What is a Forex Trader

The Foreign Exchange market, or forex for short, is the global market for trading international currencies. A forex trader is someone who buys and sells currencies on this market on behalf of a client, with the ultimate goal of maximizing that client's investment.

To achieve this goal, a forex trader conducts in-depth research and analysis of the forex market. They check market conditions daily and use their findings to select the most profitable opportunities. Moreover, they may also make trades upon the request of their client.

There is no educational requirement to become a forex trader, but having a background in finance or accounting can be a great advantage. What's more important is a good understanding of the mechanics of the market as well as a tested trading strategy that one can only build with experience. Moreover, a forex trader must have great customer service skills to ensure that their clients are satisfied. In the US, the average salary for a forex trader is around $77,000 per year. But more than that, a forex trader may earn extra income through commissions as well as their investments.

There is more than meets the eye when it comes to being a Forex Trader. For example, did you know that they make an average of $50.07 an hour? That's $104,155 a year!

Between 2018 and 2028, the career is expected to grow 4% and produce 18,500 job opportunities across the U.S.

What Does a Forex Trader Do

There are certain skills that many Forex Traders have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Analytical skills, Customer-service skills and Detail oriented.

How To Become a Forex Trader

If you're interested in becoming a Forex Trader, one of the first things to consider is how much education you need. We've determined that 61.1% of Forex Traders have a bachelor's degree. In terms of higher education levels, we found that 20.4% of Forex Traders have master's degrees. Even though most Forex Traders have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a Forex Trader. When we researched the most common majors for a Forex Trader, we found that they most commonly earn Bachelor's Degree degrees or Master's Degree degrees. Other degrees that we often see on Forex Trader resumes include Associate Degree degrees or High School Diploma degrees.

You may find that experience in other jobs will help you become a Forex Trader. In fact, many Forex Trader jobs require experience in a role such as Manager. Meanwhile, many Forex Traders also have previous career experience in roles such as Sales Associate or Loan Officer.

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Average Salary
$104,155
Average Salary
Job Growth Rate
4%
Job Growth Rate
Job Openings
18,628
Job Openings
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Average Salary for a Forex Trader

Forex Traders in America make an average salary of $104,155 per year or $50 per hour. The top 10 percent makes over $178,000 per year, while the bottom 10 percent under $60,000 per year.
Average Salary
$104,155
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Forex Trader Demographics

Forex Trader Gender Statistics

male

80.7 %

female

12.4 %

unknown

6.9 %

Forex Trader Ethnicity Statistics

White

72.4 %

Asian

10.4 %

Hispanic or Latino

9.9 %

Forex Trader Foreign Languages Spoken Statistics

Spanish

24.0 %

Chinese

12.0 %

Russian

12.0 %
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Forex Trader Education

Forex Trader Majors

28.6 %
20.6 %

Forex Trader Degrees

Bachelors

61.1 %

Masters

20.4 %

Associate

8.9 %

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Top Skills For a Forex Trader

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 17.4% of Forex Traders listed Financial Statements on their resume, but soft skills such as Analytical skills and Customer-service skills are important as well.

  • Financial Statements, 17.4%
  • Technical Analysis, 17.3%
  • Foreign Currency, 15.7%
  • Technical Indicators, 7.8%
  • Fundamental Analysis, 7.7%
  • Other Skills, 34.1%
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