Dear All, Which designation will be useful for a Forex trader position? It seems CFA is for equity research and asset management, FRM is for stopping traders from taking more risk, I am not sure about CAIA yet. I have heard that the bottom line the most important. But one will still need to be hired first, before any track record to show up.
youre a lvl 3 candidate and asking this noob question?
are you referring to institutional flow trading or retail gambling? from my experience, REAL fx traders are dealing FX options and swaps…
there is no designation for forex traders … but the CFA might prove you have half a brain to be hired into a trading desk position.
I have a day time job, so I can’t trade during the day time. The only option left is to pick some market that is open 24hours a day, so inorder to quench my “retail gambling” thirst I picked the forex market.
From your experience, how does FX traders get their job in the first place? Without any job experience, I can’t get hired, but I don’t see any retail broker providing any options/swaps either, so it seems getting experience for this job is so distant and remote to me. I don’t want to be stuck in “retail gambling” forever. Must find a way out.
I ask for your help sincerely.
my comment about gambling was togue and cheek… you need to be with a broker that has less than 1/2pip spread - or else it is gambling in my opinion… if you want to take a punt at 100-1 leverage i would just trade options… consider FX futures for a more fair playing field.
if you have the CFA designation you would be qualified to interview for a FX sales/trader position at a sell side institution… the idea is that corporates (multinationals) need structured forwards/options for hedging and the sales/trader will build a position… “prop” FX trading at the institutional level is almost non-existent… the real game is fx option market making/ swaps… which is just building into a fixed income trading career
traders dont care what instrument it is… as long as it moves