What is a Forex Trader?
A Forex Trader is a specialised investor that focuses on foreign currency. This is a very exciting career as every minute is different. You have to remain sharp, keep calm and pay attention at all times.
The Forex Trader will closely study the international currency markets, analyse the data and then make informed decisions to make timeous trades. Timing is extremely important. One minute could make a huge difference to profits or losses.
Forex Traders need to keep up to date with current affairs and political situations. These can have direct influence on currencies.
Some Forex Traders work for large investment companies and others are self-employed.
Forex trading happens 24 hours a day around the world. Changes can happen a second. The value of currencies can change in a heartbeat. For this reason, it’s a very competitive, exciting career choice with lots of stress. Very good Forex Traders can make a lot of money.
What does a Forex Trader do?
- spends hours and hours researching the currency markets
- keeps up to date with currency information
- spends hours reading about current affairs
- analyses and compares data
- stays focused at all times
- makes trades (sells & buys) currency at specific times
- attends seminars
Are you . . . ?
- good at mathematics?
- calm under pressure?
- responsible and reliable?
- a hard worker?
- interested in world news?
How do I become a Forex Trader?
A Forex Trader will have a degree in banking, finance or investments or relevant qualification. They will also have years of experience working in a bank or financial institution learning about foreign currencies and trading. Once they have the right training and skill set, they could be promoted into this position or go out on their own.
These degrees can be done at SA universities.
- CLICK HERE to check for a training institution near you to see what they offer.
- Make sure you understand their entry requirements for each course.
- To avoid scams, make sure your institution is registered with the Department of Higher Education.
- CLICK HERE to check accredited Private Higher Education Institutions.
Is becoming a Forex Trader the right career choice for me?