A forex trading analyst is a professional who analyzes foreign currency exchange rates and market trends. The job requires extensive research skills, including the ability to organize vast amounts of data. Most analysts are employed by financial firms and private equity firms. They analyze financial histories, data trends, and internal communications to make predictions about currency movements.
In the early stages of the job, you ll spend a 5 meta skills of time on the phone, and this will require you to be able to communicate effectively with other people. Often, you ll be working 80 percent of the day. A background in economics or history is highly advantageous. Some employers also prefer candidates who have studied abroad, have international experience, or have fluent language skills. There are also some entry-level positions, such as account representatives. As you gain experience, your hours will increase, and your level of satisfaction with your work will improve.
As the forex market is a high-stakes environment, you ll need to be comfortable handling high-risk levels. Whether you re trading on the spot or predicting the future, you need to be comfortable with large amounts of capital and the ebb and flow of currency exchange rates.
The Forex market is driven largely by capital flows between countries. These flows may be related to international trade, commodity pricing, or investment opportunities. Forex analysts need to understand these factors in order to successfully apply their analysis. This way, they can identify potential opportunities and trade more consistently. And with the right tools, you can become a successful forex trader.
A forex trading analyst may work for a large investment bank or specialized firm that specializes in foreign exchange transactions. Their primary duties involve analyzing the currency market and researching price fluctuations, and they may make trades on behalf of their clients. This job requires long hours, and forex professionals often work across time zones.
Most entry-level positions in the forex market require a bachelor s degree. A degree in economics, business administration, or statistics is advantageous. Knowledge of foreign languages is also helpful. The forex trading analyst may also have experience in another field. Some of the most successful forex traders employ a strategic plan, removing the emotional element of the market and implementing several forex strategies in order to increase their chances of success.
Forex trading analysts can work for government agencies, or even in private sector institutions. For example, the CFTC, located in Washington, DC, has many jobs for forex traders. The CFTC provides education to the public, provides fraud alerts, and monitors the commodities markets in the United States. A forex trading analyst must be knowledgeable about all these markets to be successful.