the dangers of money loss (mostly due to inexperience), a volatile market, a fast-paced, high stress occupation, and, especially in these times, the lack of solid job security. Also, since Forex trading is international, it takes place 24 hours a day. Many firms do business around the clock; and it is not uncommon for a trader to work odd hours. This can lead to physical and mental exhaustion. If this doesn’t deter you, though, then the Forex market can also be a profitable and rewarding career choice.
Trading Forex from Home
Forex trading is often promoted as an excellent work at home option, and almost anyone can do it. To get started you need only gain a deep understanding of the world currency markets, thoroughly understand how Forex works, and come to terms with the risks associated with this type of trading.
The other thing you’ll need to do is create an account(s) with an online broker. There are many to choose from!
Keys to Success
Individuals with degrees and experience in the fields of economics, math, finance, accounting, and statistics usually find the Forex market a good fit for their skills.
Individuals in the Forex industry deal with a lot of professionals in the financial world, from a wide range of countries. For certain occupations in the field, a lot of time is spent communicating with these individuals over the phone or via electronic transmissions. Patience, time management skills, and a knack for handling stressful situations are crucial to employment in this field. Also required are strong math skills, an analytical mind, technical skills, and sometimes a fluency in a foreign language.
Entering the Forex Arena
Most financial institutions, and all the major ones, require a bachelor’s degree in Economics, Finance, Math, and/or Statistics. At times, though, individuals with degrees in other fields can find work in the financial industry. For higher level positions as fund managers and analysts, an advanced degree and relevant industry experience is usually preferred. However, it is possible to work one’s way up the ladder with the minimal requirements of a degree and experience. Many employers highly value a fluency in a foreign language. This is especially true for the Forex industry as professionals in this field communicate with dealers, brokers, and banking professional from foreign countries on a daily basis.
Remember, for those who acquire the necessary knowledge and understand the risks, trading Forex from home – as an independent trader – is the most common practice. To do you will need to create an account with an online broker.
FINRA Series 7 and 63 Exams
These exams are administered by the Financial Industry Regulatory Authority (FINRA) (previously known as the National Association of Securities Dealers (NASD)). They provide an individual with the qualifications necessary in order to work for financial firms, banks, and brokerage institutions to trade financial securities. The Series 7 exam is usually the stepping stone for a career as a financial advisor, broker, or securities trader. (For more information concerning these exams, and other exams administered by FINRA, go to finra.org)