These are common questions coming from individuals aspiring to be forex traders.
- I want to be a forex trader, what kind of educational qualification do I need?
- Do I need to have higher education i.e.diploma or degree to be a forex trader?
- Is formal school education important to my personal trading?
- I am a skilled technician but I did not complete secondary school. Can I trade forex?
- What kind of education do I need to be a trader?
- Does the forex broker need to see my educational level in order to approve my account?
See our response.
Question #1 - I want to be a forex trader, what kind of educational qualification do I need?
We will respond to questions 1 and 2 above together.
A higher educational level may be necessary if you are applying to be a forex trader in a bank, financial institution or fund manager. The kind of educational qualification required will depend on job, position, job scope, recruitment and selection policy at each employer.
If you aspire to trade by yourself, trade your own account from home, an educational qualification is not necessary.
Question #3 - Is formal school education important to my own personal trading?
We will respond to questions 3 and 4 above together.
Formal school education is not a must but there are benefits. Individuals who went through higher education might be better equipped with analytical skills, are likely to be more disciplined and may have some background in finance/economics. These are helpful for individuals operating in the market.
Formal schooling may be able to provide a higher starting point but the limit to personal growth and performance comes down to individual effort, traits, attitude.
Working adults can catch up with commercial schools, short study programs.
On the other hand, some individuals may attest that higher education can be a stumbling block. There are individual factors involved in most cases but we have encountered stories of highly educated individuals who run into hurdles. These are:
- Higher expectations to succeed from self or surrounding people.
- Peer/family pressure. Like all skills, there may be an initial hurdle when individuals pick up forex trading. Looking at peers doing well at conventional career paths or expectation from parents, spouse may lead to higher pressure.
- Individuals who are doing financially very well at existing career may also feel that giving up that career to trade forex at home involves an opportunity cost.
Question #5 - What kind of education do I need to be a trader?
You need a forex education. You need to learn what is necessary to trade forex. That means chart reading, risk management, understanding factors that drive forex movement. These are available in the Advance Forex Course and Master Forex Course.
Question #6 - Does the forex broker need to see my educational level in order to approve my account?
Most regulated forex brokers will have to comply with some kind of 'Know Your Client' process. Individuals opening forex trading accounts with these brokers have to fill in personal particulars including educational level. No checks are conducted however, individuals do not have to submit proof or supporting documents/certificates.
If you found this FAQ useful, look at 7 beginner tips we have arranged for you to start your forex trading journey.