The foreign exchange market is one of the richest, most lucrative fields for trading out there. The global trading market consists of about $1.93 quadrillion. In other words, the market itself is a lot more valuable than the global GDP. Now, some people may see this as their chance to make a living, however, what they often fail to understand is the fact that there are so many different ways for one to do so. There’s a lots of benefits of working in finance. With that in mind and without further ado, here are the top five forex careers that you might want to consider.
1. Market analyst
The first career choice that you’ll face is closely tied to the issue of currency research, market analysis and the development of a currency strategy. The reason why this position is so important and so challenging, at the same time, is due to the fact that the value of a currency tends to be affected by so many different things. This ranges from socio-economic, all the way to political reasons. However, you’re not just researching the state of the currency as an independent feature. What you’re also interested in is the way in which forex traders interact with the currency in question.
The job of an analyst is not just to conduct research but also to find a way to present it in the best light. As a person in charge of these findings, it’s also your job to create adequate learning resources. Needless to say, this gives this occupation a certain dose of creativity. In some scenarios, you’ll also be in charge of providing educational seminars or composing Forex courses. Hunting for mistakes and lucrative strategies are just an example of what you’ll be looking for.
2. Professional trader
Forex trading is not that simple of a task, which is why it’s often left to institutional traders. Some hedge fund managers or banks are interested in trading on the forex market, however, they lack the skill to do so at the desired risk level. For this reason, they hire the services of a forex account manager or a professional forex trader. The reason why this career choice is so appealing is due to the fact that you get to trade with someone else’s money, thus keeping your funds secure. Seeing as how you get a part of the profit as a trader’s fee, this seems like a quite safe idea.
The problem lies in the fact that you need to get some experience before you get entrusted with these funds. In other words, these institutions and funds are not likely to entrust their assets to someone without previous knowledge or experience in the field. Fortunately, you can always use platforms like Ever Forex in order to make your first trades. Due to their user-friendliness, these platforms are also efficient learning tools. Sometimes the simplest solution is the most effective one.
3. Industry regulator
Today, we live in a hyper-connected world, which is why forex is more popular than it ever was before. The above-listed platforms and the availability of learning materials means that people who have even the slightest interest in joining this industry have greater odds at doing so. More people means more money and more options, which is why the need for regulation is much higher. Those who are experts in the field, especially those with first-hand knowledge of how the trading works, might become invaluable assets to these regulatory commissions and organizations.
4. Account service
Keep in mind that being a forex trader isn’t always the first step in your forex market career. You see, with so many accounts, the majority of forex brokers need someone to manage and oversee them. Think of it as an entry-level job for those who are interested in creating a network of contacts as soon as they join this field. It’s also a great opportunity for those who are still on the fence when it comes to whether they should join the industry or not. Either way, interacting directly with people involved with the industry will give you a first-hand insight into whether this is the right career choice for you, to begin with.
5. Software developer
Previously, we’ve mentioned the existence of numerous forex trading platforms and forex trading resources, which is why the career of software developer might be a promising one. This, however, requires one to be both tech-savvy and invested in the forex trading on a personal level. In fact, no amount of surveys or interviews will make you understand what the experience is like, what the shortcomings are or which features are the most welcome. The only path to success lies in being completely invested in what you do and taking that extra step in order to get what is needed.
Keep in mind that the above-listed five may be the most obvious but they’re in no way the only choice that you have. Internship at various forex companies may help you figure out exactly what you want. Other than this, some of the above-listed ideas are quite beginner-friendly (while others, like becoming software developer, are not as much) which can give you an opportunity to try and see for yourself.