I must first of all acknowledge the intellectual positioning of some of the economists in Ghana and their pessimistic view on this subject matter.
As intellectuals in the economic science community, we must recognize the wide subject specialty and respect it in other not to pontify in areas out of one scope of expertise to avoid upon ourselves a ridicule of credence and competency.
Every Enterprise which has existed over three decades may definitely have some level of success factors to have been able to sustain in a competitive market without fading. In this article are few established profile of self- made billionaires from the Forex Trading venture.
Joseph C. Lewis is a British Businessman who moved into currency trading in the 1980s and in September 1992 became very wealthy on his accurate forecasting on pound crashing out of the European Exchange Rate Mechanism.
His net worth as at 2017 Forbes report is US$5.6 billion. Urs Schwarzenbach from Switzerland in 1972 entered into the Forex Trading business and currently part of the world billionaire club.
Schwartz Gyorgy from Budapest, a Hungary known currently in his public life as George Soros, is the man who is acknowledged of his forex trading forecasting skills to had broken the Bank of England, as he started his financial trading career in 1954 and leaping into the International fame in 1992 through his forex trading venture.
Finally, Stanley Druckenmiller from Pittsburg, Pennsylvania- USA, who stepped-up his forex trading business in 1980 and currently having his name listed in the billionaire club as a forex trader and an Investor.
The performance and legacy established among the few listed names herein this article as forex traders to be recognized at the International level is observed from the commitment and the discipline to the education which guide this profession, as depicted by most of their interviews, stressing on the rigorous training towards accurate forecasting, which is the success foundation of this venture.
Notwithstanding, there is evidential report of 90% of retail traders blowing their trading account within every six months in the trading business, and the major underlying cause factor according to US-Nasdaq Inc, is their lack of proper education to the enterprise.
They just mistake the trading event to be a quick to make money venture. If it is believed, without a qualified certificate, one could not be permitted to enter and operate in the Banking & Finance Industry or a qualified actuarial and a talented personnel to be hired by a leading risk management agency, to an Insurance or a Central Bank, do require a formalized training and certification, then what makes you think, you could easily enter into the Investment Banking Industry with an improper education to compete and walk-out successfully.
The risk level of this industry is relatively inversely proportional to the quality of education in this field. Meaning the higher the quality of education, the lesser the risk and vice-versa.
The Industry is accompanied with precautionary measures for quality performance and that is, beyond one quality education that establishes a quality foundation for innovation, maximizing profit through skills, is talent and intelligent effort drives.
So when a potential candidates do not fit in the above indicated criteria, it makes the proposed career mismatch to such a personality, however the alternative news is, an unqualified trader could become a potential investor to a qualified trader to trade on his/her behalf through a trader-investor contract of agreement.
The ECOWAS region having an intelligent and talented youths wasting away in talent and age as a result of the escalation of unemployment circumstances, it viable and reasonable as a developing economy to channel this quality potential labour force into the retail trading market by a competent experts training programme to increase savings in the domestic economy as well as attracting a new approach of foreign direct investment.
With an opportunity for government to take an Interest in Public-Privates-Broker- Partnership-Business Initiatives, which is a billion innovation earning mechanism to compliment in the strengthening of a country foreign reserve performance.
Emmanuel Tweneboah Senzu, Ph.D.
OAK Forex Academy, Associate
Director of Research, Frederic Bastiat Institute
[email protected] Read Full Story
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