Emmanuel Tweneboah Senzu, Dean of Research at University College of Management Studies - Accra
In order to explicitly establish my argument on forex trading skills as an Entrepreneurship venture in developing economies, while using ECOWAS community as a study focus of this article.
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 subjects specialty and respect it in other not to pontify in areas out of one scope of expertise to avoid a ridicule of credence and competence.
Any Enterprise which have existed over three decades may definitely has in existence some success stories, to have been able to sustain in a competitive market without fading. With the response to the pessimists, this article has a few established profile of self- made billionaires from the Forex Trading venture.
Joseph C. Lewis is a British Business man who moved into currency trading in 1980s and in September 1992 became very wealthy based on his accurate forecasting on pound crashing out of the European Exchange Rate mechanism. His net worth as at 2017 Forbes report was US $ 5.6 billion. Urs Schwarzenbach from Switzerland in 1972 entered into the Forex Trading business as a retail trader and currently part of the world billionaire club with a multibillion trading company.
Schwartz Gyorgy from Budapest, a Hungarian known currently in his public life as George Soros, is the man who is acknowledge of his forex trading forecasting skills, breaking the treasury of 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 receive recognition at the International level, is observed from the commitment and the discipline to the education which guides this profession, as depicted from most of their interviews, stressing on the rigorous training towards accurate forecasting, which is the success foundation of this venture.
Not with standing, there are 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. For instance, there is a general believe that without a qualified certificate, one could not gain an entrance into banking career and operate in the Banking & Finance Industry, neither an unqualified actuarial personnel will be hired by a leading risk management agency, as in Insurance nor an Evaluation company, without a formalized training and certification, then, what makes you think, you could easily enter into the Investment Banking Industry with poor educational background of the trading profession to compete and perform 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-verse
The Industry is accompanied with precautionary measures for quality performance and that is, beyond one quality education in this industry, which establishes a quality foundation for innovation, maximizing profit through the acquired skills, is talent refined through experience in the field and intelligent application. So when a potential candidates do not fit in the above indicated criteria, it makes the proposed career a 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.
The ECOWAS region, observed with high intelligent and talented youths wasting away in talent and age as a result of the escalation of unemployment conditions, it therefore viable and reasonable as a developing economies of the ECOWAS community, to channel this kind of potential labour force into the automated platform, internationally approved through the effort of competent experts training programmes to increase savings in the domestic economy, a means in attracting foreign direct investment as a new innovative approach. Which will also serve as an opportunity for government to develop an Interest in Public-Privates-Broker- Partnership-Business Initiatives, which is a billion dollar innovation to generate foreign exchange to compliment the strengthening of a country foreign reserve performance as developing economies.
