What do you think is a degree that would be most suitable for a forex trader or even just a trader for any market?
I think you need no degree for forex trading but knowledge and skills are necessary for trading successfully. If you lack in knowledge then it would be difficult for you to survive in the market a long time, so always learn forex before start trading.
The degree from the University of Life should be plenty.
I have heard (but can’t recall the origin) that the difference between a highly successful person and a very unsuccessful person is that the former gets about 60% of his decisions right and the latter gets about 40% of his decisions right. But the biggest contributor to failure is not to make a decision at all.
So I support the school of JFDI. The more decisions you make in a given period of time, the more times you learn and the more probable it is that you correct those mistakes far more quickly than those who make fewer decisions in their lives. Think, plan, do, analyze. Repeat, repeat, repeat.
I recently read some quality material about Ray Dalio then bought his book Principles. It looks like the Mount Everest of books, so it is still on the shelf awaiting a large quantity of valuable time to be assigned to it.
What I found useful in my financial career, was an understanding, and the history, of economics, e.g. supply and demand, which is a useful tool for a trader to utilise.
Best of luck.
I don’t believe ANY degree will psychologically prepare you for smashing that button to close a trade—winning or losing.
Fear of being wrong and fear of leaving money on the table.
I doubt any degree is that specific to prepare you for handling those emotions.
The emotional component is so important, I’ve learned. Anyone can read Pipsology. No prior knowledge is needed for that. Most of what you need is there, the remaining info can be found in books or online for free.
Everything else is practice. Now, once you make your money, whether or not you keep it is another story.
But financial discipline as well is learned in books and thru personal discipline. No prior education needed.
You don’t need any particular degree to trade fin markets. Definitely to trade from charts you need “only” experience and some self discipline as it was stated above. Degree can help you land a job, which will fuel your trading. Making an assumption here, but most of traders need to have money to trade and before you are profitable - you will need a job to live and capitalize your trading
I can tell you what value added I see from my degree (finance and accounting with the specialization of investment advisory)
- Understanding portfolio management - forex is just a one vehicle. It is good to have at least awareness of stocks, ETFs, bonds, metals, mutual funds. Ability to create a simple portfolio and managing it in long term is a great skill, which can “generate” you some free cash to lose in forex
- Understanding what drives economies, interest rates and some general feeling of how these pieces fit together. This is also the underlying of currency pairs movements (longer term)
- Statistics / modelling - maybe not direct impact on trading, but allows to have some better grasp of money management than “risk 2% of your account”
- Networking - I’ve met few young fellow traders, some financial market enthusiasts, have had some good discussions and an opportunity to learn together. Apart of great time on uni - we all work in financial industry and I have few numbers to call, if I would look for new career challenges.
I think most finance-related degrees can help, but they are not necessary to learn how to trade. Anyone can learn how to trade if they are sufficiently dedicated and disciplined.
Economics would help
I agree. I was just wondering if there’s any degree that would be most suitable for an fx trader to at least have an edge or maybe have an easier time navigating.
A degree in economics would certainly be helpful, especially if one uses fundamental analysis, I think.